Nigerian fintech company OPay has secured $304 million from its initial public offering (IPO) in the United States, placing its estimated market valuation at about $4 billion. The company offered 16 million American depositary shares at $19 each, according to Reuters on Friday. The price was at the lower end of its proposed range of…

Adekunle Adebiyi, Executive Director of Investments at MBO Capital Management Limited, which invested in the Nigerian business, disclosed at the Nairametrics’ Drinks and Mics programme on Friday that Shoprite Nigeria is preparing to expand into residential communities with smaller standalone supermarkets as it seeks to stabilise its business after a period of financial and operational…

The Federal Government has unveiled a $78.5 billion investment pipeline comprising 65 bankable projects at the ongoing International Monetary Fund, IMF, and World Bank Annual Meetings in Bangkok, Thailand. The portfolio was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria,…

The International Monetary Fund (IMF) has said that improvements on Nigeria’s inflation front suggest that a less tight monetary policy stance may now be appropriate.  The fund, however, stressed that credibility and clear communication by the Central Bank of Nigeria (CBN) remain critical. The IMF’s deputy director in charge of the Monetary and Capital Markets…

The Federal Government spent N7.7 trillion on debt interest payments in the first half of 2026, which is 124.2 percent above its total revenue of N6.2 trillion for the same period, according to the World Bank. The figures mean that interest payments alone surpassed the government’s earnings by N1.5 trillion between January and June 2026,…

The Federal Government has announced the temporary closure of the Sam Mbakwe International Cargo Airport, Owerri, Imo State, for 25 days to allow for runway rehabilitation and extension. A statement by the Minister of Aviation and Aerospace Development, Festus Keyamo, and the Federal Airports Authority of Nigeria (FAAN), on Friday, noted that the closure is…

Nigeria’s economy grew by 4.2 per cent in the first half of 2026, while increased revenues gave states greater room to expand infrastructure spending, according to the World Bank’s latest Nigeria Development Update. Aggregate state revenues also rose by about 93 per cent in real terms over the period, while expenditure increased by about 92…

The Federal Government will sell petrol at N1,350 per litre at selected NNPC Limited retail outlets for the next 30 days as part of measures to ease the burden of high fuel prices. The announcement was made on Thursday, October 8, 2026, by the Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo…

Africa will launch its own credit rating agency on Wednesday, aimed at countering what many see as unfair assessments by global institutions that make it more expensive for African nations to borrow money. The Africa Credit Ratings Agency (AfCRA), backed by the African Union after nearly a decade of talks, will judge the creditworthiness of…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the 2026 Licensing Round, offering 40 oil and gas blocks to investors. The NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, announced this at the Commission’s fifth anniversary ceremony in Abuja on Tuesday, October 2, 2026. The anniversary was themed, ‘From Uncertainty to Stability: Unlocking the Next Phase…

The Inspector-General of Police, IGP Olatunji Disu, has deployed the Deputy Inspector-General of Police in charge of Operations, DIG Shehu Umar Nadada, to Imo State to lead search-and-rescue operations for abducted prospective NYSC members. The corps members and other passengers were abducted along the Owerri-Onitsha Road, Umunoha, on October 1, 2026. According to Force PRO,…

Oil tycoon Aliko Dangote said on Tuesday that Africa would largely supply its own refined fuel needs by 2030 as he prepared to launch a $16 billion refinery on the Kenyan coast. Dangote will break ground on the East African oil refinery, with a planned capacity of 700,000 barrels per day, on Wednesday. It is…

President Bola Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship, saying the project will strengthen Nigeria’s MSME ecosystem and help more businesses grow, create jobs and expand economic activity. The centre, funded by the Republic of Korea through the Korea International Cooperation Agency (KOICA), is being developed at the SMEDAN…

The Federal Government and the Central Bank of Nigeria (CBN) have agreed to strengthen coordination of fiscal and monetary policies to control inflation, improve government borrowing and liquidity management, and protect private-sector access to credit. The agreement, contained in a Memorandum of Understanding (MoU) signed by the Federal Ministry of Finance and the CBN, provides…

The Federal Government has inaugurated the Steering Committee for the National Digital Invoicing and Financial Optimisation Strategy (NDIFS), with Minister of Industry, Trade and Investment, Jumoke Oduwole, calling for the creation of a national corridor that can convert verified invoices into affordable working capital. Oduwole said the strategy, approved by President Bola Tinubu, must go…

There was tension on Monday at the Lagos International Trade Fair Complex along the Lagos-Badagry Expressway as Nigerian traders took to the streets to protest the alleged takeover of retail trading by Chinese businessmen. The aggrieved traders accused Chinese merchants of abandoning wholesale and moving fully into retail operations inside the complex, a development they…

Nigeria’s headline inflation rate fell slightly to 15.39 per cent in August 2026, from 15.43 per cent recorded in July, according to the National Bureau of Statistics (NBS). The statistics agency disclosed this in its Consumer Price Index (CPI) report released on Tuesday, noting that the latest figure represents a 0.04 percentage point decline from…

The global trading system is enduring its most sustained disruption in living memory amid challenges to trading rules that could batter living standards in a “geo-fragmented world”, the WTO warned Tuesday. The system is now in a decisive phase, the World Trade Organization said in its annual report, which “provides new evidence that a reversion…

President of the Dangote Group, Aliko Dangote, has assured the investing public that the Dangote Petroleum Refinery and Petrochemicals FZE will be the most viable company in Africa by the end of December 2026. The billionaire entrepreneur assured on Monday on the trading floor of the NGX as he delivered his opening address during the…

The Nigerian Civil Aviation Authority (NCAA) has sanctioned RwandAir the sum of N15 million over a consumer protection violation involving a passenger’s damaged baggage. Michael Achimugu, the NCAA spokesperson, announced this in a post on his personal X handle on Friday. The compensation is in line with Part 19 of the NCAA Regulations 2023, which…