Echotitbits – Nigeria News

Tag: economy

  • Banking Sector Crackdown: CBN Imposes Stiff Fines for Cheque Violations

    Banking Sector Crackdown: CBN Imposes Stiff Fines for Cheque Violations

    Figures cited by Daily Post show that the Central Bank of Nigeria has introduced a new penalty regime for banks and printers found guilty of cheque-related violations. Under the new guidelines, infractions can now attract fines of up to N20 million, a significant increase from previous sanctions.

    Reporting by Daily Post indicates that the move is part of a broader effort to strengthen the integrity of the Nigerian payment system. The CBN is particularly concerned with the quality of cheque leaflets and the security features embedded in them, which are vital for preventing fraud and ensuring smooth interbank transactions.

    The apex bank warned that it would not hesitate to blacklist printers who fail to meet the required standards. Banks are also required to conduct more rigorous due diligence on their cheque clearing processes to protect customers from the rising wave of sophisticated financial crimes.

    Vanguard and ThisDay have verified the issuance of these new guidelines. Vanguard noted that “the policy aims to restore confidence in paper-based transactions,” while ThisDay quoted a banking executive stating, “these fines will force institutions to prioritize security over cost-cutting.”

    Echotitbits take: While the world is moving toward digital payments, cheques remain a staple for corporate transactions in Nigeria. This crackdown is a necessary evil to ensure the “old school” payment method doesn’t become the weakest link in the financial chain. Expect banks to pass on some of these compliance costs to corporate clients.

    Source: Channels TV – https://www.channelstv.com/2025/01/14/cbn-sanctions-banks-for-failing-to-dispense-cash-via-atms/, February 13, 2026

    Photo credit: Channels TV

  • International Tensions Rise as China Rejects Mining-Linked Terror Funding Claims

    International Tensions Rise as China Rejects Mining-Linked Terror Funding Claims

    According to Premium Times, the Chinese government has officially rejected allegations made by US lawmakers regarding illegal mining and terrorism financing in Nigeria. The rebuttal comes after a report suggested that some Chinese-owned mining operations in Northern Nigeria were providing financial support to insurgent groups to secure access to mineral-rich lands.

    In an update published by the same outlet, the Chinese embassy in Abuja described the claims as “baseless” and “politically motivated.” They maintained that Chinese companies operate within the legal framework of Nigerian law and contribute significantly to the country’s industrial growth and infrastructure development.

    The dispute has placed the Nigerian government in a delicate diplomatic position, as both the US and China are key economic and security partners. Meanwhile, the Federal Government has vowed to intensify its crackdown on all forms of illegal mining, regardless of the nationality of the firms involved, to protect national security.

    The Nation and Daily Post reported on the brewing diplomatic row. The Nation quoted a diplomatic source saying, “Nigeria must verify these claims independently to avoid being a pawn in global power play,” while Daily Post noted that “security agencies have already arrested several foreign nationals in connection with illicit mining.”

    Echotitbits take: The “resource curse” is taking a new dimension in Nigeria with these international allegations. If proven, the link between mining and terror could lead to heavy sanctions. Nigeria needs to urgently formalize its artisanal mining sector to prevent it from becoming a slush fund for insurgents.

    Source: Vanguard – https://www.vanguardngr.com/2026/02/china-denies-us-claims-of-illegal-mining-terror-funding-in-nigeria/, February 13, 2026

    Photo credit: Vanguard

  • Federal Government Unveils Farmer Moni Scheme to Boost National Food Security

    Federal Government Unveils Farmer Moni Scheme to Boost National Food Security

    Figures cited by The Nation show that the Federal Government has officially launched the “Farmer Moni” Dry/Wet Season Programme, alongside the Renewed Hope Government Enterprise and Empowerment Programme (RH-GEEP 3.0). The initiative is a cornerstone of the administration’s social investment strategy, aimed at providing direct financial support to 300,000 farmers across the country.

    Reporting by the same outlet highlights that the program is designed to bridge the funding gap for smallholder farmers, particularly in the face of rising input costs and climate-related challenges. The funds are expected to be utilized for the procurement of high-yield seeds, fertilizers, and modern farming equipment to enhance agricultural productivity.

    The Ministry of Humanitarian Affairs and Poverty Alleviation, which oversees the project, emphasized that the selection process was digitized to ensure transparency and eliminate middle-men. This move is seen as a vital step in mitigating the current food inflation crisis and ensuring a steady supply of staples in the domestic market.

    Tribune Online and Daily Post validated the launch, emphasizing the regional distribution of the funds. Tribune Online mentioned that “the program leads a global push for youth and women investment,” while Daily Post reported a government spokesperson saying, “our goal is to make farming a profitable business for the grassroots.”

