The Nation Newspaper

Category: Business

  • Exhibitors seek trade partners at Lagos expo

    Exhibitors seek trade partners at Lagos expo

    Exhibitors from over 55 countries across the globe in the beauty, cosmetic and hair extension value chain are wrapping up marketing strategies to consolidate market access into Nigeria, Africa’s biggest trading bloc on the continent.

    At the eight edition of Beauty West Africa,  the largest beauty and cosmetics show  on the African continent opened in Lagos yesterday, exhibitors and  leading global brands as well as  industry professionals utilized the window to   showcase  their  products seek  business opportunities including search for trade partners, distributors, manufacturers representatives and Nigerian companies looking forward to franchise opportunities.

    The global cosmetic industry’s market value was approximately $419.8 billion in 2024 and is projected to reach $629.7 billion by 2033.

    With a projected market value surpassing €3.2 billion, Nigeria stands as Africa’s leading cosmetics hub and a strategic entry point for international brands seeking expansion into the wider African market.

    READ ALSO; ‘How alleged terrorists’ negotiator, Mamu got N50million for his efforts,’ DSS official tells court 

    Speaking in an interview, Sales Director , Tradeshow Organisers Nigeria, Mr Brad Smith said the platform  offers opportunity for over 350 exhibitors from around the world and 6,000 beauty professionals to explore new products, meet potential partners, and connect with the people driving growth across the industry.

    Smith said the expo in the many years of its existence has created a huge platform for businesses in Africa to converge and exchange ideas bordering on trends, innovation and the place of technology in the fast evolving beauty and cosmetic value chain.

    He said : “We have through this exhibition created  powerful connections  that make a huge  impact – shaping industries, supporting communities and driving business.”

    He said Nigeria has been a strong rallying point for the biggest expo on the continent, bringing together players in the value chain from all part of the continent to showcase the challenges in the industry as well as provide a platform for business owners and regulators to tackle the hurdles that needs to be surmounted to drive the growth of the business.

    Smith said the Beauty West Africa, has also paid off for exhibitors , as it has given them direct access to the market, opportunity to offer competitive pricing , and engage with potential partners, investors and those looking forward to tapping into evolving trends that would make them the leaders of the market.

    He said the prevailing economic conditions in Nigeria, has not had any negative impact on the expo as the number of exhibitors continue to spike year on year.

    Smith said the expo also afforded professionals in the sector to examine issues bordering on : “Breaking Silos: Fostering Collaboration Across The Haircare Industry “. Professionals also examined : “Quality, Safety & Transparency: Raising Consumer Trust in African Beauty Brands”, as well as  “ Deep Trade: Cracking Distribution & Retail in Nigeria’s Multi-Billion Naira Market and  “ Strengthening Regulation and Innovation: Advancing Nigeria’s Beauty and Cosmetics Industry.”

    Speaking in an interview, an indigenous manufacturer and Chief Executive of Sora Cosmetics Nigeria, Mr Alex Okoronkwo commended the organisers for providing a platform to leverage access to the market.

    He said some manufacturers are exploring opportunities to set up factories in the country.

    On his part, Chief Executive Officer of Aziza Cosmetics, Ahmed Sarwana said the expo continues to serve as a platform for companies to explore market opportunities in Nigeria , seek for distributors and other benefits.

    He said the company will be excited to expand its footprints in Nigeria by deepening competition , offering better pricing and other incentives.

    He , however, called on the Federal Government to review the proliferation of agencies regulating its operations in the country.

    Doing that, he said will encourage more investors / manufacturers seeking to establish manufacturing plants in Nigeria.

    Also speaking, Marketing Manager, Whiz Laboratories, Zubir Ahmed , described the exhibition as a strategic window for market penetration and fostering of good partnership.

    The Nigerian beauty and personal care industry was valued at approximately $7.8 billion in 2023, with projections indicating a strong growth rate of around 17.7 per cent  per year between 2023 and 2027. This significant market value positions Nigeria as Africa’s top consumer in this sector.

