The Yobe State Executive Council has approved a N73.3 billion spending package focused on agricultural productivity, infrastructure, and housing. The largest share, N28.5 billion, is dedicated to the state’s Mega Agriculture Empowerment Programme to provide farm inputs to local farmers. Key infrastructure projects include the construction of the Buni-Yadi Modern Motor Park and Grains Market, along with various upgrades to Damaturu’s transport and commercial facilities. Additionally, the state has allocated funds for social interventions, including the acquisition of 208 housing units from the Federal Ministry of Housing and Urban Development and an economic empowerment scheme for women. These investments aim to bolster local food security and stimulate economic activity across the state.

The National Information Technology Development Agency (NITDA) has officially transferred its Public Key Infrastructure (PKI) framework to the National Identity Management Commission (NIMC). This handover follows the enactment of the NIMC Act 2026, which designates the Commission as the Root Certification Authority for Nigeria’s National Public Key Infrastructure and Digital Public Infrastructure. By consolidating these responsibilities, the government aims to enhance the security, reliability, and interoperability of the country’s digital identity ecosystem, moving toward a unified system of digital credentials. NITDA will now focus primarily on regulation and broader technology adoption, while NIMC manages the foundational digital identity architecture.

The Democratic Republic of Congo (DRC) has commenced its first-ever exports of lithium concentrate, marking a milestone in the nation’s effort to become a key global supplier of battery minerals. Shipments from the massive Manono lithium project, led by China’s Zijin Mining, began in June and are currently en route to China. While initial volumes are trial-based, production is projected to ramp up significantly, with Zijin targeting an output of 30,000 metric tonnes of lithium carbonate equivalent by 2026. The move strengthens China’s dominance in the DRC’s mining sector and underscores the region’s increasing strategic importance in the global electric vehicle supply chain. The project, which is currently subject to ongoing legal disputes involving former concession holders, aims to process five million tonnes of ore annually at full capacity.

United Bank for Africa (UBA) Plc hosted its latest quarterly Business Series in Lagos, focused on leveraging customer insights and technology to drive business growth. Under the theme "Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions," industry leaders identified financial inclusion, the creative economy, sports, and SMEs as key sectors poised to produce Africa’s next billion-dollar companies. Panelists, including Chowdeck CEO Femi Aluko and investor Ashim Egunjobi, emphasized that long-term success relies on entrepreneurs observing local market realities, utilizing data-driven insights, and building resilient business models.

Nigerian investment firms Chapel Hill Denham, CardinalStone Partners, and Iron Capital have received top honors at the 2026 Euromoney Awards for Excellence in London.

Chapel Hill Denham secured three accolades, including Africa’s Best Investment Bank for Financial Institutions and Nigeria’s Best Investment Bank. CardinalStone Partners was awarded Nigeria’s Best Investment Bank for M&A and Best for Capital Markets Advisory, while Iron Capital was recognized as Nigeria’s best investment bank for financing solutions. These awards highlight the rising influence of local advisory firms in managing complex capital market transactions, infrastructure financing, and mergers and acquisitions across the continent.

The National Drug Law Enforcement Agency (NDLEA) has declared methamphetamine kingpin Nnamuka Kelvin Uchenna and three associates wanted, following the discovery of a clandestine drug laboratory in Imo State. Under a Federal High Court order, the agency has frozen approximately N9.84 billion in bank accounts linked to the syndicate. Additionally, the NDLEA has secured interim forfeiture orders for physical assets including a filling station, several multi-storey buildings, and four SUVs. The agency is utilizing forensic and financial intelligence to dismantle the group’s operations and track the fleeing suspects.

President Bola Tinubu has approved the reconstruction of the 135-kilometre Lagos-Ibadan Expressway using reinforced concrete pavement to enhance durability and lower long-term maintenance costs. Minister of Works, David Umahi, stated that the decision follows recurring failures of previous repairs on the highway, which is less than five years old. The initiative aims to provide a road lifespan of 50 to 100 years. Additionally, the President approved several other infrastructure projects, including the 400-kilometre extension of the Fourth Legacy Highway, the completion of the Ibi Bridge in Taraba State, the construction of the Lau Bridge, and the dualisation of a 400-kilometre section of the Lokoja-Benin corridor.

