The maximum lending rate charged by Nigerian banks declined to 33.16 per cent, according to the latest financial sector data, signalling a slight easing in borrowing costs for businesses and individuals. The development reflects ongoing adjustments in the country’s credit market as financial institutions respond to changing economic conditions and monetary policies.

The latest figures indicate that while lending rates remain relatively high, the marginal decline could provide some relief for businesses seeking access to credit for expansion, investment, and working capital. However, industry analysts note that borrowing costs continue to be influenced by inflation, liquidity conditions, and the Central Bank of Nigeria’s monetary policy stance.

Financial experts explained that lending rates are determined by several factors, including the cost of funds, credit risk, operating expenses, and prevailing benchmark interest rates. They added that improvements in macroeconomic stability and lower inflation could contribute to further reductions in lending costs over time.

Businesses, particularly small and medium-sized enterprises (SMEs), have consistently advocated for lower lending rates to improve access to affordable financing and stimulate economic growth. Reduced borrowing costs are expected to support investment, increase production, and create employment opportunities across key sectors of the economy.

Despite the slight decline in the maximum lending rate, analysts caution that access to affordable credit remains a challenge for many businesses due to stringent lending requirements and broader economic uncertainties. They urged continued financial sector reforms aimed at improving credit availability while maintaining financial system stability.

Market observers believe that sustained improvements in economic indicators and prudent monetary management could encourage a more favourable lending environment, supporting private sector growth and enhancing Nigeria’s overall economic performance.

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Senator Osita Izunaso has called for the continuous review of Nigeria’s capital market laws to ensure they remain responsive to emerging economic realities, technological innovation, and global investment trends. He said modernising the country’s regulatory framework is essential for attracting investment, strengthening market confidence, and supporting long-term economic growth.

Speaking on the importance of legislative reforms, Izunaso noted that the capital market is a critical driver of national development, providing businesses with access to long-term financing while creating wealth-building opportunities for investors. He stressed that outdated laws could limit market efficiency and reduce Nigeria’s competitiveness in the global financial system.

The senator explained that regular updates to capital market legislation would improve investor protection, enhance transparency, encourage innovation, and create a more resilient financial ecosystem. He also emphasised the need for regulations that can accommodate emerging financial technologies and evolving investment products.

According to him, a dynamic legal framework would help strengthen corporate governance, improve market integrity, and increase domestic and foreign investor confidence. He added that effective regulation is vital for sustaining economic expansion and supporting private sector development.

Financial experts have also advocated periodic reforms to Nigeria’s capital market laws, noting that evolving market conditions require regulatory systems that promote efficiency, accountability, and sustainable investment. They believe stronger legal and institutional frameworks will encourage greater participation in the capital market and deepen financial inclusion.

Stakeholders maintain that collaboration between lawmakers, regulators, financial institutions, and market operators will be essential to developing policies that support innovation while maintaining market stability and investor confidence.

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FMCG companies advocate data, AI-driven supply chains as industry leaders push for greater adoption of technology to improve efficiency, strengthen distribution networks, and enhance competitiveness across West Africa.

The call was made during the Route-to-Market West Africa Summit held in Lagos, where executives and supply chain experts gathered to discuss strategies for improving supply chain performance and expanding market reach in the fast-moving consumer goods sector. Industry stakeholders stressed that businesses must increasingly rely on data analytics, digital tools, and artificial intelligence to respond to changing consumer demands and operational challenges.

Participants noted that the FMCG industry is facing growing complexities, including fragmented markets, shifting customer preferences, and supply chain disruptions. They argued that leveraging data-driven insights can help companies make better decisions, improve forecasting, optimize inventory management, and strengthen customer service delivery.

Speaking at the summit, stakeholders emphasized that organizations must move beyond simply collecting data and focus on extracting actionable insights that can improve operational efficiency. They highlighted artificial intelligence as a valuable tool for enhancing decision-making, identifying market trends, and creating more resilient supply chains.

