By Adedapo Adesanya

The value of the Nigerian Naira further depreciated against the United States Dollar in the black market segments of the currency market on Thursday by N15, closing at N1,405/$1 compared with the previous day’s value of N1,390/$1.

Information gathered by Business Post showed that the domestic currency was under pressure yesterday as a result of a renewed spike in the demand for the American currency as political activities gear up for next year’s general elections.

Also, at the GTBank forex counter, the local currency weakened against the greenback during the session by N13 to trade at N1,398/$1 compared with Wednesday’s closing price of N1,385/$1.

Similarly, the Naira lost 36 Kobo or 0.03 per cent against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday to finish at N1,387.45/$1 versus the N1,387.09/$1 it was transacted at midweek.

However, it appreciated against the Pound Sterling in the same market window by N2.72 to N1,852.38/£1 from N1,855.10/£1 and gained N5.41 on the Euro to settle at N1,609.86/€1 versus N1,615.27/€1.

The successive depreciation of the Naira suggests foreign payments continue to grow faster than total US Dollar volume.

This may trigger intervention from the Central Bank of Nigeria (CBN).

Nigeria is projected to be one of the beneficiaries of the current oil price windfall, following Brent crude trading above $85 per barrel, according to experts.

As for the cryptocurrency market, assets were in negative territory ahead of the key jobs report for February in the US, as traders rapidly cut bets on any more Federal Reserve rate cuts in the first half of 2026.

Some analysts noted that the US central bank will keep rates steady not only at this month’s meeting but in April as well.

Dogecoin (DOGE) went down by 5.4 per cent to $0.0928, Ethereum (ETH) dipped by 2.5 per cent to $2,080.46, Solana (SOL) depreciated by 2.4 per cent to $89.12, Cardano (ADA) also slumped 2.4 per cent to $0.2692, and Bitcoin (BTC) lost 2.1 per cent to sell for $71,229.83.

Further, Litecoin (LTC) declined by 1.9 per cent to close at $55.64, Ripple (XRP) shrank by 1.7 per cent to sell at $1.40, and Binance Coin (BNB) slipped 1.3 per cent to $648.77, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

By Adedapo Adesanya

Brent crude hit $85.41 per barrel after it chalked up $4.01 or 4.93 per cent on Thursday, extending a rally triggered by the US-Israel war with Iran.

The US West Texas Intermediate crude, on its part, settled at $81.01 per barrel, its highest since July 2024, after increasing by $6.35 or 8.51 per cent yesterday.

The escalating US-Israeli war ​with Iran continues to disrupt supplies and shipping, driving some major producers in the Middle East to reduce output.

The crisis around the Strait of Hormuz has become a severe stress test for both Gulf crude suppliers and their key buyers.

Around 300 oil ⁠tankers remained inside the Strait of Hormuz after vessel traffic in and out of the chokepoint nearly halted following the outbreak of the war.

Despite repeated assurances from the US that the waterway was never formally blocked, satellite tracking suggests that no oil or product tankers transited the strait since March 1.

The disruption immediately placed the world’s largest importers under pressure as the strait is the world’s busiest oil transit chokepoint through which the equivalent of 20 per cent of global daily oil consumption passes.

Analysts noted that crude oil supplies from Iraq and ​Kuwait could start shutting down within days if the Strait of Hormuz remains closed, potentially cutting 3.3 million barrels per day by day eight of the conflict.

An oil tanker anchored off Kuwait reported a large explosion and a subsequent leak from a cargo tank, raising environmental worries.

Iraq, the second-largest crude producer in the Organisation of the Petroleum Exporting Countries (OPEC), has cut output by nearly ‌1.5 million barrels per day due to a lack of storage and an export route, while Qatar, the biggest liquefied natural gas producer in the Gulf, declared force majeure on gas exports on Wednesday.

A drone strike hit oil infrastructure in Bahrain, adding to concerns about the vulnerability of Gulf refining assets as regional tensions escalate. Damage to a refinery can tighten product markets almost immediately, pushing up prices for petrol, diesel, and jet fuel.

Already, some oil refineries in the Middle East, China and India have shut their crude units.

By Adedapo Adesanya

The federal government plans to boost the manufacturing sector’s contribution to the Nigerian economy to 15 per cent by 2030 and 25 per cent by 2035, from its current 8.2 per cent.

This was revealed in the newly launched Nigeria Industrial Policy (NIP), which was unveiled by the Federal Ministry of Industry, Trade and Investment (FMITI).

According to data, the sector employs 13 million Nigerians, mainly in food processing, cement production, textiles, pharmaceuticals, and the automotive industry.

The FG stated that the aim of NIP frameworks is “to drive economic growth, reduce dependence on oil exports, and promote sustainable development” and contribute to achieving Nigeria’s aspiration of attaining the $1 trillion economy by 2030.

The government said the plan would “accelerate Nigeria’s industrial transformation by leveraging its natural and human capital to promote inclusive, sustainable, and competitive manufacturing, deepen economic diversification, and generate mass employment through innovation, infrastructure development, investment, and export.”

It explained that the policy direction of its NIP is anchored on the development of four sectors, namely metals and solid minerals, oil and gas, construction, and manufacturing.

Over the past decade, the agro-allied industry has contributed an average of 25 per cent (27 per cent rebased) to Nigeria’s real GDP and currently accounts for 35 per cent of total employment. It serves as a primary source of raw materials for key manufacturing sectors, including food processing, leather goods, and textiles, reinforcing its pivotal role in driving industrial linkages and inclusive economic development.

The report noted, however, that the industry faces challenges such as limited mechanisation and outdated farming techniques, post-harvest losses, and insecurity.

The government assured that relevant legal and institutional frameworks are in place to address key challenges such as inadequate power supply, low access to finance, and competition from cheap imported products, limiting the performance of the sector.

The Minister of State, FMITI, Mr John Owan Enoh, described the NIP as “a comprehensive framework that reaffirms our national resolve to diversify the economy, create inclusive prosperity, and secure Nigeria’s rightful place as a leading industrial hub in Africa and the wider global economy.”

The government said that each of the four sectors comprises multiple sub-sectors that offer strategic opportunities for industrial development.

“These sectors have been prioritised due to strong comparative advantages, potential to generate large-scale employment, and deepen local value addition and expand exports.

“The future outlook for the industry is bright with abundant natural resources, massive investment in the development of Special Economic Zones (SEZs), the growing market size, and participation of Nigeria in AfCFTA and ECOWAS Trade Liberalisation Scheme (ETLS)”, the report added.