Economy
Cote d’Ivoire Joins African Trade Insurance Agency
By Modupe Gbadeyanka
The African Trade Insurance Agency (ATI) announced today that Côte d’Ivoire has joined a growing list of African countries who are members of the institution.
ATI is a multilateral investment insurer whose specialised investment and commercial risk insurance products are expected to help attract up to USD2 billion worth of inward investments and trade into the country, and to potentially help lower its sovereign borrowing costs by up to 1% annually.
The pan-African institution now insures investments equal to approximately 0.6 to 1.4 percent of GDP annually in a majority of its member states and includes support of strategic deals such as cover on African Development Bank’s USD159 million loan to fund Ethiopian Airline’s fleet expansion. Côte d’Ivoire’s membership in ATI is seen as an integral part of the government’s strategy to attract more investments and to diversify the economy through increased trade and investment opportunities.
“Our country membership in ATI will contribute to creating the economic conditions that will enable us to reach emerging country status by 2020,” commented Mr Adama Kone, Minister of Economic and Finance of Côte d’Ivoire.
Côte d’Ivoire becomes the third country to join ATI in the last six months following Ethiopia and Zimbabwe, which became members in late 2016. Rapid membership growth, particularly in significant African economies, is core to ATI’s medium-term plan to broaden its reach and impact and to better distribute risk across more countries in Africa.
ATI’s membership push is supported by the African Development Bank (AfDB), which to date has provided a combined USD30 million in soft loans for the membership subscription of Ethiopia, Côte d’Ivoire and Zimbabwe as well as an increase in the capital subscription of Benin. Reflecting its catalytic role in African economies, ATI expects to leverage Côte d’Ivoire’s initial share capital investment by up to 60 times in terms of supported investments into the country on an annual basis, as ATI does in other member states..
In the next two years, ATI will continue to target other ECOWAS and large African economies for membership.
Increased membership by these countries elevates ATI’s impact in Africa’s economic development, where the company increasingly participates in priority projects targeting sectors such as energy, water, road and rail construction and rehabilitation, building construction, agriculture and telecommunications.
ATI provides medium to long term credit risk mitigation products to support investors, banks, businesses, governments and government agencies in Africa.
For banks for instance, ATI offers protection against non-payment risks that allow lenders to expand their loan portfolios. For governments, ATI’s products can be used as a substitute for guarantees, which helps sovereigns to lower their debt ceiling.
“ATI’s entry into the Ivorian market is a real leverage for us to attract more foreign investments and to boost trade both regionally and internationally,” notes Mr. Guy M’Bengue, CEO of Côte d’Ivoire’s Export Promotion Agency (APEX-CI) and a Board member of the Private Sector Employer’s Association (CGECI).
“Our focus this year and beyond continues to be membership growth, particularly in West Africa. We see this region as an important part of our pan African mandate and Côte d’Ivoire is poised to be an important West African market for ATI’s products.
“In partnership with other international players, ATI is now in a position to support strategic projects in West African member states in order to benefit the region,” notes George Otieno, ATI’s Chief Executive Officer.
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.
