Nigeria in brief: Key Economic, Business & Finance Updates

MARKETS

Nigerian Equities Market Rallies, Investors Gain N1.78 Trillion

The Nigerian Exchange (NGX) closed bullish on Monday, with the All-Share Index (NGXASI) rising by 1.99%. This rally pushed the market to a new milestone, closing at an all-time high of 141,000 points, marking the tenth consecutive week of gains.

• Total trading volume dropped 84% to 811.10 million units, valued at N19.47 billion across 35,963 deals.
• FCMB led in volume with 95 million shares traded, while GTCO topped the value chart with trades worth N2.76 billion.
• Notably, sectors like Industrial Goods, Banking, and Consumer Goods drove the bullish sentiment.

 

Currency Watch: BDC Rate Depreciates

The naira weakened further in the parallel market, with the BDC rate slipping to N1,550/$1, reflecting continued forex pressures.

 

Global Markets: Wall Street Braces for Pullback

While the Nigerian market soared, U.S. markets offered mixed signals:

• Wall Street strategists are warning of a potential stock market pullback amid elevated equity valuations and souring economic indicators.
• Despite these warnings, Monday saw a rebound:
  1. Dow Jones surged nearly 600 points, reversing Friday’s losses.
  2. S&P 500 ended a four-day losing streak.
  3. This marks the biggest daily gains since May 27, spurred by weaker-than-expected jobs data and rising expectations of a September rate cut.

 

ECONOMY

Nigeria’s External Debt Service Hits $1.4 Billion in Q1

New data from the Debt Management Office (DMO) reveals that Nigeria’s external debt service reached $1.4 billion in Q1 2025, a 24% year-on-year increase, largely driven by multilateral debt repayments.

CPPE Responds to Rebased GDP

The Centre for the Promotion of Private Enterprise (CPPE) has applauded the National Bureau of Statistics (NBS) for rebasing Nigeria’s GDP to a 2019 base year. This move provides a more accurate representation of economic output and sectoral contributions.

 

Oil Sector Sees Output Surge and Expansion Plans

• Nigeria’s oil output for July 2025 climbed to 8 million barrels per day (bpd), according to the upstream petroleum regulator.
• Plans are underway to add another 810,000 bpd from deepwater fields through a new cluster and nodal development strategy.
• Meanwhile, petrol prices threaten to hit N900/litre, with OPEC+ reportedly planning production hikes amidst a steady $70/barrel crude price environment.

 

Tinubu Intervenes in Key Infrastructure Projects

President Bola Tinubu has assured stakeholders of continued funding for critical infrastructure under the NNPC Tax Credit Scheme, calming fears over delays or cancellations of ongoing road projects.

NNPC Boss: Nigeria Must Build a ‘Bankable’ Case for Energy Investment

Bayo Ojulari, NNPC’s Group Managing Director, emphasized the need for strategic reforms and investor-friendly policies to attract global investment into Nigeria’s energy space.

 

MAN Advocates End to Illegal Road Taxes

The Manufacturers Association of Nigeria (MAN) is calling for the strict enforcement of the Single Inter-State Road Tax Sticker and Single Haulage Fee systems to curb illegal levies and ease the burden of multiple taxation on logistics and trade.

 

BUSINESS

Rethinking Revenue Generation in Nigeria

Amid ongoing debates on fiscal policy, experts urge a shift beyond taxes, tariffs, and loans, advocating for sustainable revenue-generation strategies to diversify the nation’s income base.

 

Aluko & Oyebode Announces Leadership Changes

Leading law firm Aluko & Oyebode has unveiled a strategic leadership reshuffle, reinforcing its commitment to market growth and legal excellence.

 

Tariff Tensions: Global Trade in Flux

• S.–India relations remain tense as President Donald Trump reiterates threats of tariffs over India’s Russian oil imports.
• In response to the global trade ripple:
  1. South Africa is crafting a resilience package to mitigate the fallout from U.S. tariffs.
  2. The European Union has delayed its planned retaliatory tariffs against the U.S. by six months to allow for negotiations.

 

Global M&A Hits $2.6 Trillion in 2025

Driven by AI adoption and corporate growth ambitions, global mergers and acquisitions have hit $2.6 trillion year-to-date—marking the strongest performance since the 2021 pandemic peak.

Oil Outlook: Goldman Sachs Maintains Brent Forecast

Despite short-term volatility, Goldman Sachs has upheld its Q4 forecast for Brent crude at $64, signaling cautious optimism.

 

TECHNOLOGY

Elon Musk Awarded $29 Billion in Tesla Stock

Tesla’s board has granted CEO Elon Musk a fresh award of 96 million shares, worth an estimated $29 billion, despite ongoing legal uncertainty surrounding his earlier compensation package.

Google’s AI Finds 20 Cybersecurity Vulnerabilities

Google’s AI-powered security system has flagged 20 critical software vulnerabilities, highlighting the growing role of AI in cybersecurity risk detection.

Bridging Africa’s Insurance Gap with AI and Data

A new report warns of a $1.8 trillion global insurance protection gap, particularly stark in Africa. Experts suggest that data analytics and AI tools will be vital to closing the divide in health, life, crop, and catastrophe coverage.

Egypt’s Suplyd Raises $2 Million

Suplyd, a Cairo-based digital procurement platform, secured $2 million in pre-Series A funding. Backed by 4DX Ventures, Camel Ventures, Plus VC, and others, the company aims to scale its supply chain innovation across emerging markets.

 

FINANCE

FG Attracts N70 Billion in Private Capital for Housing

The Federal Government of Nigeria has mobilized over N70 billion via Public-Private Partnerships to fund its Renewed Hope Housing Programme, a flagship initiative aimed at reducing the national housing deficit.

Kenya’s DigiTax Gains Approval in Nigeria

Kenyan e-invoicing startup DigiTax has received approval from Nigeria’s Federal Inland Revenue Service (FIRS) as a certified Access Point Provider and System Integrator. This positions DigiTax to support digital tax enforcement for large-scale businesses in Nigeria.

 

As Nigeria grapples with mounting fiscal pressures, global trade uncertainties, and rising energy demands, the country’s stock market continues to thrive amid regional and global complexities. From strategic economic reforms to tech-driven innovation, Nigeria is carving a path toward resilience and long-term growth.

 

Source: Proshare