The Nation Newspaper

Category: Business

  • Nigeria eyes $7.5b global ginger market

    Nigeria eyes $7.5b global ginger market

    Nigeria’s ginger export industry is positioning itself for a strong rebound in 2026, buoyed by renewed international technical support, fresh investment, and stepped-up security measures in key farming belts.

    The global ginger market is projected to expand from $4.41 billion to $7.50 billion by 2033, recording a compound annual growth rate of 6.08 per cent between this year and 2033, according to the Ginger Market: Players Analysis, Recent Developments, Strategies, Sustainability, Product Launches, Key Persons, and Revenue Forecasts report published by ResearchAndMarkets.com. The report attributed the growth to rising demand for ginger in food and beverages, health supplements, traditional medicine, and the increasing preference for natural remedies, alongside its growing use in the food service industry.

    Nigeria, which produced an estimated 726,000 to 781,000 metric tons annually between 2021 and 2023, ranks as the world’s second or third-largest ginger producer. However, the sector suffered a major setback in 2023 when a fungal epidemic, commonly referred to as ginger blight, wiped out more than 90 per cent of farms in major producing states such as Kaduna, Plateau, and Nasarawa.

    The impact was severe, with ginger exports falling by 74 per cent in the first nine months of 2024 compared with the previous year.

    After what industry stakeholders describe as a tumultuous period marked by disease and regional instability, the sector is now entering a “transformation phase” aimed at restoring Nigeria’s position as a leading supplier of high-pungency ginger to the global market.

    READ ALSO: Bridging the gaps in budget implementation

    A central pillar of this recovery is the Nigeria Ginger Sustainability Programme, a partnership between the Netherlands’ Centre for the Promotion of Imports (CBI) and the Nigerian Export Promotion Council (NEPC). The programme has entered its final scaling phase, offering intensive export coaching to 17 selected Nigerian small and medium-sized enterprises. The companies have received training on European Union food safety requirements, corporate social responsibility standards, and sustainable farming practices. The positive outlook for 2026 is also being driven by coordinated efforts to address insecurity and revive production in affected areas. The Federal Government recently launched the Ginger Recovery Advancement and Transformation for Economic Empowerment initiative, backed by a ₦1.6 billion intervention fund. The programme targets the restoration of about 15,000 farmers in Kaduna, Plateau, and Nasarawa states, regions that recorded yield losses of up to 90 per cent in 2023.

  • Swede Control Intertek projects export growth

    Swede Control Intertek projects export growth

    Swede Control Intertek Ltd., an ISO-certified Pre-Shipment Inspection firm, has projected a positive outlook for Nigeria’s export sector in 2026.

    It also cited stronger compliance, quality assurance, and government reforms as key drivers.

    Its Managing Director, Mr Folarin Familusi, made the disclosure during a recent virtual interview with journalists in Lagos, organised to highlight the company’s recent ISO certification.

    Familusi explained that the firm collaborates with the Federal Government to ensure the safety and quality of imports, verify duty collection, provide cargo security, and monitor oil and gas exports, among other responsibilities.

    He said the ISO certification would enable Swede Control Intertek to deliver services in line with global standards, enhancing value for both clients and government agencies.

     “The certification places our indigenous firm on the international business map, improving service efficiency and boosting customer and investor confidence,” Familusi said.

    READ ALSO; Imperatives of Tinubu’s second term and transformative initiatives

    He also maintained that it had also strengthened staff morale, reduced errors, and decreased customer complaints.

    He added that the company plays a critical role in the Nigerian Export Supervision Scheme, ensuring accurate reporting of crude oil exports.

    “President Bola Tinubu is focused on raising Nigeria’s revenue, which makes our role vital for goods leaving or entering the country.

    “Accurate duty application depends on our oversight,” he said.

    Familusi further noted that the combination of government policy reforms and the firm’s ISO certification had improved investor confidence and repositioned maritime and petroleum sectors as key drivers of economic growth.

    He added that the firm’s commitment to global best practices would support stronger export performance in 2026 and beyond.

