The Federal Government is seeking $1.5 billion in proposed financing from the World Bank for climate resilience, early childhood development and social protection.

The proposed financing comprises three separate $500 million International Development Association (IDA) credits, according to documents cited in the report.

The facilities are at different stages of preparation and are therefore not yet approved loans.

$500m for Climate Resilience

The first proposed facility is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project.

The World Bank is scheduled to consider the proposed financing on October 29, 2026.

If approved, the additional credit would increase total World Bank financing for ACReSAL from $700 million to $1.2 billion.

The proposed additional financing includes $310 million for dryland management, $165 million for community climate resilience and $25 million for institutional strengthening and project management.

The programme covers 19 northern states and the Federal Capital Territory, focusing on land degradation, water insecurity, climate vulnerability and agricultural productivity.

$500m Early Childhood Development Programme

Another proposed $500 million IDA credit is for Nigeria’s Early Childhood Development programme.

The programme is designed to expand access to integrated services for children aged zero to five and their caregivers across all 36 states and the FCT.

It will cover areas including health, nutrition, early learning and childcare.

According to the figures cited in the project documents, 40 per cent of Nigerian children under five are stunted, while fewer than half are developmentally on track.

Only 36 per cent of children aged between 36 and 59 months reportedly attend organised early learning.

The proposed facility is currently scheduled for World Bank board consideration on March 15, 2027.

Another $500m for Social Protection

The third proposed facility is the $500 million Household Prosperity and Empowerment – Social Protection Project, known as HOPE-SP.

The programme is intended to strengthen Nigeria’s social assistance system for poor and vulnerable households.

It would support targeted conditional and unconditional cash transfers, strengthen social protection institutions and gradually increase financing from federal and state government budgets.

The proposed facility is scheduled for board consideration on March 16, 2027.

Nigeria’s Debt Position

The proposed $1.5 billion financing comes as Nigeria’s public debt continues to attract attention.

The Debt Management Office reported that Nigeria’s total public debt stood at N166.79 trillion as of June 30, 2026. The DMO published the latest debt figure on September 25, 2026. 

The three World Bank facilities remain proposals at this stage. If approved on their currently scheduled dates, they would add $1.5 billion to Nigeria’s World Bank financing pipeline.

The World Bank’s current country financing database shows Nigeria had 215 projects and total commitment amounts of about $45.06 billion as of August 31, 2026. 

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Nigeria has ranked 56th among the world’s 60 poorest countries in a 2026 ranking by Global Finance magazine.

The ranking uses GDP per capita based on purchasing power parity (PPP). Nigeria recorded $9,532.92, placing it close to the upper end of the list.

However, Nigeria fell 12 places from its 44th position in the 2025 ranking. The decline places the country among several African economies with low GDP-PPP per capita.

Africa dominates the ranking

African countries make up nine of the 10 poorest countries on the 2026 list. Yemen is the only non-African country in the bottom 10.

Burundi ranks as the poorest country, with GDP per capita of $994.23. The Central African Republic follows with $1,437.72. South Sudan ranks third at $1,467.19.

Yemen comes fourth with $1,590.19. Mozambique, Malawi, Somalia, Liberia, Madagascar and the Democratic Republic of the Congo complete the bottom 10.

The ranking uses PPP to compare economic conditions across countries. The measure adjusts for differences in prices, living costs and inflation.

This provides a different picture from nominal GDP per capita. It focuses more on the amount of goods and services that income can buy within each economy.

Nigeria ranks above several African economies

Nigeria ranks above several African countries on the list. Niger is 11th with $2,108.46, while Sudan ranks 13th with $2,427.43.

Burkina Faso is 16th with $3,060.34. Lesotho ranks 17th at $3,211.83, followed by Chad and Guinea-Bissau.

Mali takes 20th place with $3,480.41. Togo ranks 21st, while The Gambia and Sierra Leone occupy the 22nd and 23rd positions.

