General News
Is Nigeria Exposed to the Emerging Market Chaos?
By Lukman Otunuga, Research Analyst at FXTM
It has certainly been an explosively volatile trading quarter thus far as investors juggled with global trade tensions, Dollar strength and chaos across emerging markets.
The simmering trade dispute between the world’s two largest economies fuelled global risk aversion while a brutal sell-off in the EM space rattled investor confidence.
With fears mounting over a full-blown trade war triggering global instability and negatively impacting growth, emerging markets especially remain under extreme pressure.
Fears remain elevated over the turmoil in Turkey and Argentina spreading like a virus across developing and developed nations.
With the South African economy already descending into a recession, will Nigeria be the next economy to take a hit?
Throughout the third quarter of 2018, Nigeria has kept afloat with GDP expanding 1.5% during Q2 and inflation easing 11.14%. Although the nation’s external reserve dropped to the lowest since March to $45 billion, it still remains at manageable levels.
With oil prices somewhat supported by geopolitics and the Naira displaying a degree of stability against the Dollar, the outlook looks somewhat encouraging.
However, external risks in the form of an appreciating Dollar, prospects of higher interest rates and trade tensions could cripple Nigeria’s fragile recovery.
Contagion fears stemming from the EM selloff may force investors to scale back on investing in emerging markets, including Nigeria, while capital outflows could complicate the Central Bank of Nigeria (CBN)’s effort to defend the Naira.
Although expectations were initially elevated over the CBN cutting interest rates in the second half of 2018 to stimulate growth, the current global and domestic economic landscape could force the central bank to maintain the status quo.
A CBN rate cut will widen the interest rate differential with the Federal Reserve, ultimately accelerating capital outflows and threaten price stability.
With inflation also expected to rebound thanks to election spending, some even feel the CBN may end up hiking rates instead.
Referring to price stability, the Naira, like most other emerging market currencies, remains impacted by external forces.
Although the local currency has barely budged against the Dollar, this is based on the CBN’s repeated intervention in the FX markets.
While this strategy could ensure the local currency remains supported in the short term, Nigeria’s external reserves are already feeling the pressure.
On the plus side, with Nigeria achieving a current account surplus, the Naira’s punishment may not be as severe as those currencies belonging to markets with a high account deficit.
Although Nigeria’s economic prospects remain tied to Oil prices, the upcoming presidential elections could play a leading role in determining if the nation is able to conclude this year on a firm footing.
The increased spending ahead of the February elections will most likely be a welcome development for economic growth.
If Oil prices remain at current levels and support both government revenue and consumption, this may stimulate the recovery further.
The largest economy in Africa still has the ability to shock the world stage this year.
While it is widely known that the cure to Nigeria’s illness – Oil dependency – can be found in economic diversification, the correct steps must be taken while the conditions are still accommodative.
As the third trading quarter of 2018 slowly comes to an end, global sentiment is likely to remain heavily influenced by U.S.-China trade tensions and the emerging market rout.
With the U.S. Federal Reserve expected to raise interest rates this month, the CBN’s effort to defend the Naira may be obstructed.
Femi Otedola, chairman, First HoldCo, has revealed that he will invest $100 million in Dangote refinery.
Aliko Dangote and Femi Otedola
This is coming ahead of news that the Dangote refinery is planning to raise $2 billion through private placement, by selling its shares to the general public on a stock exchange for the first time.
Otedola, announced his plans on Wednesday after leading top executives of First HoldCo to visit Aliko Dangote, president of the Dangote Group, at the refinery in Lagos.
“From on a personal note, I’ve appealed to him (Aliko Dangote). I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement,” the billionaire said.
“That’s one of the reasons why I sold my stake in Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”
During the meeting, Dangote said, the company is targeting a private placement of about $2 billion for the refinery
Dangote, on October 22, 2025, said the refinery could sell up to 10 percent stake in the listing, which Bloomberg valued to be about $5 billion.
The billionaire is planning to make the IPO a cross-border listing to enable the refinery draw investments from domestic and international investors.
In an earlier report, Dangote said the IPO is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.
On May 12, Bloomberg reported that the billionaire is reportedly aiming for a valuation of up to $50 billion for Dangote refinery.
The Nigeria Immigration Service, Lagos State Command, has entered into a collaborative partnership with Lasaco Assurance Plc to drive sustainable institutional growth and operational synergy.
According to a statement from the firm, the partnership is a strategic move to bridge the gap between public service efficiency and private sector innovation.
The partnership was solidified during a courtesy visit by top officials of the NIS Lagos Command to the corporate headquarters of Lasaco Assurance Plc in Lagos.