     The Nigerian market showcased a robust appetite for beauty and personal care products in 2023, importing a substantial sum exceeding $1.1 billion in cosmetics, perfumes, essential oils, and toiletries.

    This data stems from a comprehensive report by Beauty West Africa, organisers of Africa’s annual largest beauty show exhibition held at the Landmark Centre, which attracted over 4000 visitors from 47 countries.

    The report forecasts a remarkable trajectory for Nigeria’s cosmetic and beauty industry, projecting a compelling annual growth rate of “17.7 per cent  between 2023 and 2027.” This growth surpasses that of any other African market, indicating a significant upswing in consumer demand.

  • MTN Nigeria gives sixth car in campus activation

    MTN Nigeria gives sixth car in campus activation

    A 300-level student at Bayero University, Kano, has become the sixth university student to win a car worth N35 million in MTN Nigeria’s ongoing campus activation series.

    Ramatu Yakubu of the Faculty of Agriculture won the grand prize at the conclusion of a three-day event that also distributed millions of naira in laptops, tablets, and cash to students.

    This focus on both giving big prizes and helping student careers is part of a larger plan.

    MTN’s Manager for the Youth section, Femi Adesina, stressed the company’s commitment, saying: “No amount is too much to build a well-rounded Nigerian youth.”

    To help students with their studies, MTN also offered special, very low-cost data deals, including night plans starting at just seventy-five naira.

    READ ALSO; Shettima returns after G20, AU–EU summits

    These were specifically designed for students who need to stay up late doing research or creating online content.

    Yakubu’s win came at the end of the three-day event featuring live performances, gaming competitions, and entrepreneurship exhibitions. She joins five other students from universities across Nigeria who have won similar prizes during the nationwide campus tour this year, including recent winners at the University of Abuja, FUTO, UNIBEN, MOAUM, and FUNAAB.

    “We are not just here to talk to them, but to walk with them, support them, and empower them to be their best selves,” said Femi Adesina, MTN Nigeria’s Youth Segment Manager.

    The company declined to disclose total investment in the programme but stated that substantial resources have been committed since its relaunch in 2022 after a pandemic-induced suspension.

    MTN has partnered with TECNO for device financing plans, LG for electronic prizes, and its fintech subsidiary MoMo for mobile financial solutions.

    The campus tour continues with more universities scheduled for activation before year-end.

  • Firm launches bank transfer in Nigeria

    Firm launches bank transfer in Nigeria

    Bitget Wallet, the leading everyday finance app, has launched a Bank Transfer feature in Nigeria and Mexico, allowing users to instantly convert USDT and USDC into naira and peso and send funds directly to local bank accounts. The feature turns stablecoins into a practical payment method, enabling users to pay merchants, send money to friends and family, or settle bills straight from their wallet. The rollout marks the first time a global crypto wallet has enabled direct stablecoin-to-bank transfers at scale in these regions, making crypto more usable in daily transactions.

    The new Bank Transfer feature enables users to pay and transfer seamlessly from crypto to local currency, without relying on peer-to-peer (P2P) platforms or centralized exchanges. It works much like a mobile banking app — users simply choose a cryptocurrency, enter the amount and bank account, then confirm. Behind the scenes, Bitget Wallet’s network of licensed partners manages fiat conversion and settlement through regulated payment channels, ensuring instant processing, compliance, and reliability. The service currently supports over 45 banks in Nigeria and more than 35 banks in Mexico, offering users wide coverage and instant settlement within minutes. The feature supports USDT and USDC across BNB Chain, Ethereum, Solana, Tron, and Base networks.

    By merging crypto payments with traditional banking rails, Bitget Wallet bridges onchain assets with real-world spending. The launch comes as stablecoins play a growing role in emerging-market finance, where crypto is increasingly used to store, move and spend value amid inflation and currency volatility. According to Chainalysis, Nigeria remains Africa’s largest crypto market, accounting for most of the region’s onchain activity with over $90 billion in annual transaction value. In Latin America, Mexico recorded more than $70 billion in onchain volume over the same period. Through Bank Transfers, Bitget Wallet enables users to use crypto as easily as local money — whether sending, spending, or saving.

