The Kaduna State Internal Revenue Service (KADIRS) has reported a significant surge in Internally Generated Revenue (IGR), reaching 86 billion Naira in 2025. Executive Chairman Jerry Adams credits this growth to the administration of Governor Uba Sani, citing the deployment of technology, specifically the Pay Kaduna Portal, and an expanded tax base as primary drivers.

The agency, which shifted its focus from aggressive enforcement to voluntary compliance by targeting high-net-worth individuals and widening the tax net, expects to surpass its 110 billion Naira target for 2026. Efforts to curb tax leakages and illegal collections, alongside increased transparency in infrastructure spending, have further boosted public trust and tax compliance across the state.

The article argues that Nigeria requires a ‘Capacity Index’ to accurately assess institutional capability, rather than relying solely on lagging economic indicators like GDP or inflation. The author contends that while traditional metrics track policy outcomes, they fail to measure the foundational institutional strength necessary for sustainable economic growth and effective governance.

Senior executives from the U.S. Soybean Export Council (USSEC) have reaffirmed their commitment to supporting Nigeria’s agricultural sector as part of a strategy to address the nation’s protein deficit. During the USSEC & U.S. Soy Nigeria Conference 2026, officials emphasized that U.S. soy imports are intended to complement, rather than replace, local production.

The partnership focuses on three key pillars: reliable access to high-quality, digestible soybean imports; knowledge transfer regarding feed formulation and storage; and technical training via the Soy Excellence Center. To date, over 5,000 Nigerians have participated in training programs, with participants reporting improved feed mill efficiencies and reduced poultry mortality. While acknowledging significant challenges such as financing and infrastructure, the USSEC maintains that stable, long-term collaboration is essential for making quality protein more affordable and accessible to the Nigerian market.

The Nigerian equities market recorded a significant downturn on Monday, with the All-Share Index falling 0.84% to 241,749.11 points. Market capitalization shrunk by approximately N1.32 trillion, dropping to N155.13 trillion as profit-taking triggered widespread sell pressure across 46 stocks.

The industrial goods sector was the hardest hit, led by a 9.99% decline in BUA Cement. Other significant laggards included PZ Cussons, which fell 10%, along with notable losses in major banking stocks like FCMB Group, FBN Holdings, Zenith Bank, and GTCO. Despite the negative price movement, market activity increased, with trade volume rising 18.66% and total value traded jumping 33.39% to N22.28 billion. The market’s year-to-date return currently stands at 55.35%, with analysts attributing the sell-off to investor portfolio rebalancing.

The Central Bank of Nigeria (CBN) has released its latest lending rate disclosure, highlighting significant variations in borrowing costs across the banking sector. Prime lending rates currently range from 19.5% to over 40%, with maximum lending rates peaking as high as 60%.

Among major commercial banks, GTCO reported the lowest prime rate at 21%, while Zenith Bank and Access Corp quoted 23.62% and 25.5%, respectively. These disclosures, part of the CBN’s transparency framework, are designed to help borrowers compare costs. Despite recent Monetary Policy Committee actions, analysts note that bank lending rates remain high, driven by individual risk profiles, liquidity conditions, and the cost of funds rather than just the benchmark interest rate. The data serves as a guide for businesses and households to navigate credit options ahead of the upcoming MPC meeting.

The Federal Government has intensified its crackdown on illegal mining by shutting down an illicit gold mining site in Ileki Ijesa, Osun State. A joint task force arrested two suspects, who are currently assisting authorities in identifying the financiers behind the operations. Minister of Solid Minerals Development, Dele Alake, reaffirmed that the administration is targeting the sponsors and backers of these criminal networks rather than just on-site laborers. Since the inception of the Mining Marshals, the government has arrested over 300 individuals and prosecuted more than 150, as part of a broader strategy to secure the sector, boost government revenue, and encourage legitimate, large-scale investment in mineral processing.