  • Firm converts N2.58b debts to shares in favour of CEO

    Firm converts N2.58b debts to shares in favour of CEO

    Arising from its Annual General Meeting (AGM) yesterday, Geo-Fluids Plc announced the resolution that it has converted N2.58billion debts/load of the company into shares in favour of the Chairman and Chief Executive Officer, Jacob Esan.

    The strategy was one of its revival measures for the firm that had been at its downtime over the past 13 years.

    This was contained in the 2013-2024 Audited Statement of Affairs of the company that was issued in Abuja during the meeting.

    The statement said, “Conversion of Debts/Loans into Shares of the Company (e) “That all outstanding sums in consideration of the Directors under the Directors’ Current Account in the sum of N2,586,019,000 (Two Billion, Five Hundred and Eighty-Six Million and Nineteen Thousand Naira) and ultimately to the benefit of Jacob Babadiya Oyebola Esan as contained in the Company’s accounts for the year ended December 31 2024 be converted into fully paid up ordinary shares in the capital of the Company, subject to obtaining relevant regulatory approvals.”

    The financial of Geofluids over the past 13 years shows a shift to a stable cashflow profile from a prior stream of operating losses.

    The positive change is underlined by some investment and financing activities that had significant impact on liquidity.

    READ ALSO; Imperatives of Tinubu’s second term and transformative initiatives

     Operating cash flows were volatile but gradually improved, moving from negative figures in the early years to steady positive inflows from 2018 onwards, and peaking at N35.51million in 2022 and remaining robust at N34.34 million in 2024.

    This indicates better earnings quality and improved working capital management, as accounted for by the new operational structure of the organisation.

    Though there have been spot cash inflows of N3.81billibn inflow in 2013 and N1.13bn in 2024, the end of period cash levels remained modest, fluctuating between N1.34million and N7.96million, ending FY 2024 at N7.27million.

    Geofluids Plc, one of the players in the nation’s oil and gas industry is implementing a rebound strategy aimed at significantly turning around the fortunes of the organisation within the nearest future.

    The broad strategic policy covers board overhaul, deepening and expansion of business lines, and refreshed operational systems.

    Speaking at the AGM, Esan, stated that the organisation is implementing a bold and ambitious turn around strategy that will drive up value and place the company at the top of its industry of operation.

    Esan, a corporate finance expert initiated the strategic plans and have been overseeing its successful implementation to date.

     According to him, “Our strong project management pedigree and financial restructuring reputation gave us an early start in securing premium patrons and running an operation that could compete with some of the finest globally”.

    One of the bids to re-energise the company for greater value creation, was the shareholders approval the appointment of new board of directors to provide strategic leadership that will deliver value to all stakeholders.

    The reconstituted board is made up of professionals with longstanding experiences in various fields.

    A review of the board shows regional spread, diverse expertise, and relevant experience.  The new board brings needed experience across energy, finance, law, governance, and strategic investments. It includes the following members: HRH Jacob Esan.

     Kabiyesi Jacob Esan is a capital markets professional, investment banker, corporate turnaround specialist, and boardroom leader with over two decades of multi-jurisdictional experience spanning Nigeria and the United Kingdom. He currently serves as the Chairman and Chief Executive Officer (CEO) of Geo-Fluids Plc, where he was appointed to lead the Company through a complex turnaround following severe financial distress and receivership.

     Dr. Abu Mohammed Sani is the President and CEO of PAK Engineering Corporation, Houston, USA, providing oil and gas engineering, project management, and professional training services. With over 30 years of global industry experience, he has held senior roles with Saudi Aramco. BHP Billiton, Marathon Oil. And Schlumberger. He holds engineering degrees from the Ahmadu Bello University (ABU) Zaria, Nigeria, KFUPM, the University of Oklahoma, and the University of Houston, Texas, USA.

