Nigeria has surpassed its National Financial Inclusion Strategy target, with formal financial inclusion rising to 73% in 2026, encompassing 87.2 million adults. Despite this progress, a significant "access-health gap" persists, as only 30.7% of these individuals are considered financially healthy. Data from the 2026 Access to Financial Services in Nigeria survey highlights that 60.4 million formally included adults remain vulnerable. Furthermore, formal credit usage is increasingly driven by consumption and survival needs rather than productive enterprise, with coping loans now outpacing business borrowing. Insurance and pension penetration remain notably low at 5.2% and 9% respectively, as financial stress and repayment difficulties grow amid elevated borrowing costs.

Fidson Healthcare Plc has been selected as one of eleven global manufacturers to sign sublicence agreements with the Medicines Patent Pool (MPP) for the production of generic versions of baloxavir marboxil, an innovative influenza antiviral treatment. This initiative, part of a voluntary licensing agreement with Roche, aims to diversify the manufacturing base for influenza treatments across 129 low- and middle-income countries. By localizing production capabilities, the partnership seeks to strengthen regional pandemic preparedness and ensure equitable access to life-saving medicines. Fidson is the only manufacturer representing the African region in this cohort, validating its commitment to world-class pharmaceutical manufacturing.

The National Bank of Ethiopia is currently processing applications from two foreign banks seeking to establish greenfield operations in the country. This move follows Ethiopia’s recent policy reform that ended a five-decade ban on foreign banking, aiming to boost capital, competition, and financial inclusion in Africa’s second-most populous nation. While the identities of the applicants remain undisclosed, the development signals a significant shift as major African lenders, including Nigeria’s Zenith Bank and FirstBank, continue to evaluate the newly opened, yet highly regulated, Ethiopian market.

Investors submitted a massive N12.14 trillion in bids across two Open Market Operations (OMO) auctions held by the Central Bank of Nigeria (CBN) in late September, despite a downward trend in yields. The CBN allotted N6.94 trillion, with subscriptions reaching 3.57 times the offered amount. Analysts attribute this resilient demand to the comparative attractiveness of Nigerian fixed-income yields on the global stage, improved naira stability, and broader market participation following the inclusion of retail investors in the OMO space. As of early October, liquidity remains high, with over N4.6 trillion held in the CBN’s Standing Deposit Facility, signaling continued appetite for government instruments as the market adjusts to the recent Monetary Policy Rate cut.

The Debt Management Office (DMO) has opened the October 2026 Federal Government of Nigeria Savings Bond offer, featuring two-year and three-year instruments. The two-year bond offers a 13.071% interest rate, while the three-year bond provides 14.071%. These rates represent a decrease from September’s yields. The offer, which is open to retail investors with a minimum subscription of N5,000, closes on October 9, 2026, with quarterly interest payments. Total allotments for these bonds reached N47.25 billion in the first nine months of 2026, reflecting increased retail participation.

Johnvents Industries Limited is set to raise up to N80 billion through a commercial paper issuance to fund its working capital, specifically for bulk cocoa purchases as the main harvest season begins. The offer, advised by CardinalStone Partners Limited, falls under the company’s N250 billion Commercial Paper Issuance Programme. Johnvents operates cocoa processing facilities in Akure and Ile-Oluji with a combined annual capacity of 48,000 metric tonnes, and the company continues to rely on the domestic debt market to finance its expanding operations amidst volatile global cocoa prices.

The Initial Public Offering of Dangote Petroleum Refinery is fostering unprecedented cross-border cooperation across African capital markets. Regulators and exchanges in Kenya, Rwanda, and Southern Africa are developing new mechanisms—including Global Depositary Receipts (GDRs) and regional Depositary Receipts—to enable investors outside Nigeria to participate in the N2.15 trillion offering. While the IPO is currently scheduled to close on October 13, these emerging structures aim to demonstrate how regional markets can mobilise African savings for major industrial projects, potentially serving as a model for future cross-border listings and regional financial integration.

Tony Elumelu’s listed investment portfolio, comprising stakes in Seplat Energy, UBA, and Transcorp, grew by N684.59 billion in Q3 2026. The portfolio’s combined value rose 39.3% to N2.43 trillion, largely driven by a 40.8% rally in Seplat Energy shares, which accounted for over 95% of the total quarterly gain. While UBA holdings also increased by N44.50 billion, Transcorp shares declined, reducing the overall gain by N14.11 billion. As of September 30, 2026, Elumelu increased his stake in Seplat to 21.07%.

MTN Ghana has secured spectrum licences from the National Communications Authority for $202 million, marking a major investment to accelerate its 5G network expansion. The 15-year licences cover the 700 MHz and 3 GHz bands, enabling the company to enhance network capacity and broadband performance. This follows a shift in Ghana’s telecom policy, moving away from a single wholesale model to allow operators like MTN and Telecel to deploy their own 5G infrastructure. MTN aims to support both mobile and fixed wireless services, targeting 70 percent population coverage by 2027.