    READ ALSO; ‘How alleged terrorists’ negotiator, Mamu got N50million for his efforts,’ DSS official tells court 

    The feature addresses long-standing challenges in these markets, where turning crypto into usable local money has often been slow, risky, and costly. In Nigeria, users typically rely on P2P platforms subject to liquidity gaps and exchange-rate volatility, while in Mexico, limited infrastructure and regulatory friction constrain access. Bitget Wallet’s Bank Transfer automates the process, reducing risk and enabling instant, compliant one-tap conversions.

    “Stablecoins are quickly becoming a new layer of everyday payments in emerging markets, and connecting them to local banking rails is the next step in that evolution,” said Jamie Elkaleh, CMO of Bitget Wallet. “Nigeria and Mexico together process more than $160 billion in annual onchain volume. Bringing instant stablecoin payments directly into their banking systems makes self-custody more practical, more usable, and increasingly aligned with how people pay today.”

    “The new feature will expand to additional emerging markets in the coming months, complementing Bitget Wallet’s suite of payment tools, including its crypto card, QR code payments, and in-app lifestyle shop, allowing users to pay globally in local ways across shopping, rent, remittances, and everyday expenses. To mark the launch, Bitget Wallet is offering a zero-fee promotion. For more information, visit Bitget Wallet’s blog.” Jamie Elkaleh explained.

  • Investor woos real estate investment in Canada

    Investor woos real estate investment in Canada

    Canada based Nigerian investor in real estate wants Nigerian investors to explore existing opportunities in Canada’s real estate market to boost their investment without losing any money to other countries.

    Speaking with journalists in Abuja, the Nigerian investor and founder of Golden Gate Investment, Andrew Enofe said there are several opportunities for Nigerian investors to diversify their portfolios, especially at a time when Nigeria’s inflation rate stands at about 18 per cent.

    He explained that Canada’s more stable economic climate and significantly lower inflation rate offer stronger prospects for consistent returns.

    Enofe said Golden Gate is working closely with Nigeria’s financial regulators to ensure strict verification of all funds, stressing that transparency and compliance are central to the firm’s operations.

    “We are here to open doors of opportunity for investors. Our message is simple—diversify. Don’t put all your funds in one place. At Golden Gate, investments are backed by Canadian real estate, and the returns are reliable.

    “While inflation in Nigeria is high, Canada’s rate is around two per cent. You can grow your funds in a stable economy and still bring them back home for your needs. You’re not losing money to another country; you’re strengthening it,” he said.

    READ ALSO; Shettima returns after G20, AU–EU summits

    Addressing concerns about the possibility of the platform being used to launder illicit funds, Enofe maintained that the company adheres to strict compliance procedures.

    “We are not here to support money laundering. We have legal teams that conduct thorough checks. We verify every investor’s source of income. Our integrity is important to us, and we are accountable to the Canadian government,” he said.

    He added that with the unveiling of the fund, Golden Gate is “strategically positioned to navigate current market realities—including rising housing demand, interest rate shifts and evolving economic conditions—while prioritizing sustainable growth and risk-adjusted returns.”

    Golden Gate Investment currently offers services through private mortgage funds, home purchase support in Canada, real estate investment options and pathways to Canadian permanent residency.

    The event drew participation from government officials, including representatives from the Federal Ministries of Environment, Housing and Urban Development; the Corporate Affairs Commission; the Nigerian Communications Commission; as well as leading figures in Nigeria’s housing and real estate sector.

  • International Men’s Day: STI honours its men for excellence

    International Men’s Day: STI honours its men for excellence

    As the world marks the International Men’s Day, Sovereign Trust Insurance Plc, has described the male employees of the underwriting firm as the very rudder responsible for steering the ship of the organisation to greatness in the quest for achieving excellence in every area of the company’s operations.