    Abubakar Bawa Bwari is an Ahmadu Bello University (ABU) Zaria, graduate of Geography with a master’s degree in urban and Regional Planning. He is a seasoned planner, entrepreneur, and politician. A three-term House of Representatives Member and long-serving Chief Whip. He later served as Minister of State for Mines and Steel. He holds national and international honours and is a Fellow of multiple professional bodies. His honours include the Officer of the Order of Leopold (Belgium). An Honourary Doctorate (USA), and the traditional title of Marafan Zazzau Suleja.

    Tobechi C.  Egboh is a seasoned legal and corporate governance expert with over 35 years of experience across banking, oil and gas, real estate, and international advisory services. He is the Managing Partner of The Crest Partnership.  A Fellow of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), and a member of the Nigerian and Washington State Bars. He is known for strong governance, compliance, and strategic legal leadership.

    Olumide Aju, is a Senior Advocate of Nigeria (SAN), he is dual-qualified as a lawyer admitted to both the Nigerian bar and that of England and Wales. He has over 29 years of trial and appellate experience across all superior courts. A Fellow of the Chartered Institute of Arbitrators (UK), he is a leading authority in commercial litigation and arbitration, as ranked by IFLR and Martindale-Hubbell.

    Suleiman Hassan is a seasoned surveyor and public servant from Bauchi State. He holds an HND and Professional Diplomas in Land Surveying and other specialities like Environmental Impact Assessment (EIA). Suleiman has over four decades of experience in surveying, governance, and project management. He has served as Minister of State for Power, Works, and Housing. Minister of Environment, SURCON Registrar, and Principal Partner at Sulieman Hassan & Associates. He holds the traditional title, Waziri Jara of Gombe.

    It is expected that this new board will provide Geo-Fluids with the sociopolitical and economic network, expertise, and governance support needed to drive the company’s subsequent evolution into one of Nigeria’s principal hydrocarbon businesses

  • Ecobank guarantees seamless digital services to customers

    Ecobank guarantees seamless digital services to customers

    Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has assured customers of uninterrupted access to banking services throughout the year-end holiday period via its secure and robust digital platforms. The bank also urged customers to remain vigilant against fraud and scams during the festive season.

    Speaking on the development, Victor Yalokwu, Head, Products & Analytics, Consumer & Commercial Banking, Ecobank Nigeria, said the Bank’s digital channels — including Ecobank Cards, the Ecobank Mobile App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, RapidTransfer, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point (agency banking) locations nationwide — will remain fully available to support customers throughout the yuletide and year-end holiday period.

    He noted that customers will continue to enjoy a wide range of services during the period, including local and international funds transfers, bill payments and airtime top-ups, merchant and QR payments, balance inquiries and account statements, as well as cardless cash withdrawals via ATMs.

    READ ALSO: Bridging the gaps in budget implementation

    According to Yalokwu, “Ecobank encourages customers to leverage these digital solutions for safe, fast, and efficient banking, especially during the festive season when convenience and reliability are essential. While physical branch operations may be subject to adjusted working hours in line with public holidays, customers can be assured that Ecobank’s digital platforms are designed to deliver uninterrupted service and enhanced security at all times. Ecobank remains committed to providing innovative financial solutions and exceptional customer service, and we wish all our customers a joyful festive season and a prosperous New Year.”

    Yalokwu also cautioned customers to remain vigilant against fraudsters and scammers during the period. “Before you wrap up the year, tighten your security. December brings online sales, travel, and year-end distractions—this is exactly when scammers are most active. From fake festive deals to cloned merchant sites and suspicious messages, staying vigilant helps keep your money safe.”

    He advised customers to shop only on trusted websites, never share their PINs, passwords, or one-time passwords (OTPs), avoid banking on public Wi-Fi networks, be cautious of urgent or emotionally charged messages, and regularly review their account activity.

  • NNPC restores Escravos–Lagos pipeline after explosion

    NNPC restores Escravos–Lagos pipeline after explosion

    The Nigerian National Petroleum Company (NNPC) Limited, yesterday said it has full restored the Escravos–Lagos Pipeline System (ELPS) in Warri, Delta State, following an explosion that rocked the facility on December 10.

