Nigeria’s reclassification To Frontier Market status a welcome development – FG
ABUJA, August 28, 2026 — The Federal Government has welcomed Nigeria’s reclassification by global index provider FTSE Russell from “Unclassified” to Frontier Market status, describing the development as a major boost to investor confidence and the country’s capital market. The new classification will take effect from the opening of trading on Monday, September 21, 2026, […]
Nigeria’s Foreign Reserves Hit $53.11bn, Highest Level in 17 Years
Nigeria’s external reserves have climbed above the $53 billion mark for the first time in more than 17 years, reaching $53.11 billion as of August 24, 2026, according to data from the Central Bank of Nigeria (CBN). Checks on CBN data show that the latest reserve position is the highest recorded since January 12, 2009, […]
Nigerian Equities Rebound, Add N305bn as FTSE Russell Reclassifies Market
The Nigerian equities market rebounded on Thursday, ending an 11-session losing streak after investors responded positively to FTSE Russell’s confirmation of Nigeria’s reclassification from “Unclassified” to Frontier Market status. The NGX All-Share Index gained 0.20 per cent to close at 239,156.09 points, lifting its year-to-date return to 53.69 per cent. Market capitalisation also increased by […]
Nigeria to Reclaim FTSE Frontier Market Status September 21
LAGOS, Nigeria — Nigeria is set to return to FTSE Russell’s Frontier Market status on September 21, 2026, restoring the country to the global investment universe after nearly three years. FTSE Russell confirmed on Thursday, August 27, that Nigeria’s reclassification from Unclassified to Frontier Market status will take effect from the opening of trading on […]
Nnorom Assumes Chairmanship of UBA Board, Succeeds Tony Elumelu
United Bank for Africa (UBA) Plc has appointed Nnorom Nnorom as Chairman of its Board of Directors, effective August 21, 2026, succeeding Tony Elumelu, who stepped down after completing the maximum tenure permitted for non-executive directors under Central Bank of Nigeria regulations. Nnorom, a seasoned businessman and chartered accountant, brings more than four decades of […]
Dangote, Ramaphosa Debate Why Africa Still Struggles To Fund Power Projects
Africa’s richest man, Aliko Dangote, and South African President Cyril Ramaphosa have highlighted high interest rates, currency instability and project bankability as major obstacles to financing power projects across the continent. The two leaders discussed the challenges during a panel session on infrastructure financing and renewable energy development, examining why African power projects continue to […]
CBN Auctions N700bn Treasury Bills in Final August Sale
The Central Bank of Nigeria (CBN) is set to auction N700 billion worth of Treasury Bills today, August 26, in its second and final auction for the month. The auction comprises N100 billion in 91-day bills, N100 billion in 182-day bills and N500 billion in 364-day bills. At the previous auction on August 12, investors […]
Five African Countries Top World Bank Borrowers, Owing $67.8 Billion
New data on global exposure patterns shows that five African countries rank among the world’s top 10 borrowers from the World Bank’s International Development Association (IDA), underscoring the continent’s significant role in concessional development finance. According to the IDA’s Quarterly Financial Statements as of March 31, 2026 (unaudited), total outstanding exposure among the top 10 […]
Dangote Refinery, export growth driving Nigeria’s economic resurgence
Dangote Petroleum Refinery & Petrochemicals has emerged as a key driver of Nigeria’s improving economic outlook, following the recent sovereign credit rating upgrade by S&P Global Ratings. In its latest assessment, S&P upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising crude […]
Following FG Approval of National Leasing Firm, Keyamo Secures Landmark Airbus Deal in France
Nigeria’s aviation sector has secured strategic partnerships and aircraft access deals with Airbus and other aviation institutions in France as part of efforts to operationalise the Federal Government’s newly approved national aircraft leasing company. The delegation, led by the Minister of Aviation and Aerospace Development, Festus Keyamo, visited France to deepen collaboration in aircraft acquisition, […]