Industry leaders also pointed to data integration and advanced analytics as some of the most significant innovations transforming supply chain management. According to them, businesses are increasingly recognizing the value of data in driving growth, improving responsiveness, and maintaining a competitive edge in rapidly evolving markets.

The summit further highlighted the importance of building trust and collaboration across the supply chain ecosystem. Experts argued that technology, artificial intelligence, and real-time data sharing can create stronger partnerships between manufacturers, distributors, and retailers while improving overall operational performance.

Global trends show growing investment in AI-powered supply chain systems, with companies increasingly deploying predictive analytics, automation, and digital technologies to improve resilience and efficiency. Industry observers believe similar approaches could help African FMCG firms strengthen their market position and support long-term growth.

As competition intensifies across consumer goods markets, stakeholders maintain that businesses that embrace technology-driven supply chain strategies will be better positioned to meet customer expectations, reduce costs, and achieve sustainable growth.

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Nigeria’s industrial policy drive has attracted $380 million in investment commitments within the first 90 days of implementation, according to the Federal Government.

The development was disclosed as authorities highlighted early progress in efforts aimed at boosting industrial growth, strengthening local production, and attracting private sector participation across key sectors of the economy.

Government officials stated that the investment commitments reflect growing confidence in Nigeria’s industrial development agenda and ongoing reforms designed to improve the business environment. The initiative seeks to support manufacturing, increase productivity, create jobs, and enhance the country’s competitiveness.

The investments are expected to support projects across multiple industries, contributing to economic diversification and reducing dependence on oil revenue. Officials noted that industrial development remains a critical component of Nigeria’s long-term economic growth strategy.

The government also emphasized the importance of collaboration between public institutions and private investors in achieving sustainable industrial expansion. According to policymakers, creating an enabling environment for investment remains a priority under the current industrial policy framework.

Stakeholders believe the commitments could help stimulate production activities, encourage technology transfer, and strengthen value chains across strategic sectors of the economy.

Economic analysts have welcomed the development, noting that sustained investment inflows into industry could improve employment opportunities and support broader economic resilience.

As implementation continues, attention will focus on converting the investment commitments into operational projects capable of delivering measurable economic benefits and supporting Nigeria’s industrial transformation goals.

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Nigeria’s current account surplus climbed to $4.98 billion in the first quarter of 2026, reflecting improved export earnings and a stronger external sector performance.

Data released by the Central Bank of Nigeria showed that the surplus was largely supported by increased receipts from crude oil, natural gas, and refined petroleum exports. The development highlights the continued importance of the energy sector in strengthening the country’s foreign exchange earnings and overall trade position.

Crude oil exports generated $8.11 billion during the quarter, representing a significant increase compared to the previous quarter. Gas exports also recorded growth, reaching $2.53 billion, while earnings from refined petroleum product exports rose to $2.37 billion. The figures indicate sustained demand for Nigerian energy products in international markets.

Non-oil exports also contributed positively to the country’s external account, increasing by 4.62 percent to $2.49 billion. The improvement reflects gradual diversification efforts aimed at reducing dependence on crude oil revenue and expanding foreign exchange earnings from other sectors.

On the import side, Nigeria recorded a substantial decline in refined petroleum product imports, which fell by 87.5 percent to $310 million from $2.48 billion in the previous quarter. Analysts attribute the sharp reduction to increased domestic refining capacity and changing supply dynamics within the petroleum sector.

Non-oil imports also declined by 10.49 percent to $7.85 billion, helping to strengthen the country’s trade balance. However, crude oil imports increased to $1.39 billion during the period compared to $340 million in the preceding quarter.

Economic analysts note that the strong current account position provides support for external reserves, exchange rate stability, and investor confidence. The performance also reflects the impact of stronger export receipts and improved trade flows during the quarter.

The latest figures add to a series of positive indicators within Nigeria’s external sector, with recent reports showing improvements in trade balances and export earnings driven primarily by oil and petroleum-related products.

While the energy sector remains the primary driver of export growth, experts continue to emphasize the need for broader diversification of the economy to ensure sustainable growth and reduce exposure to fluctuations in global oil prices.