    The Managing Director/CEO, STI, Mr. Olaotan Soyinka, eulogised his male at a special session organised for them in commemoration of the International Men’s Day.

    He said: “It has been a very elating experience for me having worked with you colleagues over the span of two decades that you have all stood the test of time even in the midst of those turbulent periods that one would have thought would consume us but alas, we have on every occasion come out unscathed.

    “No doubt, we have been so blessed as an organisation to have the crop of men like you running the affairs of our great companies in the last 30 years. You have all proven that you are men of valour and grit in the most professional manner that anyone can think of”, he stated.

    The Executive Director, Finance and Corporate Services, Kayode Adigun, expressed appreciation on behalf of the male employees in the organization and particularly to the MD for providing instructive leadership worthy of emulation. “From the day I joined the organization, I have never had any reason to doubt the capabilities and enormous potentials that my male colleagues have in their arsenal. The teamwork and cooperation have been quite phenomenal both from the male and female counterparts of the organization.”

    READ ALSO; Shettima returns after G20, AU–EU summits

    He equally enjoined his colleagues to also respect and honour their female counterparts as they are also a formidable force in the journey to attaining service excellence in the comity of insurance companies in the country.

    He expounded on one of the core values of the organization which borders on Teamwork and reiterated that what the company has been able to achieve till date despite all the seeming challenges in the Nigerian business landscape and the insurance industry in particular, can only be attributable to that very germane core value of teamwork and respect for one another within the organization.

  • OPay bags double awards for organisational excellence

    OPay bags double awards for organisational excellence

    OPay, Nigeria’s leading financial technology company, has reaffirmed its industry leadership and commitment to excellence by being recognised with two major honours for organisational performance in financial crime prevention and governance, risk management, and compliance. These awards, presented at the 2025 GRC & Financial Crime Prevention Awards, highlight OPay’s continued dedication to building a secure, transparent, and trusted financial ecosystem for millions of Nigerians.

    This recognition reflects OPay’s relentless focus on strengthening internal structures that enhance safety, accountability, and operational transparency. The company continues to deploy advanced security technologies, implement robust compliance frameworks, and maintain proactive risk-management systems that prevent financial crimes, protect customer information, and uphold best-in-class operational standards. Such efforts have positioned OPay as one of Nigeria’s most trusted and resilient digital financial platforms.

    Commenting on the recognition, the Chief Commercial Officer of OPay, Elizabeth Wang, said: “The awards are a testament to not only the hard work and dedication of our teams, but the strong compliance culture we have built at OPay. Trust is the foundation of financial services, and we remain fully committed to providing a secure, transparent, and inclusive ecosystem for our customers, merchants, and partners. These awards inspire us to continue raising the bar and investing in systems that make our platform safe, compliant, and future-ready.”

    READ ALSO; ‘How alleged terrorists’ negotiator, Mamu got N50million for his efforts,’ DSS official tells court

    The awards further validate OPay’s strategic direction and its commitment to delivering reliable, accessible, and innovative financial solutions to individuals, SMEs, and communities across Nigeria. The company extends its sincere appreciation to its loyal users, industry partners, regulators, and employees, whose collaboration and trust make achievements like this possible.

    OPay remains steadfast in strengthening governance standards, enhancing consumer protection, and deploying innovative solutions that ensure safer transactions, stronger consumer confidence, and long-term sustainability within Nigeria’s digital finance ecosystem.

  • NIMENA Chairman calls for stronger local content, youth-centered capacity devt in maritime sector

    NIMENA Chairman calls for stronger local content, youth-centered capacity devt in maritime sector

    The National Chairman of the Nigerian Institution of Marine Engineers and Naval Architects (NIMENA), Engr. Dr. Eferebo I. Sylvanus, has called for a stronger focus on local content, enhanced technical capacity, and youth-driven innovation to build a technically sovereign maritime nation.

