The Nigeria Labour Congress (NLC) has issued a two-week ultimatum to the Federal Government, demanding a reduction in petrol prices to 2024 levels and the initiation of fresh minimum wage negotiations. Signed by NLC President Joe Ajaero, the demand follows concerns over declining purchasing power driven by inflation. In response, the Federal Government has ruled out a return to blanket subsidies, instead proposing a 30-day petrol discount, particularly for public transport operators, alongside plans for local crude supply to refineries and the expansion of compressed natural gas (CNG) initiatives. Finance Minister Taiwo Oyedele highlighted that broad subsidies are fiscally unsustainable, citing potential annual costs exceeding 16 trillion naira. Meanwhile, several states have already moved to implement minimum wages above the federal 70,000 naira benchmark.

The Federal Government has clarified that the 30-day petrol discount offered at NNPC Retail Limited stations is being funded entirely through the retailer’s own margins, not by the federal budget or the Federation Account. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the initiative is a commercial decision by the subsidiary intended to support affordability, rather than a return to fuel subsidies. The government noted that potential subsidies would be fiscally unsustainable, estimating that a return to previous price regimes could cost over 20 trillion naira annually. The move is part of broader measures to mitigate the impact of rising fuel costs on the public.

Following the successful completion of the national recapitalisation exercise, which saw 50 insurance and reinsurance firms raise approximately N720 billion, the Nigerian insurance industry is shifting its focus toward retail-focused product innovation. With improved capital bases, operators are actively expanding market share through targeted products, including new motor and endowment policies, alongside digital marketing campaigns aimed at enhancing insurance penetration. Regulatory body NAICOM expects these stronger balance sheets to bolster claims-paying capacity and market confidence. Industry leaders, including those at Lasaco Assurance and Consolidated Hallmark Insurance, are now prioritising flexible, customer-centric solutions for individuals and SMEs to drive sustainable growth.

The First Ally Money Market Fund has taken the top spot in Nigeria’s money market fund rankings for September 2026, recording a year-to-date yield of 21.43%. This performance displaces the Coronation Money Market Fund, which held the lead in August and currently sits in second place with a 21.11% yield.

Data from the Securities and Exchange Commission shows that the broader money market segment continues to expand, with total net asset value reaching N6.56 trillion as of September 25. The sector now comprises 49 funds, serving over 910,000 unitholders, as investors increasingly prioritize liquidity and stable returns within the high-yield fixed-income environment.

Enugu State has secured a $200 million investment to develop a 100-megawatt (MW) solar power project, aimed at bolstering electricity supply for homes and local businesses. Governor Peter Mbah confirmed the deal with Eauxwell Nigeria Ltd., noting that the initiative will utilize solar generation and battery storage. The government is currently reviewing the project’s financial model and tariff structure to ensure the power remains affordable for residents while allowing investors to recover costs. This project aligns with broader national efforts to expand renewable energy access.

Nigeria’s equity mutual fund sector rebounded in September 2026, with total net asset value rising to N243.84 billion from N230.50 billion in August. The segment saw increased investor interest, with the number of unitholders growing to 133,840. Year-to-date returns for the top 10 performing funds ranged from 48.70% to 104.91%, as market conditions improved. The Zedcrest Equity Fund maintained its position as the top performer, being the only fund in the cohort to surpass a 100% year-to-date return.

Nigerian-founded mobility fintech unicorn Moove is exiting the Nigerian market after six years of operations. As part of its wind-down, the firm is transferring ownership of vehicles valued at approximately N35 billion to eligible existing customers at no additional cost. Additionally, Moove is gifting cars to all its Nigerian employees as a gesture of appreciation for their service. The company, which recently achieved a $2.1 billion valuation following a $250 million Series C round, has raised over $710 million globally to support its international expansion in autonomous mobility and fleet infrastructure. Moove served over 9,000 Nigerian customers, helping them generate N57 billion in total revenue.

The African Development Bank (AfDB) has awarded an $18.8 million grant to Ghana to bolster its rice value chain. The initiative, part of the Regional West Africa Resilient Rice Value Chains (REWARD) project, aims to help the country achieve rice self-sufficiency by 2028. The project targets the development of 3,200 hectares of farmland, with plans to increase yields and support over 20,000 smallholder farmers. Currently, Ghana’s domestic production meets only 56% of demand, costing the nation roughly $500 million annually in imports. Operations are set to commence in early November 2026.

Dangote Refinery reported a significant boost in operations during the first half of 2026, reaching up to 101% capacity utilisation and supplying an average of 50 million litres of petrol daily to the Nigerian market. According to the refinery’s H1 2026 macroeconomic report, the facility achieved record production levels in April. This increased domestic output has been a key factor in reducing Nigeria’s reliance on imported fuel, with import bills dropping significantly and average daily imports falling by 26% in August alone. Furthermore, the refinery has expanded its reach, becoming a major exporter of jet fuel to European markets.

