E-Financial
Opinion: Nigeria Ends 2017 on a Firm Footing
By Lukman Otunuga
It has certainly been a phenomenal and somewhat pivotal year for the Nigerian economy which managed to climb out of its first recession in 25 years, during the second quarter of 2017.
The unsavory combination of heavily depressed oil prices, reduced foreign reserves, and a vulnerable Naira in 2016, initially fueled speculations of the nation’s macroeconomic conditions remaining depressed for a prolonged period.
However, the status of Nigeria’s economy did a pleasant turn around this year as core macro-economic indicators started to rebound.
The recession made it increasingly clear that the illness behind Nigeria’s economic woes was a heavy dependence on oil as a source of growth, but the cure could be found in diversification.
As Nigeria continues its quest to break away from the shackles of oil reliance by diversifying into other sustainable sources of growth in the longer term, recovering oil prices could still offer some benefits short term.
With the government’s revenues still dependent on the oil sector, the performance of oil in 2018 will have an impact on the economy.
Although supply-side disruptions and market optimism over OPEC’s production cuts balancing markets, have elevated WTI Crude to its highest level in over two years at $60, the question remains for how long?
With rising production from U.S. Shale seen as a threat to higher oil prices, the upside is likely to face some headwinds. Depreciating oil prices amid renewed oversupply concerns could easily trickle down to negatively impact the Nigerian economy.
Another risk to look for next year, is the possibility of OPEC formally requesting Nigeria to limit production by 1.8 million barrels a day- like the other oil producers.
With the 2018 budget based on oil production of 2.3 million barrels per day, this presents some headwinds to the successful implementation process of the budget, and could negatively impact the economy as a result.
Focusing on the macro fundamentals, the picture is encouraging, as inflationary pressures eased considerably from the peak of 18.72% to 15.90% in November 2017.
Exports followed a positive trajectory in 2017 which was supportive of GDP potential, while imports cooled as the nation consumed local produce. With Nigeria’s economic resilience stimulating investor risk appetite, the Nigerian Stock Exchange ventured higher; appreciating 41% year to date.
Due to improving business confidence in the country, the manufacturing PMI also rebounded significantly this year, indicating an expansion in the manufacturing sector.
In the most recent publication of the World Bank’s report on the ease of doing business, Nigeria’s ranking was pushed up by 24 places, underscoring the more promising economic outlook.
The Central Bank of Nigeria may be commended for its efforts to help stabilize the chaotic forex market this year by introducing an importers and exporters foreign exchange window.
With the window increasing the ease for investors to trade the Dollar, the Naira – which dropped to as low as N525 to the Dollar- staged a recovery, with prices trading around 365 as of writing. As we enter the New Year it is vital that Nigeria puts more effort into creating a stable and unified exchange rate across the forex markets.
It must be kept in mind that a liquid forex market combined with increased investment in other sources of growth such as agriculture, has the ability to tame inflationary pressures. When inflation displays further signs of moderation, the Central Bank of Nigeria is likely to take action by cutting interest rates from 14% to 12% in an effort to support economic growth further.
While the Central Bank of Nigeria is expected to cut interest rates in 2018 as inflationary pressures ease and the economy stabilizes further, attention should be paid to external factors. For example, with the Federal Reserve raising U.S. interest rates in December and the Bank of England potentially hiking rates in the near term to cap inflation, there is a possibility the CBN remains on standby during Q1.
As we enter the New Year, I remain highly optimistic over Nigeria’s long-term economic outlook but much work needs to be done in the short to medium term. The nation remains in need of urgent macroeconomic and structural reforms, not only to support the current recovery but to place it on a path of sustainable growth.
With the IMF forecasting real GDP growth of 2.1% and the Federal Government targeting 3.5% in the 2018 budget, it will be interesting to see if the nation under or over performs in 2018.
Lukman Otunuga is a research analyst at FXTM
E-Financial
Sterling Bank, Pan-Atlantic University Partner to Certify Non-Oil Export Academy Graduates
Sterling Bank Limited has signed a Memorandum of Understanding (MoU) with Enterprise Development Centre (EDC) of Pan-Atlantic University (PAU) to certify graduates of its Non-Oil Export Academy.
L-R: Kola Oluyemi, Group Head, Sterling Academy; Dr. Nneka Okekearu, Director, Enterprise Development Centre (EDC), Pan Atlantic University (PAU); Abubakar Suleiman, MD/CEO, Sterling Bank; Dr. Nnenna Ugwu, Head, Alumni Engagement and Support Services, EDC at PAU; and Akporee Idenedo, Divisional Head, Commercial Banking, Sterling Bank at the recent MoU signing to certify graduates of Sterling Bank’s Non-Oil Export Academy.
