The Securities and Exchange Commission (SEC) has reiterated its commitment to safeguarding Nigeria’s capital market by ensuring that only individuals deemed “fit and proper” are allowed to operate within the sector. According to SEC Director-General, Dr. Emomotimi Agama, the regulator is intensifying efforts to protect investors by cracking down on unethical operators and implementing stricter regulatory measures.

Speaking during an interview in Abuja, Agama warned that individuals and entities engaging in unethical practices would be exposed and penalized. He stressed that the principle of the “fit and proper person’s test,” as established under the Investments and Securities Act (ISA) 2007, remains a critical foundation for approving securities market operators.

Agama also emphasized that transparency and adequate disclosures by public companies are essential for informed decision-making by investors. He noted that any breach of these requirements constitutes a violation of SEC rules and the ISA, which the commission is determined to enforce.



BusinessNG Editorial Focus: NGX Market Woes Deepen as Investors Record N763 Billion Loss

In today's edition, BusinessNG zeroes in on the persistent downward trend in the Nigerian Exchange (NGX), where continued sell pressure has driven investors’ losses to a staggering N763 billion over the past five trading sessions.

The NGX closed in negative territory today, with equities investors incurring a collective loss of N35.35 billion. The NGX All-Share Index fell by 56.36 basis points, representing a 0.05% decline, closing at 104,858.77. The trading session reflected muted trading activity and cautious investor sentiment, marking a further contraction in the market's overall capitalisation.

According to a market update from Atlass Portfolios Limited, the decline was accompanied by significant drops in both trading volume and transaction value. The total trading volume decreased by a remarkable 77.28%, while the value of transactions fell by 49.51% compared to previous sessions.

Yesterday’s session recorded approximately 310.53 million units traded across 10,182 deals, amounting to a transaction value of N6.25 billion. Fidelity Bank led in trading volume, contributing 12.90%, followed by VeritasKap (11.98%), NB (8.71%), Zenith Bank (7.38%), and AccessCorp (6.76%). Meanwhile, Zenith Bank emerged as the most traded stock in value terms, contributing 17.17% to the total transaction value.

Despite the overall market downtrend, some stocks managed to post gains. CWG topped the gainers’ chart with a 9.64% price appreciation, followed by VeritasKap (8.41%), DEAPCAP (7.61%), WAPIC (4.2%), WEMABANK, and LINKASSURE.

As BusinessNG highlights the market turbulence, investors are keenly observing the factors behind the sustained sell-offs and whether the bearish trend will persist or reverse in the coming days. Stay with us as we continue to provide comprehensive coverage of the NGX’s evolving dynamics.



The paper focuses on President Bola Tinubu’s declaration of a state of emergency in Rivers State, suspending Governor Siminilayi Fubara for six months over alleged political unrest and the demolition of the State House of Assembly building. Tinubu, during a nationwide broadcast, described the act as “unprovoked and reckless,” emphasizing the severity of the political crisis. The announcement has stirred reactions nationwide, with analysts debating the legality and potential implications of the move. The paper aims to explore the circumstances surrounding the president’s decision, the alleged actions of Governor Fubara, and the broader political ramifications for Rivers State and the nation.



NNPCL’s Opacity Demands Urgent Reform Through Public Listing

Today’s editorial focuses on the growing calls for transparency and accountability at the Nigerian National Petroleum Company Limited (NNPCL). Despite local crude production now exceeding demand, Nigeria remains heavily dependent on petroleum imports, a situation draining scarce foreign exchange reserves and weakening the naira. With over 40% of FX demand linked to petroleum imports, essential sectors like manufacturing continue to suffer from inadequate access to foreign currency.

NNPCL’s inability to supply crude oil to local refineries, including the Dangote Petroleum Refinery, due to forward sales commitments further underscores the depth of the problem. Analysts argue that the company's current opacity and inefficiency can only be addressed by a public listing on the Nigerian Exchange (NGX).

A public listing, they contend, would subject NNPCL’s financial dealings to rigorous market scrutiny and promote improved corporate governance. This sentiment is echoed by energy experts like Dr. Hassan Ibrahim, who insists that adopting global standards of accountability and efficiency through a public listing is urgently needed.