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The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Ume Takang, has said Nigeria’s democratic journey has played a significant role in driving infrastructure development, strengthening public institutions and supporting economic growth.

Speaking during activities marking Democracy Day 2026, Takang noted that democratic governance has provided the enabling environment for reforms aimed at improving institutional capacity and unlocking value from government-owned assets.

According to him, democracy remains a critical foundation for sustainable development and economic transformation.

“Democracy provides the foundation for institutional growth and economic progress. The ongoing reforms within the public sector, particularly the effort to unlock value from government-owned assets, demonstrate long-term vision and a commitment to national development,” he said.

Takang explained that one of the major achievements of the current reform agenda is the transformation of the Ministry of Finance Incorporated into a strategic asset management institution focused on preserving, growing and optimising the value of the Federal Government’s commercial assets.

He noted that MOFI has evolved from a passive holder of government investments into an active portfolio management institution tasked with enhancing the performance and value of public assets.

The MOFI boss said the reforms are designed to ensure that government-owned enterprises and investments contribute more effectively to national revenue generation, economic growth and infrastructure development.

He added that strengthening asset management practices would help improve transparency, accountability and efficiency in the management of public resources while creating long-term value for Nigerians.

According to him, the repositioning of MOFI aligns with broader government efforts to implement economic reforms, attract investments and maximise returns from public sector assets.

Takang reaffirmed the agency’s commitment to supporting national development through strategic asset management and sustainable value creation across the Federal Government’s investment portfolio.

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Currenty, financial experts are demanding major policy shifts to drive national growth. Mr. Niyi Ajayi recently highlighted the urgent need for comprehensive Nigeria capital market reform. He is the Chairman of Financial Trust Company (FTC). Recently, Ajayi sat down for an exclusive interview regarding national economic development.

The market has matured significantly over recent years. Therefore, experts believe the current infrastructure can support massive expansion. You can learn more about local trading on the Nigerian Exchange Group website.

How Nigeria capital market reform empowers youth

According to Ajayi, regulators must prioritize removing frustrating investment barriers immediately. He strongly believes entering the market should feel effortless for everyday citizens.

To achieve this, he proposed several dynamic solutions:

• Digital onboarding: Brokers must adopt seamless e-KYC verification processes rapidly.

• Low entry points: Investors should start trading with merely N1,000 using mobile applications.

• Modern assets: Younger demographics urgently need access to fractional shares and exciting thematic ETFs.

• Early education: Schools should integrate practical financial literacy directly into their daily curricula.

Consequently, these progressive strategies will attract millions of young retail investors.

Targeting industrial and infrastructure growth

Meanwhile, astute investors are closely monitoring long-term industrial opportunities. Despite current economic pressures, manufacturing firms present compelling investment cases. Furthermore, infrastructure sectors like cement and construction stand out brilliantly.

Ajayi also discussed FTC’s ambitious pan-African expansion strategy. The company utilizes advanced cloud-based systems to ensure incredible scalability. Additionally, FTC deliberately embraces robust fintech collaborations to strengthen its regional market presence.

What happens next for regulatory authorities?

Ultimately, unlocking true potential requires massive systemic upgrades across the board. The government must implement aggressive tax incentives for long-term equity investors. Furthermore, pension funds should strategically increase their permissible equity exposure.

Stronger corporate governance enforcement remains absolutely critical for maintaining institutional trust. Finally, regulators must ensure an efficient forex market to boost foreign investor confidence.

Undoubtedly, successfully executing a Nigeria capital market reform strategy requires total collaboration among industry stakeholders.

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My fellow compatriots,

Three years ago, you entrusted me with the sacred responsibility of leading our beloved nation at a defining moment in our history. I accepted that responsibility, fully aware of the magnitude of the challenges before us, but also deeply confident in the resilience and potential of the Nigerian people.

Today, on the occasion of the third anniversary of our administration, I speak to you not only as your President but also as a fellow citizen who understands the sacrifices many families have made in recent years and shares your hopes for a better Nigeria.