    Echotitbits take: While the Farmer Moni scheme is a welcome relief, its success hinges on efficient disbursement and the security of the farmlands. Insecurity remains the biggest threat to agricultural output in Nigeria; without addressing the “mining marshals” and banditry issues, financial aid alone may not lower food prices.

    Source: Vanguard – https://www.vanguardngr.com/2026/02/fg-launches-n300000-interest-free-loans-for-22000-farmers-opens-portal-across-774-lgas/, February 13, 2026

    Photo credit: Vanguard

  • NSDC and NEXIM Partner to Secure $2 Billion Funding for Sugar Industry

    NSDC and NEXIM Partner to Secure $2 Billion Funding for Sugar Industry

    In an update published by The Punch, the National Sugar Development Council (NSDC) and the Nigerian Export-Import Bank (NEXIM) have entered a strategic partnership to revolutionize Nigeria’s sugar sector. The agreement, finalized in Abuja, aims to secure long-term financing through an Engineering, Procurement, Construction, and Financing (EPCF) model. This framework is designed to support commercially viable sugar projects that can meet the domestic demand, currently valued at approximately $2 billion.

    Under the new arrangement, the NSDC will focus on preparing investment-ready projects and assisting with equity raises. Meanwhile, NEXIM Bank will leverage its international network to attract funding from export credit agencies and development finance institutions. The partnership also includes safeguards such as risk insurance and guarantees to protect investors. This move is part of a broader government policy to reduce dependency on imported sugar and boost local production capacity.

    Executive Secretary of the NSDC, Kamar Bakrin, highlighted that the continental sugar market in Africa is nearing $7 billion, presenting a massive export opportunity for Nigeria. He emphasized that the industry requires “sustained, large-scale financing” rather than short-term loans to achieve the goals of the Nigerian Sugar Master Plan. The collaboration is expected to create thousands of jobs and stimulate growth in the agricultural and manufacturing sectors.

    Validating the report, ThisDay noted that “this partnership is a cornerstone of the FG’s industrialization drive,” while Daily Trust quoted a NEXIM official saying, “We are ready to provide the financial buffers needed to make Nigeria a sugar-exporting hub.”

    Echotitbits take: If successful, this could be a game-changer for Nigeria’s balance of trade. The sugar industry has long been under-capitalized despite the existence of a Master Plan. The focus on the EPCF model suggests a more structured approach to infrastructure development in the sector.

    Source: The Cable – https://www.thecable.ng/sugar-council-nexim-partner-on-long-term-financing-to-curb-import-dependence/, February 12, 2026

    Photo credit: The Cable

  • Naira Hits Two-Year High as CBN Resumes Dollar Sales to BDC Operators

    Naira Hits Two-Year High as CBN Resumes Dollar Sales to BDC Operators

    Figures cited by Vanguard show that the Nigerian Naira has reached its strongest position against the US Dollar in over two years, trading near the 1,351 mark in the official market on Thursday. This significant appreciation is largely attributed to the Central Bank of Nigeria’s (CBN) recent policy shift, which reopened the “dollar tap” for licensed Bureau De Change (BDC) operators. By allowing BDCs to purchase up to $150,000 weekly, the apex bank has effectively saturated the retail segment with much-needed liquidity.

    The ripple effect of this intervention has been felt across major commercial hubs like Lagos and Abuja, where the parallel market rate has stabilized between 1,430 and 1,440. Market analysts suggest that the direct involvement of BDCs in the official window has curbed the speculative demand that previously drove the “black market” to record lows. The increased transparency in price discovery is now allowing for more predictable business transactions for small-scale importers and travelers.

    Despite the positive momentum, a spread of approximately 90 Naira still exists between the official Nigerian Foreign Exchange Market (NFEM) and the street rate. However, the CBN’s strategy of consistent weekly auctions appears to be working to narrow this gap. Financial experts are optimistic that if this supply remains steady, the Naira could sustain its gains throughout the first quarter of 2026.

    In support of these findings, The Nation observed that “the influx of forex has calmed the nerves of manufacturers who were previously struggling to source dollars.” Furthermore, BusinessDay confirmed the trend, quoting a currency dealer who said, “The frantic demand we saw in December has evaporated because people can now get FX through official channels.”

    Echotitbits take: The CBN’s return to BDC interventions is a pragmatic move to control the retail forex market. While the appreciation is a win for importers, the sustainability of this trend depends on Nigeria’s oil production levels and foreign reserve health. Keep an eye on the next MPC meeting for hints on interest rate adjustments to complement this FX stability.