The NNPCL must embrace transparency to restore public confidence and improve operational efficiency. Anything less will continue to hinder economic growth and exacerbate Nigeria’s foreign exchange crisis.



Today's edition highlights the ongoing struggles of the Nigerian naira, which has shown minimal improvement in the foreign exchange market despite the global weakening of the U.S. dollar. On Tuesday, the naira traded at N1,565 per dollar in the unofficial market, slightly better than Monday’s N1,570 per dollar. However, the official rate depreciated to N1,537 per dollar from the previous day’s N1,528, according to data from the Central Bank of Nigeria (CBN).

Despite various foreign exchange reforms aimed at enhancing transparency and attracting foreign investments, the naira remains under pressure due to low foreign exchange inflows and declining crude oil production. The Nigerian Upstream Petroleum Regulatory Commission reported a drop in crude oil production from 1.54 million barrels per day (bpd) in January to 1.47 million bpd in February, significantly below the OPEC quota of 1.5 million bpd. This shortfall translates to a daily loss of approximately 70,000 barrels, or about 2.1 million liters of crude oil for the month.

The naira’s vulnerability is tied to Nigeria’s heavy dependence on crude oil exports for foreign exchange earnings. Persistent challenges such as underinvestment, vandalism, and oil theft continue to undermine the country’s ability to meet production targets, further weakening the naira’s value.

Today's editorial in BusinessNG examines the Nigerian National Petroleum Company (NNPC) Limited's abrupt termination of the naira-for-crude oil swap deal with local refiners, including the Dangote Refinery. Launched on October 1, 2024, the initiative was intended to enhance domestic refining capacity by allowing refiners to purchase crude oil in naira rather than dollars. This policy aimed to reduce dependency on imported petroleum products and stabilize the naira by alleviating pressure on foreign exchange reserves.

However, the NNPC’s decision to allocate its crude oil production to forward contracts has effectively cut off local refiners from domestic supply, forcing them to rely on international suppliers and make payments in dollars. This shift is expected to increase operational costs and potentially disrupt production, particularly at a time when local refiners are struggling to meet national demand.

Despite the Dangote Refinery’s claim of being able to meet Nigeria’s entire petroleum requirements, reports from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reveal that Nigeria’s three main refineries—Dangote, Port Harcourt, and Warri—only managed to meet 50% of the country's demand in February 2025.

As the policy shift takes immediate effect, BusinessNG underscores the urgent need for a balanced approach that supports local refining efforts without undermining the nation’s broader economic goals. The editorial calls for dialogue between the NNPC and domestic refiners to address the challenges arising from this policy change and secure Nigeria’s energy future.

As global trade tensions continue to escalate, financial experts suggest that Nigeria and other emerging markets could benefit from a weakening U.S. dollar. With rising U.S. tariffs and retaliatory measures from major economies like China, Mexico, and Canada, the dollar’s value is showing signs of decline, potentially creating opportunities for commodity-exporting nations such as Nigeria.

In a dramatic move this week, U.S. President Donald Trump imposed new tariffs, raising duties on goods from Mexico and Canada by 25% and China by 20%. In response, China has retaliated with an additional 15% tariff on key U.S. imports, including soybeans, beef, and pork. Canada has also introduced its own countermeasures. The resulting trade war is expected to slow down U.S. economic growth, triggering ripple effects across global markets.

Financial experts believe that this economic shift could work in Nigeria’s favor. According to Samson Esemuede, Managing Director and Chief Investment Officer of Zrosk, a relative slowdown in U.S. growth could prompt investors to redirect capital from the U.S. to emerging markets.

“A weakening dollar benefits frontier and emerging markets like Nigeria,” Esemuede stated during an appearance on the Drinks and Mics podcast. “If the dollar continues to weaken, Nigeria could see increased capital inflows, improved export earnings, and a generally favorable economic outlook.”

Arnold Dublin-Green, Chief Investment Officer at Cordros Capital, shared similar sentiments. “A weak dollar improves commodity prices, which is great for Nigeria as an oil-dependent economy. It also eases external debt servicing, making things better for emerging markets,” he explained.

