Retail and lifestyle brand Westmead Mall has expanded its presence in Ibadan with the launch of a new outlet in Samonda. This addition brings the company’s network to four locations across the city. According to managing director Seye Ogunwuyi, the brand now provides direct employment for over 500 people and supports thousands of additional livelihoods through its supply chain and operations. The new facility offers an integrated model featuring a supermarket, farm market, restaurant, arcade, and salon services.

The Foundation for Sustainable Smallholder Solutions (FSSS), with support from the HEINEKEN Africa Foundation and Nigerian Breweries Plc, has successfully planted 24,000 economic trees across Bauchi State. This initiative, part of the broader ESTRRA Project, aims to restore degraded land and promote climate-smart agriculture among local farmers. By integrating diverse fruit and economic trees into farming systems, the project seeks to improve soil health while providing rural households with sustainable food sources and long-term income potential.

Northern Nigeria faces a severe environmental crisis as land degradation, desertification, and deforestation threaten food security and rural livelihoods for over 40 million people. Data indicates that approximately 43 percent of the region’s landmass is at risk, with thousands of hectares of farmland lost annually to erosion and climate variability. In response, the Centre for Information Technology and Development has launched a community-led, technology-driven campaign to restore degraded landscapes. This initiative aims to improve survival rates of tree-planting efforts through digital monitoring and public mobilization, emphasizing that long-term land restoration is essential for protecting the agricultural sector and economic stability.

Rivers State Governor Siminalayi Fubara has signed the 2026 Appropriation Bill into law, totaling N1.854 trillion. The budget passage, which follows recent legislative debate, was achieved through a collaborative process involving state stakeholders and FCT Minister Nyesom Wike. Governor Fubara emphasized that the budget is centered on state development and public welfare, with leadership from the State House of Assembly pledging to support the administration’s focus on service delivery.

Nigeria’s economic recovery accelerated in August 2026, with the Central Bank of Nigeria’s (CBN) composite Purchasing Managers’ Index (PMI) rising to 52.7 points, up from 51.1 points in July. This marks the third consecutive month of expansion and the highest reading since June. The growth was led by the services sector, which reached 53.3 points, and a 25-month expansion streak in agriculture. Notably, the industrial sector returned to expansion for the first time this year, posting 50.6 points. Despite the headline growth, the recovery remains uneven, with 13 of the 32 subsectors surveyed still in contraction.

Transcorp Power Plc has announced the proposed appointment of Maryam Bala Shehu as an Independent Non-Executive Director. Shehu brings over three decades of energy sector experience to the board, having previously held senior leadership roles at TotalEnergies Nigeria and Nigeria LNG Limited. A Fellow of the Institute of Chartered Accountants of Nigeria, her background includes extensive corporate governance, finance, and audit oversight experience. The appointment is subject to regulatory and shareholder approval.

GITEX Nigeria concluded its two-day event in Lagos this week, bringing together over 400 technology firms, startups, and 200 global investors managing $200 billion in assets. The conference focused on positioning West Africa as a critical player in the global digital economy, with discussions centered on artificial intelligence, digital infrastructure, and data sovereignty. Key exhibitors, including Mastercard, Space42, and HCLSoftware, highlighted advancements in cross-border payments, satellite connectivity, and cybersecurity, emphasizing the region’s transition from technology consumer to solution producer. Industry experts project that AI could contribute up to $1 trillion to Africa’s GDP by 2035, underscoring the urgent need for sustained infrastructure investment.

President Bola Ahmed Tinubu has urged the incoming African Credit Rating Agency (AfCRA) to prioritize independence and rigorous assessment to gain global investor confidence. Scheduled for launch on October 7, 2026, in Port Louis, Mauritius, the agency aims to provide fairer, context-driven credit assessments of African economies. The establishment of AfCRA reflects a strategic move by the African Union to challenge the dominance of global firms like Fitch, Moody’s, and S&P, and mitigate the high cost of capital often attributed to perceived rather than actual economic risk.

Nigeria has officially signed a Joint Work Programme with the International Energy Agency (IEA) following its admission as an Association country. This partnership aims to enhance energy data development and foster evidence-based policymaking to drive investment in the sector. Vice President Kashim Shettima stated that the collaboration will grant Nigeria access to the agency’s global networks and technical expertise, supporting government reforms in clean energy, gas markets, and broader energy value chain improvements.

Following a record $6.1 billion in non-oil exports in 2025, the World Trade Center (WTC) Abuja and Zenith Bank have launched an Export Launchpad Bootcamp to enhance the global competitiveness of Nigerian businesses. The initiative aims to equip local firms with the necessary standards, market knowledge, and logistical strategies to transition from export ambition to consistent execution. Zenith Bank, which currently facilitates approximately 40% of Nigeria’s NXP issuance, reaffirmed its commitment to supporting exporters across the entire value chain.