    In a statement signed by the Chief Corporate Communications Officer, NNPC, Andy Odeh, the oil firm noted that the achievement was made possible through the unwavering support of the host communities, the guidance of regulators, the vigilance of security agencies and the dedication of its partners and staff.

    “Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.”

    READ ALSO: Bridging the gaps in budget implementation

    “We immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned. Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security.

    “As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” Odeh said in the signed statement.

  • Group lauds ban on wood export, others

    Group lauds ban on wood export, others

    The Human and Environmental Development Agenda (HEDA Resource Centre) has hailed the Federal Government for imposing an immediate nationwide ban on the export of wood and allied products and for revoking all previously issued licences and permits.

    Reacting to the announcement, HEDA’s Executive Secretary, Sulaimon Arigbabu, described the decision as a long-overdue return to wisdom and responsibility in environmental governance.

     According to him, the directive signals a renewed commitment by the Federal Government to protecting Nigeria’s rapidly shrinking forest resources and addressing the growing threats of climate change.

    Arigbabu noted that Nigeria has for too long lived in painful contradictions. “We cry about droughts, floods, extreme heat and desertification, yet we have turned the trees that God blessed us as our first line of defence against extreme weather events into a thriving export business. This hypocrisy has come at a huge environmental and social cost,” he said.

    While applauding the policy, HEDA warned that the challenge runs far deeper than a single executive pronouncement.

    READ ALSO; Imperatives of Tinubu’s second term and transformative initiatives

    The organisation stressed that illegal logging and deforestation will not disappear without strong political will, firm enforcement of the law, and accountability across federal and state institutions. “Without strict enforcement, this ban risks becoming another well-written policy that fails at the implementation stage,” Arigbabu stated.

    HEDA further urged the Federal Government not to limit its focus to local firewood and charcoal syndicates alone.

    According to Arigbabu, “There is a more dangerous dimension to this crisis — foreign criminal networks, particularly some Chinese nationals masquerading as investors, who are raping Nigeria’s forests and carting away highly valuable species such as Rosewood, which is already listed as endangered under the Convention on International Trade in Endangered Species (CITES).”

    He described the situation as especially disturbing because “these activities are often carried out under the protection of armed policemen, making the crime more sinister, organised and menacing.”

    The civil society organisation also reminded government that the ban must not ignore the domestic drivers of deforestation. HEDA noted that local dependence on firewood and charcoal is largely driven by energy poverty and widespread lack of economic opportunities, especially in rural and peri-urban communities. “Criminalising survival without addressing its root causes will only worsen hardship and fuel resistance,” Arigbabu said.

    Consequently, HEDA called on the Federal Government to urgently prioritise affordable, accessible and sustainable energy alternatives, particularly for poor and vulnerable households. In addition, the organisation urged that communities currently dependent on charcoal and firewood trade should be trained, sensitised and supported to transition to alternative, sustainable livelihoods.

    “Protecting our forests is not just about bans and arrests; it is about justice, equity and sustainable development. If Nigeria gets this right, this policy could mark a turning point in our fight against environmental degradation and climate change,” he added.

  • Inspection firm projects positive outlook for Nigeria’s exports in 2026

    Inspection firm projects positive outlook for Nigeria’s exports in 2026

    Swede Control Intertek Ltd, an ISO-certified pre-shipment inspection firm, has projected a positive outlook for Nigeria’s export sector in 2026, citing improved compliance, enhanced quality assurance, and ongoing government reforms as key growth drivers.

    The firm’s Managing Director, Folarin Familusi, made the projection during a recent virtual interview with journalists in Lagos, organised to highlight the company’s newly attained ISO certification.

    Familusi explained that Swede Control Intertek works closely with the Federal Government to ensure the safety and quality of imports, verify appropriate duty collection, provide cargo security, and monitor oil and gas exports, among other responsibilities.

    According to him, the ISO certification would enable the indigenous firm to deliver services in line with global standards, thereby increasing value for clients and government agencies.

    “The certification places our company on the international business map, enhances service efficiency, and boosts confidence among customers and investors,” Familusi said.

    He added that the certification has also improved staff morale, reduced operational errors, and significantly lowered customer complaints.