This strategic partnership underscores the Bank’s commitment to diversifying Nigeria’s economy by supporting non-oil export growth.
This landmark agreement follows the recent launch of the Sterling Bank Non-Oil Export Academy, designed to position Nigerian exporters for global competitiveness.
The launch was preceded by a series of nationwide training programs in Lagos, Ondo, and Kano states, culminating in a grand finale themed “Excel in Non-Oil Export.”
The initiative aims to equip exporters with practical tools to thrive in international markets, thereby reducing Nigeria’s reliance on oil revenues.
Speaking at the signing ceremony in Lagos, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, affirmed that the Bank is intentional about creating an ecosystem where non-oil exporters are well-informed and equipped to advance national interests.
“We are not just training people to understand how to export; we want to train them to be competitive exporters of non-oil products,” Suleiman said.
“Our goal is to build a community of knowledgeable, certified, and confident exporters who can collaborate to solve challenges beyond their immediate capacity. Our North Star is to reach a point where hundreds of people have completed this programme and are ready to compete on a global scale.”
Dr. Nneka Okekearu, Director of the Enterprise Development Centre (EDC), expressed enthusiasm for the collaboration. “Having spent the last twenty-three years deepening the competencies of entrepreneurs, we thoroughly understand what is needed and are excited to be part of this initiative,” she noted.
Dr. Okekearu emphasized that the export market has been neglected for too long. “With the right structure, standards, and mindset in place, entrepreneurs passing through this programme will help create not only a better Nigeria but more sustainable communities,” she added, noting that she looks forward to the case studies that will emerge from the programme’s participants.
Beyond sectoral outcomes, the initiative reinforces Sterling Bank’s commitment to support the development of human capital that positively shapes and impacts the wider economy. The Academy will run four cohorts within the year, commencing in 2026.
With this partnership, Sterling Bank and the Enterprise Development Centre are laying the foundation for a new generation of globally competitive Nigerian exporters, professionals equipped not only with knowledge, but with the certification, confidence, and networks needed to scale.
As both institutions align their expertise to strengthen non-oil export capacity, this collaboration signals a bold step toward a more resilient, inclusive, and diversified economy.
The Non-Oil Export Academy therefore serves as a catalyst for national transformation, empowering businesses and communities to unlock Nigeria’s full potential on the world stage.
Ecobank Nigeria has moved to retire the remaining part of its $300 million Eurobond before maturity. The bank has launched a tender offer for holders of its 7.125% senior notes due February 2026.
The bank announced the offer on Friday, 28 November 2025, inviting investors to tender their holdings ahead of schedule. Of the original $300 million issuance, $150 million remains outstanding.
Under the terms, investors whose notes are accepted for repurchase will receive $1,000 for every $1,000 in principal, plus accrued and unpaid interest up to, but not including, the settlement date. The transaction is expected to be completed on or before 31 December 2025.
Ecobank said the early repayment move is part of a broader strategy to optimise its balance sheet and strengthen capital planning flexibility. The lender added that the tender offer gives investors an opportunity to exit the instrument ahead of the original February 2026 maturity.
In a statement, the bank said the initiative underscores its “commitment to transparent engagement with funding partners and investors,” stressing that the offer supports its long-term goal of maintaining a well-structured debt profile.
Participation in the programme is voluntary, and investors will make decisions based on their individual considerations, the bank added.
Ecobank emphasised that the announcement is for information only and does not constitute an offer to buy or sell securities. Eligible noteholders are expected to rely on the formal tender documents when deciding whether to take part.
The House of Representatives Ad hoc Committee investigating deductions of taxes and sundry charges from the earnings of civil and public servants has given commercial banks a four-day deadline to submit all requested documents.
House of Rep
The committee, chaired by Hon. Kelechi Nwogwu, issued the ultimatum at the commencement of its investigation, following a motion earlier moved by the House Chief Whip, Hon. Usman Bello Kumo, on alleged deductions from civil servants’ salaries.
Nwogwu insisted that Chief Executive Officers of affected financial institutions must appear in person before the panel, rejecting representatives sent by GT Bank, Zenith Bank, Access Bank and other banks.
He explained that the panel was mandated to ensure that all deductions of charges by banks on customers’ accounts were fair and properly applied.
The committee disclosed that invitations had also been extended to the Ministry of Finance, the Office of the Accountant-General of the Federation, the Economic and Financial Crimes Commission, and all commercial banks operating in Nigeria.
“You cannot appear here without an identity. We are here on the mandate of the people who elected us into parliament. We have resolved to meet next week on Wednesday.
“You must submit all requested documents by Monday, May 1,” Nwogwu said.
He warned that any bank that failed to comply with the deadline would face sanctions, adding that the committee would put the CEOs on oath during the next sitting.
The investigation continues next week.
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