When this administration assumed office, our nation faced profound economic and structural difficulties. Mounting fiscal pressures, unsustainable fuel subsidies, declining revenues, exchange-rate distortions, rising debt-servicing costs, insecurity in several parts of the country, energy supply constraints, and declining public confidence in institutions all threatened our progress.

At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies—over ₦4 trillion in 2022 alone—resources that could have been invested in roads, healthcare, education, housing, and critical infrastructure. Multiple exchange rate windows and forex arbitrage created massive distortions, with Nigeria losing more than ₦8 trillion over three years to rent-seeking and speculative practices.

The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis. The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult.

Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation. We chose long-term national recovery over short-term comfort.

These decisions came with sacrifice. The rising cost of living triggered by our measures placed enormous pressure on families, workers, and businesses. Young people searching for jobs felt discouraged. Many questioned whether these difficult decisions would lead to a better future.

I remain deeply conscious of those sacrifices, and I assure you: your sacrifice has not been in vain.  And today, I can say with confidence that Nigeria has stabilised and is moving forward again. Across the country, visible progress is taking shape.

VISIBLE PROGRESS AND ECONOMIC GROWTH

Our economy is now more competitive and better positioned for sustainable growth than it was in 2023. Public finances are improving. States and local governments have greater resources to invest in their people. Investor confidence is growing. The stock market is booming, with the All Share Index rising from 53,000 and market capitalisation of N30 Trillion in 2023 to a record All Share Index of 250,000 and market capitalisation of N160 Trillion this year.  Companies are declaring record profits and dividends.

Critical infrastructure projects are advancing at an unprecedented scale. Over 2,700 kilometres of highways and major roads are under construction, reconstruction, or rehabilitation, including the Lagos-Calabar Coastal Highway, the Sokoto-Badagry Super Highway, the Abuja-Kaduna-Zaria-Kano Road, the East-West Road, and many rural access roads. Significant sections are already completed or nearing completion, improving transportation, reducing travel time, boosting regional trade, and creating thousands of jobs.

Rail modernisation projects are ongoing to improve connectivity, logistics, and economic integration across the federation.

In the oil and gas sector, the reforms we instituted have attracted billions of dollars in fresh investment from the international oil companies that had shunned our country. The $5 billion NLNG Train 7 project is nearing completion to boost LNG production capacity, exports, and dividends.

Domestic gas utilisation is expanding.  Local refining capacity has improved our energy security. With large-scale domestic and modular refineries operational, Nigeria is reducing its dependence on imported petroleum products and conserving foreign exchange.

For years, the power sector suffered from debt, underinvestment, and uncertainty, which weakened generation capacity and limited growth. Today, we are confronting those challenges directly.

Our administration is clearing legacy obligations, expanding transmission infrastructure, investing in renewable energy, and strengthening the national grid because no modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper.

We are determined to power Nigeria into a new era of industrial growth and economic opportunity.

EMPOWERING NIGERIANS: AGRICULTURE, EDUCATION, AND HOUSING

Agricultural interventions have supported millions of farmers by improving seedlings, fertilisers, mechanisation, and irrigation and by expanding access to finance and markets. We are opening new agricultural corridors to create jobs, strengthen supply chains, and reduce pressure on household incomes.

The Nigerian Education Loan Fund has provided over 1.5 million students with access to higher education, disbursing more than ₦282 billion to ensure that no willing student is denied access due to financial hardship.

Our Renewed Hope Housing Programme, along with that of the Federal Housing Authority (FHA), is delivering over 10,000 housing units across 14 states and the FCT, creating over 300,000 jobs and expanding access to affordable housing. Major Renewed Hope Cities in Abuja, Lagos, and Kano are progressing steadily. Our consumer credit initiative, CREDICORP, is opening up new economic opportunities for workers and families.

In healthcare, thousands of primary healthcare centres are being revitalised, while health insurance coverage is expanding for vulnerable Nigerians.

