News
Global Stocks Uplifted by Oil Rally
Stock markets were offered a welcome boost during trading on Tuesday following the sharp appreciation in oil prices that temporarily elevated confidence towards the global economy, consequently heightening investor risk appetite.
In Europe, stocks displayed resilience ahead of the looming ECB press conference despite expectations fading over the central bank unleashing further stimulus measures.
The optimism from rising oil prices dispersed into the US market with the S&P 500 surging to fresh 2016 highs above 2100 and this positive contagion could provide a short term lifeline for Asian equities, especially the Nikkei that was previously depressed from a strengthening Japanese Yen.
While these ongoing short-term gains in the stock markets show some improvement in investor risk appetite, market participants should remain alert because concerns over slowing global growth and incessant declines in commodity prices continue to lurk in the background.
With the resurgence in global stocks ignoring the firm fundamentals and evidently low confidence towards the global economy, it seems that the financial markets have become so sensitive that oil prices are now controlling global sentiment and subsequently dictating stock market movements.
Such a scenario simply spells more pain for stocks in the future, especially when investors digest the reality of the excessive oversupply in the oil markets which inevitably may send oil prices lower.
Euro braces ahead of ECB meeting
The Eurozone saga continues with the nation engrossed in a losing battle with tepid inflation, while deteriorating economic growth in Europe has left the ECB under immense pressure to act again.
Despite the painful declines in commodity prices and failing global growth obstructing the ECB’s 2% inflation goals, Mario Draghi may decide to remain on standby this week amid discussions of central banks running out of ammunition to stabilize the financial turmoil.
Investors should keep in mind that the last time the ECB embarked on aggressive stimulus measures in March, the market reaction was inverse with the Euro appreciating as fears intensified over the central banks inability to jumpstart Eurozone growth.
Mario Draghi may likely repeat his dovish mantra in a bid to devalue the Euro while also hinting of possible measures in the future if inflation fails to pick up.
The EURUSD is bullish on the daily timeframe and the new higher low at 1.1250 could provide a foundation for another an upsurge towards 1.1400.
Prices are trading above the daily 20 SMA while the MACD has also crossed to the upside. Previous light resistance at 1.1350 could transform into a dynamic support for an incline towards 1.1400.
Sterling surges across the board
A combination of renewed risk appetite, partially alleviated concerns of a Brexit following a lead in the stay campaign, and potential profit taking offered a foundation for Sterling bulls to surge sharply against the Dollar during trading on Tuesday.
This move felt highly exaggerated and with the ongoing debate over the impact of a Brexit punishing investor attraction towards the currency, further declines in prices should be expected in the future.
Investors should keep in mind that this appreciation in the Sterling had nothing to do with an improved sentiment towards the currency and with expectations fading towards the BoE raising UK rates in 2016, any upsurge may be capped.
Focus may be directed on the average earnings and claimant count reports today with potential signs of weakness offering bearish investors an opportunity to install another round of heavy selling across the board.
The GBPUSD rallied above 1.4400 and while bulls may be commended for their valiant efforts, this relief rally could provide a platform for bears to send prices lower on the condition that 1.4500 defends.
Crude oil rattles markets
WTI bulls were offered short-term encouragement this week following the Kuwait strike which trimmed the nation’s oil output from 2.86 to 1.1mbdp and encouraged buyers to send crude oil prices to the highs of $42.80.
It should be kept in mind that strikes do not last forever and when Kuwait resumes oil production as normal, oil prices may be poised to decline back down towards $40.
The noise of strikes and ongoing talks of production freezes does not however drown out the disappointment from the OPEC meeting in Doha, and with the cartel’s credibility balancing on a thin line, investors may have become skeptical of anything the group has to say regarding freezes and output cuts.
Nothing has changed and sentiment remains bearish towards WTI oil, it only remains a matter of time until something triggers a steep and memorable decline.
From a technical standpoint, bears need to break back below $40 for a path towards $38.
