Ecobank Transnational Incorporated (ETI) has released its unaudited results for the six months ended 30 June 2026. The banking group reported a profit before tax of N584.02 billion, compared to N620.23 billion in the same period last year. Profit after tax stood at N408.81 billion, impacted by a 24.5% increase in net impairment charges. Despite these credit provisions, the bank recorded operating income of N1.77 trillion, supported by a 6.6% growth in net interest income. Total assets reached N49.21 trillion, with customer deposits rising 2.3% to N37.27 trillion.

S&P Global has entered into an agreement to acquire a majority stake in Agusto & Co., a prominent African credit rating agency. The partnership is designed to combine S&P Global’s international expertise with Agusto & Co.’s regional experience to bolster credit market transparency and growth across Africa. Agusto & Co. will maintain its operations as a separate ratings entity, issuing its own ratings and methodologies. The transaction, for which financial terms were not disclosed, remains subject to regulatory approvals and is expected to close in the second half of 2026.

Lagos State has launched a new compulsory Building Insurance Scheme to protect homeowners and businesses against financial losses from fire, flooding, and building collapses. The initiative leverages digital verification and geospatial intelligence to enforce compliance, marking a significant shift from previous regulatory challenges. Backed by the National Insurance Commission (NAICOM) and the Nigerian Insurers Association (NIA), the scheme aims to reduce the financial burden of disasters on victims while expanding the insurance industry’s premium base. NAICOM has emphasized that the success of this model depends on insurers’ commitment to prompt claims settlement and transparency. Lagos intends for this program to serve as a national template for strengthening urban resilience and insurance penetration across Nigeria.

Standard Chartered Bank expects emerging markets, including Nigeria, to benefit from a projected weakening of the US dollar in the second half of 2026. Manpreet Gill, Chief Investment Officer for Africa, Middle East, and Europe, notes that as inflation moderates and monetary conditions normalize, the US dollar’s recent rally—fueled by geopolitical uncertainty and high-interest rate expectations—is expected to fade. This shift is anticipated to reduce pressure on the naira, lower imported inflation, and improve investor appetite for emerging market assets. Despite global volatility, the bank maintains a constructive outlook, favoring global equities, African Eurobonds, and gold for portfolio resilience.

Liquidity inflows into the Nigerian financial system are projected to drop by 52.5 percent this week, falling to 2.56 trillion naira from 5.39 trillion naira the previous week. This decline, reported by the Financial Markets Dealers Association, is driven by the absence of major Treasury bill maturities and government disbursements, compounded by ongoing liquidity tightening measures from the Central Bank of Nigeria. Despite the tighter environment, the secondary bond market saw a 149 percent surge in turnover as yields softened, while Nigeria’s foreign exchange reserves climbed above 52 billion dollars.

The Federal Government has invested over N1 trillion in Nigeria’s tertiary education sector over the past two years to upgrade infrastructure and expand student access. Education Minister Tunji Alausa stated that the funds were directed toward constructing and rehabilitating student hostels, engineering workshops, medical schools, and laboratories. Alausa reiterated the administration’s commitment to ensuring that financial constraints no longer prevent qualified students from pursuing higher education.

Nigeria’s newly inaugurated VAT Modification Committee has begun a six-week mandate to revise the nation’s VAT system. The committee, led by Finance Minister Taiwo Oyedele, is tasked with balancing the government’s need for fiscal revenue against the urgent requirement to reduce production costs for businesses. This move comes as the manufacturing sector continues to struggle with high energy costs, elevated borrowing rates, and sluggish consumer demand, despite recent improvements in foreign exchange liquidity. Analysts emphasize that the committee’s success in creating a growth-oriented tax framework is critical, as current operating pressures continue to strain industrial output and investment.

The Federal Government has soft-launched the Government Service Portal, a unified digital platform designed to centralize access to public services. Developed by Galaxy Backbone in partnership with the Federal Ministry of Communications, Innovation and Digital Economy and the Korea International Cooperation Agency (KOICA), the portal aims to eliminate the need for citizens to navigate multiple websites. The initiative, part of the e-Government Masterplan 2.0, will integrate with the Nigerian Digital Exchange to streamline secure information sharing among agencies, reduce bureaucratic duplication, and improve the ease of doing business. A phased rollout is currently underway to onboard ministries, departments, and agencies.

The Court of Appeal in Abuja has nullified a Federal High Court judgment that previously ordered the Independent National Electoral Commission (INEC) to deregister five opposition political parties. The appellate panel, led by Justice Abba Mohammed, ruled that the lower court lacked jurisdiction and that the plaintiffs, the National Forum of Former Legislators, lacked the legal standing to file the suit. The decision restores the registration status of the African Democratic Congress (ADC), Accord Party, Action Alliance (AA), Action Peoples Party (APP), and Zenith Labour Party (ZLP), confirming their eligibility to participate in the 2027 general elections and other upcoming polls. The court also criticised the trial judge for proceeding with the case despite a subsisting stay of proceedings order.

A new report from the International Energy Agency (IEA) reveals that upstream oil and gas investment in Africa dropped to $37 billion in 2025, down significantly from $68 billion in 2016. Nigeria, Algeria, Angola, Egypt, and Libya remain the dominant players, collectively accounting for 70% of the continent’s investment and 80% of production. While investment in these five nations fell from $50 billion to $25 billion over the same period, Nigeria continues to implement regulatory reforms under the Petroleum Industry Act to improve competitiveness and attract capital, with the Nigerian Upstream Petroleum Regulatory Commission citing over $10 billion in unlocked investment.

Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has unveiled an economic strategy prioritizing agriculture, manufacturing, and improved electricity to transition the country from a consumption-based to a production-led economy.

Obi emphasized that Nigeria’s vast, currently underutilized, and insecure agricultural lands could outperform oil revenue if properly managed. He proposed emulating successful models like Bangladesh to boost rice production and using states like Taraba for cash crop exports. To support the manufacturing sector, Obi advocated for lowering interest rates for small and medium-sized enterprises (SMEs) and addressing transmission bottlenecks to achieve consistent 10,000-megawatt power distribution. He explicitly ruled out making unrealistic promises of total power stability within one term, focusing instead on pragmatic infrastructure and security reforms.

The House of Representatives is investigating the Presidential Foreign Investment Promotion Council, which has been identified as a fictitious agency. The Accountant-General of the Federation, Shamseldeen Ogunjimi, confirmed to the committee that the organization obtained official government recognition and administrative codes by presenting forged State House correspondence. While the agency attempted to secure significant budgetary allocations, including an establishment grant of N27.4 billion, no government funds were disbursed. The committee has ordered the Inspector-General of Police to produce the organization’s alleged director-general, Adeyemi Adeniyi, for questioning on Wednesday. Investigators have uncovered evidence of approximately 29 forged documents, including purported legislative Acts and approvals from various high-level government offices.

Nigeria’s telecommunications sector, which revolutionized the economy since its liberalisation in 2001, currently faces severe operational challenges that threaten the stability of the nation’s digital infrastructure. Gbenga Adebayo, chairman of the Association of Licensed Telecommunications Operators of Nigeria, highlighted that rampant vandalism, fibre cuts, high energy costs, and inconsistent regulatory policies are hindering service delivery. While industry leaders acknowledge the government’s designation of telecom assets as Critical National Information Infrastructure, they emphasize that maintaining a resilient digital economy now requires a unified approach to security and investment beyond mere regulatory fines.

The naira has maintained upward momentum in the foreign exchange market, defying global trends as the US dollar strengthens. The currency’s resilience is driven by improved liquidity in the official market, where turnover surged significantly, and a strong external reserve position now exceeding 52 billion dollars. This level of reserves, providing roughly 11 months of import cover, has bolstered investor confidence and provided the Central Bank of Nigeria with sufficient capacity to ensure stability despite external geopolitical and monetary pressures.

A new performance assessment by Phillips Consulting reveals that despite a 118 percent surge in federal allocations between 2022 and 2025, Nigerian states are struggling to improve public service delivery. The 2026 State Performance Index reports an average citizen satisfaction score of just 2.90 out of five. Enugu state emerged as the top performer on the report’s new Momentum Index, driven by a 381 percent increase in internally generated revenue. Conversely, states like Edo and Imo ranked among the lowest due to high debt levels and poor service delivery ratings. The findings suggest that fiscal self-reliance and deliberate governance are stronger drivers of progress than natural resource wealth, as the South-East region outperformed the oil-rich South-South.

Analysis of the 2026 Appropriation Act reveals that the Federal Government has allocated N31 billion for the procurement and distribution of motorcycles and tricycles as youth empowerment projects, significantly outpacing the N9 billion earmarked for vocational and technical skills training. Spread across 204 projects managed by 54 ministries and agencies, these allocations primarily stem from constituency projects. Economic experts argue that this spending highlights a critical misalignment between government fiscal priorities and the national need for a skilled workforce, noting that such initiatives provide only temporary relief rather than sustainable economic development. Furthermore, the report notes that several of these allocations target regions where commercial motorcycle operations are currently restricted due to security concerns.

The 2026 Nigeria Environmental Summit (NEST) has highlighted the urgent economic necessity for Nigeria to transition toward a green economy. Discussions emphasized that climate-resilient infrastructure and sustainable building practices are critical to mitigating climate-related losses, such as flood damage and food insecurity. Experts advocate for the adoption of circular economic models, the development of robust carbon credit markets, and expanded public-private partnerships to attract international capital and foster sustainable development. The summit concluded that moving beyond policy to decisive, coordinated implementation is vital for the nation’s future economic competitiveness.

Imo State is executing a broad development strategy aimed at establishing the state as a commercial and technology hub in Nigeria’s South-East. The initiative focuses on critical infrastructure, including the reconstruction of major federal roads and the expansion of the Sam Mbakwe International Cargo Airport into a regional cargo terminal. Additionally, the state has invested in the Imo Digital City to foster skills in artificial intelligence, robotics, and drone technology, alongside efforts to revitalize the Imo State University Teaching Hospital. Governor Hope Uzodimma attributes these projects to improved fiscal management and collaboration with the Federal Government.

Rescue operations are underway in Anambra State following the collapse of a three-storey student hostel, Elite Five Star Lodge, near the Federal Polytechnic, Oko. The incident, which occurred late Sunday night, has resulted in multiple injuries, with several occupants reportedly still trapped beneath the rubble. Local police and emergency services are coordinating efforts to recover survivors, while authorities have urged the public to avoid the area.