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Inflation, Naira and Oil in Focus

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Lukman Otunuga
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By Lukman Otunuga is Senior Financial Market Analyst with FXTM

Some semblances of stability have returned to global markets after US recession fears created shockwaves last week.

Lukman Otunuga

Still, concerns over the health of the worlds largest economy linger with investors on high alert ahead of another busy week. With the US elections just months away, this negative development adds another layer of uncertainty. Much focus will be on the US CPI print, retail sales, and consumer confidence which are likely to shape expectations around how aggressively the Fed cuts rates.

Regarding the fourth largest economy in Africa, the man theme will be the latest CPI print. One of the key themes in Nigeria in 2024 has been runaway inflation which jumped to 34.2% in June – its highest level since 1996. However, the incoming CPI print is expected to show prices slowing in July, cooling to 33.2% compared to 34.2% in the previous month. Given the CBNs aggressive approach towards raising rates, signs of cooling price pressures will be a breath of fresh air for consumers. It is worth nothing that the Central Bank of Nigeria has raised rates by a whooping 800 basis points in 2024.

Looking beyond inflation, the next key event will be GDP published later this month. After expanding 3% in Q1, it will be interesting to see whether growth can be maintained in Q2. In the FX space, the Naira continues to gain against the dollar on the official exchange with the spot rate at N1589 as of Monday. 

Regarding oil, it has extended its first weekly gain since early July thanks to geopolitical tensions in the Middle East. Rising oil prices may have a positive knock-on effect for the economy, especially when factoring how a major chunk of revenues is acquired from oil sales. However, this could be cancelled out by the rising cost of fuel imports which is costing Nigeria $600 million per month.

Still, this is set to be another big week for the global commodity due to the monthly outlook from the International Energy Agency. Talking technicals, Brent has gained over 4% since the start of 2024 with prices trading above $80 as of writing. Key levels of interest can be found at $7, $82 and $82.80.


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ARN Rejects Medical Bill over Attempt to ‘Scrap’ Profession

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Association of Radiographers of Nigeria (ARN) has rejected the Medical and Dental Practitioners Act (Repeal and Re-enactment) Bill 2026 currently before the National Assembly, describing it as a targeted and calculated existential assault on their profession.

ARN Rejects Medical Bill over Attempt to ‘Scrap’ Profession

According to the body the legislative attempt will erode the profession of radiography and transfer its statutory responsibilities to the Medical and Dental Council of Nigeria.

Dr Musa Dembele, president of the association, gave the warning while addressing a press conference at the Kano NUJ Press Centre on Saturday.

He said, “The Medical and Dental Practitioners Act (Repeal and Re-enactment) Bill, 2026 (HB 2695) is not a reform but a targeted, calculated, and existential assault on the profession of radiography.”

He also described the bill as an attempt to introduce a “jurisdictional override” intended to dismantle the Radiographers Registration Board of Nigeria.

“This is a legislative execution of a profession that has served Nigeria for over 50 years,” he said.

Dembele pointed to Section 8(1) of the bill, which grants the Medical and Dental Council of Nigeria exclusive authority, describing it as “a legislative nuclear weapon” that strips the Radiographers Registration Board of Nigeria of its mandate.

The association also accused the bill of “conceptual theft” by redefining radiology in a way that erases radiography as an independent scientific discipline.

“The bill seeks to legally erase radiography as an independent profession and subjugate radiographers to the disciplinary authority of a council composed of individuals with no expertise in radiographic science,” the association said.

On financial matters, the association accused the bill of promoting “extortion as regulation,” noting that it mandates that 70 per cent of practising fees be shared with the Nigerian Medical Association.

“This reveals the true motive — financial colonisation,” Dembele said.

The association also raised concerns over HB 2699, the Radiographers Registration Board of Nigeria Amendment Bill, which it said seeks to weaken the board from within.

It described the inclusion of medical doctors on the board as “a fundamental violation of the doctrine of professional self-regulation” and warned against excessive ministerial control that could politicise regulation.

The association stressed that globally, radiography regulation is profession-led, citing examples from the United Kingdom, Canada, and Australia, and noted that Nigeria cannot afford to adopt a substandard model that contradicts established international norms.

The association therefore called on the National Assembly to protect the integrity of the Nigerian healthcare system by rejecting the bill in its entirety.

It also called for a stakeholders’ summit to develop a harmonised regulatory framework that respects the co-equal status of all health professions, as obtained in the United Kingdom, Canada, and Australia.

“The association aligns with the position of the Joint Health Sector Unions, medical laboratory scientists, physiotherapists, and other critical stakeholders who have also rejected similar legislative attempts,” he added.