Nigeria has climbed four places to eighth in the 2026 Bloomberg Economics Investment Risk-O-Meter, moving ahead of Rwanda, Tanzania, Kenya, and Namibia. The improved ranking is attributed to better performance in economic strength, fiscal strength, and external vulnerability metrics. While the government continues to implement reforms aimed at tackling structural challenges, rising public debt remains a significant pressure point for the economy. Mauritius currently holds the top position in the ranking, which assesses 19 African economies.

Indian customs authorities have launched an investigation into a massive surge of soybean imports declared as originating from Niger. Authorities suspect these shipments, which reached 380,868 tonnes this year, are actually of Nigerian origin and mislabelled to exploit duty-free import status reserved for least-developed nations. While India permits tariff-free imports from Niger, these shipments face a potential 45% tariff if proven to be mislabelled. The probe follows a period where Nigeria’s agricultural trade balance shifted into a deficit, as the country seeks to ramp up its soybean production capacity.

MTN Nigeria has clarified that the recent airtime credits issued to subscribers are compensation for network quality issues recorded between February and April 2026. The operator emphasized that these credits, which vary by subscriber usage patterns, are distinct from claims regarding mobile data depletion. The compensation follows regulatory directives from the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, as the telecom firm works to address high volumes of consumer complaints.

APM Terminals has urged the Nigerian government to accelerate the development of investment-ready green infrastructure projects to boost the maritime sector. Speaking at the Decarbonising Infrastructure in Nigeria Summit, the company’s leadership emphasized that while policy progress has been made, the country must shift toward implementing scalable projects that can attract private and institutional capital. The operator, which has previously committed to advancing green port initiatives at its Onne and Apapa locations, highlighted that regulatory clarity and integrated logistics are essential to decarbonizing maritime transport and ensuring long-term economic competitiveness.

A recent BusinessDay survey of Generation Z Nigerians reveals that the purchasing power of fixed monthly salaries has significantly declined since 2024. While headline inflation has moderated to 15.39 percent as of August 2026, respondents report that high cumulative prices continue to outpace wage growth. Consequently, 60 percent of those polled are cutting back on savings, while others are sacrificing education, healthcare, and essential services to cope with the rising cost of living.

A military aircraft, identified as tail number NGR 931, crashed near a naval base in Igbokoda, Ondo State, on Monday morning. The aircraft was en route from Benin to Lagos when it disappeared from radar contact at 9:13 a.m. Festus Keyamo, the Minister of Aviation and Aerospace Development, confirmed the incident, stating that preliminary reports indicate 25 passengers and seven crew members were on board. Search and rescue operations are currently underway, with the Ministry coordinating with the Nigerian Air Force. Authorities have urged the public to remain calm while investigations continue.

Fitch Ratings has reaffirmed Stanbic IBTC Holdings’ AAA(nga) national long-term rating, marking over a decade that the lender has held the highest possible rating on the scale. The agency maintained a stable outlook, citing the bank’s strong liquidity coverage, improved capital position, and the strategic backing of its parent company, Standard Bank Group. Fitch specifically highlighted the bank’s resilience through volatile economic cycles, including periods of currency devaluation and interest rate fluctuations, noting that its Common Equity Tier 1 ratio reached 18.7 percent following a successful 2025 rights issue.

Nigeria’s foreign exchange market experienced a significant contraction in the week ending October 2, 2026, with total turnover falling 35.4% to $1.7 billion. The decline was driven by a $956 million drop in spot transactions, while derivatives turnover grew by 65% to $64.7 million. Despite a $100 million intervention by the Central Bank of Nigeria (CBN), increased market demand and the impact of the recent 350-basis point cut in the Monetary Policy Rate to 23% have pressured liquidity, raising concerns about the sustainability of foreign portfolio inflows in a lower-yield environment.

African nations are aggressively scaling domestic gold refining capacity to capture more value from the metal and boost foreign-exchange reserves amid historically high prices. Burkina Faso recently inaugurated its first gold refinery, following similar initiatives in Ghana and the Democratic Republic of Congo. These countries are shifting from exporting raw gold dorés to refining locally, aiming to control the entire value chain, improve tax collection, and combat illicit trade. The strategy includes implementing regulatory requirements that mandate local refining before export, as seen in Ghana, and focusing on international accreditation to ensure competitive market access. Economic analysts note that success will depend on securing reliable power, skilled labour, and transparent, traceable gold supplies.

Nigeria’s national customer satisfaction score reached a record high of 71 percent in 2025, according to the latest Nigeria Customer Service Index report. While this marks an increase from previous years, the index reveals a significant disparity in performance across sectors. E-commerce led the rankings with a 75 percent satisfaction score, while the power and public sectors recorded the sharpest declines. MTN maintained its leadership in the telecommunications sector, and Stanbic IBTC emerged as the top-ranked bank. The report emphasizes that despite rising overall satisfaction, trust and service consistency remain critical challenges for businesses as consumer expectations continue to grow.