Nigeria and Hong Kong have signed a Double Taxation Agreement (DTA) to eliminate double taxation on income, prevent tax evasion, and foster stronger economic cooperation. Announced by the Ministry of Finance, the treaty aims to provide regulatory certainty for cross-border businesses and support Nigeria’s goal of attracting foreign investment and deepening integration into global markets. Finance Minister Taiwo Oyedele described the pact as a key milestone in expanding economic ties with the Asian financial hub.

The Central Bank of Nigeria (CBN) reports that business confidence among formal sector firms moderated in June 2026, with the Business Confidence Index (BCI) dipping to 7.2 points from 7.9 points in May.

While companies remain generally optimistic about the broader economic outlook due to government reform and diversification efforts, rising operational costs, energy shortages, and tight financing conditions are tempering sentiment. The mining and quarrying sector emerged as the most optimistic, while the industrial and services sectors saw cooling confidence. Notably, the Employment Outlook Index remains negative at -8.3 points for July, as firms prioritize cost management over workforce expansion. Despite current pressures, businesses anticipate stronger economic conditions over the next six months.

Murtala Muhammed International Airport (LOS) in Lagos has regained its position among Africa’s ten busiest airports, driven by a 16.7% year-on-year growth in total airline seat capacity. According to OAG data for June 2026, the hub’s capacity rose to 417,622 seats, bolstered by a 21.7% surge in Nigeria’s domestic aviation network. This performance marks the fastest growth rate among the continent’s top ten hubs, reflecting a robust recovery in Nigerian air travel despite existing economic challenges. Lagos now holds the tenth position on the continental ranking, trailing major hubs including Cairo, Addis Ababa, and Johannesburg.

Caroline Lucas, Director of Special Projects at UK-based leadership firm TEXEM, has urged African CEOs to transition from compliance-based management to fostering high-trust organisational cultures. Lucas argues that trust should be viewed as a measurable operational asset rather than a soft skill, as it significantly enhances organizational speed, reduces transaction costs, and enables agile decision-making during market volatility.

To further address these leadership challenges, TEXEM has announced an upcoming executive programme, "The Resilient Organisation," scheduled for July 19th–23rd in Nairobi, Kenya. The session will feature insights from academic and industry experts, including Professor Nic Cheeseman and Dr. T. B. McClelland Jr.

The Lagos State Government has identified a one-metre rise in lagoon water levels as the primary cause of recent flooding across the city. Commissioner for the Environment and Water Resources, Tokunbo Wahab, stated that the elevated water level prevents effective stormwater drainage, leading to temporary accumulation on roads and streets.

Government officials maintain that the city’s vulnerability is compounded by its coastal geography, rapid urbanisation, and the loss of natural wetlands. While authorities continue desilting channels and enforcing drainage rights of way, experts emphasize the need for significant long-term investment in engineered flood-control infrastructure and stricter environmental conservation to build lasting resilience.

SoftBank Group CEO Masayoshi Son has projected that artificial intelligence will require $5 trillion in annual investment by 2040, dismissing concerns of an AI bubble as "absurd." Speaking at SoftBank’s annual conference in Tokyo, Son argued that the economic returns will justify these costs, with AI potentially contributing 20% to global GDP by that time. He further predicted that by 2040, AI will shift the world to an "agent-centric" model, with 100 trillion AI agents operating autonomously. Additionally, he emphasized that AI data centers will necessitate massive energy infrastructure, ultimately driven by nuclear fusion.

Kenya is considering a $500 million Eurobond buyback for its 2026/27 fiscal year, aimed at easing repayment pressure and extending debt maturities. The plan involves issuing new dollar-denominated debt to fund the repurchase, marking the country’s fourth such operation in two years. This proactive liability management strategy follows recent fiscal strain, including the withdrawal of tax measures, and aligns with broader efforts by African sovereigns to stabilize debt portfolios amid improving market conditions. Final details remain subject to investor demand and prevailing market conditions.