As global economic dynamics shift, Nigeria's ability to capitalize on a weaker dollar could be a critical factor in shaping its economic future.

Our editorial focus will center on the pay TV industry, analyzing its evolving landscape, pricing structures, regulatory developments, and the impact of competition on consumers. We will provide in-depth insights into market trends, technological advancements, and the role of streaming services in reshaping traditional pay TV.

From subscription affordability to content quality and local industry growth, our coverage will examine key issues affecting both providers and subscribers. We will also highlight consumer concerns, regulatory policies, and emerging innovations, ensuring balanced reporting that informs and engages our audience.

With a commitment to objective analysis and investigative depth, our editorial direction aims to drive conversations that shape the future of pay TV in Nigeria and beyond.



In today's edition of BusinessNG, the spotlight is on Nigeria's economic and technological advancements. Key features include President Bola Tinubu's initiative to collaborate with Google, aiming to bolster Artificial Intelligence innovation and cloud adoption, positioning Nigeria as a digital leader. The edition also delves into the challenges facing the nation's oil and gas sector, particularly the critical skills shortage exacerbated by ongoing migration and retirements. Additionally, it highlights Nigeria's significant achievement as the largest beneficiary of Afreximbank's financing, receiving approximately $52 billion in cumulative support. The publication further explores the potential revival of the once-thriving textile industry under the current administration, emphasizing strategies for rejuvenation. Moreover, it underscores AIICO Insurance's advocacy for motorists to view third-party insurance not merely as a legal requirement but as a vital safety measure. These articles collectively provide a comprehensive overview of Nigeria's strides in economic development and technological innovation. 




Small and Medium Enterprises (SMEs) across Nigeria are facing mounting challenges following the Central Bank of Nigeria’s (CBN) decision to keep the Monetary Policy Rate (MPR) at 27.5%. Business owners argue that the move is choking growth and making access to credit increasingly difficult.
The decision, announced after the Monetary Policy Committee (MPC) meeting, was driven by concerns over inflation, rising food prices, and the need to sustain macroeconomic stability. However, for SMEs already burdened by high loan costs and operational difficulties, the news has been met with frustration.
Across the country, small businesses—which constitute a significant portion of Nigeria’s economy—are struggling to secure financing for expansion, inventory restocking, and daily operations.
In Abuja, Nkechi Levy, an entrepreneur, voiced her frustration over the steep borrowing costs. "Getting loans from banks is nearly impossible now. The interest rates are too high, and many of us simply can’t afford them. How do they expect small businesses to survive?" she asked.
Jude, a shop owner in Wuse, shared a similar sentiment. "With these rates, even keeping my business afloat is a struggle. We need better access to affordable credit, or many businesses will shut down."
The impact of CBN’s policy decision is reverberating across the SME sector, raising concerns about long-term economic growth and job creation.



Nigeria’s GDP Growth Accelerates to 3.84% in Q4 2024

Nigeria’s economy posted a 3.84% year-on-year GDP growth in Q4 2024, reflecting an improvement from 3.46% in Q3 and the same period in 2023, according to the latest data from the National Bureau of Statistics (NBS).
The surge was largely fueled by the services sector, which grew by 5.37% and accounted for 57.38% of the total GDP. Key drivers included financial services, telecommunications, and trade. This underscores the sector’s growing influence in Nigeria’s economic landscape, particularly as non-oil sectors continue to dominate growth patterns.
However, the oil sector remained under pressure, struggling to recover from previous declines. The sluggish performance of oil further highlights Nigeria’s ongoing shift towards a more diversified economy.
While the Q4 GDP figures signal resilience, concerns over inflation, fiscal pressures, and structural bottlenecks persist. Analysts believe sustained policy reforms and investment in non-oil industries will be crucial for maintaining this momentum in 2025.



USAID Exit Threatens Nigeria’s Solar Future

Nigeria’s renewable energy push faces a major setback following the withdrawal of the United States Agency for International Development (USAID) from the sector. The exit endangers years of rural electrification progress, potentially leaving millions in darkness.

With over 85 million Nigerians still lacking electricity, solar power has been a critical solution, especially in rural areas where the grid is absent. USAID’s $150 million investment in off-grid initiatives like Power Africa and Electrify Nigeria has driven access, lowering costs and expanding usage.

