General News
Nigeria’s Oil Jackpot: Brent Hits $100 Amid Iran Chaos – NFP to Rock Markets This Week

By Lukman Otunuga, Head of Market Research, FXTM
Oil benchmarks are heading for their best monthly gain since 1990.

FXTM
Rising concerns over supply shocks as the Strait of Hormuz remained effectively closed elevated oil benchmarks to triple digits. Given the ongoing conflict, oil prices remain fundamentally bullish with $100 a key psychological level for both Brent and Crude.
This is good news for Nigeria who is a net oil exporter. Higher oil prices should translate to currency gains, though global risk-off from the Iran conflict may offset some upside.
Globally, the week initially kicked off on a tense note after Iran accused the US of preparing for a possible land assault even as Trump sought talks to end the conflict.
This marked another dangerous turning point in the Iran war which entered its fifth week.
However, some optimism returned to markets on Tuesday after the Wall Street Journal reported that Trump told aides he was willing to end the war against Iran.
Nevertheless, repeated mixed messages from Trump and ongoing closure of the Strait of Hormuz could lead to more volatility as investors scramble to price the uncertainty.
Gold has shed almost 14% this month despite the risk-off sentiment.
Despite recent comments by Fed officials that eased rate hike bets, the precious metal has been punished by a broadly stronger dollar and diminishing bets around lower US rates.
Beyond geopolitics, it’s all about the March NFP report on Friday which will serve as a key gauge over the health of the US labour markets.
The outcome could shape expectations around the Fed at a time when surging energy prices are already complicating the outlook. Markets expect the US economy to have created 65,000 jobs in March compared to the -92,000 figure in the previous month.
Looking at the charts, $4600 remains a key point of interest for gold with a break above opening the doors toward $4700/$4800 and weakness below this level inviting bears to target $4450 and $4300.
Last Friday, USDJPY crossed above 160 for the first time since July 2024.
Back in 2024, this level was defended twice by the Japanese government. If history repeats itself and an intervention becomes reality, this could trigger an aggressive selloff on the USDJPY pair. The Iran conflict may fuel risk aversion, stimulating appetite for safe-haven assets like the Yen. Oil price volatility may also impact the Yen given that Japan imports 90% of its crude from the Middle East.
General News
Senate Gives Tinubu Nod to Borrow Fresh $6Bn

Senate on Tuesday approved the fresh $6 billion loan request forwarded to the lawmakers by President Bola Tinubu.

Lawmakers approved the fresh loan on the same date the request letter was read by Godswill Akpabio, senate president.
The Senate approved the loans following the presentation and consideration of the report by Senator Aliyu Wamakko, chairman, Senate Committee on Local and Foreign Debts.
President Tinubu had written to the Senate seeking approval to borrow a total of $6 billion to finance key government projects and address budgetary gaps.
The requests were contained in two separate letters addressed to Godswill Akpabio, president of the Senate, and read during Tuesday’s plenary.
In the first letter, the President requested approval to obtain a $5 billion loan from Abu Dhabi Bank.
According to the President, the facility will be used to cover the nation’s budget deficit and support debt financing, among other fiscal obligations.
The request forms part of the Federal Government’s efforts to stabilise public finances and sustain ongoing government programmes.
In a separate communication, Tinubu also sought approval to secure a $1 billion UK Export Finance loan facility from London Citi Bank.
The loan is intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The President said the project aims to address critical infrastructure deficiencies in the country’s maritime sector
According to him, the rehabilitation will help improve efficiency, enhance safety standards, and support Nigeria’s efforts to diversify its economy beyond oil.
He added that the initiative would also strengthen Nigeria’s position as a regional trade hub.
Both requests have now been considered and approved by the Upper Legislative Chamber.
General News
FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

Federal government has fixed 2028 and 2029 for the launch of two communication satellites, NIGCOMSAT-2A and NIGCOMSAT-2B, as part of efforts to strengthen security and expand digital connectivity.

The government will be committing over $22 billion on the ambitious space-led growth agenda focused on new satellite launches, increased industry revenue and expanded broadband access in underserved communities.
At the opening of the 2026 Nigerian Satellite Week in Abuja, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, confirmed the government’s approval for the acquisition of two new satellites—NigComSat 2A and 2B, describing the move as a “defining commitment” to national development, digital sovereignty and economic competitiveness.
Also, Mrs Jane Nkechi Egerton-Idehen, managing director of Nigerian Communications Satellite Limited (NigComSat), noted that the projects have moved beyond procurement to the execution stage.
She said the satellites are designed to enhance intelligence gathering, surveillance, and connectivity across Nigeria and neighbouring countries, particularly in support of security operations.
“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.
“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.
On his part, Tijani, said the satellite programme forms part of a broader government strategy to deepen digital infrastructure nationwide.
According to him, the initiative complements ongoing investments in fibre-optic expansion and telecommunications infrastructure, while extending connectivity beyond Nigeria’s borders.
“The President’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries.
“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.
“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” he said.
General News
FG Launches CLHEEAN to Streamline Access to Government Services

Federal government has announced the launch of CLHEEAN, an artificial intelligence-powered mobile application designed to improve interactions between citizens and public institutions.

It is also a civic education and community engagement app.
Developed under the National Orientation Agency (NOA), the platform functions as a virtual assistant accessible via mobile devices.
It allows users to access information on public policies, ask questions, and interact directly with government services.
The app includes features such as instant messaging, voice recognition, and multilingual support, including several local languages, to reach a wider audience.
With CLHEEAN, users can also submit feedback, report concerns, and take part in discussions on public policies. The approach is intended to strengthen citizen participation and improve communication between the government and the public.
Lanre Issa-Onilu, director general of the NOA, said the initiative addresses a long-standing gap between citizens seeking to be heard and systems that do not always respond effectively, adding that the platform marks a step toward closing that gap.
The launch comes as Nigeria continues to face challenges in citizen engagement and the dissemination of public information.
By leveraging artificial intelligence, authorities aim to make public services more accessible while improving transparency and responsiveness.
The initiative also reflects a broader trend across Africa, where governments are increasingly exploring the use of AI to modernize public services and strengthen ties with citizens.
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