    Speaking during a live interview on Arise News TV, Engr. Dr. Sylvanus emphasized that Nigeria’s economic future is closely tied to the strength of its maritime ecosystem. He described Nigeria as “a fundamentally maritime nation blessed with 853 km of coastline, 10,000 km of inland waterways, and one of the most active offshore oil and gas theatres in the world,” adding that the sector could unlock a trillion-naira blue economy if strategically harnessed.

    Engr. Dr. Sylvanus noted that Nigeria remains heavily reliant on foreign technical services — ranging from vessel inspection and classification to offshore engineering and seafarer certification — resulting in billions of naira lost annually.

    “Local content is not just a policy. It is a strategic national imperative,” he said. “Technical sovereignty is the new currency of power, and Nigeria must deliberately build the institutions and engineering capacity to stand on its feet.”

    He reaffirmed NIMENA’s commitment to promoting indigenous shipbuilding, expanding dry-docking capacity, enhancing offshore vessel support systems, and advocating for an indigenous classification body to place Nigerian engineers at the core of vessel design, safety, and standards compliance.

    Addressing skill gaps and manpower shortages, Engr. Dr. Sylvanus highlighted the potential, creativity, and resilience of Nigerian youths.

    READ ALSO: Stakeholders urge fed govt to reform correctional centres

    “Our young marine engineers are Nigeria’s priceless asset. They are not the weak link — they are the engine of Nigeria’s future,” he said. “What they need is exposure, structured training pathways, and modern R&D infrastructure to translate their creativity into commercially viable solutions.”

    He outlined NIMENA’s partnerships with universities, maritime academies, shipyards, and private-sector innovators to expand simulation-based training, digital engineering competencies, computer-aided ship design, and hands-on industrial experience.

    The Chairman called for closer collaboration among maritime agencies, including NIMASA, NIWA, NPA, NCDMB, COREN, and the Standards Organization of Nigeria, noting that fragmented regulations hinder growth.

    “Strong maritime nations are built on strong institutions. NIMENA is committed to harmonizing standards, promoting compliance, and ensuring that the sector speaks with one unified technical voice,” he said.

    He highlighted the importance of research, innovation, and commercialization of engineering solutions through initiatives like the Marine & Offshore Technology Development Centre in Rivers State, expanded R&D programmes, and PPP collaborations supporting smart marine solutions, AI-enabled systems, digital twins, and automated vessel technologies.

    “Nigeria cannot continue to import solutions for problems Nigerian engineers can solve. We must invest in research, innovation, and marine technology startups that will define the future of our blue economy,” he added.

    He also advocated for improved sea-time access, updated training curricula, and certification pathways aligned with IMO STCW standards, emphasizing that a globally competitive Nigerian seafaring workforce would boost national revenue and international presence.

    Engr. Dr. Sylvanus concluded by affirming NIMENA’s ongoing commitment to reforms, capacity development, and technical excellence across the maritime value chain.

    “If we strengthen our institutions, empower our youth, harmonize regulations, and invest in innovation, Nigeria will not just participate in the maritime economy — we will lead it,” he said.

  • Local manufacturing, collaboration critical in achieving renewable energy solutions – FG

    Local manufacturing, collaboration critical in achieving renewable energy solutions – FG

    The Federal Government has reiterated that strengthening local manufacturing and deepening collaboration on climate-smart technologies are crucial as Nigeria scales up the deployment of renewable energy solutions, from solar home systems and productive-use appliances to mini-grids.

    Speaking on Tuesday in Abuja at the 2025 Renewable Energy Association of Nigeria (REAN) Conference, the Minister of Power, Chief Adebayo Adelabu, represented by Principal Electrical Engineer, Engr. Metu Francis, said REAN’s push for naira-based concessionary financing and its advocacy for quality standards across the renewable energy value chain remain fundamental to meeting national energy-mix targets and ensuring inclusive energy access.

    He said: *”This year’s theme, ‘Stronger Together: Advancing Energy Access Through Policy, Finance & Inclusion,’ aligns strongly with the Ministry’s commitment to expanding clean, reliable, and affordable energy for all Nigerians.

