The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), the pan-African infrastructure financing institution announced on Wednesday. Cardoso succeeds Ireti Samuel-Ogbu, who has completed her tenure as board chair but will remain a member of the corporation’s board. The appointment, announced in Lagos on October 14, 2026, places the CBN governor at the helm of an institution financing strategic infrastructure and industrial projects across Africa. Cardoso brings experience spanning international banking, investment management, economic policy and public-sector leadership to the role. Since becoming…
Author: Abdoulaye Kay
The World Health Organization (WHO) has urged countries to turn their commitments on pandemic prevention and preparedness into action following the adoption of a United Nations declaration aimed at strengthening the global response to future health emergencies. The declaration, adopted by the UN General Assembly, calls for sustained investment in disease surveillance, national health systems, research and development, and equitable access to pandemic-related resources to protect populations from future outbreaks. commitments into action, particularly by concluding negotiations on the Pathogen Access and Benefit-Sharing (PABS) annex to the WHO Pandemic Agreement. “The world has come a long way since COVID-19,” Tedros…
The Central Bank of Nigeria (CBN) is offering ₦450 billion in Nigerian Treasury Bills (NTBs) at Wednesday’s primary market auction, the second scheduled sale under the Federal Government’s fourth-quarter 2026 issuance programme. The October 14 auction comprises ₦50 billion in 91-day bills, ₦50 billion in 182-day bills and ₦350 billion in 364-day bills, according to the auction circular. Settlement is scheduled for Thursday, October 15. The one-year instrument accounts for 77.78% of the total offer, highlighting the government’s preference for longer-dated Treasury bills within the short-term debt market. The auction comes as investors assess yields following the CBN’s September decision…
Nigeria’s foreign exchange reserves surged to $58.81 billion on October 12, 2026, approaching their historic peak of about $58.91 billion recorded in November 2008, according to Central Bank of Nigeria (CBN) data. The latest figure represents an increase of $3.73 billion from $55.08 billion recorded on October 9, marking a sharp rise in the country’s external reserves within three days. The latest increase extends the upward movement recorded since September, when reserves climbed from $53.90 billion on September 1 to $54.93 billion at the end of the month. Reserves subsequently rose to $54.95 billion on October 2 and $55.08 billion…
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has been appointed chairman of the Africa Finance Corporation (AFC), marking a new leadership role for the Nigerian central bank chief at the pan-African development finance institution. AFC President and CEO, Samaila Zubairu, disclosed the appointment on Wednesday on the sidelines of the IMF meeting in Bangkok, Thailand. The appointment comes as Nigeria pursues monetary and foreign exchange reforms aimed at strengthening economic stability, rebuilding investor confidence and improving access to capital. Cardoso has led the CBN since September 2023, overseeing changes to the foreign exchange market, monetary policy operations and banking-sector…
The Sokoto State Government has announced plans to extend its 2027 budget town hall meetings to local government areas to enable citizens to directly communicate their priority needs to the government. The Commissioner for Budget and Economic Planning, Dr. Bashir Muhammad Achida, disclosed this while launching the 2027 Zonal Budget Discussion for the Southern Zone in Bodinga Local Government Area. Achida said the initiative was part of Governor Ahmed Aliyu’s policy of inclusive and open governance, which allows citizens to influence government spending by identifying projects and services needed in their communities. He said feedback from previous consultations had yielded…
Nigeria is shifting its economic focus from macroeconomic stabilisation to attracting investment, deepening financial markets and unlocking sustainable growth, as Finance Minister Taiwo Oyedele and Central Bank of Nigeria (CBN) Governor Olayemi Cardoso held talks with top officials of the International Monetary Fund (IMF) and World Bank in Bangkok on Monday. The Nigerian delegation met with IMF First Deputy Managing Director, Dan Katz, and World Bank President, Ajay Banga, to discuss the country’s economic outlook, development financing and strategies for promoting long-term growth. According to a statement on the engagements, discussions with the IMF focused on Nigeria’s macroeconomic outlook, policy…
The Independent National Electoral Commission (INEC) says it excluded candidates of some political parties from the final list for the 2027 governorship elections because the parties failed to comply with mandatory provisions of the Electoral Act, 2026, on membership registers and valid party primaries. In a statement signed by Mohammed Kudu Haruna, National Commissioner and Chairman of INEC’s Information and Voter Education Committee on Tuesday, the commission said the decision followed a Supreme Court judgment delivered on September 24, 2026, which upheld the constitutionality of Sections 77(5)–(7) of the Electoral Act, 2026. The provisions require political parties to submit their…
Dangote Petroleum Refinery and Petrochemicals FZE has extended its initial public offering (IPO) by two weeks to October 27, following strong investor demand and a push to widen participation across Africa. The company said the extension was approved by the Securities and Exchange Commission (SEC), moving the offer’s closing date from October 13 to October 27, 2026. The IPO, which opened on September 14, comprises 4.1 billion ordinary shares priced at ₦525 each, giving investors an opportunity to acquire stakes in the refinery. Speaking to journalists at the refinery on Tuesday, President of Dangote Group, Aliko Dangote, said subscriptions had…
The International Monetary Fund (IMF) has warned that rising food and energy costs continue to worsen hardship, poverty and food insecurity among households, but upgraded Nigeria’s economic growth forecast for 2026 to 4.2 per cent. The revised projection, contained in the IMF’s October 2026 World Economic Outlook, represents an increase of 0.1 percentage point from its previous estimate. The Fund also projects Nigeria’s economy to expand by 4.3 per cent in 2027. Despite the improved outlook, the IMF said stronger economic performance had yet to shield many Nigerians from the effects of high living costs and declining purchasing power. The…