    Familusi noted that the firm plays a crucial role under the Nigerian Export Supervision Scheme by ensuring accurate reporting of crude oil exports.

    He said the focus of President Bola Tinubu on boosting national revenue had made the firm’s oversight function critical to goods entering or leaving the country, stressing that proper duty application depends on effective inspection processes.

    The managing director further stated that the combination of government policy reforms and the company’s ISO certification had strengthened investor confidence and repositioned the maritime and petroleum sectors as major drivers of economic growth.

    He expressed optimism that the firm’s commitment to global best practices would support stronger export performance in 2026 and beyond.

  • PSAN, 99 other CSOs throw weight behind NASS action on tax reforms ACT

    PSAN, 99 other CSOs throw weight behind NASS action on tax reforms ACT

    Not less than 100 civil society organisations, led by the Parliamentary Support and Advocacy Network (PSAN) and the Civil Rights Situation Room on Economic Reforms, have publicly endorsed Speaker Tajudeen Abbas, for handling of the ongoing review of landmark tax reform laws.

    At a press conference on Monday in Abuja by convener Comrade Ogiri John, the coalition commended the Speaker and the Senate President for what they described as a “measured, constitutionally grounded, and institutionally exemplary” response to public concerns over the recently assented tax legislation.

    The four key statutes under scrutiny — the Nigeria Tax Act, 2025; the Nigeria Tax Administration Act, 2025; the Joint Revenue Board of Nigeria (Establishment) Act, 2025; and the Nigeria Revenue Service (Establishment) Act, 2025 — represent a major overhaul of the country’s fiscal framework. 

    The laws, passed by the National Assembly and signed into law by President Bola Tinubu earlier in 2025, are intended to simplify tax administration, enhance revenue collection, and improve the investment climate ahead of their scheduled implementation on January 1, 2026.

    Recent weeks have seen heightened public debate following allegations of discrepancies between the versions approved by lawmakers and the officially gazetted copies. 

    The coalition, however, maintained that such scrutiny is healthy for democracy but must be rooted in facts and procedure. 

    “Having undertaken a careful and dispassionate examination, we are convinced that the response of the National Assembly Leadership has been exemplary in its adherence to constitutionalism and institutional self-regulation,” John stated on behalf of the groups in their joint address.

    They highlighted that the actions taken by the Speaker Abbas-led House and the Senate leadership are fully aligned with the 1999 Constitution (as amended), the Acts Authentication Act, and established parliamentary rules. 

    “This is not an admission of any deficiency, nor an erosion of authority. Rather, it represents the deliberate exercise of institutional responsibility,” the coalition emphasised.

    The coalition specifically praised the directive to the Clerk of the National Assembly to facilitate the re-gazetting of the Acts and to provide Certified True Copies upon request. 

    They described the move as a vital step to “enhance transparency, restore public confidence, and affirm that citizens and institutions must have unimpeachable access to the authentic law.”

    John underscored the significance of the reforms while defending the procedural approach.

    “The stakes are profound. These tax reform laws will fundamentally shape Nigeria’s fiscal architecture, economic incentives, investment climate, revenue mobilisation, and prospects for inclusive growth,” he said. 

    “Precision in law-making is not delay; it is duty. Certainty in law is not weakness; it is strength.”

    The coalition appealed to Nigerians, opinion leaders, and other stakeholders to exercise patience and allow the constitutional review process to conclude without undue pressure. 

    They reaffirmed their support for transformative economic reforms while stressing their unwavering commitment to the rule of law and institutional integrity.

  • Fed Govt revalidates Ondo Deep Sea Port in blue economy push

    Fed Govt revalidates Ondo Deep Sea Port in blue economy push

    Nigeria’s push to expand port capacity and unlock its blue economy received a major boost as the federal government formally revalidated the Ondo Deep Sea Port certificate, positioning the project as a new driver of trade, industrialisation, and non-oil exports.

    The development was announced in a statement signed by the Special Adviser to the Minister of Marine and Blue Economy, Dr. Bolaji Akinola.

