General News
A Rough and Rocky Road Ahead for Nigeria’s Economy?

By Lukman Otunuga, Senior Research Analyst at FXTM,
Africa’s largest economy commenced the final quarter by facing some of the biggest protests witnessed since military rule ended in 1999.
The protests boiled over during an already turbulent and rocky time not in the local but global economy. The cumulative effects of the COVID-19 pandemic lockdowns and other restrictions triggered a downturn together with a sharp increase in public debt. Given the resulting uncertainty from the protests, financial markets were spooked once again with the strong knock-on effects hitting Nigeria’s stock market and international bond while further clouding its economic outlook.
Before this development, the International Monetary Fund (IMF) projected a 4.3 percent contraction in GDP because of COVID-19. Depressed Oil prices enduring a prolonged lapse in demand has not helped matters with the aftermath of the protests projected to cost over N700-billion Naira in output – something that may drag on real GDP.
Inflation becoming a cause for concern
Nigeria has been scarred by three consecutive quarters of rising inflationary pressures, shaky economic fundamentals, Dollar scarcity and low Oil prices. A 24-hour curfew imposed on Lagos worsened the outlook for the already fragile economic landscape and local businesses which bore the marks of deep wounds from COVID-19.
Inflation rose for 13 months straight, hitting 13.71 percent in September. Price increases were seen mainly in medical treatment, electricity, food supplies and passenger air travel but so far have not impacted the Oil industry. This is a welcome development given that Oil accounts for over 90 percent of export earnings and 70 percent of government revenues.
Banks clamp down on speculation
Focusing on the Naira, the banking system clamped down on speculation and limited foreign exchange transactions by individuals and corporations. The intention was to stabilise the currency which was at the centre of a perfect storm of low Oil prices, Dollar scarcity and a weaker economy.
The results of the foreign currency restrictions in the banking sector remain to be seen.
External pressures likely to influence outlook
Presidential elections in the US added to the uncertainty prevailing around Nigeria’s economic outlook, especially when it comes to Oil prices. According to national polls, Democrat challenger Joe Biden is leading the incumbent Donald Trump but electoral polls are the kind of forecast that can change last minute. Whatever the political race’s outcome, the result is critical for the US and global economy and may heavily influence the financial markets.
When it comes to Oil, Trump’s policy of backing the US Shale industry and ramping up US Oil production may fall by the wayside in the case that Biden wins the election. In turn, this could pressure global Oil prices and send them even lower. The downside scenario may weigh on Nigeria’s economy in spite of its efforts to diversify and reduce its reliance on the Oil industry.
A Trump win may increase confidence in the Oil markets in the short term but in the medium term, COVID-19 is still the main problem for Oil demand. OPEC forecasts lingering effects of COVID-19 on the Oil markets and in the long term, sees demand for the fossil fuel reduced by green and renewable energy sources like hydrogen.
Nonetheless, Oil will continue to have the largest share of the energy mix until 1945, according to OPEC.
In summary, Nigeria’s economy faces unprecedented headwinds in the fourth quarter and in the first quarter of 2021. The challenge is to get through the storm of a weakened economy facing internal and external threats and reach a place where there is smoother sailing. Now more than ever, it is important to keep diversifying the economy and make provisions for a calmer future where Nigeria can recover from its recent trials.
General News
Nigeria Police suspends tinted glass permit enforcement over court injunction

Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Tinted glass permit
The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.
An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.
Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.
The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.
IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.
General News
NDIC Reinforces Full Oversight Compliance to Safeguard Depositors

Mr. Thompson Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government.

Mr. Sunday made this known during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, as part of NDIC’s ongoing engagement with key stakeholders following his formal assumption of office in July 2025.
According to him, NDIC takes financial accountability and transparency seriously, stressing that the Corporation complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable. He added that NDIC also submits its financial statements ahead of statutory deadlines.
The NDIC MD/CE explained that this culture of compliance aligns with the Corporation’s role as a key institution within Nigeria’s financial safety-net, charged with protecting depositors and promoting confidence in the banking system. He emphasized that adherence to fiscal discipline remains central to NDIC’s credibility and effectiveness.
Mr. Sunday further disclosed that NDIC also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, although he noted that the policy poses operational constraints. He explained that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.
He stressed that international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI) require deposit insurers to maintain adequate funds to reimburse depositors when banks fail without recourse to government, adding that the NDIC is seeking an exemption to strengthen its capacity in this regard.
Mr. Sunday described MOFI as a critical stakeholder, noting that the Federal Government, through MOFI, holds a 40 per cent equity stake in NDIC. He said sustained collaboration with MOFI is essential to ensuring that NDIC continues to meet its obligations to government while effectively safeguarding depositors’ funds.
In his remarks, Dr. Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the Corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.
Both institutions reaffirmed their commitment to continued cooperation, transparency and accountability, with Mr. Sunday reiterating that NDIC remains focused on balancing regulatory compliance with its overriding mandate of depositor protection and financial system stability.
General News
T2 Backs Youth Excellence as NCBC Wins Bosun Tijani Foundation Basketball Tournament

T2 has reaffirmed its commitment to youth development and excellence through sport as the NCBC basketball team, adopted by the brand, emerged champions of the Bosun Tijani Foundation Youth Basketball Tournament held at the Alake Sports Complex, Ijeja, Abeokuta.

The tournament, organised by the Bosun Tijani Foundation in collaboration with the Ogun State Government and supported by several partners including T2, brought together 12 competitive teams from across Nigeria, positioning basketball as a powerful platform for youth engagement, discipline, and opportunity.
NCBC’s championship run reflected the values T2 seeks to champion, work ethic, intelligence, teamwork, and resilience. The team recorded commanding victories over Team Vision, Warlords, and Elevate before defeating the Ilupjeu Raiders 66–52 in a gripping final.
Commenting on the adoption of the team, Seni Ogunkola, Vice President, Brands and Communication, T2 stated “NCBC embodies the qualities we believe in, exceptional work rate, intelligence on the ball, discipline, and a hunger to excel. By supporting them, T2 is investing in potential, purpose, and the next generation of leaders on and off the court.”
The climax of the event saw His Royal Highness, Oba Adedotun Gbadebo, the Alake of Egbaland, alongside Nigeria’s Minister of Communications and Digital Economy, Bosun Tijani, present the trophy to the victorious team, drawing rapturous applause from spectators. The event was also attended by the Chief of Staff to Ogun State Governor Dapo Abiodun, Mr. Lere Olayinka, and the Ogun State Commissioner for Sports, Honourable Wasiu Isiaka, underscoring strong institutional support for youth-focused initiatives.
Through its participation in the tournament, T2 continues to position itself as a brand that goes beyond sponsorship, championing platforms that unlock talent, inspire ambition, and create lasting social impact for Nigerian youth.
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