Fresh concerns are mounting regarding Nigeria’s five billion dollar Total Return Swap (TRS) facility with First Abu Dhabi Bank. Critics, including the Alliance for Economic Research and Ethics, are calling for greater transparency, noting that the government has yet to publish the term sheet or provide a breakdown of how the funds are being utilized. While the first one point five billion dollar tranche was drawn in June, the deal remains shrouded in mystery. Analysts warn that the facility carries significant risks, including exposure to rising US benchmark interest rates, potential naira depreciation, and the threat of margin calls requiring immediate dollar payments from external reserves. Experts suggest that the current opacity may inadvertently increase the cost of borrowing by fueling market uncertainty.

The Federal Government of Nigeria has launched the Renewable Asset Management Company (RAMCO) to transition from merely installing solar-hybrid power plants to ensuring their commercial sustainability. Tasked with managing assets at 25 federal universities and teaching hospitals, RAMCO will handle metering, revenue collection, and maintenance to prevent the decay of infrastructure built under the Energising Education Programme. Managing Director of the Rural Electrification Agency, Abba Aliyu, stated that institutions will now pay a sustainability tariff to cover operational costs, replacing the previous pro bono model. The government aims to leverage this revenue-generating portfolio to attract private capital and develop local supply chains for renewable energy components.

The Abia State Government has begun paying 61.8 billion Naira in outstanding gratuity arrears owed to state and local government retirees. The liability, which accumulated between 2001 and 2025, will be settled through a phased payment plan integrated into the state’s medium-term expenditure framework from 2026 to 2031. To ensure transparency, payments are processed directly via a biometric-validated platform linked to the Treasury Single Account.

African startup founders have a variety of funding pathways, though success depends on distinguishing between equity-free grants, competitive prizes, and structured investment programs. While established initiatives like the Tony Elumelu Foundation and Africa’s Business Heroes offer significant capital, their 2026 application windows have closed. Conversely, platforms like Madica maintain year-round investment cycles for pre-seed startups, and MEST Africa is currently accepting applications for its 2027 AI cohort. Founders are advised to conduct thorough due diligence, as eligibility criteria, equity requirements, and application deadlines vary significantly across these programs.

Pan-African airline ASKY has announced the launch of a new direct flight route between Kano, Nigeria, and Niamey, Niger, commencing September 2, 2026. The route will be serviced via the airline’s hub in Lome, Togo, and marks Kano as the 31st destination in ASKY’s network. This expansion is expected to enhance trade and regional mobility by reviving historical commercial corridors and providing passengers with seamless connections across West and Central Africa.

Bayer Foundation has announced the recipients of its 2026 Women Entrepreneurs Award, providing 15 innovators across Africa, Asia, and Latin America with €25,000 each in non-dilutive funding. The program, which includes a six-month accelerator, aims to bridge the significant venture capital gap for women-led ventures in the healthcare and food security sectors. Among the winners are Nigerian entrepreneurs Omowunmi Emmanuel-Ogah, who operates an integrated pharmacy and diagnostics network, and Funmilayo Ishola, founder of Dehydrator Hub, which provides solar-powered food processing services to reduce post-harvest waste. This initiative is part of the foundation’s broader strategy to support scalable, high-impact businesses in underserved markets.

The Central Bank of Nigeria has officially opened its Open Market Operations to individual investors, following a highly successful initial auction that attracted N4.93 trillion in bids for a N600 billion offering. While the policy change aims to deepen market participation and absorb excess liquidity at competitive yields exceeding 20 percent, reports indicate that retail access remains inconsistent. Many commercial banks, acting as the necessary intermediaries for these transactions, currently lack the internal infrastructure and staff awareness to facilitate participation for individual clients. The success of this policy now hinges on whether banks will integrate these securities into their mainstream offerings or continue to treat them as restricted treasury products.

Zoho Corporation and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have launched a N20 billion digital support initiative aimed at 25,000 Nigerian MSMEs. Through this programme, eligible businesses will receive Zoho wallet credits for over 60 cloud-based applications, including accounting, CRM, and workplace collaboration tools. Beyond software, the partnership includes training, workshops, and technical support to help businesses integrate these tools, as part of SMEDAN’s strategy to drive productivity and formalisation in the small business sector.

Major South African telecommunications operators, including MTN, Vodacom, Telkom, and Cell C, reported a collective loss of R198.9 million (approximately $12.5 million) due to subscription fraud during the 12 months ending April 2026. Data from the Communications Risk and Information Centre (COMRiC) indicates that fraud cases surged by 307 percent to 14,897, with criminals increasingly employing sophisticated methods, such as using authentic identity documents and bank statements to bypass verification processes. In response to the rising threat, industry players are moving toward a collective security model, sharing intelligence on syndicates to prevent fraudsters from migrating between networks. Beyond subscription fraud, operators also faced significant losses from SIM-swap attacks and are contending with heightened risks of ransomware.