    “We commend REAN for continuously fostering collaboration, innovation, and meaningful dialogue across the renewable energy ecosystem. The Ministry recognises the critical role that private sector leadership, local manufacturing, financing institutions, and community-based solutions play in achieving our national energy transition goals.

    “Together, we can accelerate sustainable mini-grids, strengthen local capacity, unlock concessionary financing, and support women, SMEs, and underserved communities in adopting clean energy solutions. We appreciate REAN’s efforts in promoting evidence-based advocacy and industry-wide partnerships that strengthen the renewable energy sector.

    “Please be assured of the Ministry’s continued support as we work collectively toward achieving Nigeria’s energy mix targets and a more sustainable future. As Nigeria accelerates the deployment of renewable energy solutions from solar home systems and productive-use appliances to mini-grids, local manufacturing and climate-smart technologies collaboration becomes even more essential.

    READ ALSO: Stakeholders urge fed govt to reform correctional centres

    “The Ministry remains committed to strengthening enabling policies, improving financing pathways, and supporting industry players working to expand access to clean, modern electricity. We especially recognize REAN’s leadership in advocating for naira-based concessionary financing, expanding opportunities for women and SMEs, promoting mini-grid development, and championing quality standards across the renewable energy value chain. These efforts are vital for achieving our national energy mix targets and ensuring no community is left behind.”

    REAN President, Ayo Ademilua, said the association has consistently led robust advocacy, strengthened industry cohesion, and built partnerships that continue to shape Nigeria’s renewable energy landscape.

    He said: “Over the past year, REAN has continued to drive impactful advocacy, industry coordination, and strategic partnerships that have contributed significantly to Nigeria’s renewable energy ecosystem. REAN members have established solar panel assembly plants in the North and South. These facilities are producing high-quality panels for domestic and export markets, boosting investor confidence.

    “Resulting impact includes increased Foreign Direct Investment into Nigeria, enhanced foreign exchange earning potential through exports, a more resilient and sustainable renewable energy value chain.

    “Despite this progress, Nigeria continues to face significant energy access challenges. Our estimated 3.3 GW installed renewable energy capacity remains far from the 9 GW target set for 2030. Millions of Nigerians still live without reliable electricity. The Just Energy Transition Plan is progressing, but requires stronger action across policy, financing, and implementation. These gaps are not setbacks, they are reminders that our work must intensify.

    “This year’s theme points directly to the levers that will shape Nigeria’s energy future. We must continue pushing for clear, predictable, and supportive policy frameworks. Engagement with the National Assembly must remain strong to accelerate climate and clean-energy legislation. Full implementation of the Electricity Act 2023 is essential, especially in mini-grid expansion, decentralized energy, and state-level regulation.

    “A Just Energy Transition must benefit remote rural communities, women and youths, small and medium enterprises, farmers and micro-producers; energy access should not only electrify, it should enable livelihoods, drive jobs, and create opportunities.”

    On his part, the Director-General of the Energy Commission of Nigeria (ECN), Dr. Mustapha Abdullahi, represented by Assistant Chief Scientific Officer, Halilu Sale, said the conference demonstrates Nigeria’s continued dedication to ensuring that underserved and rural communities gain access to sustainable and affordable energy.

    He said: “As the apex government agency responsible for coordinating national energy policies and planning, the Energy Commission of Nigeria recognises that achieving universal energy access demands strong partnerships between the public and private sectors. We therefore commend REAN for fostering collaboration among government, industry players, development partners, and other key stakeholders to advance renewable energy development in our country.

    “We acknowledge that the innovation and drive of the private sector as championed by REAN are indispensable. You are the engine of implementation, and we, as government, are committed to being the architects of an enabling environment.

    “Through our Energy Research Centers, we are building local capacity,  training energy auditors, energy managers, solar technicians, and policy experts to close the skills gap. Our deliberate focus on decentralized renewable energy solutions, including mini-grids and standalone solar systems, aims to ensure no community is left behind in Nigeria’s energy transition.

