Finance Minister Taiwo Oyedele has credited the federal government’s economic reform agenda for averting a potential currency collapse and national bankruptcy. In a performance review, the ministry highlighted that foreign exchange reserves have climbed to $52.32 billion as of August 17, 2026, while the gap between official and parallel market rates has narrowed to under 5 percent.

Key fiscal improvements include a reduction in debt service-to-revenue ratios from nearly 100 percent in 2022 to approximately 50 percent in 2026. Furthermore, GDP growth reached 3.89 percent in the first quarter of 2026, and headline inflation moderated to 15.91 percent by June. The government underscored that these interventions have stabilized fiscal conditions for states, ending a period where many were unable to meet salary obligations.

Cybersecurity firm Kaspersky has reported a surge in cyberattacks using malicious software disguised as legitimate workplace and productivity tools. Between January and April 2026, the company detected 4.7 million attacks leveraging familiar business applications. Additionally, malware targeting small and medium-sized enterprises via fake artificial intelligence services has increased nearly fivefold compared to the previous year. Kaspersky emphasizes that businesses must enhance endpoint protection and employee awareness training to mitigate these evolving social engineering threats.

Prestige Assurance Plc reported a 28.3% increase in insurance revenue to N25.12 billion for the 2025 financial year, even as profit before tax fell to N360 million from N3.09 billion the previous year. The decline was largely attributed to the reversal of currency depreciation gains recorded in 2024. Despite this, the company successfully paid out N15.53 billion in claims, marking a 40.7% increase, while improving its claims ratio to 75%. Management noted a significant rise in operating expenses due to inflation and expansion but remains focused on long-term growth through its new strategic restructuring plan.

The Nigerian Content Development and Monitoring Board (NCDMB) has sponsored a specialized training-of-trainers program on Artificial Intelligence and digital skills for the Nigeria Police Force. Delivered in Lagos and Abuja by the Dexterous Applied Training Institute, the initiative aims to enhance the Force’s capacity to counter modern, technology-enabled crime. The program covers areas such as AI-assisted investigations, cybersecurity, and digital evidence management, with the goal of cascading these skills to police recruits and officers nationwide to strengthen national security.

Iron Capital Asset Management has appointed Tonya Osato Lawani as a non-executive board member to strengthen the firm’s governance and support long-term growth. Lawani, who currently leads Seal Group and serves on the board of NASCON Allied Industries Plc, joins three other new appointees to enhance the firm’s board expertise. The appointments are intended to reinforce the asset manager’s focus on regulatory discipline and institutional accountability.

Oil prices reached a three-week high on Thursday, with Brent crude rising over 2% to 93 dollars and 81 cents per barrel. The rally is driven by persistent geopolitical tensions in the Middle East and concerns over supply disruptions, particularly following the United Arab Emirates’ suspension of transactions with Iran. Analysts suggest the market remains sensitive to the ongoing conflict near the Strait of Hormuz, maintaining a gradual upward trend as global oil flows remain constrained.

First City Monument Bank (FCMB) is expanding its agritech strategy by deploying AI-powered advisory services available in Hausa, Yoruba, and Igbo. The initiative aims to bridge the financing gap for smallholder farmers, who contribute significantly to Nigeria’s GDP but face high levels of financial exclusion. Leveraging data-driven solutions such as weather and soil intelligence, the bank plans to shift from traditional lending to a more inclusive model, while facilitating the expansion of Nigerian agritech startups into broader African markets.

FirstBank has launched a nationwide roadshow running from August 18 to September 3, 2026, to engage pensioners on the approved Pension Settlement Framework. The initiative aims to provide a final resolution for legacy pensioners under the defined benefit scheme. The roadshow will visit Lagos, Ibadan, Benin, Enugu, Abuja, and Kaduna, offering direct access to information regarding the settlement framework developed in collaboration with the Nigeria Union of Pensioners and the National Pension Commission.

Global direct-selling firm QNET is restructuring its African operations as part of a major corporate transformation aimed at modernization, AI integration, and strengthened regulatory compliance. The company has appointed Cherif Sarr as Regional General Manager for Central and West Africa, and Jared Thwaits for East and Southern Africa, to bring decision-making closer to local markets. These leadership changes are supported by new global executive appointments, including a Group Chief Information Officer, to oversee technological upgrades. QNET’s new strategy emphasizes ethical business practices, distributor education, and consumer protection to foster sustainable growth across the continent.

Microsoft has cautioned that Africa risks becoming a mere consumer of artificial intelligence rather than a developer, potentially missing out on significant economic growth. According to the company’s latest Global AI Diffusion Report, the gap in generative AI usage between the global North and South continues to widen. While African adoption is rising, Microsoft emphasizes the urgent need for local investment in infrastructure, datasets, and indigenous models to ensure the continent captures the estimated 1 trillion dollar GDP potential by 2035. The report stresses that partnerships must focus on building enduring African technological capability rather than dependency on foreign solutions.

