Vice President Kashim Shettima has officially been confirmed as President Bola Tinubu’s running mate for the 2027 presidential election, putting an end to months of speculation regarding the composition of the All Progressives Congress (APC) ticket.

The confirmation took place on Friday as party leaders formally submitted the joint nomination forms to the National Working Committee. The decision to retain Shettima, despite lingering debate over the party’s Muslim-Muslim ticket, was backed by the Progressive Governors’ Forum. APC officials expressed confidence in a landslide victory, citing the administration’s record and a robust party membership base as key factors for their success in the upcoming election. Following the formal submission, Vice President Shettima met with President Tinubu at the State House to express his gratitude for the nomination.

Apple has filed a lawsuit against OpenAI, alleging that the company orchestrated a campaign to steal proprietary trade secrets regarding unreleased Apple products. The complaint, filed in the U.S. District Court for the Northern District of California, accuses OpenAI of recruiting Apple employees to illicitly obtain hardware designs, technical specifications, and internal project data. Apple specifically named OpenAI hardware chief Tang Tan and former engineer Chang Liu, claiming they facilitated the misappropriation of confidential files. Apple is seeking a jury trial and an order to force OpenAI to destroy the stolen materials and redesign its upcoming hardware. OpenAI has denied the allegations, stating it has no interest in competitors’ trade secrets.

Nigeria, Cameroon, Côte d’Ivoire, and Ghana are forming a regional alliance to boost local cocoa processing and increase their collective bargaining power in the global market. Representing two-thirds of global cocoa production, these four nations plan to sign the Abuja Declaration during the Cocoa Value Addition Summit 2026. The alliance aims to shift the industry focus from exporting raw beans to local processing, allowing the countries to capture more of the value chain currently dominated by multinational manufacturers in Europe and North America. In addition to regional cooperation, the bloc will coordinate responses to global market volatility and new European Union deforestation regulations, ensuring compliance requirements do not unfairly burden smallholder farmers. Nigeria is also launching a national compact to set domestic processing targets and improve farmer incomes.

A new report from CardinalStone highlights a persistent "jobless growth" paradox in Nigeria, where the nation’s six fastest-growing sectors account for only 2.7% of the total workforce. While sectors like Administrative and Support Services, ICT, and Finance have seen average annual growth rates exceeding 5%, they remain low-labor-intensive. Conversely, agriculture, retail, and manufacturing, which employ over 70% of Nigerians, have grown by less than 2% annually. This mismatch between high-growth sectors and major employers explains why macroeconomic gains have failed to significantly improve household incomes or create broad-based employment.

The Nigerian Federal Government has launched four solar hybrid mini-grid projects in Rivers State, set to provide reliable electricity to over 13,000 households, businesses, and public facilities. Managed by the Rural Electrification Agency under the World Bank-supported DARES Programme, the 12MW capacity projects aim to boost local economies and improve living standards in the beneficiary communities of Bolo/Wakama, Gokana/Khana, Ogu/ChukuAma, and Onne. Officials noted that these projects continue the agency’s progress in the state, where 16 renewable energy initiatives have already been completed.

The Nigerian naira weakened against the euro this week, settling at 1,576 naira per euro, up from 1,569 in the previous week. Despite Nigeria’s external reserves exceeding $51 billion and a tight monetary policy, the currency faces downward pressure due to the significant inflation gap between Nigeria and the Eurozone. Analysts note that a support level at 1,550 naira per euro is being monitored, with market participants looking for a break below 1,500 naira per euro to signal a sustained recovery. Meanwhile, the euro remains largely stable against the US dollar amid ongoing geopolitical tensions in the Middle East and mixed economic data from the Eurozone.

The Niger Delta Power Holding Company (NDPHC) has begun the rehabilitation of the 225MW Gbarain Power Plant in Bayelsa State. The project, which was handed over to a joint venture between TILT Energy Limited and Schneider Electric, focuses on replacing the Power Control Module (PCM) that was destroyed by a fire in 2020. Officials identified the plant as a strategic asset near gas supplies and prioritized its repair to boost national electricity generation. The contractors have committed to completing the rehabilitation within 12 months.

The Ananse Centre for Design has graduated a new cohort of fashion entrepreneurs in Lagos, aiming to bolster Africa’s $31 billion fashion industry. By combining technical training with business education and market access, the programme seeks to move young designers beyond vocational skills and toward building sustainable, globally competitive businesses. Supported by partners including the Mastercard Foundation, the centre has trained over 7,000 creatives to help address the continent’s reliance on imported finished garments.

The National Drug Law Enforcement Agency (NDLEA) has arraigned 63-year-old Anochili Innocent, three Mexican nationals, and six other Nigerians on an 11-count charge related to a massive drug operation. The defendants are accused of establishing a super clandestine laboratory in Mowe, Ogun State, where they produced 2,419 kilograms of methamphetamine valued at over 480 billion Naira.

Following their arrest in coordinated raids across Lagos and Ogun states in May 2026, the suspects appeared before Justice Musa Kakaki of the Federal High Court in Lagos. They have all pleaded not guilty. The court has ordered the defendants remanded in a correctional center, with trial proceedings and bail hearings scheduled for mid-July. NDLEA Chairman Buba Marwa described the bust as a major strike against international cartels attempting to establish a drug manufacturing base in Nigeria.