Uganda ranks 26th with $3,923.83. Rwanda and Tanzania follow at 29th and 30th.

Zambia ranks 31st with $4,380.77. Ethiopia follows at 32nd with $4,498.55. Guinea and Benin rank 33rd and 34th respectively.

Senegal occupies 37th place with $5,440.63. Cameroon follows in 38th position with $5,782.69.

Kenya ranks 44th with $7,590.60. Zimbabwe is 46th with $7,985.23, while Côte d’Ivoire takes 48th place with $8,165.34.

Ghana ranks 51st with $8,613.25. Mauritania is 52nd at $8,831.81, while Djibouti ranks 55th with $9,435.70.

Nigeria comes next at 56th with $9,532.92. Nicaragua ranks 57th with $9,765.25.

Nigeria’s economic position and housing

Nigeria’s ranking also has implications for the housing and real estate sectors.

Household income affects the ability of families to pay rent, buy land or purchase homes. It also influences demand for mortgages and other forms of housing finance.

Lower purchasing power can make housing costs harder to manage. It can also limit the number of households that can afford formal housing in major cities.

The construction sector faces similar pressures. High costs for land, building materials, labour and finance can make new housing more expensive.

These challenges make affordable housing policies important for Nigeria. Housing programmes must also consider household incomes and access to finance.

Wider African picture

The ranking shows that low-income economies remain heavily concentrated in Africa. Countries across West, East, Central and Southern Africa appear throughout the lower part of the table.

Angola ranks 59th with $10,274.90. Laos ranks 60th with $10,379.98, placing it at the bottom end of the ranking despite being outside Africa.

The 2026 figures also show notable changes from the previous ranking. Burundi moved from second place to first, while South Sudan fell from first to third.

The Democratic Republic of the Congo moved from seventh to 10th. Nigeria recorded one of the more notable changes, falling from 44th to 56th.

For Nigeria’s housing sector, the figures highlight the link between economic capacity and access to decent housing. Income levels affect homeownership, rent affordability, mortgage access and the ability of households to invest in property.

The ranking therefore offers more than an economic comparison. It also points to the importance of stronger incomes, affordable housing supply, accessible housing finance and effective infrastructure investment in improving living conditions.

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Nigeria’s rising cement prices are putting fresh pressure on the housing market. Real estate developers warn that higher building costs could slow construction and make affordable homes harder to deliver.

The development comes as the Federal Competition and Consumer Protection Commission (FCCPC) investigates cement pricing in Nigeria. The commission is also examining price differences between Nigeria and selected African markets.

Cement prices climb

Market checks cited in the report showed that a 50kg bag of cement sold for N9,300 to N9,700 in January 2026. By July, the price had reached as much as N15,000 in some locations.

Current prices in parts of Nigeria range from about N11,000 to N13,000 per bag. Prices vary by location, supplier and distribution channel.

The increase has added to existing pressures on property developers. Many are already dealing with high borrowing costs, expensive energy, rising material prices and weak consumer purchasing power.

Higher cement costs can reduce developers’ profit margins. They can also force firms to revise project budgets, slow construction or transfer some of the extra cost to buyers and tenants.

Developers seek lower costs

Victor Ameh, managing director of Legendary Foreshore Construction, said cement prices between N13,500 and N15,000 were making construction more difficult.

Ameh noted that many developers depend on bank financing. High borrowing costs therefore make any increase in building material prices more difficult to absorb.

He called for more investment across the cement value chain. He also urged measures to reduce electricity and fuel costs, saying lower production costs would support the construction industry.

Chudi Ubosi, chairman of the Association of Capital Market and Valuers, also called for more investment and competition in cement production.

Ubosi pointed to Nigeria’s large limestone reserves as an opportunity for new investment. He said more producers could help increase competition in the cement market.

He also warned that high cement prices have effects beyond construction. According to him, the impact reaches manufacturing, real estate, commerce and hospitality.

FCCPC faces calls for wider review

The FCCPC investigation has also drawn calls for a broader review of cement pricing. Industry stakeholders say production costs alone do not explain the final price paid by consumers.