    According to the statement, the revalidated certificate was presented in Abuja by the Minister, Adegboyega Oyetola, to the Ondo State Governor, Lucky Aiyedatiwa, on Thursday, December 18, 2025; an event that marked a critical milestone in the state’s maritime and industrial development agenda.

    Speaking during the presentation, Oyetola said the revalidation was a deliberate federal intervention to unlock Ondo State’s maritime potential and align port development with the broader economic diversification strategy of the Tinubu administration.

    According to him, the Ondo Deep Sea Port is expected to ease pressure on existing ports while opening new corridors for trade and manufacturing.

    “The Ondo Deep Sea Port is not just a project for Ondo State; it is a national asset that will strengthen Nigeria’s competitiveness in global shipping, reduce pressure on existing ports, and create a new hub for exports, manufacturing, and job creation,” the minister said.

    He noted that the port’s Atlantic-facing location gives it strategic importance for boosting non-oil exports, improving logistics efficiency, and attracting foreign direct investment into the South-West and the wider Nigerian economy.

    “The revalidated licence provides certainty to investors and sends a strong signal that Nigeria is ready for serious maritime investments. With the supporting infrastructure planned around the port, Ondo State is positioning itself as a major player in the blue economy,” Oyetola added.

    Receiving the certificate, Aiyedatiwa thanked President Bola Tinubu and the Federal Executive Council for approving the revalidation, describing it as the outcome of years of sustained effort to revive the project.

    He explained that the original licence, obtained during his tenure as deputy governor, had been stalled by a naming error in the initial business case, necessitating a fresh and comprehensive submission.

    “This revalidated certificate is a turning point for Ondo State. It validates our vision for industrial growth, job creation, and sustainable development anchored on our long coastline and maritime assets,” the governor said.

    Aiyedatiwa disclosed that his administration is already prioritising critical supporting infrastructure to ensure the port’s success, including the dualisation of access roads to industrial zones and other modernisation projects.

    He added that plans are also underway for residential, educational, and hospitality facilities to support the expected influx of investors, workers, and service providers.

    The governor further stressed that the Ondo Deep Sea Port would have a ripple effect across the state, driving inclusive development in all local government areas and reinforcing Ondo’s role in the country’s emerging blue economy landscape.

  • Growth, stability against odds

    Growth, stability against odds

    With longest decline in inflation and growth in national productivity, a stable currency, foreign inflows and improved macroeconomic ratings marked out the year as a defining moment for the economy. But lingering insecurity, missed fiscal targets, policy gap and low filtration continue to limit scopes of economic gains. Deputy Group Business Editor, Taofik Salako reports

    Nigeria’s economy entered 2025 with much promises of a stronger momentum and consolidation, after the whirlwinds shaken up by the 2023 reforms coalesced into more discernible shape towards the end of the previous year. Most forecasts saw the economy early and they were right as the year unfolded. Global credit ratings agencies-Moody’s Investors Service and Fitch Ratings upgraded Nigeria’s sovereign ratings citing positive macroeconomic outlook on the back of substantial gains from government’s reforms. Moody’s upgraded the country’s rating from Caa1 to B3 and adjusted the economic outlook from positive to stable. Fitch upgraded Nigeria’s rating from “B-“ to “B” with macroeconomic outlook “Stable”. Moody’s saw a more resilient fiscal position, stronger external accounts and demonstrated commitment to reforms but was cautious about waning momentum. Fitch premised outlook on continued reduction in vulnerabilities.

    Inflation, which had sucked up households’ incomes, declined for eight consecutive times in 2025 to close November at 14.45 per cent, from 24.48 per cent in January. The successive improvement in average living cost was based on reduction in the prices of food, gas and transportation as well as stability in the foreign exchange (forex) market. After more than a decade of default, the National Bureau of Statistics (NBS) in January rebased the Consumer Price Index (CPI) to closely reflect historical changes and current realities of the economy. After the rebasing, inflation had dropped from 34.80 per cent in the pre-rebased period of December 2024 to 24.48 per cent in January 2025. The CPI subsequently showed a steady improvement, from April.

