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  • Naira Holds Ground At ₦1,340/$ As CBN Interventions Boost Stability

    The Nigerian naira maintained a relatively stable position against the United States dollar on Friday, April 17, 2026, opening at ₦1,340.88/$ at the official Nigerian Foreign Exchange Market (NFEM).

    Calmer trend emerges

    The latest rate reflects a more stable phase for the local currency after weeks of volatility earlier in the month driven by rising import demand.

    Market watchers say the naira is now experiencing milder fluctuations across both the official and parallel markets.

    CBN support drives stability

    Recent data points to sustained interventions by the Central Bank of Nigeria as a key factor behind the improved stability.

    Liquidity injections into the official window have helped balance supply and demand, reducing sharp swings in exchange rates.

    Analysts also note that the evolving structure of the NFEM is improving transparency and gradually restoring investor confidence.

    Parallel market still higher

    Despite the gains in the official market, the parallel market continues to trade at slightly higher rates.

    Currency dealers in major cities like Lagos and Abuja say the dollar is still sold at a premium, although the gap between both markets has narrowed compared to previous months.

    External risks remain

    Experts warn that global economic conditions could still impact the naira’s performance in the coming weeks.

    Factors such as global inflation and possible interest rate changes in the United States remain key risks to watch.

    What it means for Nigerians

    For individuals and businesses, demand for foreign exchange remains strong as economic activities pick up.

    Traders say access to forex has improved slightly, but sustained stability will depend on consistent policies and favourable global conditions.

  • Nigeria Debt Hits N159.28trn as Burden per Citizen Climbs to ₦724,000

    Nigeria’s total public debt has risen to N159.28 trillion as of December 31, 2025, with each citizen now carrying an estimated burden of about ₦724,000, according to fresh data released by the Debt Management Office (DMO).

    Debt surge in latest figures

    The latest figures show a steady increase in the country’s debt profile, rising from N153.29 trillion recorded in September 2025.

    This represents a quarterly increase of N5.98 trillion, equivalent to 3.9 percent growth within three months.

    On a year-on-year basis, the debt rose by N14.61 trillion from N144.67 trillion in December 2024, reflecting a 10.1 percent increase.

    What is driving the increase

    The rise is largely driven by increased domestic borrowing, which continues to form the bulk of Nigeria’s debt structure.

    Notably, the figure does not yet include the recently approved N8.3 trillion loan from the United Arab Emirates and UK Export Finance, suggesting the total debt could climb further in the coming months.

    Breakdown of the debt

    Domestic debt accounts for the largest share at N84.85 trillion, representing 53.27 percent of the total.

    Out of this, the Federal Government holds N80.49 trillion, while states and the Federal Capital Territory account for N4.36 trillion.

    External debt stands at N74.43 trillion, making up 46.73 percent of the total debt stock.

    In dollar terms, Nigeria’s external debt is estimated at $51.86 billion, with the Federal Government responsible for N66.27 trillion and states and the FCT accounting for N8.16 trillion.

    Debt in dollar terms

    Overall, Nigeria’s total debt rose from $103.94 billion to $110.97 billion within the period under review.

    This reflects the combined impact of fresh borrowing and exchange rate movements on the country’s obligations.

    Rising concerns

    The growing debt profile has continued to raise concerns over fiscal sustainability, especially as debt servicing costs increase.

    With Nigeria’s population estimated at about 220 million, the data highlights the mounting financial pressure tied to government borrowing.

    Outlook

    The Central Bank of Nigeria projects that the country’s debt-to-GDP ratio could reach about 34 percent by 2026.

    This points to continued reliance on borrowing as the government navigates economic challenges and funding gaps.

  • Dangote Named in TIME100 2026 as Elumelu Praises “Indefatigable” African Billionaire

    Africa’s richest man, Aliko Dangote, has been named among TIME Magazine’s 100 Most Influential People in the World for 2026, marking his second appearance on the global list and reinforcing his position as one of Africa’s most prominent business figures.

    What happened

    TIME released the 2026 TIME100 list on Wednesday, recognising individuals shaping global conversations across business, politics, technology, and culture.

    Dangote, the only Nigerian on the list, was featured in the “Titans” category alongside top global figures including Sundar Pichai, Neal Mohan, and Ralph Lauren.

    This marks his second appearance after his first recognition in 2014.