DEEPENING TELECOMS ACCESS AND INVESTMENT

We also took decisive action to stabilise the telecommunications sector, which remains one of the most important drivers of modern economic growth.
After years of severe operational pressures and declining investment, confidence is gradually returning to the sector. Telecom operators are expanding networks, investing in infrastructure, recruiting Nigerian talent, and widening digital access across the country.
A connected Nigeria is a more competitive Nigeria. Digital infrastructure is now essential to commerce, education, innovation, and national productivity.

YOUTH, TECHNOLOGY AND DIGITAL TRANSFORMATION

To our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria’s future. Across technology, manufacturing, creative industries, agriculture, sports, and entrepreneurship, we are expanding opportunities for you to compete and succeed. We are investing in digital skills, technical education, innovation, student financing, and enterprise support because the future must be driven by Nigerian talent, creativity, and productivity.

SECURITY AND NATIONAL UNITY

Security remains central to our national mission and to the creation of a virile and prosperous society. Our Armed Forces and security agencies have intensified operations against terrorists, bandits, kidnappers, oil thieves, and criminal networks. While challenges remain, many communities and highways are becoming safer and more economically active. We continue investing in intelligence, surveillance, logistics, technology, and inter-agency coordination. We are improving the capabilities of our armed forces and security agencies, and reclaiming the authority of the Nigerian state wherever criminality threatens peace and order. While we continue to confront the challenges head-on, progress is being made. I want to assure you that this government will not relent until every Nigerian can live, work, travel, and dream in safety.

My fellow Nigerians,
A nation develops when its people can see and touch progress. From highways under construction to rail modernisation and expanded energy investments, our goal remains clear: to build a Nigeria that works for Nigerians.

We have not solved every problem, and we are not yet where we want to be. But the foundation for recovery has been laid. The task before us now is clear: we must ensure that the benefits of reform are felt more directly in the daily lives of ordinary Nigerians.

We shall achieve this task by continuing to ensure that food prices, which have largely come down from their peak in 2023/2024, remain low.
We are also working to reduce transportation costs as operators of commercial trucks, buses, and taxis convert their petrol engines to CNG and switch to electric vehicles. We have also set our sights on creating more opportunities for decent work and enabling enterprise expansion.

A CALL TO NATIONAL PURPOSE

The journey of national renewal is not completed in a single year or a single administration’s tenure. Nations rise when their people remain united in purpose, disciplined in effort, and hopeful about the future.
We must choose hope over despair, unity over division, and nation-building over narrow interests.

But true security and prosperity require that every Nigerian feel included and valued. Nigeria belongs to all of us—no region, faith, or group should feel marginalised or forgotten. Our diversity is a source of strength. Whether Christian or Muslim, North or South, urban or rural, we rise or fall together as one nation under God.

To our youth, workers, entrepreneurs, farmers, professionals, security personnel, students, and diaspora: your sacrifices sustain our nation, and they will not be in vain. To the international community and investors: Nigeria remains committed to democratic stability, economic reform, responsible governance, and mutually beneficial partnerships.

My fellow Nigerians,
History teaches us that great nations are not built in comfort. They are built through sacrifice, resilience, courage, and collective purpose.
Ours is a nation of extraordinary people. We survived civil war and rebuilt.
We overcame dictatorship and restored democracy. We endured hardship and remain bearers of hope. The Nigerian spirit remains strong and unbroken.

Today, the world is watching our country again, not as a nation defined by its difficulties, but as a nation determined to rise. Across agriculture, infrastructure, power, technology, manufacturing, and industry, the signs of recovery are becoming clearer. Confidence is returning. Productivity is improving. Opportunity is expanding.

LOOKING FORWARD

The work ahead is enormous, but I remain optimistic because I believe deeply in this country and in you, the Nigerian people.

I ask you to keep faith with Nigeria. Let us reject cynicism and division. Let us move forward together, united in purpose, disciplined in effort, compassionate toward one another, and confident in the greatness that lies ahead.

My fellow Nigerians, history tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before.

Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide. Let us continue to believe in the promise of our nation.

May God bless you all.
May God bless the Federal Republic of Nigeria.