Mansur Ahmed, interim chairman and president of the Pan-African Manufacturers Association (PAMA), said the commission should consider the wider economic environment. He cited financing costs, infrastructure gaps and other economic factors.

Muda Yusuf, director-general of the Centre for the Promotion of Private Enterprise (CPPE), also called for a detailed review of cement production costs.

Yusuf said taxes, levies, transport, logistics, energy and financing costs should form part of any comparison between Nigeria and other countries. He also stressed the importance of considering both producers and consumers.

West African prices vary

Cement prices across West Africa show that regional differences are not uniform.

In Lomé, Togo, a 50kg bag sells for about CFA4,550. That was equivalent to roughly N10,844 or $8.03 using the August 18, 2026 exchange rates cited in the report.

The reported average price in Benin Republic was CFA4,500, or about N10,725. In Ivory Coast, CFA5,000 was equivalent to approximately N11,917.

In Ghana, a 50kg bag sold for about GH₵106, equivalent to roughly N12,962.

Prices within Togo also varied sharply by location. A 50kg bag cost about N10,844 in Lomé, compared with approximately N15,492 in Kara and N17,160 in Dapaong.

The differences point to the role of transport, distribution, taxes and other supply-chain costs in determining the final price of cement.

Housing affordability under pressure

For Nigeria’s housing sector, the main concern is the effect of higher cement costs on project delivery.

Developers now face difficult choices. They can absorb the extra cost, reduce the size of projects or raise property prices and rents.

The Real Estate Developers Association of Nigeria (REDAN) described cement affordability in March as a national housing emergency. The association also called for a review of pricing dynamics, including differences between domestic and export prices.

Higher construction costs matter because they affect the entire housing supply chain. When developers face larger project expenses, the cost of new homes can rise. This can make it harder for households to enter the property market or afford better rental housing.

What the FCCPC investigation could mean

The FCCPC investigation could have implications beyond the cement industry. Its findings may help clarify the role of production costs, competition, distribution and other market factors in determining cement prices.

For developers, however, the immediate issue is affordability. They need construction materials at prices that allow projects to remain viable while keeping homes within reach of buyers and tenants.

As the investigation continues, policymakers will face the challenge of supporting a sustainable cement industry while addressing the rising cost of housing. The outcome could influence how Nigeria approaches competition, construction costs and efforts to expand housing delivery.

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Dangote Cement Plc has approved a record dividend payout of N753.8 billion, representing N45 per ordinary share for the 2025 financial year, a 50 per cent increase from the N30 per share paid in 2024.

The dividend, which is the highest in the company’s history, was approved by shareholders at the company’s 17th Annual General Meeting (AGM) held in Lagos.

The increased payout reflects Dangote Cement’s strong financial performance, resilient earnings, and robust cash generation despite operating in a challenging economic environment.

Chairman of Dangote Cement Plc, Emmanuel Ikazoboh, said the dividend increase demonstrates the company’s commitment to rewarding shareholders for their continued confidence and support.

According to him, the company remains focused on creating sustainable value for all stakeholders while maintaining sound corporate governance and operational excellence.

Group Managing Director and Chief Executive Officer, Arvind Pathak, said the higher dividend was supported by the company’s strong earnings capacity and healthy balance sheet.

He noted that Dangote Cement would continue executing its pan-African expansion strategy while investing in capacity growth, operational efficiency, sustainability initiatives and improved shareholder returns.

The company also highlighted its continued expansion across Africa, including the commissioning of a 3-million-tonne-per-annum grinding plant in Côte d’Ivoire, bringing its total installed production capacity to 55 million tonnes per annum across 11 African countries.

Dangote Cement said it remains committed to achieving its long-term target of expanding installed capacity to 80 million tonnes per annum by 2030, while strengthening investments in logistics, energy efficiency, alternative fuels and plant modernisation.

