Echotitbits – Nigeria News

Tag: economy

  • Nigerian Stock Market Faces N395 Billion Loss Amid Profit-Taking

    Nigerian Stock Market Faces N395 Billion Loss Amid Profit-Taking

    The Nigerian Exchange (NGX) recorded a downturn last week as market capitalization fell by an estimated N395 billion, driven largely by intensified profit-taking following a period of sustained gains.

    The All-Share Index closed lower, reflecting softer sentiment across major sectors including banking, consumer goods, and industrial products. Even with the overall decline, selective counters in insurance and oil and gas reportedly posted modest gains, suggesting pockets of bargain hunting.

    Market analysts describe the move as a normal correction typical of extended rallies, with expectations that sentiment may stabilize as listed companies begin releasing full-year financial results. Separate reporting also cited the week’s closing market capitalization figure and noted that investor positioning remains sensitive to earnings and macro signals.

    Echotitbits take: This is a classic “sell-off” period. Smart investors will be looking for undervalued stocks during this dip, especially in the banking sector, which remains fundamentally strong despite the index drop.
    Source: Ripples – https://www.ripplesnigeria.com/ngx-roundup-investors-lose-n395bn-as-equity-market-continues-to-boom/  2026-01-26

    Photo Credit: Ripples

  • Nigeria Moves to Terminate Rice Importation Windows to Protect Local Farmers

    Nigeria Moves to Terminate Rice Importation Windows to Protect Local Farmers

    Nigeria is moving to shut down rice import windows following a national policy review that reportedly found imports have created surplus supply, depressing prices and worsening losses for domestic farmers.

    Officials linked to the Presidential Food Systems Coordinating Unit reportedly stated that maize and rice farmers recorded negative margins during the 2025 wet season, driven by high production costs and weak sale prices. The government’s new direction is expected to prioritize local production while introducing price protection mechanisms to safeguard farmer livelihoods and preserve national food security.

    Supporters argue the policy reset will stabilize rural incomes and reduce exposure to import shocks. Critics caution that if local output cannot meet demand, consumers—particularly in urban centers—could face renewed price pressures. Separate reporting has also referenced national food balance figures indicating a notable surplus in late 2025.

    Echotitbits take: This is a return to protectionist policies. While it helps farmers, the government must ensure that local supply is actually sufficient to prevent a price spike for consumers in urban areas.
    Source: BusinessDay – https://businessday.ng/news/article/nigeria-to-shut-rice-import-windows-as-data-exposes-farmers-losses/ 2026-01-26

    Photo Credit: BusinessDay

  • Diaspora Affairs: Nigeria Moves to Formalize Remittance Channels

    Diaspora Affairs: Nigeria Moves to Formalize Remittance Channels

    Diaspora Affairs: Nigeria Moves to Formalize Remittance Channels

    The Federal Government has introduced a policy package to streamline remittances by lowering fees and proposing ‘Remittance Bonds,’ aiming to route more FX inflows through official channels and support reserves and liquidity.

    Additional coverage across Nigerian media and stakeholder reactions indicate that the implications of the development will be closely watched in the coming days as policy, security, and market signals evolve.

    Echotitbits take: Remittances are a major FX pillar after oil. Success depends on trust: diaspora senders will follow official channels if pricing is competitive and the exchange-rate gap remains tight.

    Source: The Punch – https://punchng.com/diaspora-remittances-hit-600m-monthly-dabiri-erewa-cbn/ (2026-01-22)

    Photo credit: The Punch

    2026-01-22 17:00:00

     

  • Macro-Strategy: VP Shettima Reclassifies Food Security as National Security

    Macro-Strategy: VP Shettima Reclassifies Food Security as National Security

    Macro-Strategy: VP Shettima Reclassifies Food Security as National Security

    Vice President Kashim Shettima says Nigeria is now treating food security as a core national security and macroeconomic priority, unveiling a ‘Back to the Farm’ push aimed at reducing inflation and food-import FX pressure.

    Additional coverage across Nigerian media and stakeholder reactions indicate that the implications of the development will be closely watched in the coming days as policy, security, and market signals evolve.

    Echotitbits take: Framing food as a security issue allows the government to deploy more resources and potentially protect farming clusters more aggressively. Success depends on whether food-basket regions are actually made safe from banditry.