Nigeria has surpassed its OPEC crude oil production quota for the third consecutive month, reaching 1.505 million barrels per day in July 2026. Despite this milestone, analysts caution that the achievement offers little relief to the country’s fiscal challenges. Experts point out that much of this production is already committed to pre-export finance loan repayments, security arrangements, and domestic refining obligations, leaving only a small fraction of revenue for the Federation Account. Furthermore, production remains significantly below the 1.8 million barrels per day benchmark set in the 2026 budget, and industry leaders emphasize that output must scale toward 2 million barrels per day to generate meaningful economic impact.

Zimbabwe has achieved a remarkable economic turnaround, reducing inflation from triple digits to under 3 percent as of 2026. This stability follows the introduction of the gold-backed ZiG currency, stricter fiscal discipline, and an end to central bank money printing. The country’s lithium and gold sectors remain vital revenue drivers, helping the Zimbabwe Stock Exchange emerge as Africa’s best-performing market in 2026. However, challenges including high public debt, reliance on the US dollar, and infrastructure constraints persist.

MTN Group has announced plans to develop AI-enabled data centres with a 150-megawatt capacity across Nigeria and South Africa. The project, managed through a joint venture called Africa Data Hub Holding with an undisclosed UAE-backed investor, aims to address the critical shortage of computing infrastructure in Africa. MTN will serve as a minority investor, while its partner provides the primary capital and technical expertise. Additionally, MTN is exploring opportunities to obtain banking licenses in select markets to enable direct lending.

The International Monetary Fund (IMF) has urged Nigeria and other major African economies to accelerate fiscal, monetary, and governance reforms to bolster macroeconomic stability. In its latest assessment, the IMF highlighted the need for Nigeria to improve tax policy, revenue administration, and public spending efficiency. Additionally, the Fund called for further strengthening of monetary policy frameworks and increased fiscal transparency to tackle corruption. These recommendations arrive as Nigerian businesses continue to report that multiple taxation remains a primary constraint on operations, despite recent government tax reforms. Meanwhile, the Central Bank of Nigeria continues to navigate the transition from its aggressive interest rate tightening cycle toward a gradual easing phase.

The Federal Government is set to review the concession agreement for the Benin-Asaba Expressway following reports of its deteriorating condition and the resulting economic gridlock. Minister of Works, David Umahi, expressed dissatisfaction with the performance of the concessionaire, the Benin-Asaba Expressway Concession Company (BAECC), citing a lack of technical competence and poor project management. The Ministry is now considering engaging new contractors for immediate interventions while planning long-term reconstruction using concrete pavement for the corridor. The ongoing project failures have caused significant travel delays and increased logistics costs for businesses operating along this major economic route.

The Central Bank of Nigeria is conducting a N700 billion Treasury Bills auction today, August 26, 2026. The offering includes N100 billion in 91-day bills, N100 billion in 182-day bills, and N500 billion in 364-day bills. This auction is part of the apex bank’s third-quarter issuance program and follows an August 12 sale where the bank allotted N1.45 trillion, significantly exceeding its initial target. Market participants are monitoring the 364-day stop rate to determine if the CBN will maintain its recent hawkish stance.

The Nigerian Naira weakened slightly against the British Pound, trading at 1,838 Naira per Pound in early official sessions. While the Pound maintains strength globally due to robust UK macro data, the Naira continues to benefit from the Central Bank of Nigeria’s aggressive monetary policy. High interest rates have successfully attracted foreign portfolio investors, boosting FX liquidity and narrowing the gap between official and parallel market rates. Investors are now closely monitoring upcoming US inflation data and remarks from Federal Reserve officials to gauge the future trajectory of the US Dollar.

GreenWallet has introduced virtual dollar cards to address the persistent failure of Nigerian naira-denominated cards in international online transactions. Due to foreign exchange constraints, many local banks have restricted or blocked international spending, creating significant friction for freelancers, business owners, and digital service users. GreenWallet’s solution allows users to fund their accounts in naira, convert them to dollars, and generate virtual cards for seamless international payments. This service aims to consolidate financial management, including local and international transfers, into a single platform.

Brent crude has dropped nearly 10% over the past week, falling to $86.28 per barrel as renewed efforts by Iran and Oman to reopen the Strait of Hormuz ease global supply disruption fears. West Texas Intermediate also saw a decline to $80.29. The potential easing of tensions in this critical energy corridor offers potential relief for Nigeria, where elevated global oil prices have driven up domestic fuel and transportation costs. A sustained price moderation could help alleviate the ongoing pressure of high food inflation, which remains a primary concern for the domestic economy.

Ventures Platform has closed its second institutional fund, Ventures Platform Pan African Fund II, at $84 million, surpassing its initial $75 million target. The fund secured backing from major institutional investors including the European Bank for Reconstruction and Development, Norfund, and the Ashesi University Foundation. The capital will support early-stage startups from pre-seed to Series A, focusing on companies addressing critical economic and social challenges across the continent. This milestone comes amid a challenging global funding environment, highlighting investor confidence in the firm’s strategic focus on technology-driven innovation in Africa.