Over the past 15 years, the company has returned more than N3.3 trillion in dividends to shareholders, reinforcing its position as one of the Nigerian Exchange’s most rewarding blue-chip stocks and a leading wealth creator for investors.

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The Federal Government has intensified efforts to address Nigeria’s housing deficit with the handover of 116 completed housing units under the National Housing Programme to the Benue State Government, describing the project as a major step towards expanding access to affordable housing and strengthening collaboration with state governments.

The housing estate, located in Makurdi, was officially handed over on Wednesday after being acquired by the Benue State Government to improve access to decent accommodation for residents, particularly civil servants.

Speaking during the handover ceremony, the Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, said the National Housing Programme remains one of the Federal Government’s flagship initiatives aimed at reducing the country’s housing deficit, creating jobs and stimulating economic growth.

Represented by the Director of Public Buildings and Housing Development, QS Pemi Samuel Temitope, the minister said the project aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda of making affordable housing accessible to more Nigerians.

He described the handover as another milestone in the Federal Government’s commitment to improving the living standards of citizens through strategic partnerships with state governments.

“Housing remains one of the most fundamental needs of every society. Beyond providing shelter, it promotes human dignity, family stability, public health, security and stronger communities,” Darma said.

The minister commended Benue State Governor, Rev. Fr. Hyacinth Alia, for acquiring the estate, describing the decision as a strategic investment that would improve housing availability and enhance the welfare of residents.

According to him, the National Housing Programme is being implemented across the 36 states of the federation and the Federal Capital Territory as part of efforts to bridge Nigeria’s housing gap through the delivery of affordable homes.

He noted that beyond providing housing, the programme is also creating employment opportunities, stimulating local economies and encouraging the use of locally sourced building materials.

“Today’s ceremony is more than the transfer of physical structures. It is a demonstration of purposeful leadership, effective intergovernmental collaboration and our shared commitment to improving the lives of Nigerians,” he added.

Receiving the housing estate on behalf of Governor Alia, the Acting Head of Service of Benue State, Dr. Eunice Ogbeniyi, expressed appreciation to the Federal Ministry of Housing and Urban Development for the partnership.

She said the acquisition reflects the Benue State Government’s commitment to improving the welfare of civil servants and residents, assuring that the houses would be allocated and utilised for their intended purpose.

Ogbeniyi added that the state government remains committed to collaborating with the Federal Government on initiatives capable of improving the quality of life of the people.

The minister also praised the Benue State Government for its investments in infrastructure, agriculture, healthcare and education, noting that the acquisition of the housing estate complements the administration’s broader development agenda.

He reaffirmed the Federal Government’s commitment to working closely with state governments, private investors and other stakeholders to accelerate housing delivery across the country.

According to him, sustained collaboration remains essential to achieving sustainable urban development, increasing homeownership and reducing Nigeria’s housing deficit.

Darma expressed confidence that the completed estate would stand as a lasting symbol of productive partnership between the Federal Government and Benue State while contributing significantly to the state’s socio-economic development.

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The Federal Government has reaffirmed its commitment to preserving the longstanding diplomatic relationship between Nigeria and Ghana as both countries intensify efforts to resolve the ownership dispute surrounding the River Park Estate along Airport Road, Lugbe, Abuja.

The assurance was given on Thursday when the Permanent Secretary of the Federal Ministry of Foreign Affairs, Ambassador Dunoma Umar Ahmed, received the Acting High Commissioner of Ghana in Abuja to discuss recent developments involving a commercial dispute between a Ghanaian investor and his Nigerian business partner.

The meeting focused on ensuring that the multi-billion-naira property dispute does not escalate into a diplomatic issue capable of affecting the cordial relations that have existed between both countries for decades.

Speaking during the meeting, Ambassador Ahmed reiterated Nigeria’s commitment to strengthening bilateral relations with Ghana and assured the Ghanaian delegation that the Federal Government would address the concerns through appropriate diplomatic and institutional channels.

