Economy, markets, finance, CBN policy, energy, and industry.
The Chartered Institute of Bankers of Nigeria (CIBN) has urged financial institutions to boost lending to Micro, Small, and Medium Enterprises (MSMEs) while acknowledging the contributions of 755 distinguished banking professionals. The call comes amidst ongoing efforts to strengthen the country's economy through enhanced financial support for small businesses.
Nigerian fintech giant OPay has unexpectedly withdrawn its plans for a $304 million initial public offering in the United States, citing an ongoing foreign regulatory inquiry. The company has not disclosed details regarding the regulator or the nature of the investigation.
Oando Plc has reported a significant 9% revenue growth, reaching ₦2.78 trillion, alongside a 14% rise in production as of September 30, 2026. The company also noted an impressive operating profit of ₦159.7 billion and a staggering 483% increase in gross profit over the nine-month period.
President Bola Ahmed Tinubu has expressed strong support for Airtel's new open network initiative, highlighting its alignment with his administration’s focus on fostering private-sector investment in Nigeria. The launch aims to enhance connectivity and accessibility for millions of Nigerians, furthering the nation's digital transformation goals.
BUA Foods has announced a profit of N450 billion for the nine-month period, despite a significant 19% drop in revenue to N1.15 trillion. CEO Ayodele Abioye attributed this achievement to enhanced cost optimization and productivity improvements within the company.
In a groundbreaking move for Nigeria's fintech landscape, OPay has successfully listed on the New York Stock Exchange, raising $304 million and achieving a valuation of $4 billion. This landmark event marks a significant step in expanding Nigeria's presence in the global financial market.
In response to a recent cyberattack, Binance's CEO revealed that the cryptocurrency exchange has set aside $6.34 billion to cover stolen assets. Of this amount, $5 billion is already secured in cryptocurrencies affected by the breach, including Bitcoin and Ethereum.
President Bola Tinubu has appointed six executive directors for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), with three returning and three new faces. This move is seen as a strategic effort to enhance the agency's operational capacity amid ongoing reforms in the oil sector.
At the CBD COP17 conference, Nigeria announced the deployment of the Biodiversity Finance Initiative (BIOFIN) and the National Net-Zero Nature-Positive Implementation Plan to align biodiversity goals with national financial frameworks. This strategic move aims to enhance the country's investment decisions while prioritizing environmental sustainability.
On October 30, 2026, the Nigerian Naira demonstrated resilience against the US Dollar, bolstered by the Central Bank's liquidity interventions and robust diaspora inflows. Exchange rates held steady in both official and parallel markets, indicating a balanced demand-supply scenario.
President Bola Ahmed Tinubu has announced comprehensive pension reforms aimed at ensuring no retiree is left behind, including a minimum pension guarantee and enhanced healthcare support. His commitment comes in response to growing concerns from PenCom regarding the inadequacy of retirement income and the need for stricter compliance within the pension sector.
In a notable development, 21 Nigerian states have reported a 27% increase in tax revenue, attributed to the implementation of a harmonised tax framework aimed at reducing multiple taxation. This initiative is expected to relieve the financial burden on businesses and enhance the overall economic environment.
