Nigeria’s 2026 tax reforms have fundamentally shifted Value Added Tax (VAT) allocation from a head-office-based model to a consumption-based system. Previously, states hosting corporate headquarters, such as Lagos, captured the bulk of VAT revenue. The new framework prioritizes where goods and services are actually consumed, aiming for a more equitable distribution of funds. While this reform provides an opportunity for states with high local economic activity like Kano, Rivers, and Ogun to increase their revenue, analysts note that the current central sharing arrangement may still dilute incentives for states to aggressively foster local economic growth. To maximize benefits, state governments are encouraged to formalize informal sectors, improve data collection in collaboration with the Nigeria Revenue Service, and invest in infrastructure to boost local commerce.

Okomu Oil Palm Plc has reported a 12% decline in pre-tax profit to N58.99 billion for the first half of 2026, down from N67.05 billion in the same period last year. Revenue dipped by 3.5% to N125.29 billion, as weaker local and export sales combined with rising production costs pressured margins. Profit after tax also fell 16.42% to N39.73 billion. Despite the operational headwinds, the company’s total assets grew to N166.71 billion, with cash reserves rising to N21.40 billion as of June 30, 2026.

A rising tide of global data breaches is enabling a sophisticated cybercrime supply chain, where stolen personal information is now enhanced with generative artificial intelligence to launch highly convincing social engineering attacks. By combining leaked data—such as contact details and passwords—with AI-powered personalization, criminals are creating deceptive phishing campaigns and voice clones that easily bypass traditional security. The increased reliance on remote work has further expanded this attack surface, as home networks often lack robust enterprise-grade security. Experts urge consumers to adopt strict cybersecurity habits, including the use of unique passwords, multi-factor authentication, and direct verification of any suspicious urgent requests.

Chinese-backed fintechs OPay and PalmPay have collectively amassed 85 million users in Nigeria, fundamentally challenging the dominance of traditional commercial banks. This disruption has forced Nigeria’s leading lenders to pivot their strategies, resulting in a 30.8 percent year-on-year surge in technology spending, which hit 177.91 billion naira in the first quarter of 2026. While traditional banks retain superiority in deposits, corporate lending, and total assets, the competitive landscape has shifted toward digital infrastructure, agent networks, and mobile payment capabilities. Tier-1 lenders including Zenith Bank, GTCO, Access Bank, and UBA are aggressively investing in artificial intelligence, cybersecurity, and server capacity to defend their market share against agile digital-first competitors.

The Asset Management Corporation of Nigeria (AMCON) reported a 29.8% decline in total assets to N1.29 trillion for 2025, down from N1.84 trillion in 2024. According to the Central Bank of Nigeria’s 2025 financial statements, this reduction is primarily due to changes in accounting for the Banking Sector Resolution Sinking Fund, as the obligation was settled prior to the finalization of the statements. Despite the asset base contraction, AMCON achieved N113.04 billion in cash recoveries during the year, bringing cumulative recoveries since inception to N2.535 trillion as it continues its wind-down mandate.

Most Nigerian commercial banks have met the Central Bank of Nigeria’s mandate to localise payment transaction data by the January 2027 deadline. However, fintech companies and digital banks that still host data abroad face significant challenges in migrating their systems. Key hurdles include high transition costs, existing long-term contracts with international cloud providers, and concerns regarding operational resilience, cybersecurity, and infrastructure reliability during the migration process. While local data centre capacity is deemed sufficient to handle the transition, industry experts warn that rushing the process could introduce systemic risks. The directive aims to improve data sovereignty and regulatory oversight, though critics suggest the implementation timeline remains ambitious.

Nigeria’s consumer credit outstanding contracted by 19.89% to N3.78 trillion in 2025, marking the first decline since 2019, according to the Central Bank of Nigeria. The apex bank attributed this reduction to a challenging, high-interest rate environment. Notably, the composition of the credit market shifted significantly: retail loans surged by 63.77% to N1.94 trillion, surpassing personal loans, which saw a sharp decline to N1.85 trillion. Overall, consumer credit now accounts for 6.60% of total private sector credit.

Renewed hostilities between the United States and Iran have triggered a sharp spike in global energy prices, with Brent crude surging 7% to surpass $90 per barrel. The escalation follows a brief diplomatic pause, as both nations resumed military strikes. Tensions have effectively closed the Strait of Hormuz, with reports of Iranian forces targeting tankers, further threatening energy supplies and undermining previous efforts to reopen the vital maritime corridor.

Rafa Corporation is significantly expanding its footprint in Nigeria’s consumer goods sector with a landmark investment in advanced soap manufacturing technology. The company has contracted for a state-of-the-art continuous saponification plant with a 10-tonne-per-hour capacity, which will become the largest single-line facility of its kind in Nigeria. Additionally, two new toilet soap finishing lines with a combined capacity of 8 tonnes per hour will be installed. These projects, located in Alaro City, are designed to boost production efficiency and diversify the company’s portfolio into multipurpose soap bars and soap noodles, supporting its goal of becoming a leading home and personal care manufacturer in Africa.

