The Nigerian equities market extended its rally for a second consecutive week, with the NGX All-Share Index climbing 2.36% to 246,992.44 points. Market capitalization gained approximately N3.72 trillion as investor sentiment improved following FTSE Russell’s recent reclassification of Nigeria to Frontier Market status. Trading volume and value increased significantly, with the Financial Services sector leading activity. Major gains were recorded in Oil & Gas and Consumer Goods, while the Industrial Goods sector saw a slight decline. Simultaneously, the Nigerian Economic Summit Group reported that the business environment saw its strongest expansion in August since February 2026, with the composite Current Business Performance Index rising to 112.7 points.

FashionEVO and 360Creative Innovation Hub have concluded the inaugural cohort of their Fashion Advancement and Startup Training (F.A.S.T) Accelerator in Lagos. The fully funded program provided emerging fashion entrepreneurs with business training, financial literacy, and brand positioning tools. The event featured a pitch competition where Moses Agosu of MAK won the 500,000 naira first-place prize, followed by Elizabeth Funmilayo Aweda and Kusoro Samson. Graduates received certificates and access to further retail and showcase opportunities.

Nigeria faces a critical fiscal bottleneck rooted in a broken social contract. A lack of trust in government accountability leads citizens to prioritize private spending on essential infrastructure, such as power and security, over formal tax contributions. Historically reliant on oil revenues, the state has struggled to pivot toward a tax-funded model because citizens fear funds will be mismanaged. Resolving this catch-22 requires restoring trust by demonstrating clear value for tax revenue, as long-term economic growth remains stalled under the current reliance on informal, fragmented markets.

The 8th African Tourism Leadership Forum (ATLF) 2026 is underway in Limpopo, South Africa, bringing together stakeholders from over 30 countries to address persistent barriers to the continent’s tourism and creative industries. Participants identified high airfares, limited air connectivity, and restrictive visa policies as primary obstacles to economic integration. Experts, including representatives from the AfCFTA Secretariat, urged African nations to prioritize the implementation of existing travel and trade agreements over new policy commitments to foster regional investment and growth.

The Mangalis Hotel Group, an indigenous African hospitality chain, is rapidly expanding its footprint across West Africa. With a portfolio currently spanning seven hotels in four Francophone countries, the group operates under three distinct brands: luxury Noom, mid-range Seen, and budget-friendly Yaas. The company, a subsidiary of the Teyliom Group, utilizes a model focused on local sourcing and competitive pricing to challenge international hospitality brands. Plans are currently underway to expand operations into Anglophone West Africa, specifically targeting Nigeria, Ghana, and The Gambia.

The United Nations is pushing for urgent policy reforms and increased investment in Nigeria’s agricultural sector to remove structural barriers facing women farmers. UN representatives, including officials from IFAD and the FAO, highlighted that while women provide a significant portion of agricultural labour, they continue to lack adequate access to land ownership, finance, and modern technology.

To address these gaps, the UN has launched initiatives aimed at improving productivity and market competitiveness for women-led cooperatives. With $47 million allocated to targeted investment programs, the UN aims to ensure significant female participation, emphasizing that closing this gender gap is essential for enhancing national food security, economic growth, and resilience against climate change.

Mohammed Ibrahim, Executive Secretary of the National Agricultural Development Fund (NADF), has called for a unified financial architecture to transform Africa’s food systems. Speaking at the Africa Food Systems Forum in Kigali, Ibrahim argued that current agricultural financing is hindered by capital fragmentation rather than mere scarcity. He urged African nations to shift toward structured financing that uses public resources to de-risk projects, thereby attracting private sector investment and building credible, bankable pipelines. The initiative also emphasizes improved data collection and a stronger focus on measuring investment impact through farmer profitability and resilience.

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.

Former presidential candidate Atiku Abubakar has criticized the federal government’s fuel subsidy policy following calls by the Independent Petroleum Marketers Association of Nigeria (IPMAN) for state intervention to lower petrol prices. IPMAN recently urged the government to negotiate with domestic refiners, including Dangote Refinery, to alleviate rising pump prices. Atiku argued that the current crisis validates his position that the government should provide targeted support for local refining rather than maintaining the previous import-based subsidy model, advocating for a policy where subsidies directly benefit consumers through locally refined products.

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.