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The Minister of Budget and Economic Planning, Abubakar Bagudu, has reaffirmed President Bola Tinubu’s commitment to inclusive, sustainable, and innovation-driven development, stating that it is central to achieving a $1 trillion economy by 2030.

Bagudu made this known on Tuesday in Abuja during the inaugural Annual Advocacy Lecture of the Nathaniel Atebije Foundation for Planning Advocacy.

Nigeria Finalising 2026 Development Plan

According to the minister, Nigeria is currently finalising its 2026 National Development Plan, which will serve as a key roadmap toward the administration’s economic transformation agenda.

“Nigeria is not where we want to be, but we are determined to move forward with clear choices and a shared vision to unite all Nigerians towards achieving a $1 trillion economy,” he said.

He stressed that achieving this target will require collaboration across sectors, including professionals, intellectuals, and policymakers.

“This goal cannot be achieved in isolation. It requires deep thought, collaboration, and contributions from all sectors of our society,” Bagudu added.

Three Pillars of Development

The minister identified inclusiveness, sustainability, and innovation as the three core pillars of Nigeria’s development strategy.

“Development must include everyone, it must be sustainable over time, and it must embrace innovation, because what worked yesterday may not work today,” he said.

He noted that national development goes beyond economic policy and must integrate physical, environmental, social, and financial planning.

Planning Key to Stability and Growth

Bagudu highlighted the importance of physical planning as a critical driver of economic growth and national stability.

He linked recurring conflicts across the country, particularly land-related disputes involving farmers and herders, to weak or poorly implemented planning systems.

“Many of the conflicts we face today stem from how we use land and space. Poor planning breeds tension, while good planning fosters peace and prosperity,” he stated.

He added that planning should focus on people and how communities coexist, not just infrastructure and land use.

Call for Collaboration Across Government

The minister emphasised that effective national development requires strong coordination among federal, state, and local governments.

“Development is a shared responsibility. Federal, state, and local governments must collaborate to ensure planning is inclusive and effective,” he said.

He also stressed the need for modern planning approaches to address population growth and rapid technological changes.

Focus on Future, Not Past

Bagudu urged stakeholders to prioritise forward-looking solutions rather than dwelling on past challenges.

“Rather than spend all our energy debating the past, we must focus on what unites us and drives collective action for the future,” he said.

He linked the strategy to the administration’s Renewed Hope Agenda, which aims to drive national unity and economic progress.

Outlook

The minister concluded that Nigeria’s ability to achieve sustainable growth, reduce conflict, and build a stable society will depend largely on how effectively it manages its physical and economic spaces.

“If we get our planning right—by being inclusive, sustainable, and innovative—we will create opportunities for all Nigerians and build a more prosperous and united nation,” he said.

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President Bola Ahmed Tinubu has said Nigeria’s new tax laws will create opportunities for economic growth and inclusivity, ending decades of fragmented colonial-era legislation that, he said, had impoverished citizens.

Speaking on Tuesday at the commissioning of the 16-storey Nigeria Revenue Service (NRS) Headquarters, the President described the reforms as people-centered and investment-friendly, aimed at boosting economic competitiveness and restoring confidence in public institutions.

“The new tax system is designed to reward enterprise, support growth, and ensure that every contribution to the national cause is matched by tangible value for the people,” Tinubu said, commending the NRS for improving fiscal stability, trade efficiency, and investor confidence.

Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas joined the President at the event, praising the reforms and the completion of the NRS building within 30 months—over two decades after its foundation was laid.

Dr. Zacch Adedeji, Executive Chairman of the NRS, highlighted that over 60 outdated tax laws had been streamlined into a single, coherent framework, noting the revenue system’s dramatic improvement—from N6.8 trillion collected five years ago to N28.7 trillion in 2025.

The headquarters, built by China Civil Engineering and Construction Company (CECC), houses facilities for 3,000 staff, a data processing center, auditorium, clinic, library, gym, and training facilities.

Tinubu said the building symbolizes a new standard of transparency, professionalism, and efficiency, reiterating the government’s commitment to reform, accountability, and long-term prosperity.

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