The Nigerian Exchange (NGX) continues its bullish momentum, with the All-Share Index consolidating near record highs and yielding a 56% return year-to-date. Institutional demand is heavily concentrated on Tier-1 banks—specifically FBN Holdings (FIRSTHOLDCO) and United Bank for Africa (UBA)—as these institutions execute aggressive capital base expansions to meet regulatory requirements. FBN Holdings has notably surpassed the Central Bank of Nigeria’s N500 billion capital threshold, with Chairman Femi Otedola targeting a N1 trillion base. Meanwhile, stabilizing Naira rates and growing FX reserves are bolstering foreign investor confidence, despite competition from high-yield money market instruments. Beyond blue-chip banks, market interest is broadening into mid-cap and small-cap stocks, as investors seek value in sectors like transportation and agribusiness.

Neca’s Global Certification Limited (NGCL) has launched "The NGCL Certification Pathway," a three-stage programme designed to make ISO 9001:2015 certification more affordable and accessible for Nigerian MSMEs.

Historically, small businesses have struggled with the high costs, foreign currency requirements, and lack of transparency associated with obtaining internationally recognised certifications. The new initiative replaces these barriers with fixed, naira-based pricing, clear timelines, and a structured process encompassing readiness assessment, formal auditing, and ongoing compliance support.

By ensuring all certificates are verifiable via the International Accreditation Forum (IAF) CertSearch database, NGCL aims to assist local SMEs in meeting the quality management standards necessary for securing government tenders, supplying multinational corporations, and participating in the African Continental Free Trade Area (AfCFTA). The programme specifically targets businesses with 10 to 50 employees, helping them improve operational efficiency and competitiveness in global value chains.

Nigeria’s headline inflation reached 15.91% in June 2026, a marginal decline from May’s 15.93%, though food inflation rose to 17.52% from 16.96%. While inflationary pressure remains a national concern, state-level data from the National Bureau of Statistics reveals significant variations in affordability.

Imo State recorded the lowest headline inflation in the country at 19.5%, followed by Ebonyi at 20.8% and Katsina at 21.9%. Rivers, Zamfara, Kaduna, Edo, Cross River, Delta, and Borno rounded out the ten states with the lowest inflation rates. The South-South region dominated the list, while no state from the North-Central or South-West zones featured in the top ten. Analysts note that while these states show slower price growth, it does not imply low absolute prices, as inflationary pressure continues to impact household purchasing power across the nation.

The National Insurance Commission (NAICOM) has dismissed claims by individuals purporting to represent Niger Insurance Plc, reaffirming that the firm’s operating licence remains revoked and it is still under liquidation. NAICOM has petitioned the Inspector-General of Police following attempts by these individuals to interfere with the company’s assets, which they allegedly claimed after a June 2026 Federal High Court judgment. The regulator maintains that the liquidator appointed in 2022 remains the only authority empowered to manage and dispose of the defunct insurer’s assets, noting that previous court rulings, including a 2025 Court of Appeal decision, have already validated the liquidation process. Additionally, some former directors have stated their names were used without consent in the recent legal actions. NAICOM continues to pursue a stay of execution against the latest judgment.

Skydd, Nigeria’s first insure-fintech firm, has announced a new leadership team, appointing Chituru Nsirim and Anu Oyeleye to drive its next phase of growth. The company aims to integrate protection products into everyday financial services like savings and payments rather than treating them as standalone policies. With over 20,000 active customers and a positive cash flow, Skydd is now expanding its infrastructure to allow banks and fintechs to embed protection services directly into their own customer journeys. The company intends to scale this model across Africa.

The traditional inverse correlation between the US dollar and gold has significantly weakened, as both assets increasingly move in tandem or independently in 2026. This structural shift is primarily driven by central banks diversifying their reserve portfolios away from single-currency concentration, with record institutional demand for gold alongside continued confidence in the US dollar as a safe-haven currency. Market experts suggest this decoupling is no longer a temporary phenomenon but a new normal, as geopolitical fragmentation and multipolar economic shifts reshape capital flows. For traders, this environment necessitates more robust trading infrastructure to manage increased volatility and unpredictable price action resulting from these overlapping macroeconomic forces.

