Manufacturers deepen local raw materials sourcing, up 11% in 3yrs
By Yinka Kolawole Nigeria’s manufacturing sector recorded a steady increase in the use of locally sourced raw materials between 2021 and 2024, with the share rising from 51.5 per cent in 2021 to 57.1 per cent in 2024, as foreign exchange pressures, naira depreciation and rising import costs pushed manufacturers towards domestic alternatives. Data from […]
NIBSS National Payment Stack hits 100m transactions, deepens financial inclusion
Nigeria’s foremost payment infrastructureprovider, the Nigeria Inter-Bank Settlement System (NIBSS) PLC, has announced that its National Payment Stack (NPS) surpassed 100 million successful transactions lastFriday, marking a major milestone in Nigeria’s paymentsmodernisation journey. Built on full compliance with the ISO 20022 global messaging standard, the NPSprovides a unified, future-ready foundation for seamless, data-rich and securepayments. […]
GTCO records N603bn profit, proposes N1 dividend
By Peter Egwuatu Guaranty Trust Holding Company Plc , GTCO has recorded Group profit before tax, PBT of N603.03 billion, in the first half 2026,H1’26, driven by strong performance on the interest and trading income lines, which grew Year on Year, YoY by 7.5% and 24.7%, respectively. The strong earnings recorded were moderated by a […]
Banks awash with excess cash amidst poverty
•As banking system liquidity surges 17% to N5.5trn By Elizabeth Adegbesan Amidst prevalent poverty in the country, Nigeria’s financial sector experienced a major injection of cash as the average net liquidity in the banking system surged to N5.53 trillion in May 2026. This represents a 17.16 per cent increase from the N4.72 trillion recorded previous […]
DLM Capital Group delivers 2nd coupon payment on AAA-rated SBCN
By Babajide Komolafe DLM Capital Group, a prominent global development investment bank has successfully fulfilled its second principal and interest (coupon) payment obligation to investors under its N9 billion Sovereign Bond-Backed Composite Notes (SBCN) issued under the Group’s N30 billion Medium-Term Notes Programme listed on FMDQ Exchange. The company stated, “The second principal and interest […]
Revive textile sector for job creation, economic diversification — Labour
By Victor Ahiuma – Young The National Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN, has called on the Federal Government to urgently revive Nigeria’s moribund textile industry, describing the sector as critical to industrialisation, job creation and economic diversification. The union made the call at the First Abubakar D.O. Abutu Memorial Lecture […]
