News
Investors Weigh Buhari’s Body Language, Hold Off Investment

Jittery investors, fearing the inevitable devaluation of the naira, have held off doing business in Nigeria until there is clearer monetary policy.
Daily newspaper headlines warn of “Hard times ahead”, while many billboards in the commercial hub of Lagos stand stark white, just blank signs, an indication that companies are trimming costs, according to AFP.
Even high fliers are taking a hit. Importers of French wine complain that demand has dried up. Luxury car dealers and real estate agents say business has dwindled.
Africa’s leading economy is projected to have grown by 3.0 percent in 2015, its slowest pace in over a decade, according to an International Monetary Fund report in January.
AFP quoted Anna Rosenburg, emerging markets analyst at Frontier Strategy Group as saying that “The situation right now is causing a lot of anxiety and uncertainty because no one knows how to plan for it,”
“Everyone is complaining about the lack of direction from the government.”
Attempts to shore up the naira are designed to protect the nation’s dollar reserves.
But the tight forex controls have led to accusations growth is being strangled in Africa’s most populous country.
“At this stage, a weaker naira is less important for fostering the resumption of needed international investment flows than the lifting of the foreign exchange restriction,” JF Ruhashyankiko, a Goldman Sachs economist, said in an investor note. Now Nigeria is in limbo, badly needing foreign investment but unable to get any.
“If you’re not attracting those inflows and you’re not generating a surplus from the export of oil, then it’s going to be more difficult to sustain foreign exchange reserves where they are,” added Razia Khan, an economist at Standard Chartered Bank.
“That could impact on its perceived credit worthiness, which isn’t a good thing when Nigeria is thinking of borrowing externally to fund some of its more ambitious infrastructure programmes.”
President Muhammadu Buhari last month announced a record six trillion naira ($30 billion) budget to avoid a recession, planning to pour money into massive road and railway projects.
But the budget is based on an oil price of $38 per barrel, above the current market price of around $33, and relies heavily on borrowed money.
After Buhari remarked in December that he would consider devaluing the naira, some investors took it as a sign the currency situation would be resolved early in the new year.
Yet on Thursday Buhari put those hopes on the back burner, saying on a visit to Kenya he will not have the naira “killed” and is “optimistic” his policies will soon stabilise the economy.
Unlike Norway, which invested hundreds of billions of dollars of its oil money into stocks, bonds and real estate, Nigeria spent its riches when times were good.
Now that crude prices have slumped more than two-thirds since $100 per barrel in mid-2014, Nigeria is exposed.
Dollar reserves currently stand at a low of $28 billion – $20 billion less than in April 2013. There is only enough for five months of imports for a country heavily dependent on foreign goods.
While the huge drop in oil prices is a major headache for Nigeria, analysts say it is the government’s response that is the biggest cause for concern.
Godwin Emefiele, central bank governor, has dismissed calls to devalue the naira in his monetary policy committee statement.
Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions.
As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can’t access dollars needed for imports.
With little domestic manufacturing and years of under-investment, mismanagement and corruption in the oil sector, Nigeria depends on imports for almost everything, from milk and machinery to petroleum products.
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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