Without this support, solar product prices could rise by 20–40%, shutting out over 30 million people. Rural communities may revert to kerosene and firewood, worsening health risks and deforestation. Additionally, a $500 million investment shortfall threatens ongoing and future projects, putting Nigeria’s clean energy ambitions at risk.



FAAC Meeting Postponed as States Boycott Over N1.7 Trillion NNPC Remittance Dispute

The Federation Account Allocation Committee (FAAC) meeting scheduled for Wednesday was postponed after state governments boycotted the session over a dispute with the Nigerian National Petroleum Company (NNPC) Ltd regarding outstanding remittances.

At the heart of the standoff is an estimated N1.7 trillion in unpaid revenues, which states claim have been pending since the removal of petrol subsidies in November 2024. The impasse has raised concerns about revenue-sharing delays, potentially affecting state budgets and financial planning.

It remains unclear if the meeting will be rescheduled this week as negotiations continue. The dispute highlights rising tensions over Nigeria’s oil revenue management.

President Bola Tinubu had earlier stated in a televised interview that the federal government no longer relies on NNPC for financial obligations. However, sources within the oil company indicate that its cash flow is constrained by financial commitments, including crude swaps and forward contracts used to fund operations.

The deadlock underscores broader fiscal challenges in managing Nigeria’s oil revenues.



Nigeria’s Inflation Drops to 24.48% After CPI Rebasing

The National Bureau of Statistics (NBS) has announced a sharp decline in Nigeria’s inflation rate, dropping from 34.8% in December 2024 to 24.48% in January 2025. This significant decrease follows the rebasing of the Consumer Price Index (CPI), a move the agency says was necessary to capture structural changes in the economy.

NBS Chief Executive Officer Adeyemi Adeniran explained that the rebasing, which now uses 2019 as the base year, resulted in lower inflation figures across key categories. Food inflation fell to 26.08% from 39.84%, while core inflation—excluding farm produce and energy—declined from 29.28% to 22.59%. Urban inflation dropped from 37.29% to 26.09%, while rural inflation also saw a decrease.

The rebasing aims to provide a more accurate measure of inflation and economic trends, reflecting changes in consumer spending patterns and economic dynamics.

Nigeria’s Stock Market Extends Bullish Run as Investors Shift from Debt to Equities

Nigeria’s stock market has sustained its bullish momentum into 2025, with analysts predicting a shift of capital from debt securities to equities as fixed-income yields continue to decline.

Samuel Oyekanmi, Research Lead at Norrenberger, explained that diminishing returns on debt instruments could push more investors toward stocks in search of better yields.

“As yields on debt securities decline, we may see more investors shifting their focus to equities,” Oyekanmi said, citing data from the Debt Management Office (DMO), which showed Nigeria’s Eurobond yield falling to 9.13% in February.

This trend reflects growing investor confidence in the stock market, driven by expectations of stronger corporate earnings and improved market liquidity.



Today's Focus: Senate Approves Historic N54.9 Trillion Budget

The Nigerian Senate has approved the 2025 Appropriation Bill, setting a record with a N54.9 trillion budget—an increase of N7 trillion from President Bola Ahmed Tinubu’s initial proposal of N47.9 trillion. This landmark decision, reached during Thursday’s plenary session presided over by Senate President Godswill Akpabio, marks a significant shift in the country’s fiscal strategy.

The budget expansion reflects lawmakers’ adjustments to address key national priorities, with significant allocations to security, infrastructure, and social welfare. Additional funding has been earmarked for the military, police, and intelligence agencies in response to escalating security challenges. Infrastructure spending, particularly in roads, railways, and energy projects, has been scaled up to drive economic growth.

This approval signals the government’s commitment to tackling Nigeria’s pressing challenges. However, questions remain about funding sources and the potential impact on inflation and debt sustainability.

Telecom Operators Enforce 50% Tariff Hike Despite House Directive

Nigerians are waking up to higher telecom costs as operators implement a 50% tariff hike approved by the Nigerian Communications Commission (NCC), despite a directive from the House of Representatives to suspend the increase.