The United States Department of Homeland Security (DHS) has proposed a substantial increase in fees for the Optional Practical Training (OPT) programme, shifting the financial burden from students to universities. Under the new proposal, colleges would be required to pay $70,000 for each international student recommended for OPT and $30,000 for extension applications. DHS aims to improve programme oversight and curb potential fraud, stating that the move will encourage universities to be more selective in their recommendations. With over 294,000 participants in the 2024/2025 academic year, the policy could significantly impact international student recruitment and university revenues. This initiative follows other restrictive immigration measures by the administration, including recent fee hikes for H-1B visas.

Lagos State has officially established the Lagos Geographic Information Service (LAGIS) following Governor Babajide Sanwo-Olu’s assent to the enabling legislation on October 6, 2025. The initiative aims to centralize the state’s geospatial data and digital mapping infrastructure to enhance urban planning, land administration, and infrastructure management. This move complements the state’s ongoing efforts to digitize property records and formalize informal land assets, currently valued at approximately N3 trillion, to improve transparency and economic productivity in the property sector.

The naira depreciated slightly to N1,332.75 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on October 7, 2026, marking a minor decline from the N1,331.50 closing rate recorded the previous day. Despite this marginal movement, the currency has largely consolidated within the N1,330 range in recent sessions. Market activity remains robust, with daily NFEM turnover notably peaking at $1.014 billion on October 6. Meanwhile, Nigeria’s external position continues to strengthen, with foreign exchange reserves reaching $54.61 billion as of mid-September, alongside an upwardly revised 4.3% economic growth forecast from the World Bank.

Nigeria’s business activity reached a record 117.8 points in September 2026, according to the Nigerian Economic Summit Group (NESG). While trade performance was boosted by back-to-school demand, the overall index was tempered by slower activity in manufacturing and services. Despite the growth, businesses continue to face significant headwinds, including high operating costs, financing constraints, infrastructure bottlenecks, and persistent insecurity. The NESG Future Business Expectation Index remains optimistic but cautious at 128.9 points.

The World Bank’s latest Africa Economic Update highlights the naira as one of the continent’s most resilient currencies during the second quarter of 2026. Despite widespread regional exchange rate volatility caused by global geopolitical tensions and energy price fluctuations, the naira’s maximum depreciation was capped at 2.6%. The report credits Nigeria’s status as a major crude oil exporter for providing critical support through increased foreign exchange inflows, helping the currency recover from earlier Q2 lows. By August, the naira had regained ground, outperforming many other African currencies that remained under pressure. This stability aligns with the World Bank’s improved economic growth forecast for Nigeria, which is now projected at 4.3% for 2026.

VFD Group Plc has appointed Ijeoma Emezie-Ezigbo as its first Deputy Managing Director and Executive Director, effective October 5, 2026. Emezie-Ezigbo brings over two decades of experience in corporate finance, transaction advisory, and strategic management, having previously served as a Partner at KPMG Nigeria. This strategic hire is part of the Group’s institutionalization initiative, aimed at bolstering executive governance and ensuring long-term succession planning.

Ondo State has launched Ondo AI, an artificial intelligence platform developed by SmartApps Limited to digitize public service administration. The first service deployed on the platform, Ondo Pay, automates payroll, human resource management, and pension processes. This initiative is designed to increase transparency and efficiency, specifically positioning the state to meet Disbursement Linked Indicators required by the World Bank’s HOPE-GO programme. The system aims to replace manual processes with data-driven workflows, ensuring accurate personnel records and streamlined retirement management for civil servants.

Nigeria’s external debt rose to $54.52 billion as of June 30, 2026, marking a 5.05% increase from the previous quarter. Data from the Debt Management Office indicates that the top 10 creditors hold 97.32% of this total. The World Bank’s International Development Association remains the largest creditor, accounting for 35.07% of the debt, followed by Eurobond investors at 34.02%. Notably, exposure to First Abu Dhabi Bank surged to $3.37 billion, highlighting a growing reliance on syndicated and structured financing alongside traditional multilateral and bilateral sources.

Nigeria’s fixed-income market is projected to receive N11 trillion in liquidity inflows this October, according to Cordros Capital. The inflows include N9.05 trillion in OMO maturities, N1.30 trillion in Nigerian Treasury Bills, and N650.67 billion in FGN bond coupons. While this surplus is expected to drive reinvestment demand and support lower yields, Cordros warns that aggressive CBN sterilisation via new OMO and NTB auctions will likely absorb a significant portion of the liquidity, potentially tempering the downward pressure on rates.

West African crude oil is trading at its deepest discount in over a decade, driven by surging freight costs and softening demand from Asian refiners. Cargoes from Nigeria and Angola are facing significant pressure as Asian buyers pivot toward cheaper, nearby alternatives from the Persian Gulf. Traders report that multiple cargoes for October loading remain unsold, with some grades trading at discounts as steep as 20 dollars per barrel against Dated Brent. This market weakness highlights the logistical challenges facing regional producers and reinforces ongoing efforts by authorities, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, to develop a more credible African crude benchmark. Meanwhile, the region continues its strategic shift toward domestic refining, with local capacity expansion led by the Dangote Refinery helping to lower Nigeria’s reliance on imported petroleum products.