Economy
Current Recession Won’t Last Long—Nigeria Assures
By Modupe Gbadeyanka
In the third quarter of last year, Nigeria officially entered another recession four years after the first under President Muhammadu Buhari.
This was as a result of the decline in the nation’s gross domestic product (GDP) in the second quarter (-6.10 per cent) and in the third quarter (-3.62 per cent) of 2020.
But the federal government has expressed confidence that the current economic crisis would be short-lived because of the policies put in place by the administration.
The Minister of Information and Culture, Mr Lai Mohammed, while addressing journalists in Lagos on Monday, said very soon, Nigeria will exit recession.
When the country was plunged into recession in the second quarter of 2016, it remained in the dungeon for five consecutive quarters. It exited a year later.
But Mr Mohammed, during his media briefing today, assured that this time around, the country will not stay long in the crisis.
“The current recession will not last long, and Nigeria will soon return to positive growth,” the Minister said, noting that this was because of the “several complementary fiscal, real sector and monetary interventions proactively introduced by the government to forestall a far worse decline of the economy and alleviate the negative consequences of the pandemic.”
The Minister blamed the global pandemic of COVID-19 as the reason for the present economic crisis Nigeria was battling with, though he said the nation “recorded positive economic developments in 2020.”
“The main reason for this (recession) is the COVID-19 pandemic. Nigeria is not alone. Dozens of countries, including economic giants like the US, the UK and Canada, have entered a recession, of course, due to the global pandemic.
“Others include Austria, Belgium, Denmark, Estonia, Finland, Hungary, Ireland, Italy, Latvia, Lithuania, Mexico, Netherlands, Norway, Romania, Russia and Spain,” he said.
But he said Nigeria’s economic recession has masked a lot of positive economic developments, relying on data from the National Bureau of Statistics (NBS), which said the 3.62 per cent decline in the GDP in Q3 was much smaller than the 6.10 per cent decline recorded in Q2.
According to him, “The economic conditions are actually improving, with 17 activities recording positive real growth in the third quarter, compared to 13 in Q2. Also, 36 of 46 economic activities did better in the third quarter of 2020 than in the second quarter of the same year.
“The 3.62 per cent contraction recorded in the third quarter of 2020 was better than the 6.01 per cent [decline] earlier forecast by the NBS and outperformed several domestic and international forecasts.”
“Please note that before COVID-19, the Nigerian economy had been experiencing sustained growth, which was improving every quarter, until the second quarter of 2020, when the impact of COVID-19 started to be felt. Just as the year 2020 was rounding off, the Nigerian Stock Exchange (NSE) was named the best-performing stock market among the 93 equity indexes being tracked by Bloomberg across the world,” he added.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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