A new policy analysis suggests that Nigeria could lose $412 billion in potential GDP by 2043 due to the long-term economic consequences of childhood stunting. The report, covering six decades of demographic data, indicates that 40% of Nigerian children under five currently suffer from chronic malnutrition, which impairs cognitive development and future earning potential. Highlighting the economic irrationality of prioritizing large infrastructure over human capital, the study calls for immediate, prioritized investment in maternal and early childhood nutrition. The author argues that this crisis of policy failure, most acute in the North West and North East, is a primary driver of poverty and political vulnerability, rather than a reflection of regional or demographic capability.

The Court of Appeal has ruled in favour of the African Export-Import Bank (AFREXIM) and Sterling Bank in a $25 million loan dispute with Patnasonic Industries. The court upheld the validity of the foreign jurisdiction clause, confirming that the facility is a US Dollar-denominated obligation. Additionally, the court ruled that the initial suit filed by Patnasonic and its chairman, Patrick Chidolue, was statute-barred. This judgment reinforces the enforceability of international loan agreements and governing law clauses in Nigeria.

Rising insecurity on Northern Nigerian highways and increasing passenger traffic are driving a new wave of investment in the region’s aviation sector. Despite systemic challenges like high operating costs, expensive aviation fuel, and foreign exchange volatility, new entrants like AA Rano Airline and Binani Air are expanding operations. Industry experts note that while security concerns have made air travel an economic necessity for many, the long-term viability of these airlines depends on their ability to manage tight margins and sustain operations in a capital-intensive, cost-sensitive market. State government plans to enter the sector have also raised questions regarding commercial sustainability.

Guaranty Trust Bank (GTBank), a subsidiary of GTCO Plc, has increased its quarterly international spending limit on naira debit cards to $40,000, becoming the first Nigerian bank to reach this threshold. The move represents a doubling of the previous $20,000 cap and is intended to facilitate international transactions, including tuition, travel, and medical expenses. The bank noted that exchange rates for these transactions are subject to prevailing market conditions.

Nigeria’s new tax regime, specifically Section 14 of the Nigeria Tax Act 2025, has introduced tighter scrutiny on employee perks, potentially increasing taxable income for workers. Under the new rules, employer-provided assets like company cars and housing are now subject to taxation based on their market value or rental cost. For employer-owned cars used for personal purposes, the taxable benefit is assessed at 5 percent of the acquisition cost. In contrast, for leased vehicles, the full annual lease amount is treated as a taxable benefit. While official vehicles used exclusively for work and certain provisions like canteen meals are exempt, employers must now maintain rigorous records and adjust their compensation structures to account for these tax implications when calculating PAYE obligations.

Nigerian-born mobility firm, Moove, has achieved unicorn status following a $250 million Series C funding round, pushing its valuation to $2.1 billion. The round was led by Mubadala Investment Company, with participation from Woven Capital and Ion Pacific. Founded in 2020 by Ladi Delano and Jide Odunsi, the company now operates approximately 42,000 vehicles across 13 countries and reported $420 million in annual recurring revenue. The new capital will support its expansion into autonomous vehicle infrastructure and the development of robotics-focused service depots.

Zacch Adedeji, chairman of the Nigeria Revenue Service (NRS), has stated that maintaining the petrol subsidy would have cost the federal government N53 trillion. He argued that this unsustainable fiscal burden would have caused the naira to plummet to N3,500 per dollar due to intense pressure on foreign exchange and government borrowing. Adedeji defended the removal of the subsidy as a critical economic necessity, claiming it has reduced fiscal strain and improved the outlook for domestic refining and investment. The N53 trillion figure represents an estimated potential cost rather than actual expenditure.

Nigeria added 900 new dollar millionaires over the past year, bringing the total number of high-net-worth individuals in the country to 8,100 as of June 2026. This 12.5 percent increase marks the first annual rise in the nation’s millionaire population since 2021. According to the 2026 Africa Wealth Report, the rebound is primarily driven by the appreciation of the naira against the US dollar and robust new business growth. Additionally, the Nigerian Exchange Group has reported that ongoing economic reforms have significantly boosted capital market participation, further contributing to domestic wealth creation. While the millionaire population remains well below its 2013 peak, the current trend reflects a stabilization of the economy following two years of sharp currency devaluation. Nigeria continues to hold its position as Africa’s fourth-largest wealth market.

Julius Berger Nigeria Plc reported a 14.7 percent decline in profit after tax to N6.06 billion for the first half of 2026, despite a 23.6 percent increase in revenue to N424.56 billion. The firm’s pre-tax profit rose by 78.6 percent to N23.52 billion, but this growth was significantly eroded by a 188.1 percent surge in income tax expenses. While the company saw improved performance in the second quarter, negative operating cash flows remain a challenge as working capital requirements and capital expenditure continue to pressure liquidity.