He explained that although the matter appears to be commercial and legal in nature, the Ministry of Foreign Affairs would carefully review the issues raised before forwarding its recommendations to the Minister of Foreign Affairs for further action.

“The Ministry attaches great importance to issues affecting the welfare of citizens of friendly countries residing in Nigeria and will carefully examine the concerns presented,” Ahmed said.

He further assured the delegation that relevant government institutions would be engaged where necessary through established diplomatic channels to ensure the matter is handled responsibly.

The Permanent Secretary reaffirmed Nigeria’s commitment to the rule of law, stressing that the country remains dedicated to protecting legitimate investments while encouraging all parties to resolve their differences through peaceful dialogue and lawful procedures.

Earlier, the Acting High Commissioner of Ghana thanked the Permanent Secretary for granting the delegation an audience at short notice, describing the meeting as another reflection of the strong diplomatic ties between both countries.

She explained that Ghana considered it important to engage the Nigerian government through official diplomatic channels to prevent the commercial disagreement from creating unnecessary public tension capable of affecting bilateral relations.

The envoy expressed concern over the safety and welfare of Ghanaian nationals connected with the investment, alleging that recent developments surrounding the ownership dispute had heightened tensions.

She appealed to the Ministry of Foreign Affairs to facilitate engagement with relevant Nigerian authorities and urged the government to ensure the protection of lives, property and investments while legal proceedings continue.

The Acting High Commissioner maintained that Ghana remains committed to resolving the matter peacefully and in accordance with the law, expressing confidence that both countries possess the diplomatic maturity required to prevent the dispute from affecting broader cooperation.

Responding, Ambassador Ahmed assured the delegation that Nigeria values its historic relationship with Ghana and remains committed to maintaining an environment that encourages investment, protects foreign nationals and promotes mutual trust among partner nations.

He added that the Ministry would continue working closely with the Ghana High Commission and other relevant stakeholders to ensure the dispute is managed in a manner that safeguards the interests of all parties without undermining the enduring friendship between Nigeria and Ghana.

The ownership dispute over River Park Estate has attracted significant public attention in recent months, with both governments now emphasizing dialogue, diplomacy and legal processes as the appropriate path toward a lasting resolution.

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The World Bank has approved a $1.25 billion Development Policy Financing (DPF) loan for Nigeria despite growing public concerns over the country’s rising debt profile, while unveiling a new six-year partnership framework aimed at accelerating private sector-led economic growth and job creation.

The approval was announced on Wednesday following a meeting of the World Bank Board, which endorsed both the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) Development Policy Financing operation and a new Country Partnership Framework (CPF) covering 2026 to 2032.

The latest facility comes amid widespread criticism from many Nigerians over the government’s increasing reliance on external borrowing and calls for greater accountability in the utilisation of previous World Bank loans.

According to the World Bank, the $1.25 billion loan will support reforms designed to strengthen Nigeria’s economic competitiveness, improve the investment climate, and stimulate private sector-led growth.

The institution said the financing would help deepen Nigeria’s capital markets, modernise regulations governing the digital economy and e-governance, advance power sector reforms, reduce trade barriers under the ECOWAS and African Continental Free Trade Area (AfCFTA) frameworks, improve access to quality agricultural inputs, and strengthen domestic revenue mobilisation.

The bank noted that the financing forms part of a broader package of support combining policy-based lending with investments in energy, digital infrastructure, agriculture, social protection, and private sector development.

Alongside the loan approval, the World Bank launched its new Country Partnership Framework for Nigeria, which will guide its engagement with the country between 2026 and 2032.

Under the strategy, the bank aims to support programmes expected to provide electricity access to 32 million Nigerians, broadband connectivity to 58 million people, improved health and nutrition services for 40 million citizens, and increased agricultural productivity for 9.5 million farmers through better access to quality inputs.

The framework also seeks to strengthen human capital development while expanding investments in digital infrastructure and energy to stimulate economic growth.