MTN’s revised data prices show a sharp rise, with the 1.8GB monthly plan now at ₦1,500 from ₦1,000, while the 20GB plan jumps to ₦7,500 from ₦5,500. SMS charges have also increased from ₦4.00 to ₦6.00.

The NCC defends the hike, citing rising operational costs, but consumer advocacy groups, including NATCOMS, have condemned it as an added burden on Nigerians.

On Tuesday, lawmakers ordered the NCC and Minister of Communications, Dr. Bosun Tijani, to halt the increase, arguing that poor service quality and inflation make it unjustifiable. Concerns are growing that higher costs will worsen financial hardship and limit digital access for millions.



Motorists Resist Third-Party Insurance Enforcement as Economic Hardship Bites

One week into the Federal Government’s enforcement of third-party vehicle insurance, Nigerian motorists are pushing back, citing economic hardship, distrust in the system, and confusion over policy requirements.

In Lagos, Akwa Ibom, and Edo, police and road safety officials have intensified crackdowns, threatening defaulters with fines of up to ₦250,000. However, compliance remains low, especially in the Southeast, where authorities continue urging motorists to renew their policies.

A major sticking point is the sharp rise in premium costs. In 2022, the National Insurance Commission (NAICOM) increased third-party insurance fees from ₦5,000 to ₦15,000—a 200% hike many vehicle owners say is unaffordable given the country’s worsening economic conditions.

“Nigerians are already struggling with food prices, fuel costs, and rent. Now they’re being forced to pay three times more for insurance they don’t even trust,” lamented a Lagos-based commercial driver.

With resistance growing, the question remains: will stricter enforcement push compliance, or will authorities have to reconsider their approach?



BusinessNG Special Edition: Airtel Africa Poised for Major Gains from NCC’s 50% Tariff Hike

The Nigerian Communications Commission's (NCC) recent 50% tariff increase is set to reshape the telecom sector, with Airtel Africa emerging as a key winner. Given Nigeria’s strong revenue contribution, the hike is expected to accelerate Airtel’s growth, boosting both revenue and profitability.

Airtel Africa’s revenue in Nigeria already surged 38.2% year-on-year in Q2 2025. With the tariff adjustment, analysts project a further 25–30% increase, translating to an additional $200–$300 million annually. Mobile services and mobile money are expected to drive this surge, solidifying Nigeria’s position as Airtel’s most lucrative market.





The Senate Committee on Public Accounts has strongly criticized key revenue-generating agencies for ignoring queries from the Office of the Auditor General of the Federation (OAGF). Chairman Senator Aliyu Ahmed Wadada, in a press briefing on Tuesday, expressed frustration over the failure of agencies like the Central Bank of Nigeria (CBN), Nigerian Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian National Petroleum Company Limited (NNPCL) to appear before the Senate.

The OAGF report submitted to the Senate uncovered massive financial irregularities. Wadada condemned the agencies' refusal to cooperate, stressing the urgent need for accountability. He also called for a thorough investigation into the CBN’s handling of "Ways and Means" transactions.



Today's Focus: Nigeria’s 2025 Economic Outlook – Growth, Inflation, and Policy Reforms

Nigeria’s economy is projected to grow by 3.3% in 2025, according to a new PwC report. This growth is driven by ongoing policy reforms but tempered by inflationary pressures. Inflation, which has eroded purchasing power, is expected to decline to 26% due to tighter monetary policies and foreign exchange improvements. While economic challenges persist, a more stable exchange rate is anticipated. Today’s edition explores the implications of these projections, the risks ahead, and how businesses and households can navigate Nigeria’s evolving economic landscape.



Today's Focus: Nigeria Faces Investment Decline Risk in 2025 – PwC

Nigeria is at risk of losing significant foreign investments in 2025 due to negative real interest rates, warns PricewaterhouseCoopers (PwC) in its “2025 Nigerian Budget and Economic Outlook” report. Despite aggressive rate hikes by the Central Bank of Nigeria (CBN) in 2024, inflation has outpaced interest rates, undermining investment returns. PwC highlighted this as a major deterrent for local and foreign investors, with global investors likely reallocating funds to markets offering better real returns. The consultancy urged bold reforms to stabilize inflation and improve the investment climate, emphasizing that failure to act could exacerbate economic challenges and reduce investor confidence.



