Finance

Nigerian Banking Sector Shines: Wema Bank Leads with 152.7% Stock Return in 2025

The Nigerian stock market has showcased remarkable growth in its banking sector, with Wema Bank emerging as the top-performing bank stock on the Nigerian Exchange (NGX) as of July 17, 2025. According to data released by financial analyst StatiSense, Wema Bank recorded an impressive one-year return of 152.7%, outpacing its peers and signaling strong investor …

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Stocks hit ₦82.41trn as investors bet possible rate cut effect on yields

The Nigerian stock market continued its bullish trajectory this week, with the All-Share Index (ASI) surpassing 130,000 points and total market capitalization reaching a record ₦82.41 trillion. This performance is driven by growing optimism that the Central Bank of Nigeria (CBN) could ease monetary policy at its upcoming Monetary Policy Committee (MPC) meeting on July …

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NGX Group Position Nigeria’s Capital Market to the Forefront of Africa’s Finance

Nigeria’s capital market is undergoing a historic resurgence, fueled by clear regulatory signals, bold economic reforms, and growing investor confidence. At the heart of this transformation is the Nigerian Exchange Group (NGX Group), under the leadership of its Group Managing Director and CEO, Temi Popoola. His forward thinking strategy is not just revitalizing the market, …

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Nigerian Stock Market Records Historic N1.8 Trillion Gain in Landmark Rally

The Nigerian Stock Exchange, operating under the Nigerian Exchange Group (NGX) Limited, achieved a historic milestone as investors gained an unprecedented N1.806 trillion in a single day. This remarkable surge reflects renewed investor confidence in Nigeria’s equities market, driven by improved liquidity conditions and the positive sentiment surrounding ongoing economic reforms. The market’s performance was …

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OIL

Nigeria’s Oil Production to Get Boost as Shell Resumes Export

With Shell’s Trans Niger Pipeline and the Forcados terminal returning as early as November, economists predict that Nigeria’s oil production would increase beyond 1.6 million barrels per day (bpd), helping to stabilize the government’s dwindling oil revenue.After repairs are finished, the Forcados Oil Terminal will restart export operations by the end of October, according to …

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NNPC

NNPC declares N674bn profit after tax for 2021

The Nigerian National Petroleum Corporation Limited has declared a profit of N674 billion after tax for the 2021 Fiscal year.The NNPC announced the results via their twitter account on October 4th, 2022.The audited financial statements for 2021 have been approved by the Board, according to NNPCL. “NNPCL has progressed to a new performance level, from …

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NAIRA

NAIRA CONTINUES FREE FALL AGAINST THE DOLLAR

The naira/US dollar exchange rate fell by 0.69% on Thursday morning, September 29, 2022, to trade at N730/$1 in the parallel market, down from N725/$1 on Wednesday.According to information obtained from black market traders, this is the case.Similarly, the official Investors and Exporters window recorded a 0.01% depreciation to close at N436.37/$1 on Wednesday, September 28th 2022, from N436.33/$1 the previous session.Meanwhile, on Wednesday, September 28th, 2022, a total of $119.49 million was traded on the official market, a 20.17%  increased from $99.43 million traded on Tuesday.

Nigeria

Nigeria to receive investments to the tune of $618 million from AfDB, Islamic Development Bank and France

The African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the French Development Agency (FDA) have announced intentions to invest $618 million in Nigeria’s Digital and Creative Enterprises Programme (I-DICE) in an effort to increase funding for the country’s creatives.This information was presented by Dr. Akinwumi Adesina, head of the AfDB, during the Nigeria International Economic Partnership Forum held in conjunction with the 77th United Nations General Assembly in New York.According to the AfDB, the fund would assist 451 digital SMEs and 225 creative start-ups in the use of new technology. The AfDB chief added that the bank had invested 4.5 billion dollars in Nigeria thus far, and that the country remained an appealing investment destination. In addition, the International Fund for Agricultural Development and the IsDB provided $540 million to develop Special Agro-industrial Processing Zones in Nigeria to help unlock agricultural potential, boost food and agribusiness value chains, and make Nigeria more competitive. Adesina emphasized the importance of reducing Nigeria’s infrastructure deficit, citing the National Integrated Infrastructure Master Plan, which shows that Nigeria will require 759 billion dollars in total financing to support infrastructure over a 23-year period (2020-2043). Deutschepartners.com

NIGERIA’S NNPC BECOMES PRIVATE

The official unveiling took place on July 19, 2022, at the presidential banquet hall in Abuja .The company’s operations will now be regulated by the Companies and Allied Matters Act (CAMA). The legal transition, based on the new Petroleum Industry Act (PIA), took effect July 1. The NNPC Limited was then floated with an initial …

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Oil

Oil Prices Fall Below $100, Nigeria’s Production Hit 1.158mb/Day

Brent, the international benchmark for crude, fell below $100 per barrel on Tuesday as the latest figures released by the Organisation of Petroleum Exporting Countries showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158mb/d. Industry data indicated that Brent dropped in price by $7.72 or 7.21 per cent to close at …

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