Since May 2023, several multinational corporations have exited or significantly restructured their Nigerian operations, citing foreign exchange shortages, currency volatility, and rising costs. Notable exits include Equinor, which completed its sale to Chappal Energies; Kimberly-Clark; and Uber, which recently announced its withdrawal from the ride-hailing market. Others, such as Procter & Gamble and GlaxoSmithKline, have pivoted to import or third-party distribution models, while Binance halted its naira-based services due to regulatory pressures. These departures highlight the ongoing challenges in Nigeria’s macroeconomic environment, particularly for firms dependent on imported inputs and local consumer demand.

The Lagos Angel Network (LAN) has signaled a preference for early-stage startups with valuations below $5 million, noting that larger valuations often exceed the network’s investment scope. Executive Director Solomon King stated that while the network seeks businesses that have moved beyond the idea stage and have generated at least $1,000 in revenue, it prioritizes founders who demonstrate resilience and operational traction. King advised entrepreneurs to research investor mandates to ensure alignment between their startup’s funding stage and an investor’s specific focus.

At the inaugural First Bank Samuel Asabia Professional Chair in Business Ethics lecture, Kenneth Amaeshi argued that government accountability and transparency are essential to improving tax compliance among SMEs and the informal economy. He noted that while businesses and governments often have conflicting goals, trust remains the core issue. Amaeshi challenged the assumption that small business owners avoid taxes by choice, suggesting instead that they lack faith in the transparency of current regulatory frameworks, which some larger corporations exploit for aggressive tax planning. Institutional trust, rather than just tighter regulation, is the necessary path forward for broader economic participation.

The Nigerian naira has reached a two-year high in the official foreign exchange market, settling at N1,322 against the US dollar. This strengthening is supported by a surge in gross external reserves, which have hit $53.8 billion—a two-decade high—alongside increased US dollar inflows from crude oil sales, foreign portfolio investments, and diaspora remittances. The Central Bank of Nigeria’s recent reforms have significantly improved market liquidity and transparency, with monthly remittance inflows nearing the $1 billion target and daily turnover in the official market often exceeding $130 million. Analysts expect the currency to stabilize near the N1,300 level as market dynamics continue to improve.

The Association of Securities Dealing Houses of Nigeria (ASHON) has formally requested a review of the National Insurance Commission’s (NAICOM) decision to revoke the operating license of Universal Insurance Plc. ASHON, led by Sehinde Adenagbe, criticized the regulator’s "military-style" approach, arguing that it disregarded a binding N7.1 billion recapitalization deal with FPNG Co-Nvest Limited that was disclosed on the same day the revocation took effect. The association contends that this lack of coordination harms market confidence and investor interests. Universal Insurance is currently challenging the revocation in the Federal High Court.

The Africa Finance Corporation has lauded the Dangote Group’s industrial investments as a cornerstone for Nigeria’s economic transformation. At the Lagos Economic Summit, President Samaila Zubairu and other financial experts highlighted the group’s role in driving import substitution, job creation, and foreign exchange conservation. Meanwhile, Dangote Cement continues preparations for its secondary listing on the London Stock Exchange, with a Capital Markets Day scheduled for September 21, 2026.

Air Peace has reclaimed its position among Africa’s top 10 airlines by scheduled seat capacity for September 2026. According to OAG data, the airline recorded 354,804 scheduled seats, representing a 54.7% year-on-year increase—the fastest growth rate among the continent’s top 10 carriers. This performance follows a brief exit from the ranking in August 2026 and reflects the airline’s ongoing fleet expansion efforts to meet rising passenger demand.

The National Insurance Commission (NAICOM) has launched the Insurance Sector Strengthening Programme (ISSP), a five-year reform initiative aimed at increasing Nigeria’s insurance penetration from 0.5% to 10% of GDP by 2031. The program targets onboarding 25 million new policyholders, with a specific focus on women, youths, and MSMEs. NAICOM plans to implement the reforms in three phases, leveraging digitalization, financial literacy campaigns, and improved consumer trust to address structural industry barriers.

The Initiates Plc (TIP) has paid an interim dividend of 20 kobo per share for the half-year ended June 30, 2026. This distribution follows a strong H1 performance, where revenue surged 105.1% year-on-year to ₦6.95 billion, with profit after tax reaching ₦1.75 billion. Including the 30 kobo final dividend paid in May, shareholders have received a total of 50 kobo per share in 2026. The company continues to focus on long-term growth through waste management and infrastructure partnerships.