Economy
Focus on Nigeria’s Reforms, Not Security Challenges—Tuggar to Investors
By Adedapo Adesanya
The Minister of Foreign Affairs, Mr Yusuf Tuggar, has urged international investors to look beyond the security challenges facing Nigeria, and instead focus on the reforms.
Speaking during an interview at the ongoing World Economic Forum (WEF) in Davos, Switzerland, Mr Tuggar noted that incidents of insecurity being recorded across the country are “isolated cases” and not the reality across the country.
According to him, instability in the Sahel had spilled into Nigeria.
“We are urging investors to treat us the same way they treat other countries. The fact that there were isolated incidents in some places in the country does not mean that it’s the entire country.
“Conversations that are taking place here also have to do with risk buyers, where the issue of geopolitical risk, in particular, is over-hyped when it comes to Africa, which doesn’t apply in other parts of the world.
“It’s very important to see the conflict for what it is. It’s a regional conflict that has spilled over into Nigeria. It is not removed from the conflict in the Sahel. It’s not removed from what happened in Libya many years ago,” he told CNN on Tuesday.
“It’s not removed from the proliferation of weaponry, of fighters, and climate change issues, and so many other complex issues.”
Mr Tuggar said the government is working with international partners, including the United States, to target bandits and terrorist groups in their hideouts.
The minister also said Nigeria is actively engaging investors and pushing back against an exaggerated risk narrative around Nigeria’s economy.
“We’re urging potential investors to treat us the same way, to look at us the way that they look at other countries. The fact that there is an incident in a country of 923,000 square kilometres does not mean you write off the entire country,” he said.
Mr Tuggar highlighted a number of macroeconomic and fiscal reforms under the Bola Tinubu administration aimed at improving investor confidence, including changes to the foreign exchange regime, tax reforms, and a reduction in corporate income tax.
The minister said Nigeria’s foreign reserves had risen to about $43 billion, while reforms had eased access to foreign exchange.
“It’s very important we look at the progress that the Tinubu administration has been making with macroeconomic reforms, with the tax reforms that make it easier for investors to come into Nigeria,” he said.
On security, he said Nigeria had recorded significant gains against Boko Haram through regional cooperation, particularly the multinational joint task force, which allowed cross-border pursuit of insurgents.
Mr Tuggar warned that persistent negative framing of Nigeria’s security situation could itself worsen insecurity by encouraging extremist groups to stage attacks for attention.
“So, let us look at Nigeria holistically. Let us not continue to dwell on some of these isolated incidents and define the entire country by it,” he said.
According to him, apart from working with security agencies to safeguard lives and properties, the country has also secured the services of forest guards to militate against terrorism.
By Dipo Olowookere
The first trading session of this week on Customs Street ended on a positive note, with a 0.36 per cent leap on Monday buoyed by buying pressure in some stocks.
Business Post reports that 50 equities ended on the gainers’ chart yesterday, offsetting the selling pressure on 30 other equities, indicating a positive market breadth index and strong investor sentiment.
Market participants are gradually getting accustomed to the extended trading window introduced last Monday, which stretched the closing hour to 4 pm from 2:30 pm.
The duo of FTN Cocoa and Consolidated Hallmark gained 10.00 per cent each to quote at N6.05 and N5.72 apiece, as CAP grew by 9.99 per cent to N159.70, Dangote Sugar increased by 9.97 per cent to N76.65, and RT Briscoe surged by 9.96 per cent to N11.70.
On the flip side, International Energy Insurance declined by 9.82 per cent to N2.48, UPDC shrank by 9.18 per cent to N4.45, Learn Africa moderated by 8.06 per cent to N8.55, NEM Insurance retreated by 8.02 per cent to N28.10, and Guinea Insurance tumbled by 7.83 per cent to N1.06.
Yesterday, the insurance index was up by 1.25 per cent, the industrial goods space expanded by 1.08 per cent, the consumer goods industry improved by 0.83 per cent, and the banking sector jumped by 0.41 per cent, while the energy counter contracted by 0.89 per cent.
At the close of business, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited went up by 883.71 points to 243,161.52 points from 242,277.81 points, and the market capitalisation soared by N64 billion to N156.058 trillion from N155.994 trillion.
A total of 967.5 million shares worth N43.8 billion were traded by investors in 122,041 deals during the session compared with the 1.9 billion shares valued at N104.3 billion in 92,353 deals last Friday.
This indicated a leap in the number of deals by 32.15 per cent, and a drop in the trading volume and value by 49.08 per cent and 58.01 per cent, respectively.
