Nigeria News

Naira and Stocks Dip as Market Reacts to Geopolitical Tension

Nigeria’s financial markets opened the week on a cautious note as the naira and equities recorded mild losses, reflecting investor reactions to renewed geopolitical tension and profit-taking after a strong October rally. The All-Share Index (ASI) of the Nigerian Exchange (NGX) fell by 0.25% to close at 153,739.11 points, resulting in a market capitalization decline …

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Nigerian banks record 213 million social ad impressions in Q3 2025

Nigerian banks collectively recorded over 213 million social media ad impressions in the third quarter of 2025, underscoring the sector’s increasing shift towards digital marketing and online customer engagement. According to data from digital marketing analytics firm Adlytics Africa, the banking sector’s online advertising footprint surged by 18% compared to the previous quarter, as more financial …

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FirstBank demonstrates effective assets and liability management with Eurobond Redemption

FirstBank of Nigeria Limited has once again proven its reputation for strong financial discipline and sound balance sheet management through the successful redemption of its $350 million (three hundred and fifty million United States dollars) Eurobond at maturity on October 27, 2025. The Eurobond, originally issued in 2020 with a coupon rate of 8.625 percent …

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Foreign Portfolio Inflows Into Nigeria’s Stock Market Jump 846% to Over ₦1 Trillion

Foreign portfolio inflows into Nigeria’s stock market have surged dramatically, rising by an unprecedented 846 percent to over ₦1 trillion, signaling renewed confidence in the country’s equities market and broader economy. According to the latest data from the Nigerian Exchange Limited (NGX), total foreign inflows reached ₦1.03 trillion as of September 2025, compared to ₦108.93 …

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China’s $450 Million Steel Investment Signals a New Era for Nigeria’s Industrial Growth

Nigeria’s industrial landscape is witnessing a defining moment as China’s Stellar Steel Group, in partnership with Inner Galaxy Group, announces a four hundred and fifty million dollar investment for the construction of a modern steel manufacturing plant in Ogun State. The project, which is expected to begin operations by mid-2026, represents a major step toward …

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Nigeria Imports 69 per cent of the 21 billion litres of petrol  Despite Domestic Capacity Growth

Nigeria’s downstream petroleum sector is undergoing a period of transition defined by both progress and contradiction. Despite the commissioning of the $20 billion Dangote Petroleum Refinery, Africa’s largest single-train refinery with an installed capacity of 650,000 barrels per day, the country continues to rely heavily on imported refined petroleum products. Recent industry data indicate that …

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Great Nigeria Insurance Records Strong Turnaround with ₦2bn Profit, Driven by IFRS 17 Transition and NIIRA 2025

Great Nigeria Insurance Records Strong Turnaround with ₦2bn Profit, Driven by IFRS 17 Transition and NIIRA 2025

After navigating a turbulent economic landscape, Great Nigeria Insurance (GNI) Plc has made an impressive return to profitability, reporting a ₦2 billion profit after tax for the 2024 financial year. This marks a remarkable turnaround from a ₦736 million loss recorded in 2022, underscoring the company’s strong recovery strategy and prudent financial management. The Insurance …

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Wakanow Group Acquires NairaBox to Broaden Lifestyle and Entertainment Portfolio

Wakanow Group, Africa’s leading travel technology company, has announced the acquisition of NairaBox, a Nigerian digital entertainment and lifestyle platform, in a strategic move aimed at expanding its service offerings beyond the travel sector. The acquisition, announced in Lagos on Tuesday, is part of Wakanow’s long-term vision to integrate travel, entertainment, and lifestyle into a …

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IMF Intensifies Efforts to Track Illicit Financial Flows and Support Nigeria’s Fiscal Stability

The International Monetary Fund (IMF) has reaffirmed its commitment to assisting Nigeria and other developing nations in tracing and curbing Illicit Financial Flows (IFFs), a persistent challenge undermining fiscal stability and economic growth.IMF Managing Director, Kristalina Georgieva, highlighted this during a recent policy dialogue on governance and fiscal resilience, emphasizing that strengthening transparency and improving …

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Nigeria’s Non-Interest Capital Market Hits ₦1.6 Trillion — SEC

Nigeria’s non-interest capital market has continued its upward trajectory, reaching a valuation of ₦1.6 trillion, according to the Securities and Exchange Commission (SEC). The development reflects growing investor confidence and a deepening commitment to ethical, Sharia-compliant finance, which is fast becoming a key pillar in Nigeria’s evolving financial landscape. The announcement was made by the …

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