    Source: Channel TV – https://www.channelstv.com/2025/07/30/nigerias-target-is-to-attain-food-sovereignty-shettima/ (2026-01-22)

    Photo credit: Channel TV

    2026-01-22 13:00:00

     

  • Fiscal Responsibility: Experts Warn Against ‘Frivolous’ Insertions in 2026 Budget

    Fiscal Responsibility: Experts Warn Against ‘Frivolous’ Insertions in 2026 Budget

    Fiscal Responsibility: Experts Warn Against ‘Frivolous’ Insertions in 2026 Budget

    Nigeria’s proposed N58.18 trillion 2026 Appropriation Bill is facing scrutiny over reports of N3.5 trillion in new projects, amid warnings that fresh insertions could worsen debt dynamics and undermine priority sectors.

    Additional coverage across Nigerian media and stakeholder reactions indicate that the implications of the development will be closely watched in the coming days as policy, security, and market signals evolve.

    Echotitbits take: This tension between the Executive and the National Assembly over project padding is a recurring theme. The real test will be whether the Senate resists these insertions or if they are passed in exchange for political concessions.

    Source: Arise – https://www.arise.tv/adc-blasts-2026-budget-as-quicksand-debts-fantasy/ (2026-01-22)

    Photo credit: Arise

    2026-01-22 10:00:00

     

  • Global Trade Shifts: Okonjo-Iweala Urges Nigeria to Court Strategic Investors

    Global Trade Shifts: Okonjo-Iweala Urges Nigeria to Court Strategic Investors

    Global Trade Shifts: Okonjo-Iweala Urges Nigeria to Court Strategic Investors

    WTO Director-General Ngozi Okonjo-Iweala urged Nigeria to aggressively court strategic investors as multinationals diversify supply chains away from China, stressing digital trade and infrastructure as anchors for industrial growth.

    Additional coverage across Nigerian media and stakeholder reactions indicate that the implications of the development will be closely watched in the coming days as policy, security, and market signals evolve.

    Echotitbits take: This highlights a critical pivot from aid-seeking to investment-attraction. Watch for whether the Federal Government introduces new tax incentives specifically for companies exiting the Asian market to set up local manufacturing hubs.

    Source: Vanguard – https://www.vanguardngr.com/2026/01/davos-2026-target-global-investors-to-cut-imports-create-jobs-okonjo-iweala-advises-fg/ (2026-01-22)

    Photo credit: Vanguard

    2026-01-22 09:00:00

     

  • Peter Obi Slams ₦8 Trillion NNPCL Debt Write-Off as ‘Fiscal Recklessness’

    Peter Obi Slams ₦8 Trillion NNPCL Debt Write-Off as ‘Fiscal Recklessness’

    Reporting by The Nation indicates Labour Party leader Peter Obi criticized the federal government’s reported write-off of roughly ₦8 trillion in debts linked to the Nigerian National Petroleum Company Limited (NNPCL), calling it fiscally reckless.

    The write-off reportedly includes a mix of naira and dollar liabilities, which the presidency framed as a balance-sheet cleanup ahead of a potential public listing. Obi argued that such a large cancellation should be backed by transparent audits and accountability.

    He called for full disclosure on how the liabilities accumulated and suggested recovered sums should be reinvested into critical sectors like infrastructure and education.

    Daily Post and Tribune Online also reported responses, including claims by government spokesmen that the step is standard corporate restructuring rather than impropriety.

    Echotitbits take: This could become an early flashpoint in Nigeria’s next economic-political cycle. Balance-sheet cleanup is normal, but scale demands transparency—watch for legislative hearings or audit calls.

    Source: The Guardian – https://guardian.ng/news/obi-condemns-%E2%82%A68tr-nnpc-debt-write-off-warns-of-fiscal-recklessness/ 2026-01-09

    Photo Credit: The Guardian

  • NGX Market Cap Nears ₦100 Trillion Milestone Amid Investor Optimism

    NGX Market Cap Nears ₦100 Trillion Milestone Amid Investor Optimism

    In a report by BusinessDay, the Nigerian Exchange (NGX) All-Share Index was said to be nearing 160,000 points, with market capitalization approaching the ₦100 trillion threshold. President Bola Tinubu reportedly welcomed the milestone and urged greater local investment.