Focus on Today's Edition: Union Bank's New PoS Withdrawal Policy

Union Bank has rolled out a new daily withdrawal limit of N100,000 for Point-of-Sale (PoS) transactions, aligning with the Central Bank of Nigeria's (CBN) directive issued on December 17, 2024. The move aims to curb fraud, enhance operational consistency, and improve security within the Nigerian banking sector.

Alongside the daily limit, Union Bank has set a weekly cap of N500,000 for PoS withdrawals, effective immediately. The bank communicated these changes to its customers through email, urging them to utilize alternative channels such as UnionMobile, the *826# service, and UnionOnline. These services are designed to provide convenient access to banking without the need for physical cash withdrawals.

This policy shift comes in response to the ongoing challenges faced by Nigerian banks, including limited cash availability, especially during high-demand periods such as the festive season.



Today's editorial focuses on U.S. President Donald Trump’s proposed overhaul of the trade system, announced during his inauguration. Trump plans to establish an external revenue service to impose tariffs on foreign goods, aiming to protect American workers and enrich U.S. citizens.

While this policy may bolster U.S. domestic interests, global implications could be dire. Nigeria’s Presidential Committee on Fiscal Policy warns of potential disruptions to international trade and strained economic ties.

As Nigeria relies heavily on U.S.-bound exports, this development poses a significant threat to economic stability. Our editors urge strategic dialogue to counter these emerging trade challenges.

Nigeria's inflation rate surged to 34.80% in December 2024, a sharp increase from 28.92% recorded in the same month of 2023. The rise, attributed to soaring food prices (up 18.02%), housing and energy costs (up 5.82%), and clothing and footwear expenses, has intensified pressures on household budgets. Food inflation alone soared to a staggering 39.84%, spotlighting the dire economic strain on citizens.

In the midst of these challenges, the ongoing rebasing of the Consumer Price Index (CPI) could mark a turning point. Analysts suggest that the updated basket of goods and services used to measure inflation will provide a clearer reflection of the economy’s realities. This recalibration may ease perceived inflationary pressures and potentially influence the Central Bank of Nigeria's (CBN) monetary policies.

As the nation awaits the CBN's next policy meeting in February, speculation grows that a more stable inflation outlook from the rebasing could prompt the bank to reconsider its tightening cycle. However, the high inflation rate remains a critical challenge for policymakers striving to balance growth and economic stability.

Today’s edition delves into these unfolding developments, examining their implications for Nigeria's economy and the average citizen.

Today’s edition delves into the heightened activity in Nigeria’s T-bills market, driven by investors seeking refuge amidst soaring inflation. December 2024 data revealed the country’s headline inflation rate reaching 34.8%, igniting a surge in demand within the T-bills secondary market.

Despite inflationary pressures, trading concluded on a bullish note, with yields rising across mid, belly, and long ends of the curve. This demand-driven activity resulted in a 12-basis-point drop in the average yield, settling at 25.2%. Key contributions to the yield contraction came from the 72-day (-139bps), 177-day (-2bps), and 331-day (-48bps) maturity bills.

Notably, the 8 January 2026 bill emerged as the top pick, seeing a remarkable 27-basis-point decline in yield. Additionally, widespread investor interest was observed in bills maturing in March, April, May, September, November, and December 2025, reflecting robust demand across the yield curve.

While the mid-to-long ends thrived, the shorter end of the curve witnessed limited activity, highlighting a strategic preference for longer-dated instruments amidst inflationary headwinds.

Editorial Focus: NBS Set to Rebase Nigeria’s GDP to Reflect Emerging Economic Realities

The National Bureau of Statistics (NBS) has announced plans to rebase Nigeria’s Gross Domestic Product (GDP) in 2025, updating the base year from 2010 to 2019. This move aims to provide a more accurate and contemporary representation of the country’s economic landscape, especially in the aftermath of significant disruptions caused by the COVID-19 pandemic.