Led by the Deputy Comptroller of Immigration and Passport Control Officer, the NIS delegation engaged the insurance firm’s executive team in high-level discussions aimed at fostering knowledge exchange, strengthening risk management practices, and advancing national development goals.
A major highlight of the strategic engagement was the presentation of an award to the Managing Director of Lasaco Assurance Plc, Ademoye Shobo.
The NIS delegation honoured the insurance boss for his exemplary leadership in driving product growth, building operational resilience, and introducing innovative risk management solutions to the industry.
While commending Lasaco’s leadership, the NIS delegation noted that the company had consistently distinguished itself through a customer-focused approach and commitment to professionalism.
They emphasised that public-private partnerships were vital to creating value-driven systems that would benefit the larger Nigerian economy.
Reacting to the honour and the partnership prospects, Shobo reiterated the insurer’s readiness to support the immigration office.
“We are deeply honoured by this visit and the recognition from the Nigeria Immigration Service. At Lasaco, we believe that the future of institutional growth lies in deliberate collaboration. We are fully committed to maintaining a strong, mutually beneficial relationship with the Immigration Office to improve operational efficiency and deepen trust across both sectors,” Shobo said.
The management of Lasaco Assurance further expressed gratitude, noting that the engagement had set a new benchmark for public-private alignment.
The management stated, “This courtesy visit is not just a ceremony; it is a reinforcement of our shared commitment to institutional excellence. By combining public sector dedication with private sector innovation, we can create stronger avenues for service delivery that ultimately advance our national goals.”
The engagement underscored the growing importance of continuous dialogue between government agencies and private corporations to solve modern operational challenges.
Moving forward, both organisations expressed confidence that the partnership would unlock new opportunities for strategic growth.
Lasaco Assurance Plc reaffirmed its long-term vision to deliver value-driven insurance solutions, sustain stakeholder confidence, and champion impactful collaborations that foster national progress.
Dr. Aminu Maida, executive vice chairman and chief executive officer (EVC/CEO), Nigerian Communications Commission (NCC), has has been confirmed as a Special Guest of Honour at this year’s Africa Beacon of ICT Lectures and Awards.
Dr. Aminu Maida, executive vice chairman and chief executive officer, NCC
Africa Beacon of ICT Lectures and Awards, is widely regarded as the most prestigious annual event available in the ICT industry in Nigeria.
The event according Ken Nwogbo, editor-in-chief of Nigeria Communications Week,“is digital transformation edition” will hold on Saturday, May 30, 2026 at the Four Points by Sheraton, Lagos.
Africa’s BoICT Lecture is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.
It will also to recognise and celebrate organisations and individuals in the ICT and banking industries that have impacted in digital transformation of the economy.
Nwogbo said that Dr. Maida, oversees the regulation, development, and strategic direction of the Nigerian telecommunications industry.
His administration at the NCC, actively drives initiatives to improve telecom consumer experience, enhance infrastructure, and foster collaborations (such as with the Central Bank of Nigeria) to protect citizens from financial fraud
He holds a PhD in Electrical & Electronic Engineering from the University of Bath, UK.
Prior to joining the NCC, he served as the Executive Director, Technology and Operations at the Nigeria Inter-Bank Settlement System Plc (NIBSS).
At NIBSS, Dr. Maida was responsible for spearheading the technical and operational standardization of all devices deployed in the financial system in Nigeria for interoperability.
He led a dynamic team that ensured that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.
Prior to his appointment at NIBSS, Maida was the Chief Technical Officer (CTO) at the Nigerian-based FinTech Arca Payments Network and Senior Manager at Cisco Systems, United Kingdom.
As a seasoned technical professional with over 15 years of multi-functional and international experience in FinTech & Telecoms & Enterprise Technology, Dr. Maida between 2010 and 2014, worked as a Network Design Consultant at EE, part of BT Group, and one of the largest mobile communications companies in the UK.
He was also at some point (2006-2010) a System Engineer at Ubiquisys, a leading company in intelligent 3G and LTE small cells, which is now part of Cisco.
Dr. Maida will be joining will join top dignitaries who have graced the event in the past including: Dr. Ernest Ndukwe, former executive vice-chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Chris Uwaje, chairman, Mobile Software Solutions Ltd; Uche Orji, former managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodun Omoniyi, Managing Director/CEO, VDT Communications; and John Obaro, CEO and founder of Systemspecs; Dr. Isa Pantanmi, former DG, NITDA; Dr. Obadare Peter Adewale, co-founder and COO, Digital Encode Limited; among others.
The highpoint of the BoICT Lecture will be the conferment of awards to companies and individuals for their significant contributions to the growth of technology in Nigeria and indeed Africa.
The event is a five-star event; easily Nigeria’s ICT Oscars.
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