    National productivity also improved, underscoring the stability in the financial sector and steady fiscal balance. Gross Domestic Product (GDP) outperformed most projections in 2025, with the economy growing by 3.98 per cent in third quarter. This compared with 3.9 per cent recorded in third quarter 2024.

    While the economic growth was anchored on broad growths across all the sectors, the non-oil sector was the major driver of the overall robust economic outlook, underlying gains in government’s efforts at diversification amidst ports’ reforms. Non-oil sector, which contributed 96.6 per cent of total output, rose by 27 basis points to 3.91 per cent in third quarter 2025, an increase of 27 basis points on 3.64 per cent recorded in second quarter 2025. The oil sector, which accounted for about 3.4 per cent of total output, expanded by 5.8 per cent in third quarter 2025, with oil production averaging 1.64 million barrels per day (mbpd) during the period.

    The private sector showed stronger evidence of growth and stability. The NESG–Stanbic IBTC Business Confidence Index, which tracks corporate perceptions, was steadily positive. At the stock market, most companies that hitherto suffered initial reforms shocks fully recovered with impressive profits, strengthening positive sentiments across domestic and global portfolios. Turnover at the stock market surpassed new record of N10.54 trillion by November, driven by strong foreign portfolio investments (FPIs). Besides, as against the previous trend where outflows were more than inflows, there has been a considerable increase in inflows compared to outflows this year. This raises tendency for long-term commitment, of “hot money” turning into “cool capital”. The foreign-domestic participation ratio has shifted from previous year’s 15.98 per cent-84.02 per cent to 20.77 per cent-79.23 per cent, underling the stronger influence of FPIs. Nigeria’s relative sovereign equities index- the All Share Index (ASI) of the Nigerian Exchange (NGX), closed weekend with average year-to-date capital gain of 49.17 per cent, one of the five highest gains globally. Pricing- the main basis for the ASI, is a reflection of overall perception-current performance and future risks.    

    The global perception was evident in Nigeria’s $2.35 billion Eurobond, which attracted more than $13 billion subscription, the country’s all-time global subscription to an offer. For 10 and 20 years notes, the enthusiasm by the international capital markets for long-term investments in the country highlighted reduction in global risk assessment, enabling the government to borrow at cheaper rates. The domestic issuance market also remain active. In the short-end of the debt market, more than N800 billion were raised through commercial papers by companies, a fast expanding market for emerging and established corporates.

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    Data by the Central Bank of Nigeria (CBN) showed that foreign capital inflows rose to $20.98 billion in the first 10 months of the year, representing 70 per cent increase over total inflows for 2024 and 428 per cent growth on $3.9 billion recorded in 2023. These supported foreign reserves, rallied to about $44 billion. The naira remains stable trading within N1,440 and N1,500 per dollar. With tighter financial services regulatory framework and global cooperation, Nigeria finally exited the grey list of Financial Action Task Force (FATF), which had been estimated to be a stopgap to some $30 billion in potential investments.

    There have been modest recoveries in the energy and telecommunication sectors. Telecom subscriber base increased to 177.4 million active subscriptions. The country attained all-time transmission peak of 5,801.84 megawatts (MW), with a maximum daily energy of 128,370.75 megawatt-hours, the highest of such. The power sector reforms continued apace with the emergence of Nigerian Independent System Operator (NISO), which separated system and market operations from the Transmission Service Provider (TSP). With the unbundling, there is expectation of greater efficiency and investments. The national grid also was largely stable during the year compared with the frequent collapse witnessed in the previous year.

    But the gap between policy pronouncement, implementation and impact continued to pose major risk during the year. Despite the steady decline in inflation rate, the CBN was sticky in cutting benchmark interest rate, leaving average cost of business almost unchanged. With government revenue falling significantly below its ambitious expenditure plan, debts rose, with attendant debt servicing costs further crowding the fiscal space. Beyond data, there’s growing urgency for the benefits of the reforms to translate to substantial reduction in poverty and better living standards across the nation.