World Bank Country Director for Nigeria, Mathew Verghis, said the new partnership framework would focus on creating sustainable employment by enabling private sector investment.

According to him, recent macroeconomic reforms have helped stabilise Nigeria’s economy, but sustained improvements in living standards would require addressing structural constraints limiting business growth and investment.

The World Bank also disclosed that its private sector financing arm, the International Finance Corporation, and its political risk insurance agency, Multilateral Investment Guarantee Agency, would play key roles in mobilising private investment under the new framework.

IFC Divisional Director for Nigeria, Dahlia Khalifa, said Nigeria’s long-term economic prospects depend on its ability to attract investment, improve productivity and unlock private sector job creation.

Similarly, MIGA Vice President and Chief Financial Officer, Ed Mountfield, said the agency would expand the use of guarantees and political risk insurance to encourage investments in critical sectors, including infrastructure and financial services.

The newly approved facility is the second-largest World Bank loan granted to Nigeria under the administration of Bola Ahmed Tinubu, following the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

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Armed bandits have abducted a nine-year-old boy and destroyed two houses during a violent attack on the Igbosi area of Idogun in Ose Local Government Area of Ondo State.

The attackers reportedly stormed the community at about 1:00 a.m. on Friday, firing sporadically to scare residents before vandalising properties and kidnapping the victim, identified as Oluwatobi, the son of a local pastor, Isaac Olaosebikan.

According to sources in the community, the gunshots triggered panic among residents, forcing many to flee their homes and seek refuge in neighbouring communities.

Confirming the incident, the Ondo State Police Command said the attack was reported at about 2:30 a.m. by residents of Ugbosi Quarters, Idogun.

The Police Public Relations Officer, DSP Ayanlade Olayinka Olushola, explained that the armed men invaded the area around 1:30 a.m., shooting indiscriminately and creating fear among residents.

According to the police, the assailants forced their way into the residence of Pastor Isaac Olaosebikan. In an attempt to save his life, the cleric escaped into a nearby bush, leaving behind his son, Master Olaosebikan Victor, who was subsequently abducted by the attackers.

Another resident, Joel Owalekan, reportedly escaped unharmed after the gunmen damaged his residence while attempting to gain access.

The police spokesperson disclosed that operatives of the Ondo State Police Command, working alongside members of the Amotekun Corps, have launched a coordinated search-and-rescue operation.

Security personnel have since combed surrounding forests and possible escape routes in a bid to rescue the kidnapped child and apprehend those responsible for the attack.

The command also confirmed that investigations have commenced, while relevant exhibits recovered from the scene are being examined to aid efforts to track down the perpetrators.

Commissioner of Police, CP Felix Ohagwu, has directed tactical teams, intelligence units and other security formations to intensify efforts toward the immediate rescue of the victim and the arrest of the suspects.

The police further assured residents that they are collaborating with other security agencies and local vigilante groups to ensure the kidnappers are brought to justice.

The latest attack has heightened concerns over insecurity in parts of Ondo State, particularly in communities bordering forested areas that have increasingly come under threat from kidnappers and other criminal elements.

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Nigeria attracted $10.37 billion in capital importation during the first quarter of 2026, representing an 83.8 per cent increase compared to the $5.64 billion recorded in the corresponding period of 2025, according to the latest data released by the National Bureau of Statistics (NBS).

The report showed that capital inflows also increased by 61 per cent from the $6.44 billion recorded in the fourth quarter of 2025, reflecting growing foreign investor confidence in Nigerian financial assets.

Portfolio investments remained the dominant source of inflows, accounting for $9.86 billion or 95.1 per cent of total capital imported during the period. This represented an 89.5 per cent increase compared to the first quarter of 2025 and a 79.8 per cent rise from the previous quarter.

Within the portfolio investment category, money market instruments attracted $6.50 billion, while bond investments accounted for $3.23 billion, jointly contributing more than 98 per cent of total portfolio inflows.