Lagos State has become the first sub-national government in Nigeria to establish a comprehensive Greenhouse Gas Registry, a move aimed at strengthening climate governance, improving emissions accountability and accelerating the state’s transition to a low-carbon economy.
The Lagos State Greenhouse Gas Registry (LGHGR) was unveiled at the Central Business District, Alausa, Ikeja, at a ceremony attended by Prof. Akin Abayomi, commissioner for Health, members of the State Executive Council, representatives of the Federal Ministry of Environment, development partners, TPHG Technologies, the diplomatic and business communities, academics, civil society organisations and the media.
Describing the initiative as a landmark achievement in the state’s environmental sustainability drive, Dr. Babatunde Ajayi, general manager of the Lagos State Environmental Protection Agency (LASEPA), said the Registry marks a defining moment in Lagos’ climate action journey and reflects Governor Babajide Sanwo-Olu’s commitment to building a resilient, climate-smart and environmentally sustainable economy.
According to Ajayi, the digital platform will enable the state to accurately measure, monitor, report and verify greenhouse gas emissions across key sectors, providing credible data to guide environmental policies and climate interventions.
He said the Registry would strengthen evidence-based decision-making, improve transparency and accountability, support national and international climate reporting obligations, unlock carbon market opportunities and boost investor confidence in Lagos’ environmental initiatives.
Ajayi also commended TPHG Technologies for providing the technical expertise that made the pioneering project possible.
Delivering the keynote address, Prof. Abayomi described the Registry as a major milestone that positions Lagos at the forefront of climate governance and emissions accountability in both Nigeria and Africa.
He noted that climate change has evolved into a significant public health and governance challenge, stressing that access to reliable emissions data would enable the state to formulate evidence-based policies, attract climate financing, strengthen resilience and accelerate its transition to a low-carbon economy.
Providing insights into the technical framework of the project, Dr. Mofoluso Fagbeja, lead consultant and chief executive officer, TPHG Technologies, explained that the Registry was developed from the greenhouse gas inventory jointly undertaken by LASEPA and TPHG Technologies in 2022, using 2019 as the baseline year for emissions assessment.
He said the platform is designed to close critical emissions data gaps, particularly within the industrial sector, while supporting effective climate policy implementation, emissions management and sustainable development.
Fagbeja also disclosed that the greenhouse gas inventory estimated that poor air quality contributes to about 35,000 premature deaths annually in Lagos, underscoring the urgent need for stronger emissions control measures and cleaner environmental practices.
In a goodwill message, Balarabe Abbas Lawal, minister of Environment, represented by Mrs. Adenaike Olunimpe Oludunni, federal controller of Environment in Lagos, commended Lagos State for pioneering the initiative, describing it as a significant contribution to Nigeria’s climate commitments.
He said the Registry aligns with the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement and supports the Federal Government’s Energy Transition Plan, while reaffirming the ministry’s commitment to deeper collaboration with Lagos State on climate governance and environmental sustainability.
A recently released Henley Passport Index 2026, showed that Nigerian citizens can travel to at least 20 destinations outside the African continent where entry is allowed either visa-free, with a visa on arrival (VOA) at no extra cost, or via an e-visa.
This expanded access opens doors for Nigerian travellers to experience countries in the Caribbean, Asia, and beyond with greater ease.
Below is a comprehensive guide to countries outside Africa which Nigerian passport holders can visit without a traditional visa.
Visa-Free Countries outside Africa for Nigerian Passport Holders:
Barbados
Cambodia – Visa on arrival
Comoros Islands – Visa on arrival
Cook Islands
Dominica
Fiji
Haiti
Iran – Visa on arrival
Kiribati
Lebanon
Maldives – Visa on arrival
Micronesia
Montserrat
Niue – Visa on arrival
Palau Islands – Visa on arrival
Samoa – Visa on arrival
St. Kitts and Nevis
Timor-Leste – Visa on arrival
Tuvalu
Vanuatuul
Nigeria and Israel yesterday reaffirmed their commitment to deepening bilateral cooperation in research, technology and innovation as both countries pledged to expand partnerships that will drive entrepreneurship, commercialise research and accelerate economic development.