    “True energy access is inclusive — it means ensuring that every community, household, and business benefits from renewable energy. It also means creating economic opportunities through local manufacturing and empowering our youth with the skills for tomorrow’s green jobs.”

  • 16 banks have met new capital requirements, says CBN

    16 banks have met new capital requirements, says CBN

    The Central Bank of Nigeria (CBN) said the bank recapitalisation exercise is progressing steadily, with 16 banks already meeting the new capital requirements ahead of the March 31, 2026 deadline. Another 27 banks have also raised capital through various channels as the sector moves toward one of the most extensive reforms since 2004.

    Governor Olayemi Cardoso disclosed the development on Tuesday in Abuja while briefing journalists at the end of the Monetary Policy Committee (MPC) meeting. He described the exercise as orderly and consistent with the regulator’s expectations.

    “We are monitoring developments, and indications show the process is moving in the right direction,” he said.

    As of April 2025, Nigeria had 44 deposit-taking banks, including seven commercial banks with international authorisation, 15 with national authorisation, four with regional authorisation, four non-interest banks, six merchant banks, seven financial holding companies and one representative office.

    Under the recapitalization framework issued by the CBN, banks must raise their paid-in share capital to levels proportionate to the scope of their operations. International commercial banks are required to attain N500 billion, national commercial banks must reach N200 billion, and regional commercial banks N50 billion.

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     For non-interest banks, the minimum is N20 billion for national operations and N10 billion for regional operations, while merchant banks with national authorisation must meet N50 billion. The apex bank has also made clear that only paid-up capital and share premium qualify toward the new thresholds, excluding reserves and retained earnings.

    Cardoso said the reforms would reinforce the resilience of Nigerian banks both within the country and across the continent. “We are building a financial system that will be fit for purpose for the years ahead. Many Nigerian banks now operate across Africa and have been innovative across different markets. 

    These new buffers will better equip them to manage risks in the multiple jurisdictions where they operate,” he said.

    He added that the reforms would strengthen the financial sector’s support for households and businesses. 

    Aw“Ultimately, this benefits Nigerians—our traders, our businesses and our citizens—who operate across those regions. It should give everyone comfort to know that Nigerian banks with deep local understanding are present to support them. Commercial banks are also creating their own buffers through the ongoing recapitalization.”

    Cardoso recalled that the CBN had earlier outlined the broader objectives of the programme, noting that the Bank’s Deputy Governor for Financial Systems Stability, Phillip Ikeazor, had restated the significance of the exercise during a stakeholder session at the UK-Nigerian Chamber of Commerce. Ikeazor said the apex bank was committed to building stronger, healthier and more resilient banks capable of supporting the government’s ambition of achieving a US$1 trillion economy by 2030.

    According to Ikeazor’s presentation, the recapitalization programme is expected to expand banks’ lending capacity, attract more foreign direct investment, and increase foreign exchange liquidity. He also noted that the reforms would contribute to GDP growth, enhance risk management practices, strengthen credit ratings, broaden ownership structures, improve governance, and boost market value and activity in the equity market.

    “With the recapitalisation programme, our goal is to trigger the emergence of stronger, healthier and more resilient banks,” Ikeazor said.

    Cardoso added that the apex bank considered several factors in determining the new capital thresholds, including prevailing macroeconomic conditions, stress test results and the need for stronger risk buffers. 

    He also affirmed the regulator’s commitment to strict oversight as consolidation progresses. “We will rigorously enforce our ‘fit and proper’ criteria for prospective new shareholders, senior management, and board members of banks, and proactively monitor the integrity of financial statements, adequacy of financial resources, and fair valuation of banks’ post-merger balance sheets,” he said.

    The governor recalled that eight commercial banks had met the N500 billion capital requirement as of July 22, 2024, rising to 14 by September of the same year. The number has now increased to 16 as the industry continues to race toward full compliance.