Abia State Governor Alex Otti has announced a $145 million investment commitment to establish a solar panel manufacturing plant in Isiala Ngwa South Local Government Area. The project, which has reached the Final Investment Decision (FID) stage, is being developed in partnership with Chinese investors and local firm MD NWAKANMA NIGERIA Limited. The first tranche of funding is expected in September 2026, with construction scheduled to commence shortly thereafter. The initiative aims to boost the state’s industrial sector, create jobs, and provide technical training, further strengthening Abia’s position as a hub for renewable energy and power infrastructure in Nigeria.

Aminu Maida, Executive Vice Chairman of the Nigerian Communications Commission (NCC), has stated that Nigeria’s next phase of economic growth relies on leveraging existing digital infrastructure to boost productivity across key sectors like healthcare, agriculture, and manufacturing. Speaking at the BusinessDay CEO Forum, Maida emphasized moving beyond simple telecommunications penetration toward digital business transformation. To achieve this, the NCC is prioritizing the expansion of data centres and last-mile fibre connectivity. Furthermore, the commission is developing a framework for a wholesale broadband market to ensure transparent, fair pricing and increased competition, which the NCC believes will drive down costs and improve accessibility for businesses nationwide.

A new report from Renaissance Capital (RenCap) suggests that the Central Bank of Nigeria’s (CBN) proposed Financial Holding Company (FHC) framework could force Nigerian banks to raise over N1.7 trillion in fresh capital. The proposal, which requires holding companies to maintain a 20% capital buffer above their subsidiaries’ paid-up capital, is expected to pressure shareholder returns and dilute equity at a time of moderating sector profitability.

The draft guidelines effectively mandate a unified governance model, likely compelling standalone lenders—specifically Zenith Bank, UBA, and Fidelity Bank—to transition into holding company structures. Additionally, the rules require moving foreign subsidiaries directly under the holding company, which RenCap argues may prompt banks with international operations to downgrade to national licenses.

RenCap warns that Access Holdings faces the largest capital requirement at approximately N656 billion, while UBA, Fidelity, and Zenith Bank face substantial compliance costs if brought under the new scope. The investment firm has urged the CBN to remove the 20% buffer, clarify the recall of excess capital following potential license downgrades, and soften restrictions on intra-group financing to avoid value destruction.

Coronation Infrastructure Fund (CIF) has announced an H1 2026 interim dividend payout of N8.985 per unit. The distribution, totaling approximately N789.78 million, will be paid to unitholders on July 28, 2026. Qualification for the payout is set for July 22, 2026, with the register of members closing on July 23. The Fund reported a strong half-year performance, generating N791.5 million in total comprehensive income, driven largely by interest income from infrastructure loans and fixed placements. With total assets of N9.88 billion and a conservative leverage profile, the Fund continues to maintain high operational efficiency with a profit margin of nearly 90%.

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a new framework to harmonize crypto-asset regulation in Nigeria. The move aims to curb fraud and financial risks without creating a new regulator or altering existing agency mandates.

The order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs. The Council will coordinate supervision among key agencies, including the NFIU and the Office of the National Security Adviser.

Under this new framework, the CBN will launch a regulatory sandbox to test digital products, while the NRS is set to introduce a tax policy for the sector. Operators will register their activities with either the SEC or the CBN, depending on whether the assets are classified as securities or payment and settlement services. The government is also developing a long-term policy roadmap through a forthcoming Virtual Assets White Paper.

The Nigerian Communications Commission (NCC) has issued 46 Mobile Virtual Network Operator (MVNO) licenses across five operational tiers to boost market competition and digital inclusion. Following these issuances, the regulator has launched a review of the existing business rules to address operational challenges, specifically regarding revenue-sharing disputes and onboarding delays between MVNOs and host Mobile Network Operators. Industry stakeholders, including the Association of Mobile Virtual Network Operators of Nigeria, have welcomed the move, emphasizing that clearer guidelines and stronger regulatory enforcement are essential to ensure the success and sustainability of these new market entrants. The NCC intends to incorporate feedback from the ongoing consultative process into the final framework.