The commitment was made at the closing ceremony and innovation showcase of the I-FAIR Cohort of the Israel-Nigeria Innovation Fellowship for Aspiring Inventors and Researchers (I-FAIR) in Abuja, where the Ambassador of Israel to Nigeria, Michael Freeman, announced that funding had been secured for the fifth edition of the programme, scheduled to begin in October 2026.
Freeman described I-FAIR as a practical demonstration of the growing partnership between both countries, saying it had enabled Nigerian innovators to develop local solutions to national challenges through Israeli mentorship and expertise.
He said, “This programme has never been about bringing Israeli solutions to Nigeria. It’s been about helping brilliant Nigerian innovators develop Nigerian solutions to Nigerian challenges supported by Israeli experience, mentorship and innovation.”
The envoy noted that the initiative had brought together government, academia, investors, engineers and entrepreneurs to transform innovative ideas into businesses capable of creating jobs and stimulating economic growth.
Announcing the continuation of the programme, he said, “I am so proud to stand here today and announce that we have secured with our partners funding for I-FAIR 5 and I-FAIR 5 will be launching in October 2026.”
Freeman said the relationship between Nigeria and Israel had grown significantly over the past four and a half years through cooperation in innovation, agriculture, healthcare, education, water management and technology.
He expressed confidence that stronger collaboration between both countries would unlock greater opportunities for startups, research institutions and businesses.
According to him, “Israel brings experience and innovation, technology, agriculture, healthcare, cyber security, security and water management. Nigeria brings extraordinary talent, creativity, entrepreneurship and one of the most dynamic young populations anywhere in the world.”
He added, “I have no doubt that the best chapters of the relationship between Israel and Nigeria are still ahead of us.”
The Executive Secretary of the Tertiary Education Trust Fund, Architect Sonny Echono, also reaffirmed TETFund’s commitment to strengthening research and innovation through strategic partnerships with Israel and other stakeholders.
He said the I-FAIR programme aligned with Nigeria’s priorities in food security, agriculture, medicine, technology, clean energy and the circular economy, adding that TETFund would continue supporting initiatives that promote research commercialisation.
Echono stressed that collaboration between government, academia and industry remained critical to translating research findings into products and services.
He said, “It is this critical linkage, especially between science, engineering, technology and innovation, and the productive sector that is critical for translating R&D results and inventions into finished products for socio-economic benefits of our people.”
He disclosed that TETFund was working with partners to establish innovation facilities in about 60 tertiary institutions and had created a student innovation fund that would provide up to ₦50 million to students with commercially viable ideas.
The TETFund boss also announced plans for a National Research Fair later this year, where innovators would showcase products before policymakers, financial institutions and investors to attract funding and commercial partnerships.
Paying tribute to the outgoing Israeli ambassador, Echono described Freeman as a strong bridge between Nigeria and Israel.
He said, “Nigeria is grateful for your service. You have been a strong bridge between our two countries.”
Earlier, Head of Programmes at Innov8 Hub, Tolulope Aina, said sustainable economic development depended on building an innovation ecosystem that transforms ideas into successful businesses.
She noted that Innov8 Hub had supported more than 3,000 innovators, researchers and entrepreneurs, helping them convert research into products, startups and investment-ready ventures.
Aina said, “Nigeria does not suffer from a shortage of brilliant minds, what we need are stronger pathways that help those ideas become products, businesses, and opportunities that improve life.”
She thanked the Embassy of Israel and TETFund for their continued support in strengthening Nigeria’s innovation ecosystem.
According to her, “Building an innovation-driven economy requires collaboration, long-term commitment and shared purpose.”
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