    Source: Daily Post – https://dailypost.ng/2026/02/11/naira-continues-to-appreciate-against-us-dollar-as-cbn-directs-fx-sales-to-bdcs/, February 12, 2026

    Photo credit: Daily Post

  • Manufacturing Sector Accesses N68.7 Trillion in Bank Loans

    Manufacturing Sector Accesses N68.7 Trillion in Bank Loans

    New data from the Central Bank of Nigeria (CBN) reveals that manufacturers have accessed a staggering N68.7 trillion in credit facilities over the last nine months. According to The Guardian, this surge in lending is part of a broader effort to stimulate industrial growth and reduce the country’s dependence on imports. The loans are reportedly being utilized for facility upgrades, raw material acquisition, and expansion of production lines across various sub-sectors.

    In an update published by ThisDay, the CBN noted that while credit access has improved, the manufacturing sector still faces significant hurdles, including high interest rates and energy costs. The report highlights that the apex bank is working on further interventions to ensure that the credit results in tangible GDP growth. BusinessDay validated the report, quoting a manufacturer: “While the volume of credit is high, the cost of servicing these loans remains a heavy burden on our margins.”

    Reporting by Tribune indicates that the Manufacturers Association of Nigeria (MAN) has called for more specialized windows for long-term, low-interest funding. A MAN representative stated, “Access to credit is only one half of the equation; we need a stable power supply and better infrastructure to make this capital truly productive.” This highlights the ongoing tension between financial liquidity and the ease of doing business in Nigeria.

    Echotitbits take:

    The massive credit injection into manufacturing is a gamble on the sector’s ability to drive Nigeria’s economic recovery. However, with inflation still a concern, the “high borrowing costs” mentioned by MAN could lead to a cycle of debt if production doesn’t scale rapidly. Watch for the next GDP report to see if this N68.7 trillion translates into a manufacturing-led growth spike.

    Source: The Guardian – https://guardian.ng/news/manufacturers-access-n68-7tr-bank-loans-in-nine-months-says-cbn/, February 9, 2026

    Photo credit: The Guardian

  • Customs Intercepts N3.3 Billion Contraband in South-West Operations

    Customs Intercepts N3.3 Billion Contraband in South-West Operations

    The Nigeria Customs Service (NCS) has recorded a significant breakthrough in its anti-smuggling campaign, seizing contraband valued at N3.32 billion within the last five weeks. According to Vanguard, the Federal Operations Unit (FOU), Zone ‘A’ in Ikeja, intercepted 144 smuggling attempts across the South-West corridor. The seized items include prohibited pharmaceutical products, foreign parboiled rice, and environmentally hazardous waste such as used refrigerator compressors.

    Reporting by Daily Post indicates that the operations also yielded the rescue of four live pangolins, highlighting the Service’s role in wildlife protection. The Customs Area Controller noted that the seizures were made possible through intelligence-led operations and increased surveillance at border points. Leadership validated these claims, quoting the Controller who said: “Our officers remain vigilant against those who seek to undermine our economy and the health of our citizens through illicit trade.”

    In an update published by The Nation, the NCS confirmed that several suspects were apprehended during the raids and are currently assisting with investigations. The report cited a spokesperson from the National Drug Law Enforcement Agency (NDLEA), who praised the synergy between the agencies: “The collaboration between Customs and NDLEA is crucial in choking the supply chains of narcotics and dangerous substances entering the country.”

    Echotitbits take:

    The sheer volume of these seizures reflects both the persistence of smugglers and the increasing effectiveness of the Customs Service’s tactical units. The inclusion of wildlife and hazardous waste shows a broadening of the NCS mandate beyond just revenue collection. Watch for a possible hike in the price of certain black-market goods as these supply routes remain under heavy pressure.

    Source: Vanguard – https://www.vanguardngr.com/2026/02/customs-intercepts-144-smuggling-attempts-seizes-n3-3bn-contraband/, February 9, 2026

    Photo credit: Vanguard

  • Nnamdi Kanu Permanently Ends South-East Sit-At-Home Directive

    Nnamdi Kanu Permanently Ends South-East Sit-At-Home Directive

    The outlawed Indigenous People of Biafra (IPOB) has announced the definitive termination of the controversial Monday sit-at-home order across Nigeria’s South-east region. According to Premium Times, the group’s leader, Nnamdi Kanu, issued the directive from detention, declaring the cessation of the weekly exercise effective Monday, February 9, 2026. The move is intended to allow for the full restoration of economic activities, educational pursuits, and freedom of movement for residents of the zone.