    Global names on the list

    The 2026 TIME100 list includes world leaders such as US President Donald Trump, Chinese President Xi Jinping, Israeli Prime Minister Benjamin Netanyahu, and Canadian Prime Minister Mark Carney.

    Others recognised include Pope Leo XIV and leading figures in business and technology.

    Elumelu reacts

    Chairman of Heirs Holdings and United Bank for Africa, Tony Elumelu, who wrote Dangote’s profile for TIME, described him as “indefatigable, resilient, and foresighted.”

    According to Elumelu, Dangote’s investments across cement, sugar, and oil demonstrate Africa’s capacity for industrial growth using local resources.

    He pointed to the Dangote Refinery as a major milestone for Nigeria’s economy and Africa’s industrial future.

    “He has inspired a generation of entrepreneurs… and can always be counted on to return a phone call,” Elumelu said.

    “A great man, creating a great legacy,” he added.

    Background

    Dangote’s business empire spans multiple sectors across Africa, making him a central figure in conversations around industrialisation and economic development.

    His continued inclusion on the TIME100 list highlights his global influence and impact on African enterprise.

    How TIME selects its list

    TIME editor-in-chief Sam Jacobs said the selection is based on individuals shaping the world through their actions and ideas.

    “Our selections are led by the stories that are shaping the world each year and the people who write them,” he said.

    He added that the TIME100 continues to expand into key areas such as artificial intelligence, climate, health, and digital innovation.

    What it means

    Dangote’s recognition further places Nigeria on the global map of influential business leaders, while underlining Africa’s growing role in shaping the future of the global economy.

  • Dangote Refinery Gets Only 5 of 15 Crude Cargoes Monthly — CEO

    The Dangote Petroleum Refinery is receiving barely a third of the crude oil it is entitled to under the Federal Government’s crude-for-naira arrangement, the refinery’s Chief Executive Officer, David Bird, said on Wednesday.

    The shortfall and what it means

    Bird made the disclosure during an interview on ARISE News, saying the refinery currently receives only about five crude oil cargoes per month, against an agreed volume of 13 to 15 cargoes.

    “What we see under that agreement, we should be getting about 13 to 15 cargoes a month. And that’s what we could process to meet Nigeria’s domestic fuel requirements. Currently, we’re only getting five. So, that’s an underperformance against that pre-agreed volume contract,” he said.

    The gap means the refinery is sourcing preferred Nigerian crude grades from the international market at significantly higher costs, a difference Bird said Nigeria is effectively losing.

    “That value between the purchase price and the premium that we’re now seeing is money that Nigeria is leaking to the international trading community,” he said.

    What the crude-for-naira deal is designed to do

    Bird pushed back against the common assumption that the crude-for-naira arrangement was set up primarily to benefit Dangote Refinery.

    “Crude for naira is not there to benefit Dangote Refinery. That is a fundamental misunderstanding,” he said. The crude-for-naira programme is designed to provide resilience to the foreign exchange rate. It is the benefit of the country to process domestic crude in the domestic currency.”

    Under the arrangement, the refinery purchases crude oil in naira rather than dollars, with the aim of reducing pressure on Nigeria’s foreign exchange reserves and stabilising the naira.

    Refinery running at full capacity

    Despite the crude supply shortfall, Bird said the facility is currently operating at its full installed capacity of 650,000 barrels per day, supplying both domestic and regional markets.

    However, he noted that the Middle East conflict has pushed up operational costs across the board, including freight, insurance, and logistics expenses.

    He also confirmed that the refinery operates without subsidies or discounts on its crude inputs, meaning fuel pricing remains tied directly to international market forces.

    What Bird is asking for

    Bird called for improved crude allocation to the refinery and urged long-term strategic planning, including the building of national petroleum reserves, to strengthen supply chain resilience across Nigeria’s oil sector.

    The shortfall in crude supply is significant for ordinary Nigerians. If the refinery cannot consistently process enough local crude to meet domestic fuel demand, it increases the country’s exposure to imported fuel costs — putting further pressure on pump prices at a time when many Nigerians are already struggling with the high cost of living.

    The Federal Government and the Nigerian National Petroleum Company Limited have not publicly responded to Bird’s figures. The refinery’s ability to receive its full crude allocation under the crude-for-naira deal is expected to remain a key issue in ongoing negotiations between Dangote and NNPCL.