The choice of 2019 as the new reference year is informed by its relative stability before the pandemic-induced global economic upheavals. By incorporating data from newer and more dynamic sectors such as digital services, financial technology (fintech), modular refineries, and other emerging industries, the rebasing is expected to reveal a substantial increase in the GDP figures.

While the expected rise in GDP values may present a more vibrant economic outlook, experts caution against equating this with real economic growth or improved living standards. Nigeria continues to grapple with persistent fiscal challenges, including high debt servicing costs, dwindling revenues, inflation, and unemployment. These structural issues underline the importance of ensuring that economic growth, as reflected in the GDP, translates to tangible benefits for citizens.

As Nigeria moves closer to this rebasing exercise, policymakers must focus on leveraging the data to inform strategic planning. The insights from this exercise should serve as a tool for addressing structural weaknesses, boosting productivity, and fostering inclusive growth across sectors.

The editorial underscores the importance of framing GDP rebasing as more than a statistical exercise. It is an opportunity for Nigeria to reassess its economic priorities, build resilience, and create a pathway to sustainable development.

BusinessNG's edition today highlights the growing caution among foreign portfolio investors as profit-taking grips Nigeria’s sovereign Eurobonds ahead of December 2024 inflation data. The report underscores how inflation concerns and potential global monetary policy shifts are driving a bearish trend in sovereign bonds across Sub-Saharan and North Africa. Analysts from AIICO Capital link the sell-off to inflation fears and uncertainty around fiscal policies under the incoming Trump administration. TrustBanc Financial reveals that Nigeria's Eurobonds saw significant selling pressure, with average benchmark yields rising by 21 basis points to 9.39%. Key maturities, including November 2027 and March 2029, recorded the highest yield increases. The edition also explores the broader implications of these developments on investor sentiment and regional macroeconomic stability.

Nigeria’s capital market faces a potential N1.3 trillion hit as major companies, including Lafarge Africa, MRS Oil, Wapic Insurance, and International Energy Insurance, prepare to delist from the Nigerian Exchange (NGX). Flour Mills of Nigeria Plc recently led the trend, sparking concerns about investor confidence and market liquidity. Lafarge Africa’s parent company plans to sell its 83% stake to Hauxin Cement in a $1 billion deal, triggering a mandatory minority shareholder exit. MRS Oil, valued at N74.7 billion, and Wapic Insurance, with a N65 billion market cap, are also contributing to the growing wave of exits, signaling uncertainty for the NGX.

The price of Premium Motor Spirit (PMS), commonly known as petrol, could witness a significant reduction in 2025. Currently retailing between N900 and N950 per litre, industry experts predict it may drop to as low as N500 per litre by year-end.

Stakeholders attribute this potential decline to the federal government’s deregulation policy, which has fostered a more competitive and stable downstream sector. Key drivers of the anticipated price reduction include:

1. Stable Foreign Exchange Policy: Improved access to foreign exchange for importers.


2. Price Competition: Heightened rivalry among marketers to attract customers.


3. Naira-for-Crude Policy: Allowing local refiners to pay for crude oil in Naira instead of foreign currencies.
4. Expansion in Local Refining: New refineries becoming operational, reducing dependence on imports.

The Business NG  Cover - The BusinessNG  Edition

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The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all  political relating to  business news at all level

October 21, 2024

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9. Magzter is a distributor and NOT a publisher of the Publications and so Magzter has no editorial control over the content, including opinions, advice, statements, services, offers etc., that is represented in the magazines. So Magzter will not take responsibility for the accuracy or the reliability for any information or facts provided therein or that is made available through the service, by anyone other than authorised Magzter employees who are acting on their official capacities. Accordingly, we have no editorial control over the Publications. Any opinions, advice, statements, services, offers or other information or content expressed or made available by third parties, including those made in Publications offered by the Service, are those of the respective author(s) or publisher(s) and not of Magzter. Magzter will not be liable for any loss or damage caused by your reliance on information obtained through the Service or from the Publications. The Service may contain links to other Internet sites and third-party resources and Magzter does not assume any responsibility or liability for communications or materials available at such linked sites. These links are provided for your convenience only. You are solely responsible for understanding any terms and conditions that may apply when you visit or place an order through a third-party site.