The Central Bank of Nigeria has launched the second cohort of its Regulatory Sandbox Programme, now open to virtual asset service providers, stablecoin businesses, and other fintech firms. Running from August 12 to August 31, 2026, the programme offers two testing tracks: one for virtual assets and another for data-driven financial services. The initiative aims to foster innovation in a controlled environment, ensuring that emerging financial technologies—particularly in payments and credit—undergo oversight to mitigate risks to consumers and the broader financial system.

AG Mortgage Bank Plc has successfully raised N3.97 billion through the Series 2 and 3 issuance of its N5 billion Commercial Paper programme. The issuance, which ran from June 10 to June 18, achieved a 100 percent subscription rate. The notes, issued at gross implied yields between 22.5 percent and 24 percent with tenors of 270 and 364 days, will support the bank’s short-term working capital and expand its mortgage financing operations. FSDH Capital Limited served as the lead arranger for the transaction.

Nigeria’s crude oil production experienced a setback in July, falling by 37,000 barrels per day (bpd) to 1.546 million bpd, according to the OPEC Monthly Oil Market Report. This represents a 2.3 percent month-on-month decrease, interrupting the recovery trend observed in the second quarter of 2026. Despite this decline, output remains above the 2025 average and the country’s near-term outlook remains positive. However, production currently sits below the Federal Government’s target of 1.8 million bpd, which is essential for boosting export earnings and revenue.

The Federal Government has inaugurated the Advertising Offences Tribunal, a specialised judicial body established under the Advertising Regulatory Council of Nigeria (ARCON) Act 2022. Led by Justice Cecilia M. A. Olatoregun, the tribunal is tasked with enforcing industry regulations, ensuring ethical standards, and facilitating the speedy resolution of disputes within the advertising and marketing communications sector. The government describes the tribunal, the first of its kind globally, as a move to enhance accountability and institutionalise regulatory enforcement following ARCON’s recent mandate for stricter vetting of digital and social media advertisements.

NICON Insurance Limited and Nigeria Reinsurance Corporation are facing significant regulatory hurdles in their ongoing legal battle against the National Insurance Commission (NAICOM). Both companies, linked to Jimoh Ibrahim, were excluded from the list of 43 firms that met the recent insurance sector recapitalization requirements. NAICOM officials maintain that the firms failed to meet essential statutory obligations, leading to the revocation of their operating licenses. While the companies argue they fulfilled capital requirements through alternative deposits, the regulator insists they failed to comply with the mandatory escrow transfer directives. NAICOM has since appointed Muiz Banire as receiver and provisional liquidator to oversee the winding up of Nigeria Re.

Former insurance commissioner Mohammed Kari has formally cautioned the Federal Government against interfering in the National Insurance Commission’s (NAICOM) enforcement of industry recapitalization requirements. In an open letter to the Minister of Finance, Kari argued that political intervention to shield NICON Insurance and Nigeria Reinsurance Corporation from regulatory demands undermines the integrity of the market. He warned that granting these firms exemptions would create an uneven playing field, damage investor confidence, and weaken the credibility of the broader insurance reforms intended to build a more resilient financial sector.

Foreign investors are increasingly wary of Nigeria’s capital gains tax, citing opacity in its administration as a major barrier to market entry. According to a market note from Cordros Securities, while international fund managers acknowledge the progress of recent economic reforms, concerns over tax policy and excessive banking regulation continue to stifle capital inflows. Despite these hurdles, investors view the market as fairly valued and remain interested in major sectors, though many remain net sellers while awaiting greater policy predictability.

The Central Bank of Nigeria (CBN) injected a net N5.21 trillion into the banking system over the past week through OMO and primary market repayments. This liquidity surge, which included a N2.48 trillion repayment on August 11, precedes a N700 billion Treasury Bills auction scheduled for today. Analysts expect strong demand and potential oversubscription for the auction, as the market balances this significant cash inflow against the CBN’s ongoing liquidity management efforts.

The Africa Finance Corporation (AFC) has successfully raised CHF 350 million (approximately $430 million) through a five-year digital bond. This transaction marks a significant milestone as the first digital bond issued by an African institution that is listed, traded, and settled on a regulated digital exchange. It also stands as the largest digital bond ever issued in the Swiss franc market. The bond, which carries a 1.4925 percent coupon, forms part of AFC’s $5 billion Global Medium-Term Note Programme. The issuance utilized distributed ledger technology, with settlement processed through the SIX Digital Exchange. The proceeds will bolster AFC’s capacity to finance infrastructure and industrial projects across the continent. Despite geopolitical tensions, the offering saw strong demand, primarily from Swiss investors.

Foreign exchange turnover on the Nigerian Foreign Exchange Market (NFEM) plunged to $185 million on August 11, 2026, marking an 11-week low. This represents a significant contraction from the $646.51 million recorded the previous day. The number of deals also fell sharply to 186, down from 348, as interbank activity slowed. Despite this reduced liquidity, the naira traded within a narrow range, closing slightly weaker at N1,365 per dollar. The Central Bank of Nigeria continues to maintain a tight monetary policy stance, having withdrawn over N11.8 trillion in liquidity through OMO and Treasury Bill auctions in recent weeks. Meanwhile, Nigeria’s external reserves reached $52.14 billion as of August 10.