 


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Zarttech Reflects on Its Role in Changing Global Perceptions of Africa

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Zarttech extends a sincere apology to individuals and partners who may have been affected during the course of its operations. The company recognizes that its journey included challenges and acknowledges the importance of accountability, respect, and transparency toward everyone who was part of its story.

At its core, Zarttech was founded with a mission to bridge the global tech talent gap by connecting diverse IT professionals with opportunities around the world. The company sought to remove barriers that often prevent talented individuals from accessing global work, while promoting fairness and reducing bias in the technology recruitment process.

Through its work, Zarttech contributed to a broader shift in how Africa is perceived in the global technology ecosystem. By highlighting the expertise, creativity, and potential of African developers and technology professionals, the company helped bring greater visibility to the continent’s growing pool of world-class talent.

Zarttech’s mission centered on creating opportunities that connected businesses with skilled professionals across Africa, Europe, and South America while demonstrating that innovation and excellence in technology know no geographic boundaries.

Beyond its business activities, Zarttech also supported initiatives aimed at empowering women in technology across Africa through training and education programs, reinforcing its belief that inclusive access to opportunity can help shape a more equitable global tech industry.

While the company’s chapter has come to an end, the impact of the conversations it helped spark about African talent, global collaboration, and opportunity without borders continues to be part of a larger movement transforming the global technology landscape.


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NCDMB secures lead local content role at African Energy Week 2026

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Nigerian Content Development and Monitoring Board (NCDMB) has been named a Local Content Partner at African Energy Week (AEW) 2026, in a move that positions the agency as a key driver of indigenous capacity building in Africa’s energy sector.

NCDMB secures lead local content role at African Energy Week 2026

NCDMB

The event, scheduled to hold from October 12 to 16 in Cape Town, South Africa, will give the NCDMB a high‑profile platform to showcase Nigeria’s local content framework, industrial projects and investment opportunities to global investors and policymakers.

The NCDMB, a parastatal regulatory agency under the Federal Ministry of Petroleum Resources, has increasingly anchored its interventions on skills development, infrastructure and industrialisation.

In March 2026, the board launched a 12‑month pipeline engineering training programme for 33 young engineers in Port Harcourt, in partnership with Renaissance Africa Energy and MJD Oilfield Services.

The programme focuses on pipeline pigging, corrosion control and integrity management, aligning the workforce with major government infrastructure projects such as the Ajaokuta‑Kaduna‑Kano Gas Pipeline.

On infrastructure, the NCDMB is advancing construction of a 204‑room Radisson‑managed hotel and conference centre in Yenagoa, Bayelsa State, expected to be commissioned in December 2026. Located adjacent to the Nigerian Content Tower, the facility is designed to support industry collaboration, conferences and business meetings within the local content ecosystem.

The board has also commissioned a Clinical Skills and Simulation Laboratory at Bayelsa Medical University, enhancing healthcare training and service delivery in host communities through modern simulation technology.

Industrial expansion remains a core pillar of the NCDMB’s strategy. Under the Nigerian Oil and Gas Parks Scheme, pilot parks in Odukpani, Cross River State, and Emeyal‑1, Bayelsa State, are nearing completion and are projected to generate about 2,000 jobs each.

These shared‑services industrial hubs are designed to localise manufacturing, reduce project costs and enable indigenous companies to scale up production along the upstream and midstream value chains.

From a financing and policy standpoint, the NCDMB is deploying multiple funding mechanisms, including a 100‑million‑dollar equity investment scheme, a 500‑million‑dollar intervention fund and a 20‑million‑dollar initiative targeted at women‑owned enterprises in the oil and gas sector.

Recent enforcement measures, such as tighter expatriate quota controls and mandatory compliance certification for operators, signal a shift toward deeper localisation, greater transparency and stronger investor confidence in Nigeria’s energy industry.

Speaking on the significance of the board’s role at AEW 2026, the Executive Chairman of the African Energy Chamber, NJ Ayuk, said the NCDMB’s participation underscores Africa’s commitment to building domestic capacity and retaining value within the continent.

“Local content is not just policy – it is the foundation for sustainable growth, job creation and energy security across African markets,” Ayuk noted.

As African Energy Week 2026 gathers global investors, policymakers and energy operators, the inclusion of the NCDMB as a Local Content Partner highlights the growing importance of in‑country value creation. With focused sessions on skills development, technology transfer and industrialisation, the forum is expected to generate concrete partnerships and commitments that can help build resilient, competitive and investment‑ready energy ecosystems across Africa, with Nigeria positioned at the centre of the regional value chain.


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