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Girish Ramdas is the Co-founder and CEO of Magzter, a New York based startup that has been making waves in the global digital publishing business. Magzter has crossed 80 million users since its inception in 2011 from more than 150+ countries with 1000s of magazines, newspapers and books from more than 4,500 publishers worldwide. He has more than 25 years of experience in cross-platform publishing, including print, mobile, and Web development. During this period, he has co-founded and run three successful start-up businesses. He has enabled magazine companies to go digital and helps them monetize their content across the digital world. Girish's deep industry experience in online, mobile and publishing ecosystems has made him an expert in acquisition, marketing and monetizing digital content across platforms globally.

In the event that you encounter any objectionable content on our platform, we have put in place a grievance redressal policy to address your concerns.

Magzter Inc. (“Company”, “we”, “us” or “our”) knows that you care about how your personal information is used and shared. Please read the following privacy policy (the “Policy”) to learn more about our privacy practices. By visiting any of the websites operated by the Company, and any sub-domains thereof, or using any of our mobile applications and other methods of content distribution (collectively, the “Service”), you acknowledge that you accept the practices and policies outlined in this Policy, and you hereby consent that we will collect, use, and share your information in the following ways.

Magzter Inc. is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 80 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

Magzter is committed to providing a safe and secure platform for our users. Please note that Magzter is merely a platform for publishers to distribute their content. We do not control or endorse the content published on our platform. We cannot be held responsible for the actions of our publishers or their content.

Magzter is not responsible for compensating any party that has suffered damages or incurred costs due to any content, or part of the content, that violates their rights. Magzter is not liable to face any legal action in civil court for any violation of rights caused by any content, or part of the content, that infringes the rights of a third party.

Magzter offers the world’s largest {{allyoucanread}} subscription service called {{gold}} which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

Magzter offers the world’s largest “All-You-Can-Read” subscription service called Magzter GOLD which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

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Prior to Magzter, he was the President of Dot Com Infoway (DCI) and Galatta Media. His duties included strategic marketing, partnership development, and monetizing content globally. DCI grew from a small team of 3 in 2000 to 300 by 2011 and was dealing with web, software and app development for clients globally.

Since we launched, Magzter has been committed to partnering with global organizations to provide the greatest possible newsstand technology & service to our customers. Whether you are looking to offer magazine subscriptions to your customer database or just want to learn more, Magzter is committed to helping your business grow. To find out more, please fill out the questionnaire below:

The DMCA allows us to restore the removed content if the party filing the original DMCA Notice does not file a court action against you within ten business days of receiving the copy of your Counter Notice.

This Policy covers Company’s treatment of personally identifiable information (“Personal Information”) and other information about you and your computer or device that Company gathers when you are accessing the Service. We may collect Personal Information from you, as explained in more detail below, and we use this Personal Information internally in connection with our Services, including to personalize, provide, and improve our products, services, content, and advertising, and to allow you to set up a user account and profile, to contact you, to fulfill your requests for certain products and services, and to analyze how you use the Services. In certain cases, we may also share some Personal Information with third parties, but only as described in point 4.

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To analyze the quality of content and provide appropriate feedback to publishers

We have designated a Grievance Officer to address any complaints related to objectionable content.

We request that any complaint related to objectionable content be sent to the Grievance Officer through email to the above-mentioned email address. We also request that you provide the following details when making a complaint:

and the App that provides you the capability to order, subscribe to and receive the delivery of various magazines, books, news and magazine and publication related content (collectively known as 'Publications') and to have these digital versions of the Publications delivered to you

c. We also collect information associated with your use of the application in order to make personalized recommendations. If you provide your third-party account credentials to us, you understand some content and/or information in those accounts (“Third Party Account Information”) may be transmitted into your account with us if you authorize such transmissions, and that Third Party Account Information transmitted to the Service is covered by this Policy.

f. The Personal Information we collect allows us to respond to your requests, improve our products and services, customize the advertising and content you see, and communicate with you about new products.

is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

n. We will also use usage information in order to ensure users adhere to our Terms of Use. For example, a user’s usage information will help us confirm that a user only downloads a magazine or other content a permitted number of times or to a permitted number of devices.

which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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