Industry stakeholders at the 2026 BusinessDay Tourism Conference highlighted the Nigerian hospitality sector as increasingly investment-ready, citing strong growth despite historical economic headwinds. Data for Lagos State shows significant expansion in the last 15 years, with the number of hotels doubling and hotel rooms increasing to 70,000 by 2025. Consumption tax revenue from the sector also surged from 7 billion to 70 billion naira over the same period. While sector leaders praised resilience and improved local standards, they emphasized that further growth depends on government support in infrastructure, security, and tax harmonization.

The Naira appreciated against the Euro at the official market, settling at N1,552 per Euro compared to N1,563 last week. The Central Bank of Nigeria’s aggressive interest rate hikes and efforts to clear foreign exchange backlogs have helped stabilize the currency. However, persistent domestic inflation continues to limit significant appreciation, even as inflows from oil exports and remittances provide some supply support.

NEM Insurance Plc reported a 16.8 percent growth in profit after tax to N18.09 billion for the half-year ended June 30, 2026, up from N15.48 billion in the prior-year period. While insurance revenue dipped by 4.3 percent to N72.20 billion, the company’s bottom line was bolstered by a 49.7 percent increase in net investment results, driven by strong fair value gains on quoted equities and higher interest income. The company also strengthened its regulatory position ahead of the NAICOM recapitalisation deadline, significantly increasing its statutory deposit with the Central Bank of Nigeria. Total assets rose by 21 percent to N193.67 billion, while total equity grew by 24.5 percent to N94.57 billion.

A new report from Amnesty International, titled Nigeria: Lifting the Lid, alleges that Shell knowingly operated ageing and high-risk infrastructure in the Niger Delta between 2008 and 2014. The report, based on internal documents disclosed in recent UK legal proceedings, suggests Shell prioritized oil production over safety, despite internal warnings about leaks, maintenance backlogs, and ineffective spill monitoring. These revelations have raised significant concerns regarding the company’s legacy liabilities in the region, with reports of a potential 10.9 billion dollar decommissioning bill. Shell has rejected the characterization, citing the challenging operating environment of the time and maintaining its commitment to operational integrity.

Nigeria’s pension industry is currently addressing a N99.28 billion backlog of uncredited pension contributions, as of March 2026. Data from the National Pension Commission (PenCom) reveals that nearly 70 percent of these funds, which were deducted from employee salaries but not credited to Retirement Savings Accounts, originate from the private sector. The backlog is primarily attributed to historical administrative inefficiencies, including invalid records and payroll mismanagement. While the introduction of the Pension Contribution Remittance System (PCRS) has improved processing times and validation rates to 95 percent, PenCom is now emphasizing stricter compliance and continued data cleansing to prevent further accumulation of uncredited funds.

The Nigerian Army has officially appointed General Officers Commanding (GOCs) for four newly created divisions, following President Bola Ahmed Tinubu’s approval to expand the force from eight to 12 divisions. This restructuring aims to decentralize command, improve border security, and enhance rapid response capabilities to Nigeria’s evolving security challenges.

The newly established units include the 5th Division in Makurdi, 9th Division in Ilorin, 10th Division in Jalingo, and the 83rd Division in Benin City. Alongside these, three new brigades have been activated. Key leadership appointments include Major General Yakubu Yahaya for the 9th Division, Major General Chinedu Ralph Nnebeife for the 10th Division, Major General Moses Gara for the 5th Division, and Major General Auwalu Mahmuda for the 2nd Division. The army plans to reach Full Operational Capability for these divisions in phases.

Ghana has launched an initiative to document business losses and property damage suffered by its citizens during recent xenophobic attacks in South Africa. This move follows a similar effort by Nigeria to seek legal and diplomatic compensation from Pretoria. Ghanaian authorities are compiling a register of claims to provide evidence for reparations while managing the evacuation and reintegration of nearly 2,000 returning nationals. Accra is also lobbying the African Union and ECOWAS to hold South Africa accountable for the violence.

The National Association of Nigerian Students (NANS) has urged President Bola Ahmed Tinubu to investigate and sanction heads of tertiary institutions accused of sabotaging the Nigerian Education Loan Fund (NELFUND) scheme. NANS alleges that some institutions are withholding refunds for fees already paid by students and inflating tuition figures reported to the loan platform. NANS President, Akinteye Babatunde, stated that these practices undermine the government’s education policy and place an unfair debt burden on students. Meanwhile, NELFUND is transitioning to a digital token-based payment system to improve transparency and prevent disbursement irregularities.

A Central Bank of Nigeria study has revealed that Nigeria’s economy is more vulnerable to global economic shocks than South Africa’s. The research, presented by Victor Ugbem Oboh, director of the CBN’s monetary policy department, indicates that Nigeria experiences sharper currency depreciation and higher inflationary pressure from external disruptions. The findings underscore the critical need for Nigeria to deepen its financial markets, strengthen economic buffers, and implement structural reforms beyond simple interest-rate adjustments to better absorb global volatility.

Nigeria’s total pension assets fell by 1.99% in June 2026, dropping to N30.70 trillion from N31.32 trillion in May. According to data from the National Pension Commission, the decline was largely driven by a pullback in domestic equities and lower holdings across several fixed-income asset classes. Despite the monthly contraction, assets remained 24.64% higher than the previous year, with new Retirement Savings Account registrations continuing to grow. Pension fund managers also increased liquidity buffers, evidenced by a significant 34% monthly rise in cash holdings.