Crude oil prices have surged near $90 per barrel, driven by escalating tensions between the United States and Iran that are threatening critical energy transit routes. Brent crude rose to $89.39, while WTI climbed to $82.84, reaching levels unseen since mid-June.

The conflict has severely disrupted shipping through the Strait of Hormuz, with tanker traffic falling to a two-month low as vessels avoid the region. Supply concerns were further intensified by drone attacks on the Caspian Pipeline Consortium terminal in the Black Sea, which handles significant global crude exports. While these higher prices offer a potential fiscal windfall for Nigeria—currently trading well above the country’s $64.85 budget benchmark—analysts warn that sustained volatility could fuel global inflation and increase domestic transportation costs.

Nigeria’s deepwater oil sector is experiencing a resurgence as international oil majors, including Shell, ExxonMobil, Eni, and TotalEnergies, resume investment following over a decade of stagnation. The revival is driven by federal fiscal reforms, including a newly introduced production-linked tax credit of $11.50 per barrel for new deepwater projects, aimed at boosting production to reach government targets of three million barrels per day by 2030.

Recent key developments include ExxonMobil’s $1 billion sanction for the Usan Infill Project and Shell’s progress on the Bonga North field. Wood Mackenzie analysts suggest that a slate of upcoming projects—such as Bonga Southwest-Aparo, Owowo, and Zabazaba—could collectively add 700,000 barrels of oil equivalent and 950 million cubic feet of gas daily. While the outlook is positive, analysts warn that execution risks, infrastructure constraints, and the need for sustained regulatory efficiency remain critical factors in ensuring this recovery is durable.

Zeepay Ghana Limited has committed to an orderly wind-down of its mobile money operations following the revocation of its Dedicated Electronic Money Issuer (DEMI) licence by the Bank of Ghana (BoG). The central bank acted on July 14, citing persistent regulatory breaches, specifically the firm’s failure to maintain sufficient liquid assets to back customer balances and non-compliance with directives aimed at protecting stakeholder funds. While the company has pledged to cooperate with the regulator to ensure a transparent transition, it has not yet provided specific instructions for customers to access funds currently held in mobile wallets. This enforcement action highlights increasing regulatory oversight within the African fintech sector to safeguard consumer assets and ensure system stability.

Ghana’s National Communications Authority has opened bidding for new 5G spectrum licenses across the 700 MHz, 2.3 GHz, and 3 GHz bands. This move follows the revocation of an exclusive infrastructure deal previously held by Next Gen Infraco, which was backed by Mukesh Ambani’s Radisys Corp. The government aims to foster market competition, with license tenures set for 15 years. Market leader MTN Group faces a 40 percent premium on its bid due to its dominant position. Applications are due by August 6, with winners expected to be announced on August 28.

The Federal Government, through the Nigerian Bulk Electricity Trading Plc (NBET), is set to issue a N729 billion bond to settle verified legacy debts owed to electricity generation companies (GenCos). This issuance, part of the broader N4 trillion Presidential Power Sector Debt Reduction Programme, follows a successful N501 billion Series 1 bond issued in January, for which the first coupon and principal payments were recently met. By addressing these long-standing liabilities, the initiative aims to restore liquidity to the power sector, improve the financial viability of market participants, and foster an environment conducive to long-term private investment. An investors’ forum is scheduled for July 21, 2026, ahead of the issuance.

The National Insurance Commission (NAICOM) has reiterated that the July 31 recapitalisation deadline for insurance operators is strictly regulatory and non-negotiable. Speaking at the Chartered Insurance Institute of Nigeria (CIIN), Commissioner for Insurance Olusegun Omosehin urged firms yet to meet the new minimum capital requirements to expedite their processes. He emphasised that this reform is essential to enhancing the industry’s claims-paying capacity, balance sheet strength, and overall consumer trust. NAICOM continues to oversee the verification process for firms that have already submitted their recapitalisation plans.

Royal Exchange Plc has secured shareholder approval at its Extraordinary General Meeting in Lagos to raise N2.7 billion through a Public Offer. The initiative is designed to bolster the company’s capital base, improve its competitiveness, and increase its capacity to pursue larger strategic business opportunities. Shareholders also authorized an increase in the company’s share capital and empowered the board to allot new ordinary shares as part of the recapitalization exercise. The firm will now proceed with regulatory requirements before launching the offering to the public.

The Nigerian Senate has initiated an investigation into an alleged N210 trillion discrepancy within the accounts of the Nigerian National Petroleum Company Limited (NNPC Ltd). While the probe focuses on governance and financial oversight, the recurring nature of such investigations continues to weigh heavily on the institution’s reputation.

Despite the transition to a commercial entity under the Petroleum Industry Act, the company remains trapped in a cycle of public controversy. Beyond the financial implications, this instability poses a significant challenge for the workforce, as thousands of career professionals—including engineers, accountants, and technical staff—face potential reputational damage due to persistent institutional issues they do not control. Analysts argue that unless the current probe leads to sustained cultural reform rather than mere structural changes, the NNPC Ltd will struggle to maintain public trust and compete for top-tier talent.

The Centre for the Promotion of Private Enterprise (CPPE) has advised the federal government to balance its $3.05 billion Social Intervention Programme with deep structural reforms. While the CPPE acknowledges the social programs—which aim to bolster healthcare, education, and household resilience—as a necessary cushion, CEO Muda Yusuf cautioned that welfare interventions alone cannot sustain poverty reduction.

Yusuf emphasized that long-term economic success depends on tackling structural barriers such as food inflation, weak agricultural productivity, and infrastructure deficits. He urged the government to prioritize efficient, transparent implementation of the new initiatives while maintaining a focus on policies that stimulate private investment and job creation to ensure macroeconomic stability translates into improved living standards for citizens.

