Foreign capital inflows into Nigeria’s banking sector surged to $13.53 billion in 2025, a 93.25% year-on-year rise from $7.00 billion recorded in 2024, driven by aggressive capital raising ahead of the Central Bank of Nigeria (CBN) recapitalisation deadline. Data from the National Bureau of Statistics (NBS) capital importation report shows the sector retained its position as the top destination for foreign investment, accounting for 58.26% of total inflows in 2025, up from 56.81% in 2024. Quarterly figures indicate sustained investor participation throughout the year. Inflows rose to $3.13 billion in Q1 2025 from $2.07 billion in the same period of…
Author: Newsdesk
Nigeria’s foreign reserves fell by $547 million within 15 days in March 2026, signalling renewed pressure on the country’s external buffers. Data from the Central Bank of Nigeria (CBN) shows reserves declined from $50.03 billion on March 11 to $49.48 billion on March 26. Although the apex bank has yet to provide an official explanation, the steady drawdown suggests ongoing foreign exchange interventions and external payment obligations rather than a one-off shock. The decline marks a reversal of the positive trend recorded earlier in the year. In January 2026, reserves rose by about $509 million within the first 22 days,…
The Sir Emeka Offor Foundation has donated medical books and journals to the Federal Medical Centre (FMC), Gusau, as part of efforts to strengthen training and research in Nigeria’s tertiary health institutions. The spokesman for the hospital, Dr Naziru Tukur, disclosed this in a statement issued in Gusau on Monday. Tukur explained that the books were purchased from Elsevier and shipped from the USA. He stated that in a letter to the Medical Director of the centre, Dr Bello Mohammed, the foundation explained that the intervention followed a request from the Coordinating Minister of Health and Social Welfare, Muhammad Ali…
Spain has escalated its opposition to the ongoing Iran conflict by shutting its airspace to United States military aircraft involved in the war, in a move that underscores growing divisions among Western allies. Spanish Defence Minister Margarita Robles confirmed that Madrid would not permit the use of either its airspace or jointly operated military bases for operations linked to the conflict in Iran. The decision extends earlier restrictions that had already denied Washington access to key bases such as Rota and Morón. The ban applies broadly to any aircraft participating in U.S. or Israeli military missions against Iran, including those…
The naira is entering a critical phase amid heightened geopolitical tensions in the Middle East and tightening global financial conditions, as the U.S. dollar strengthens to a 10-month high. At the official market, the currency has held relatively steady around N1,383/$, reflecting a period of consolidation compared to the sharp volatility seen in recent years. However, the naira has struggled to break below the N1,300/$ psychological threshold throughout March, weighed down by renewed global demand for the greenback. Market signals suggest that a sustained move beyond N1,400/$ could trigger further depreciation toward N1,450/$. Since early March, the currency has traded…
Pandemics are inevitable and nations must be ready to respond swiftly, says Dr Iziaq Salako, Minister of State for Health and Social Welfare. Salako made the remark at the Public Health Symposium on “Lessons on Pandemic Preparedness and Response: Insights from China and Nigeria” on Monday in Abuja. The minister warned: “The next pandemic is not a matter of if but when,” stressing the importance of coordinated, equitable, and innovative preparedness. He noted that COVID-19, which claimed over seven million lives worldwide, exposed vulnerabilities in global health systems while demonstrating the value of collaboration and resilience. He highlighted Nigeria’s progress…
The Federal Government has taken several decisive steps to strengthen disease surveillance and outbreak preparedness. Dr Iziaq Salako, Minister of State for Health and Social Welfare, made this known on Monday in Abuja at a high-level health security dialogue with the People’s Republic of China on pandemic preparedness and response. Salako stressed the importance of early detection, transparent data sharing, and resilient health systems. “No country, regardless of its strength, can face global health threats alone. Strong surveillance, laboratory networks, and emergency coordination mechanisms are critical to saving lives,” he said. Also speaking, Mrs Nanlop Ogbureke, Executive Director of Resolve…
Iran has issued a stern warning to the United States (US) against deploying ground troops on its territory, as tensions escalate over reports of a possible American military incursion. Iranian officials said any attempt by US forces to launch a ground invasion would trigger fierce retaliation, vowing that American troops would face severe consequences if they set foot on Iranian soil. The warning comes amid a growing US military buildup in the Middle East, with thousands of troops and additional assets deployed to the region in recent days, fuelling speculation that Washington could be preparing for expanded operations. While US…
The U.S. Pentagon is gearing up for potential ground raids in Iran, even as Tehran threatens to “set on fire” any American boots on the ground, amid escalating costs and regional spillover from the month-long U.S.-Israel war. Around 3,500 U.S. Marines and sailors docked in the Middle East aboard the USS Tripoli on March 27, U.S. Central Command confirmed. This comes as The Washington Post reports the Pentagon readies Special Operations forces and infantry for limited strikes on key Iranian sites like oil hub Kharg Island and Strait of Hormuz coastal areas, though President Donald Trump has not greenlit any…
The Sultan of Sokoto, represented by the Etsu Nupe, Yahaya Abubakar, alongside other prominent traditional rulers and Islamic scholars, led special prayers for President Bola Ahmed Tinubu on Sunday as he marked his 74th birthday at the National Mosque in Abuja. President Tinubu arrived at the mosque shortly after 3:00 p.m., participated in the special prayers, and later observed the Asr prayer with Muslim faithful before leaving the venue. The prayer session, which attracted governors, ministers, politicians, and worshippers from across the country, focused on seeking Allah’s guidance, wisdom, good health, and strength for the President as he leads the…