The IMF has maintained Nigeria’s 2026 GDP growth forecast at 4.1%, supported by steady oil receipts and a resilient services sector. However, analysts warn that this headline figure obscures significant structural challenges, as the sectors driving current expansion—finance, ICT, and oil—employ only a small fraction of the workforce. Conversely, labor-intensive sectors like agriculture and manufacturing continue to lag, with low productivity limiting the translation of GDP gains into improved living standards.

While oil exports provide short-term fiscal relief, the windfall is currently tempered by missed production targets and high domestic fuel costs. Market observers note that the naira’s recent stability is largely supported by foreign portfolio investment in short-term government instruments rather than long-term equity, making it vulnerable to shifts in global oil prices and risk appetite. Investors are advised to maintain a selective strategy, focusing on companies with proven output growth, strong balance sheets, and resilience against FX volatility, rather than betting on broad economic expansion.

Military veterans are demanding the immediate implementation of a 250,000 Naira minimum wage for serving personnel, alleging that the salary increase was approved by the National Assembly and signed into law by President Bola Tinubu in late 2025. During a recent retreat in Abuja, retired officers presented documentation of the approval to military leadership, disputing recent government claims that the military minimum wage had only been adjusted to 100,000 Naira. The veterans expressed frustration over the delay, warning of an impending protest at the Federal Ministry of Finance if the government fails to disburse the funds as purportedly mandated in the 2026 budget.

Adeniyi Adeyemi, the individual claiming to be the Director-General of the non-existent Presidential Foreign Intervention Promotion Council (PFIPC), has admitted to borrowing N400 million to secure his purported appointment. Adeyemi, who faces police charges for forgery and impersonation, claims he paid the sum to intermediaries to facilitate his position.

The Federal Government maintains the agency is fictitious, despite Adeyemi’s insistence that it appeared in the 2026 Appropriation Act. The controversy has now taken an international turn, as a U.S.-based lobbying firm hired by Atiku Abubakar has offered Adeyemi asylum and whistleblower support, calling for U.S. investigations into alleged misappropriation of funds. President Bola Tinubu has ordered the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a comprehensive probe into the matter. Meanwhile, the Chief of Staff to the President, Femi Gbajabiamila, has denied the allegations and initiated a N10 billion defamation suit against Adeyemi.

African startups raised $1.36 billion in the first half of 2026, maintaining headline funding levels but masking a significant decline in early-stage investment. Data from Africa: The Big Deal reveals that only 190 startups secured at least $100,000 in funding—the lowest figure since 2021. Notably, startups raising between $100,000 and $1 million plummeted by 44 percent compared to the second half of 2025. While record exit activity, including 25 transactions, signals ecosystem maturity and potential for investor returns, analysts warn that the shrinking pipeline of early-stage firms threatens long-term growth and innovation. Investors are increasingly prioritizing profitability over rapid expansion, leaving a widening capital gap for seed and pre-Series A ventures.

Nigerian Breweries Plc is facing scrutiny over its shareholding structure following a recent balance sheet restructuring aimed at settling significant foreign exchange liabilities. Data reveals that 81.7% of the company’s 30.983 billion outstanding shares are held by just three major shareholders. This high concentration of equity, coupled with a market valuation of N2.29 trillion, presents a unique structural profile for investors to consider regarding liquidity and future corporate governance.

Delta State has recorded a significant boost in its Internally Generated Revenue (IGR), surging by over 138 percent from N84 billion in 2024 to more than N200 billion. Sunny Ekedayen, the State Commissioner for Economic Planning, attributed this growth to an expanded tax base, improved administrative efficiency, and better compliance, rather than an increase in personal income tax. This development, highlighted during a visit by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), underscores the state government’s commitment to economic diversification through investments in agriculture, industrialization, and infrastructure projects like the Kwale Industrial Park.