    Cardoso said the CBN remained confident that the banking system would emerge stronger at the conclusion of the recapitalization exercise, with institutions better prepared to support Nigeria’s economic transformation.

  • MPC retains key rates as Cardoso projects continued disinflation

    MPC retains key rates as Cardoso projects continued disinflation

    The Central Bank of Nigeria (CBN) on Tuesday retained its monetary policy rate at 27 per cent after the Monetary Policy Committee (MPC) concluded its meeting in Abuja, with Governor Olayemi Cardoso saying the decisions were taken to consolidate the progress already made in moderating inflation and stabilizing the financial system.

    Cardoso told journalists that all 12 committee members were present and  the majority voted to keep the monetary policy rate unchanged while adjusting the standing facility corridor around the MPR to +50/-450 basis points. 

    The MPC also resolved to maintain the cash reserve requirement for deposit money banks at 45 per cent, keep merchant banks’ CRR at 16 per cent, apply a 75 per cent CRR on non-TSA public sector deposits, and retain the liquidity ratio at 30 per cent.

    He said the decisions were guided by the need “to sustain the progress made so far towards achieving low and stable inflation,” adding that the committee would continue to rely on a data-driven evaluation of economic conditions before taking further steps.

    Cardoso said the MPC welcomed the continued slowdown in inflation for the seventh consecutive month in October 2025. According to him, the easing of inflationary pressure was supported by sustained monetary tightening, a stable exchange rate, increased capital inflows, and a surplus in the current account balance. He added that relative stability in the price of Premium Motor Spirit (PMS) and improved food supply also contributed to the pace of disinflation.

    However, he cautioned that inflation remained high. “Headline inflation is still in double digits, and that requires sustained efforts to moderate it further,” he said. The committee, he noted, agreed that the decline across headline, core and food inflation suggested that the lagged effect of existing policy measures would continue to impact the economy favourably in the months ahead.

    READ ALSO; Wike vows timely completion of Kuje road project June

    Cardoso explained that keeping policy parameters unchanged at this time was necessary to ensure that previous rate hikes transmit effectively to the real economy. “Maintaining the current stance of policy, amidst lingering global uncertainties, would allow the effect of previous policy rate hikes to sufficiently transmit to the real economy and further reduce prices,” he said.

    He also spoke about the external sector, noting that members of the committee acknowledged “the robust performance of the external sector, evidenced by the surplus current account balance and steady accretion to reserves, which have contributed to stability in the exchange rate and moderation in inflation.” According to him, the recent upgrade of Nigeria’s sovereign credit rating and the country’s removal from the FATF grey list were outcomes of the strong cooperation between fiscal and monetary authorities.

    Turning to Nigeria’s $46.7 billion external reserves, the governor said the country was in a favourable position. “On reserve adequacy, we currently have about 10 months of import cover, which is a very good position. In fact, the underlying strength is even greater, as there is significant liquidity within the market that may not be immediately obvious.”

    He linked the boost in reserves to rising non-oil exports, improved oil production, higher remittances, and increasing portfolio investment. “A more competitive currency encourages exports, and we are seeing this especially in non-oil exports. Oil production has also improved compared with where we were previously,” he said.

    “International remittances have risen as well. The important thing is that reserves are being built in a systemic and sustainable way. Portfolio investors are returning because reforms have made Nigeria more attractive, and the market is now more open and transparent.”

    Cardoso noted that broader economic conditions were improving after a turbulent period. “The macro indicators are looking a lot better, and inflation has come down steadily. This time last year it was over 34 percent, and now we are around 16 percent,” he said.

    He described the return to stability as a turning point for long-term growth. “A year and a half or two years ago, there was a lot of instability in our markets. When markets are unstable, investors who would normally invest stay away. Now we have moved from instability to stability. After stability comes investment, and after investment comes growth.”

    According to him, recent GDP figures signal that growth momentum is returning. “If you look closely, you will see that growth has returned over the last couple of quarters. With stability now achieved, investor confidence rises, investment follows, and the issues you mentioned become easier to address.”