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) is meeting on July 20 and 21, 2026, with widespread analyst consensus that the benchmark Monetary Policy Rate (MPR) will be held steady at 26.5%.

Despite a marginal moderation in June headline inflation to 15.9%, policymakers are expected to prioritize price and exchange rate stability. Factors driving this cautious, "hold and monitor" stance include renewed pressure on the naira, geopolitical tensions in the Middle East, and the potential inflationary impact of the approaching general election cycle. CBN Governor Olayemi Cardoso signaled that while disinflation was previously projected, external shocks have necessitated a "higher-for-longer" interest rate environment. Experts emphasize that further tightening is unnecessary given current liquidity conditions, but conditions for a rate cut have not yet been sufficiently established.

The Tyro Group has invested $100 million in Delta Wires Industrial Limited to establish a significant steel manufacturing facility within the Kwale Free Trade Zone, Delta State. Designed to help reduce Nigeria’s reliance on steel imports, the project is projected to generate $42 million in annual revenue. Construction is currently 85% complete, with the first phase—covering the production of wires, nails, mesh, and barbed wire—scheduled for commercial launch in August. The facility benefits from a strategic location with proximity to natural gas reserves and a 10% equity stake held by the Delta State Government. Beyond steel production, the group plans future phases involving CNG and LPG cylinder manufacturing, as well as a 50MW gas-to-power initiative to support data infrastructure. The project is expected to create 1,500 direct jobs and over 5,000 indirect roles.

The Federal High Court in Lagos has granted the Federal Government final ownership of 52 luxury terrace and maisonette units at Mercyville Estate in Lekki. Justice Alexandra Owoeye ruled in favor of the Economic and Financial Crimes Commission (EFCC), determining that the properties—linked to Fielddreams Limited, Ifeanyi Nweke, and Amex Savings and Loans Limited—were proceeds of unlawful activities. The court struck out the respondents’ affidavit for containing material contradictions, clearing the way for the permanent forfeiture. This recovery follows an initial interim order granted in August 2024 and marks a significant milestone in the EFCC’s ongoing asset recovery efforts.

The Oyo State Government has officially launched its Digital Land Survey Plan Registry (DLSPR), a new platform aimed at modernizing land administration through improved transparency and efficiency. Developed through a Public-Private Partnership with Private Networks Nigeria Limited, the registry streamlines the registration, verification, and analysis of survey plans. To support the system’s rollout, the government has commenced a training program for 40 personnel, who will be tasked with managing the platform to ensure reliable service delivery for investors, licensed surveyors, and the general public.

Sweet potato prices in Nigeria have surged to N70,000 per 100kg bag, doubling from N35,000 in early June. Industry stakeholders attribute this price hike to a combination of escalating insecurity in farming communities, high logistics costs due to fuel price hikes, and increased expenses for farm inputs like fertilizers and seeds. Farmers also noted that reliance on costly dry-season irrigation, necessitated by the current cycle, has further strained production costs. While market experts expect prices to moderate once rain-fed harvests hit the market, the current instability reflects significant structural challenges in the agricultural sector.

Senegal’s President, Bassirou Diomaye Faye, has been elected Chairman of the Economic Community of West African States (ECOWAS). He succeeds Sierra Leone’s President Julius Maada Bio following the 69th Ordinary Session of the ECOWAS Authority in Freetown. In a historic first for the bloc, Senegal also secured the presidency of the ECOWAS Commission, with the appointment of Birame Diop to lead the institution for the 2026–2030 term. President Faye assumes these responsibilities at a challenging time for the regional body, as it faces persistent security threats, political instability, and the need for renewed economic integration.

ECOWAS member states have signed an intergovernmental agreement to support the $25 billion Nigeria-Morocco Gas Pipeline project. The accord, signed in Freetown, represents a critical step for the 6,900-kilometer infrastructure project, which aims to transport 30 billion cubic meters of Nigerian natural gas annually through 13 West African nations to Morocco and Europe. With feasibility and engineering design phases completed, the agreement facilitates regional integration and energy security, moving the project closer to its final investment decision.

President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, aimed at harmonizing the regulation of digital assets and closing gaps that previously allowed fraudulent operators to exploit the sector. The order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN), alongside the Securities and Exchange Commission (SEC) and the Nigeria Revenue Service (NRS) to streamline oversight, prevent money laundering, and protect consumers. Crucially, the order does not create a new regulatory agency but seeks to improve synergy between existing financial and security bodies. Additionally, the CBN will launch a regulatory sandbox for blockchain-based solutions, while the NRS is set to introduce a tax policy for the virtual assets sector. The Council is mandated to develop a harmonized implementation framework within 30 days.

The Enugu State Government has approved the construction of 19,000 new housing units as part of a broader infrastructure expansion plan. The project includes 1,000 units within the New Enugu City development and 18,000 units at the Gateway Estate, both designed to mitigate the state’s housing deficit and lower costs. In addition to the housing schemes, the State Executive Council approved several infrastructure upgrades, including road construction, flood control measures in Nsukka, and the development of tourism sites like the Ovu Lake Golf Resort and a cable car project.

First Ally Capital has made an investment in Nigerian fintech firm Mathesis Analytics to scale its AI-powered credit infrastructure. The platform aims to bridge Nigeria’s credit gap by enabling banks and fintechs to assess borrower creditworthiness through alternative behavioral and transactional data, rather than relying solely on traditional credit records. Mathesis, which has already supported over eight million loans, will use the fresh capital to enhance its decisioning engine and fuel its pan-African expansion plans. The deal highlights growing institutional interest in infrastructure-focused financial technology, as lenders seek more effective ways to mitigate risk while expanding credit access to underserved individuals and small businesses.