Economy
Nigerian Economy Now in Tatters—PDP Governors
By Dipo Olowookere
Governors elected on the platform of the Peoples Democratic Party (PDP), the main opposition party, have accused the All Progressives Congress (APC) led federal government of wrecking the Nigerian economy and turning the country “into a killing field.”
On Monday, the opposition governors met in Bauchi State to discuss the state of the economy and security in the country. The gathering was chaired by the Governor of Sokoto State, Mr Aminu Tambuwal.
At the end of deliberations, a communique was issued at the Governors blamed the administration of President Muhammadu Buhari for leaving the nation’s economy in tatters.
They said the government has not done enough to attract foreign direct investments (FDIs) as policies put in place have always discouraged foreign investors from Nigeria.
“Government should stop paying lip service on the Ease of Doing Business, as foreign direct investments have continued to fall partly due to obstacles placed on foreign companies wishing to invest in Nigeria.
“A glaring example is that of Facebook who insisted on investing in Nigeria rather than Ghana, and is being frustrated by regulatory authorities,” a part of the communique read by Mr Tambuwal stated.
To address this issue and others, the opposition governors advised the national government to join forces with the state governments.
“On the economy, the meeting admonished the APC federal government to collaborate more with state governments to stem the unemployment scourge affecting the youths of Nigeria, through technology and increased production in all fields of endeavour,” they said.
In addition, they want President Buhari to urgently tackle banditry and terrorism in the country, emphasising that these have not in any way helped the economy.
“On the security of lives and properties, in addition to our earlier recommendations, it is time to bring the activities of bandits, kidnappers and terrorists to an end, through increased use of military equipment, traditional means of conflict resolution and technology for surveillance and the development of the political will to flush them out.
“Kidnapping, banditry and terrorism are not business ventures as claimed by the APC but heinous state crimes that is destroying the Nigerian economy, the educational and social future of our children and causing significant social upheavals in society,” the PDP Governors admonished.
They also called on the Nigerian National Petroleum Corporation (NNPC) and other revenue-generating agencies to “strictly abide by the Constitution by remitting all their revenue less cost of production into the federation account as provided for by S.162 of the Constitution.”
On politics, the opposition governors berated Mr Buhari for turning the State House into the headquarters of the APC, where he receives decamping members of the PDP. They want him to focus on governance and restore the past glory of Nigeria.
Present at the meeting on Monday were Mr Tambuwal; Governor of Abia State, Mr Okezie Ikpeazu; Governor of Akwa Ibom State, Mr Udom Emmanuel; Governor of Bayelsa State, Mr Douye Diri; Governor of Benue State, Mr Samuel Ortom; and Governor of Delta State, Mr Ifeanyi Okowa.
Others were the Governor of Enugu State, Mr Ifeanyi Ugwuanyi; Governor of Rivers State, Mr Nyesom Wike; Governor of Oyo State, Mr Seyi Makinde; Governor of Adamawa State, Mr Ahmadu Umaru Fintiri; Governor of Edo State, Mr Godwin Obaseki; Governor of Bauchi State, Mr Bala Mohammed; Governor of Taraba State, Mr Darius Ishaku; and Deputy Governor of Zamfara State, Mr Mahdi Mohd.
By Adedapo Adesanya
The Senate has passed a bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions.
The Chairman of the committee, Mr Adetokunbo Abiru, the senator representing Lagos East, who presented the report, stated that the proposed legislation was necessary because the existing National Insurance Commission Act of 1997 had become outdated and no longer reflected the realities of Nigeria’s evolving insurance industry or global regulatory standards.
According to the Senate, the decision to change the Commission’s name was informed by the need to eliminate confusion associated with the existing designation and to better reflect the institution’s regulatory mandate within Nigeria’s insurance industry.
The bill also provides legal protection for the commission and its officers against adverse claims arising from the lawful execution of their statutory duties.
However, he noted that the commission’s enabling law had become obsolete, exposing significant regulatory gaps that required urgent legislative intervention.
‘The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business,” the lawmaker said.
He explained that the new legislation seeks to strengthen the independence of the commission by empowering it to make regulatory decisions without undue influence in the country’s insurance sector.
According to him, the bill also enhances the commission’s authority to exchange information and collaborate with domestic and international regulatory bodies, issue regulations, guidelines, standards and directives on insurance-related matters, and intervene more effectively in financially distressed insurance companies to protect policyholders and preserve financial stability.
This marks yet another move to strengthen the country’s insurance sector following the enactment of the Nigerian Insurance Industry Reform Act (NIIRA) of 2025 and the industry-wide recapitalisation exercise, which will wrap up by July 31.
By Adedapo Adesanya
About 143 companies that successfully passed the technical and prequalification stages of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round will, today, compete for 50 oil and gas blocks at the commercial bid conference in Abuja, the final stage in the allocation process for the assets.
The commission said only the prequalified companies have been invited to attend the event, which will hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja, stressing that participation is strictly by invitation.
The commercial bid conference will determine the successful bidders for oil and gas assets located across Nigeria’s producing and frontier basins.
The 50 blocks comprise 16 onshore blocks and 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.
The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.
NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies to register and participate in the exercise.
To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.
Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.
NUPRC disclosed that 286 companies initially submitted applications for prequalification.
Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.
The prequalified 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.
The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue.
It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the Petroleum Industry Act.
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained all key monetary policy parameters following the conclusion of its two-day meeting on July 21, 2026, on Tuesday, maintaining its tight monetary policy stance to curb inflation and support macroeconomic stability.
According to the Governor of the apex bank, Mr Yemi Cardoso, who chaired the committee, the Monetary Policy Rate (MPR), which serves as the benchmark interest rate, remains at 26.50 per cent. The MPC also retained the asymmetric corridor around the MPR at +50 basis points and -450 basis points.
In addition, the Cash Reserve Ratio (CRR) for commercial banks was left unchanged at 45.00 per cent, while the CRR for merchant banks remains at 16.00 per cent. The committee also retained the CRR on non-Treasury Single Account (Non-TSA) public sector deposits at 75.00 per cent, with the liquidity ratio at 30.00 per cent.
The decision reflects the apex bank’s continued commitment to containing inflationary pressures through a restrictive monetary policy while safeguarding the resilience of Nigeria’s financial system amid ongoing macroeconomic adjustments.
By keeping all policy tools unchanged, the MPC signalled its intention to continue managing excess liquidity in the banking sector and maintain stability in financial markets.
The move is also expected to provide greater policy certainty for investors and businesses monitoring the country’s monetary policy direction.
The latest decision also means borrowing costs are likely to remain elevated in the near term as the central bank continues to prioritise price stability over monetary easing.
Analysts had expected the CBN committee to retain the rate after Nigeria’s headline inflation came in at 15.91 per cent as of June 2026, marking a slight decline from 15.93 per cent in May.
However, even as overall price growth has moderated significantly compared to previous periods, food inflation remains a persistent challenge, accelerating to 17.52 per cent in June.