Amazon has urged South Africa’s communications regulator, Icasa, to revise its proposed radio spectrum pricing model for satellite operators. During public hearings, the company warned that current fee structures, specifically the frequency factor, could make its planned 2027 commercial broadband rollout in the region economically unfeasible. Amazon argues that higher-frequency bands used by low-Earth-orbit satellites should attract lower fees as they are less congested and shared. Similar concerns have been raised by rival operator SpaceX, as both companies navigate regulatory hurdles to bring satellite connectivity to the African market.

Starting October 1, 2026, NIPOST will launch a National Digital Alphanumeric Postcode System to replace Nigeria’s legacy six-digit numeric codes. The new 11-character system provides unique, machine-readable identifiers for individual buildings across the country. By integrating GIS technology and data from the National Population Commission, the system aims to improve logistics, banking KYC processes, and emergency response services, which NIPOST estimates could save the economy up to N80 billion annually in delivery inefficiencies. Initial coverage will focus on major population centers, with a nationwide rollout targeted for completion by December 2026. Data access will be governed by a tiered framework managed in collaboration with the National Data Protection Commission.

United Bank for Africa (UBA) Plc has appointed Ibrahim Ajimasu Puri as a Non-Executive Director. The appointment is currently awaiting approval from the Central Bank of Nigeria. Puri brings over 35 years of experience across banking, fintech, and consumer goods sectors. This leadership change occurs as the bank prepares for the transition of its Group Chairman, with Emmanuel N. Nnorom set to succeed Tony O. Elumelu on August 21, 2026.

Bolt has expanded its on-demand parcel delivery service, Bolt Send, to Owerri, Imo State. The service allows residents and small businesses to transport packages up to 25kg and N50,000 in value directly through the Bolt mobile app. This launch is part of the company’s strategy to increase its market share in the Nigerian last-mile delivery sector.

An analysis by CFG Advisory reveals that the Nigerian federal government has consistently breached the Fiscal Responsibility Act 2007 by failing to meet statutory 30-day deadlines for publishing quarterly budget performance reports. Data from Q1 2018 to Q3 2025 indicates reporting delays ranging from 67 to 432 days, significantly hindering the ability of investors and policymakers to assess the country’s fiscal position. CFG Advisory warned that these delays undermine economic transparency and has threatened legal action against the responsible ministries if compliance is not restored. The firm also urged the strengthening of the Fiscal Responsibility Commission to better enforce statutory reporting mandates.

Heavy traffic has returned to the Dangote Petroleum Refinery in Lagos as fuel marketers flock to the facility to take advantage of significantly lower diesel and petrol prices. As of August 19, the refinery’s diesel price at N1,580 per litre sits up to N85 lower than other major depots, while its petrol price of N1,175 per litre also remains more competitive. This pricing strategy has prompted a surge in demand from marketers seeking to improve margins, leading to renewed congestion at the refinery’s loading bays. Analysts expect rivals may be forced to adjust their pricing to remain competitive as the refinery continues to capture market share through its cost advantage.

Cement prices in Nigeria have surged 23 percent this week, with costs hitting N16,000 per 50kg bag. This rapid inflation is stalling residential construction projects and exacerbating the national housing crisis. In response, the Federal Competition and Consumer Protection Commission (FCCPC) has launched an investigation, citing potential price manipulation among major manufacturers, who collectively control over 90 percent of the market’s production capacity. Meanwhile, analysts warn that the current housing market may be a bubble poised for correction due to unsustainable rent-to-income ratios and rising mortgage defaults.

Nigeria’s petrol subsidy and foreign exchange reforms yielded N15.8 trillion in additional revenue between June 2023 and December 2025. However, these gains were outpaced by N30.64 trillion in incremental federal spending. Finance Minister Taiwo Oyedele reported that rising wage bills, debt servicing costs, and infrastructure investments absorbed the reform dividends. Specifically, wage adjustments and debt repayments each accounted for over N9 trillion, highlighting the ongoing fiscal pressure despite the removal of costly subsidies.

Universal Insurance Plc shares face potential total loss after the National Insurance Commission (NAICOM) revoked the company’s operating licence due to a capital shortfall. The regulator has appointed a liquidator to wind up the firm, rendering the N13.6 billion market capitalization highly uncertain. Shareholders, who recently participated in a rights issue, now hold a residual claim on assets only after liabilities are settled, following a pattern seen in previous insurance company liquidations. A proposed N7.1 billion private placement by FPNG Co-Nvest Limited failed to save the license in time.