    Reporting by The Nation indicates that IPOB’s spokesperson, Emma Powerful, clarified that anyone attempting to enforce a sit-at-home hereafter is acting against Kanu’s direct wishes and will be treated as an enemy of the people. The statement emphasized that there is no longer any justification for the paralyzing weekly lockdowns, which have severely hampered the region’s productivity over the past few years.

    In an update published by The Punch, security agencies have been urged to provide maximum protection for citizens as they resume their normal Monday routines. The publication notes that “the total cancellation is a necessary step to stop the intimidation of our people and ensure that schools and markets can operate without fear.” Validation from Vanguard further confirms this shift, quoting a regional security analyst who stated, “This move, if respected by all factions, could be the turning point for the South-east’s struggling economy.”

    Echotitbits take:

    The cessation of the sit-at-home is a significant relief for the South-east’s fragile economy, which has lost billions of Naira to these weekly closures. However, the real test lies in the enforcement; security forces must ensure that splinter groups or “enforcers” do not continue to terrorize citizens who choose to come out. Watch for whether the Monday morning bustling returns to major markets in Aba, Onitsha, and Enugu today.

    Source: The Punch – https://punchng.com/ipob-orders-total-cancellation-of-sit-at-home-in-south-east/, February 9, 2026

    Photo credit: The Punch

  • Nigeria’s External Reserves Hit $46.91bn as Naira Closes at N1,366.19

    Nigeria’s External Reserves Hit $46.91bn as Naira Closes at N1,366.19

    According to Daily Post reporting, the Nigerian Naira concluded the week at N1,366.19 against the US Dollar at the official foreign exchange market, marking a slight daily depreciation from its previous standing. Despite this minor dip, the nation’s economic outlook remains bolstered by a significant surge in external reserves, which have now climbed to $46.91 billion as of early February 2026.

    The local currency’s performance showed resilience on a week-on-week basis, gaining approximately N20.36 at the official window. Meanwhile, the parallel market—often referred to as the black market—saw the Naira ending the week with a notable N10 gain, settling at a rate of N1,450 per dollar. This convergence of rates is seen as a positive sign of stabilizing liquidity within the financial system.

    Market analysts note that the steady accumulation of foreign reserves provides the Central Bank of Nigeria (CBN) with a stronger buffer to manage exchange rate volatility. This development was further validated by The Punch, which noted that “the robust reserve level is a testament to improved crude oil receipts and tighter fiscal controls,” while Vanguard added that “the stability in the FX market is increasingly attracting the interest of offshore portfolio investors.”

    Echotitbits take: The climb to $46.91bn in reserves is a major milestone for the Tinubu administration’s economic team. It suggests that the aggressive monetary tightening and FX reforms are finally yielding a “liquidity cushion.” Watch for whether the CBN will use this surplus to intervene more frequently in the retail end of the market to further close the gap between official and parallel rates.

    Source: Daily Post – https://dailypost.ng/2026/02/07/naira-closes-week-at-n1366-19-per-dollar-as-nigerias-external-reserves-hit-46-91bn/, February 7, 2026

    Photo credit: Daily Post

  • Federal Government Unveils Ambitious Gas Master Plan to Drive 2026 Industrial Growth

    Federal Government Unveils Ambitious Gas Master Plan to Drive 2026 Industrial Growth

    According to The Punch, the Nigerian government is set to launch over 60 critical gas projects under the newly refined Gas Master Plan 2026. This initiative is designed to transition the nation toward a gas-driven economy, significantly increasing domestic production while expanding export capacities to bolster foreign exchange reserves.

    The policy framework focuses on leveraging Nigeria’s vast natural gas reserves to power local industries and reduce the cost of energy for manufacturers. Government officials believe that by prioritizing gas-to-power and gas-to-industry projects, the country can mitigate the impact of fluctuating oil prices and create a more resilient industrial base.

    ThisDay reported that the Ministry of Petroleum Resources is actively seeking private-sector partnerships to fund the infrastructure required for these projects. A spokesperson for the ministry stated, “Our goal is to turn Nigeria into a regional gas hub within the next twenty-four months.” The Guardian also validated the report, noting that the plan includes significant pipelines and processing plants, with an analyst quoting: “The execution of these 60 projects will be the true litmus test for Nigeria’s energy transition.”

    Echotitbits take:

    This move is a strategic pivot toward “Gas as a Transition Fuel,” aligning with global energy trends. The success of this master plan could drastically lower production costs for Nigerian businesses, which are currently crippled by high diesel prices. However, the primary challenge remains security for pipeline infrastructure and the ability to attract the massive capital investment required to see these projects to completion.

    Source: The Punch – https://punchng.com/nnpc-unveils-gas-master-plan-to-boost-nigerias-energy-sector/, and February 2, 2026

    Photo credit: Vanguard