Despite the strong overall performance, Foreign Direct Investment (FDI) remained relatively weak. Nigeria recorded FDI inflows of $135.08 million, representing only 1.3 per cent of total capital importation. Although this was seven per cent higher than the figure recorded a year earlier, it declined by over 62 per cent compared to the previous quarter.

Other investments contributed $374.48 million, accounting for 3.6 per cent of total inflows. Loans represented the largest component at $364.43 million, while trade credits accounted for approximately $10 million.

Banking Sector Dominates Capital Inflows

Sectoral analysis revealed that the banking sector remained the largest recipient of foreign capital during the quarter, attracting $7.55 billion or 72.8 per cent of total inflows.

The financing sector followed with $2.43 billion, representing 23.4 per cent, meaning the two sectors accounted for more than 96 per cent of all capital imported into the country during the period.

The production and manufacturing sector received $152.27 million, while investments in shares amounted to $75.34 million.

Other sectors attracted significantly lower inflows, including trading ($65.79 million), agriculture ($37.28 million), information technology services ($11.33 million), and telecommunications ($7.24 million).

Notably, sectors critical to economic diversification recorded minimal investment. The oil and gas sector attracted only $460,000, while construction received $100,000. Education and healthcare recorded inflows of $70,000 and $120,000 respectively.

UK Leads Source Countries

The United Kingdom emerged as the largest source of capital imported into Nigeria during the quarter, contributing $5.08 billion or 49 per cent of total inflows.

The United States followed with $3.18 billion, accounting for 30.7 per cent, while South Africa contributed $983.83 million, representing 9.5 per cent of total capital importation.

Mauritius and the United Arab Emirates contributed $390.07 million and $194.51 million respectively.

Standard Chartered Tops Receiving Banks

Among financial institutions, Standard Chartered Bank Nigeria processed the highest volume of capital inflows, receiving $4.41 billion or 42.6 per cent of total importation.

Stanbic IBTC Bank followed with $2.78 billion, while Rand Merchant Bank handled $930.82 million.

Other major receiving institutions included Citibank Nigeria, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank Nigeria and Fidelity Bank.

Analysts say the latest figures highlight sustained foreign investor preference for short-term financial instruments, particularly bonds and money market assets, while long-term productive investments such as manufacturing, agriculture, construction and oil and gas continue to attract relatively low levels of foreign capital.

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United States Secretary of War, Pete Hegseth, has disclosed that President Donald Trump directed the Pentagon to prioritise the protection of Nigerian Christians allegedly targeted by ISIS-linked terrorist groups.

Hegseth made the revelation during a press conference at the White House on Wednesday, stating that Trump issued the directive about a year ago after receiving reports of attacks against Christians in Nigeria.

“Maybe a year ago, he heard the call of Nigerian Christians who were being targeted and killed by ISIS in Nigeria, and he said, ‘Pete, I want the War Department to focus on ensuring that we do everything we can to protect those Christians,’” Hegseth stated.

According to him, the operation involved strategic military coordination, intelligence gathering, and deployment of specialised assets to the region.

The US official further disclosed that the operation led to the killing of Abu-Bilal al-Minuki, described as ISIS’s second-in-command in Nigeria and a key figure allegedly linked to attacks on Christians and threats against US interests.

“And we got the assets there, and over the last month, and there hasn’t been much coverage of this, we killed ISIS number two in Nigeria, who’s most responsible for killing Christians and trying to target the US homeland,” Hegseth said.

He explained that intelligence gathered during the operation subsequently led to the elimination of several other ISIS fighters operating within the Lake Chad Basin region through joint efforts involving US and Nigerian forces.

“And have since, because of the intel we gathered, killed hundreds of ISIS members who were targeting and killing Christians in Nigeria,” he added.

Hegseth noted that the operation demonstrated the Trump administration’s commitment to counterterrorism operations and the protection of vulnerable communities facing extremist violence.

“So there are a lot of things we do that the media pays attention to, and a lot of things that the president empowers the department to do on behalf of the American people that he deserves great credit for,” he stated.

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