    The rally has been linked to strong banking, industrial, and oil and gas performances, with investors using equities as a hedge amid inflation. Analysts also cited improved FX stability as a factor supporting sentiment and potential foreign inflows.

    Officials believe deeper markets could help the private sector raise long-term capital for infrastructure, though some observers warn market gains need to align with real-sector productivity to be sustainable.

    The Nation and Tribune Online also reported on rising activity, including increased retail participation through mobile trading apps.

    Echotitbits take: ₦100 trillion is a major psychological level. If sustained, it could accelerate IPO plans and broaden capital formation—provided earnings and governance keep pace.

    Source: NgxGroup – https://ngxgroup.com/ngx-market-cap-tops-%E2%82%A6100trn-on-strong-early-year-buying/ 2026-01-09

    Photo Credit: NGX Group

  • Nigerian Billionaires Outpace South African Rivals in Wealth Growth

    Nigerian Billionaires Outpace South African Rivals in Wealth Growth

    Figures cited by BusinessDay show that Nigeria’s top billionaires have officially overtaken their South African counterparts in combined net worth, reaching a total of $43 billion. Abdul Samad Rabiu, chairman of BUA Group, led the growth in 2025, significantly narrowing the gap with long-time leader Aliko Dangote while simultaneously moving ahead of South Africa’s wealthiest industrial titans.

    The report attributes this shift to the successful expansion of Nigerian conglomerates into the regional African market and the stabilization of the Naira, which has helped maintain the dollar-denominated value of their assets. This ‘wealth war’ between Africa’s two largest economies highlights the growing influence of Nigerian industrialization on the continent.

    The milestone was also mentioned by The Guardian and Vanguard. The Guardian noted that ‘Nigerian billionaires overtake South African peers,’ while Vanguard highlighted that ‘Rabiu leads wealth growth in 2025,’ solidifying his position as one of the most influential figures in African business.

    Echotitbits take: While these numbers are impressive, they highlight the extreme wealth concentration in Nigeria. The growth of these billionaires is largely tied to infrastructure and commodities—sectors that rely heavily on government policy. For the average Nigerian, the real question is when this industrial growth will lead to a significant reduction in the cost of basic goods like cement and sugar.
    Source: BusinessDay – https://businessday.ng/news/article/meet-4-nigerian-billionaires-worth-27-8bn-combined-forbes/ January 6 2026

    Photo Credit: BusinessDay

  • Nigerian Capital Market Hits Historic ₦100 Trillion Milestone

    Nigerian Capital Market Hits Historic ₦100 Trillion Milestone

    Figures cited by Vanguard show that the Nigerian Exchange Limited (NGX) has crossed the ₦100 trillion market capitalization threshold for the first time in history. This unprecedented surge occurred during the opening sessions of the first week of 2026, driven by aggressive buying interest in blue-chip stocks. Analysts attribute this ‘January effect’ to renewed investor confidence in the federal government’s long-term economic stability measures.

    The rally reflects a significant shift in market sentiment as both domestic and institutional investors pivot toward high-yielding equity assets. Experts noted that the milestone is not merely a symbolic victory but a reflection of the deepening of the Nigerian financial sector, which has seen increased participation from local pension fund administrators and retail investors seeking a hedge against previous inflationary pressures.

    The development was also highlighted by The Nation and BusinessDay. The Nation reported that the ‘stock market capitalization hits ₦101 trillion,’ marking a rapid climb in valuation. Similarly, BusinessDay observed that ‘Nigeria crosses ₦100trn market cap on January effect,’ noting that the surge positions the NGX as a dominant force in sub-Saharan African capital markets.

    Echotitbits take: Hitting the ₦100 trillion mark is a psychological breakthrough for the Nigerian economy. It suggests that despite the hardships of 2025, the private sector is betting on a 2026 recovery. However, the concentration of wealth in a few blue-chip stocks means the government must work harder to ensure this liquidity trickles down to small and medium enterprises (SMEs).
    Guardian – https://guardian.ng/news/apc-draws-battle-line-with-wike-over-rivers-political-control/ January 6 2026

    Photo Credit: Guardian