The Central Bank of Nigeria (CBN) says poor electricity supply and insecurity remained the most significant challenges facing Nigerian businesses in March 2026, despite a generally positive outlook on the economy. According to the apex bank’s latest Business Expectations Survey released on Thursday, insufficient power supply ranked as the leading constraint with an index score of 74.5, followed by insecurity at 70.9—underscoring persistent structural bottlenecks affecting operations nationwide. Other major constraints identified by firms include high and multiple taxes (69.2), elevated interest rates (66.6), and financial challenges (64.3), reflecting a combination of cost pressures and broader macroeconomic headwinds limiting profitability…
Author: Abdoulaye Kay
The Central Bank of Nigeria (CBN) has emphasised that strong corporate governance and rigorous risk discipline are essential to the success of the country’s ongoing bank recapitalisation programme. This position was stated on Thursday by the CBN’s Director of Risk Management and Chief Risk Officer, Dr. Blaise Ijebor, at a virtual risk management roundtable organised by the Association of Enterprise Risk Management Professionals (AERMP). The event, held in Lagos, was themed: “Recapitalisation, Mergers and Acquisitions in the Nigerian Financial System: Minimising Risks and Maximising Opportunities for Greater Post-Recapitalisation Value.” Represented by another director, Olabanji Samuel, Ijebor described the recapitalisation exercise…
The United States has authorised the departure of non-essential embassy personnel and their families from its mission in Abuja, citing a worsening security environment in Nigeria. The directive was announced by the U.S. Department of State in a travel advisory published on its official website on Wednesday. According to the Department, the decision taken on April 8, 2026, followed a fresh assessment of the security situation across the country. It highlighted persistent risks linked to crime, terrorism, and civil unrest in multiple regions. While maintaining Nigeria’s Level 3 travel advisory status, the Department also designated several states under the more…
More than 40 people, including security operatives, vigilantes and civilians, are feared to have been killed following a coordinated terrorist attack on Bagna, Erena and Yelwa communities in Shiroro Local Government Area of Niger State. Sources indicated that the assault, which began with an ambush on a security camp, claimed the lives of about 30 special forces personnel and operatives of secret security units, alongside at least 10 vigilantes. However, the actual death toll is believed to be significantly higher. Residents said the attackers stormed the Bagna community early Tuesday morning, forcing many to flee as houses were set ablaze.…
Financial and energy sector experts have welcomed the Central Bank of Nigeria’s (CBN) directive granting International Oil Companies (IOCs) full access to their export earnings, describing it as a pivotal move to revive investment in Nigeria’s upstream petroleum sector. More than two years ago, the CBN restricted IOCs from immediately remitting 100% of their foreign exchange (FX) proceeds to parent companies abroad. Under the previous regime, only 50% could be repatriated instantly, while the balance was delayed by 90 days. However, in a March circular issued by the apex bank’s Trade and Exchange Department, the CBN approved full repatriation of…
The Nigerian naira closed the past week at N1,591.5 per euro, appreciating from a weekly low of N1,599/€, according to the Central Bank of Nigeria (CBN). The local currency showed relative stability and mild gains against the euro, signaling a shift in trend. Analysts note that the naira has transitioned from a “free-fall” phase to a “descending channel,” indicating gradual strengthening as the euro’s value in naira terms declines. Recent price action suggests the naira’s outlook against the euro has improved from neutral to marginally bullish. However, the euro recorded a slight rebound after the naira touched a quarterly high…
The Economic Community of West African States (ECOWAS) has opened applications for multiple positions across its institutions, with a deadline of April 30, 2026. In a notice published on its official website, the regional bloc invited qualified candidates from member states to apply for roles spanning administration, finance, trade, infrastructure, health, telecommunications, legal affairs, and security. The recruitment covers dozens of positions across several countries. While many roles are based in Abuja, others are located in Dakar, Conakry, Addis Ababa, and Monrovia. Available positions range from office aides and programme assistants to accountants, legal officers, political advisers, and senior roles…
The management of The Wells Carlton Hotel & Apartments, Asokoro, Abuja, has issued a strong disclaimer distancing itself from alleged sale, lease, or third-party management claims involving the property, describing them as fraudulent. In a statement released through the media consultant, Mr. Courage Moses, the management reaffirmed that the luxury hotel remains solely owned by the company and is not available for sale. “The Wells Carlton Hotel & Apartments belongs exclusively to the family of the late Dr. Wells Idahosa Okunbo,” Moses said. “The property is not for sale, and no individual or group has been authorised to transact any…
A socio-cultural organisation representing Lagos State indigenes, the De Renaissance Patriots Foundation, has reiterated its position that the leadership of Lagos State from 2027 must be in the hands of its indigenous people. In a statement titled “LAGOS IS NOT AN ORPHAN: A CALL FOR THE RESTORATION OF INDIGENOUS LEADERSHIP,” with the rider “Lagos State Must Be Governed by Its Indigenes, Not by Pretendians,” the foundation emphasised the need for governance that reflects the state’s ancestral roots and heritage. The statement, released by the foundation’s Media Office on Thursday, April 2, 2026, addressed ongoing political discussions concerning the future leadership…
Nigeria’s economic expansion strengthened in March 2026, with the composite Purchasing Managers’ Index (PMI) rising to 53.2 points, signalling sustained growth for the sixteenth consecutive month. Data published by the Central Bank of Nigeria (CBN) showed continued expansion in aggregate economic activity, reflecting resilience across key sectors despite prevailing macroeconomic pressures. Out of 36 subsectors surveyed, 31 recorded growth, underscoring broad-based improvements in business conditions and a steady recovery trajectory across the economy. However, the pace of expansion moderated slightly compared to the previous month. The CBN noted that while all major sectors—industry, services, and agriculture—remained in expansion territory, the…