Entrepreneur Titilayo Adesoga has launched the FudFarmer Foundation, a new initiative aimed at empowering women within Nigeria’s agricultural sector. The foundation addresses systemic barriers by providing underserved women with interest-free financing, capacity-building training, and improved market access. By supporting women in food production, processing, and trading, Adesoga seeks to foster a more inclusive agricultural ecosystem that strengthens families and drives broader economic growth.

Entrepreneur Titilayo Adesoga has launched the FudFarmer Foundation, a new initiative aimed at empowering women across Nigeria’s agricultural sector. Adesoga established the foundation to address the significant barriers women face in accessing financing, technical knowledge, and market opportunities. By providing interest-free loans, capacity-building programs, and better market access, the foundation aims to foster a more inclusive agricultural ecosystem and support economic growth.

Caverton Offshore Support Group Plc has reported a pre-tax loss of N13.87 billion for the 2025 financial year, a 74% reduction from the N53.67 billion loss recorded in 2024. While annual revenue fell 40% to N24.1 billion due to weakness across its service sectors, the company achieved an operating profit of N3.60 billion, reversing the previous year’s operating loss.

The improvement was largely driven by a sharp reduction in cost of sales, foreign exchange gains, asset disposals, and liability settlements. However, high administrative expenses—including a significant write-off related to leased aircraft—and substantial finance costs kept the company in a net loss position. Despite the improved operating performance, Caverton continues to face liquidity challenges, with current liabilities significantly exceeding current assets.

Japaul Gold & Ventures Plc reported a 13.19% decline in pre-tax profit for the 2025 financial year, falling to N1.30 billion from N1.50 billion in 2024. Despite a 28% increase in revenue to N5.25 billion—driven primarily by equipment rentals—profitability was hampered by an 87.68% surge in administrative expenses and higher finance costs. While operating profit dropped to N1.42 billion, the company significantly strengthened its balance sheet, with total assets rising 66% to N38.05 billion and total equity increasing by 158.44%. Earnings per share declined to 9 kobo from 13 kobo the previous year.

The Nigerian Exchange (NGX) experienced a significant rebound for the week ending July 10, 2026, with the All-Share Index climbing 6.35% to close at 243,798.76 points. This rally added approximately N9.34 trillion to market capitalization, bringing the year-to-date return to 56.67%.

Investor sentiment was buoyed by reports that the NGX has become the world’s best-performing equity market in dollar terms this year. Trading activity saw a rotation into higher-value stocks, with 60 equities advancing compared to 28 decliners. Industrial Goods led sector gains at 10.46%, followed by Oil & Gas at 8.85%. While analysts anticipate continued positive momentum heading into the H1 2026 earnings season, they note that competition from high fixed-income yields may moderate further gains. Notable corporate updates included Lafarge Africa officially rebranding to HBM Nigeria Plc.

The Nigerian Postal Service (NIPOST) and the National Identity Management Commission (NIMC) have signed a Memorandum of Understanding to integrate Nigeria’s digital identity and national addressing systems. This partnership aims to align the National Digital Postcode system with the National Identification Number (NIN) platform, creating a unified digital infrastructure. Officials stated that the collaboration will enhance government service delivery, logistics, emergency response, and economic planning by ensuring citizens are accurately identified and located. The initiative will also adhere to national data protection and security standards.

The Nigerian naira weakened to 1,381.70 against the U.S. dollar in the official market as of Friday, July 10, marking a 0.85% depreciation for the week. Despite the currency’s slide, Nigeria’s foreign exchange reserves rose to $51.74 billion, their highest level in roughly 17 years. Analysts from EBC Financial Group caution that this reserve growth, driven largely by volatile portfolio inflows, may not be sustainable without a shift toward long-term investment and stable oil earnings.

The Nigerian equities market concluded the week ending July 10, 2026, on a strong note, with the NGX All-Share Index posting a 6.35% weekly gain. While Friday’s trading saw a marginal decline of 0.065% to close at 243,798.76 points, the index has recovered significantly from its early July lows, maintaining a year-to-date return of 56.77%.

Trading volume and value dropped sharply compared to the previous session, primarily due to the absence of the large-scale trades that occurred on Thursday. Guinness Nigeria led the day’s decliners, shedding 9.99% of its value, while the broader market breadth remained balanced with 30 gainers and 27 losers. Investors now look toward upcoming Q2 2026 earnings reports to determine if the current recovery momentum will persist.

OPay executives have announced that the next phase of African fintech will be defined by the integration of Artificial Intelligence. Speaking at the Digital PayExpo 2026 in Lagos, OPay officials argued that AI is essential for expanding financial inclusion, enhancing fraud detection, and improving credit access for the continent’s underserved populations. The company emphasized that while the previous decade of fintech focused on digital wallets, the future depends on using AI to build integrated, secure, and personalized financial ecosystems. OPay also called for industry-wide collaboration on digital infrastructure and ethical AI governance to ensure the technology benefits the broader African economy.

MEA Energy has officially entered the Nigerian retail fuel market with the opening of its first station in Ikorodu, Lagos. This launch marks the beginning of an ambitious expansion plan to establish 250 fuel stations across the country over the next five years. The company aims to differentiate itself through a technology-driven approach, including automated dispensing systems for measurement accuracy, digital fuel wallets, and plans for self-service pumps. CEO Chinenye Atanda stated that the retail rollout is expected to create 3,000 jobs, with a focus on hiring from local host communities to foster economic growth.