Closing the day on top of the activity chart was Access Holdings with 182.7 million units sold for N4.7 billion, AIICO Insurance transacted 58.1 million units worth N264.2 million, Fidelity Bank exchanged 57.5 million units valued at N1.1 billion, Zenith Bank traded 48.9 million units worth N6.4 billion, and Chams sold 45.9 million units valued at N149.4 million.
By Aduragbemi Omiyale
The Stanbic IBTC Purchasing Managers’ Index (PMI) for April 2026 stood at 52.4 points compared with the 51.9 points recorded in March 2026, a statement from the lender on Monday revealed.
Though the Nigerian private sector remained in growth territory, it was stunted by higher fuel costs because of the war in Iran, triggered by the United States and Israel, which led to the closure of the Strait of Hormuz. The rising fuel prices have limited expansions in new orders and business activity.
Companies took on extra staff in April in response to rising workloads, but the rate of job creation was only marginal and the softest in three months. Some organisations reported that staff shortages had been behind the latest accumulation of backlogs of work, while others cited customer payment delays and issues securing raw materials. Outstanding business increased for the third consecutive month in April.
Further efforts were made to secure materials, with purchasing activity increasing for the seventeenth month running in April. Stocks of purchases also rose amid improving customer demand, and at a marked pace that was the sharpest in five months. When companies placed orders for materials, they often made sure to pay on time in order to secure deliveries. As a result, supplier lead times shortened again, albeit to the least extent in 2026 so far.
“The health of Nigeria’s private sector improved in April – remaining above the 50-point growth threshold for the third consecutive month – as new orders increased in line with higher customer numbers and rising demand even as price pressures remain prevalent.
“Accordingly, the headline PMI increased to 52.4 points in April from 51.9 points seen in March,” the Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, commented.
He further said, “Despite the improvement in new orders, we understand that lingering inflationary pressures limited the pace of expansion.
“Notably, companies increased their selling prices in April to the highest level since December 2024 in response to rising fuel and raw material costs. Staff costs also increased modestly as some companies increased their staff pay so as to help them with increasing transportation fares.
“Business expectations also improved in April compared to March as businesses plan to expand their operations through the opening of new branches, stock building, and entry into new markets.”
“The improved start of the second quarter of the year by Nigerian businesses continues to support our view of improved growth expectations in 2026 relative to 2025.
“Hence, we still maintain our expectation that the Nigerian economy is likely to grow by 4.22 per cent y/y in 2026, from 3.87 per cent y/y in 2025.
“We estimate the non-oil sector’s growth at 4.24 per cent y/y in 2026, from 3.71 per cent y/y in 2025, likely driven primarily by services, which we see growing by 5.64 per cent y/y in 2026 (vs 2025: 4.14 per cent y/y).
“The government’s continuous investment attraction across oil & gas, solid minerals, electricity, agriculture and general manufacturing should continue to support sentiment on production activity.
“However, the oil sector’s growth is likely to moderate to 3.01 per cent y/y (vs 2025: 8.50 per cent y/y), as we now expect crude oil production (including condensates) to average 1.70m bpd, from 1.64m bpd in 2025,” he added.
By Adedap0 Adesanya
Nigerian businessman, Mr Femi Otedola, has dismissed reports suggesting he has a stake and financed the Dangote Petroleum Refinery, describing the allegation as completely false.
The billionaire, who is a close ally of Mr Aliko Dangote, the owner of the $20 billion oil facility, clarified in a statement on Monday that those behind such claims were spreading misinformation and attempting to create division among leading Nigerian business figures.
His clarification came a day after the Dangote Group addressed viral claims suggesting a financing rift between its president, Mr Dangote, and fellow businessman, Mr Tony Elumelu.
He wrote, “Let’s set the record straight. Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. He has not invested a single kobo, not one dollar, not one naira.”
He added that, “The real story, which those peddling these lies conveniently ignore, is that Mr Otedola has actually been requesting a special allocation to participate in the refinery’s forthcoming public offer.”
Mr Otedola further explained that Mr Dangote did not request financial support from Mr Elumelu, Mr Mike Adenuga, or himself, a statement that aligns with a clarification issued by the Dangote Group’s Chief Branding and Communications Officer, Mr Anthony Chiejina.
The company also warned individuals, organisations, and platforms involved in creating, publishing, or disseminating such false content to desist immediately.
Mr Otedola said, “I can categorically state that at no point did Alhaji Dangote request financing from Mr Elumelu, Mr Adenuga and me. The Dangote Group is a well-structured organisation that is well-versed in raising structured capital for its operations.
“This is calculated mischief and a deliberate attempt to create rifts and sow discord within Nigeria’s closely knit and respected private sector leadership. These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication.”
“To those behind this: desist immediately.. And to everyone else, social media is not a tool for manufactured drama. Nigeria deserves truth, not lies dressed up as insider information,” Mr Otedola warned.
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