Economy
Effective Fiscal, Monetary Policies Will Revamp Nigerian Economy—Standard Chartered Bank
By Adedapo Adesanya
Standard Chartered Bank (SCB) Nigeria, through its forum, has said that Nigeria needs to balance effective fiscal and monetary policies to awaken its ailing economy.
This was the crux of the matter at the company’s recently hosted Global Research Briefing which sought to identify the key concerns for the Nigerian financial market, pool solutions from a cross-section of financial and oil sector experts, and chart a course in a bid to reverse the negative situation.
This is coming as the world continues to contend with the effects of the COVID-19 pandemic.
Held in Lagos, the event provided a conducive environment for market leaders to dialogue on an array of key economic issues ranging from the expected implementation of foreign exchange and monetary policy reforms to interventions needed to address the challenges in the oil and gas sector.
In his welcome remarks, the CEO of Standard Chartered Bank Nigeria, Mr Lamin Manjang, noted that the session came at a time of great uncertainty and volatility both globally and locally, marked by the spectre of high inflation and slow growth.
“We have seen a very aggressive tightening of monetary policy across almost all central banks in the world. In Nigeria, we have seen the same phenomenon of high inflation. But it’s not all doom and gloom. We have been through similar challenges in the past, and we eventually came out of it,” he stated.
During her keynote presentation, SCB’s Regional Head of Research, Africa and the Middle East, Ms Razia Kahn, highlighted the need for greater reassurance on FX and other policy reforms for Nigeria to attract foreign investor participation.
“In terms of the policy response, Nigeria has perhaps been more tested than many other economies. A lot of the transmission of the different pressures into the great slowdown has been exacerbated by the policy decisions in Nigeria. Still, Nigeria stands apart from many of its African counterparts simply because it is seen as an economy that has scale,” she explained.
Addressing the challenges within the petroleum industry, Ms Khan moderated an Oil and Gas panel session which included Mr Leke Ogunlewe, former Head of Global Banking/Corporate and Institutional Banking, SCB; Mr Chikezie Nwosu, MD/CEO, Waltersmith Petroman Oil Limited; and Mr Femi Ogunbi, Treasurer, ExxonMobil.
Speaking on challenges brought on by the implementation of the Petroleum Industry Act, Mr Ogunlewe noted that there were concerns regarding the regulation of the significant investments of oil & gas companies in social initiatives, particularly as they relate to their host communities.
“We now have a regulator that monitors these organizations in a way that is unfavourable to the communities. I’m curious to see how that will work out because I know from experience that several oil & gas companies spend much more than the PIA stipulates,” he stated.
In his remarks, Mr Ogunbi underscored the need for the market forces of demand and supply to play a greater role in Nigeria’s oil & gas policies. According to him, Nigeria needs more enablers and respect for market forces in virtually every sector.
Discussing the need to attract Foreign Direct Investment, the Financial Markets panel included Mr Ayodeji Adelagun, Head, Financial Markets, Standard Chartered Bank Nigeria; Ms Elizabeth Oguegbu, Head of Financial Markets Sales, Standard Chartered Bank Nigeria; Mr David Alao, CEO, Leadway Asset Management Company; and Ms Tumi Sekoni, MD, FMDQ Exchange.
During the discussion, Mr Alao noted that serious FX reforms are necessary for the international investing public to regain confidence in Nigeria, just as Ms Sekoni called attention to the likelihood of FX reforms being deferred till after the coming elections.
Speaking at the session, Mr Olukorede Adenowo, Executive Director, Corporate Commercial and Institutional Banking, said, “As a global bank with a rich network of experience and expertise in Africa and the Middle East, we are in a unique position to support the massive shift of capital towards sustainable finance, which has become a priority for stakeholders, investors and clients, alike. The people and businesses we serve are the engines of trade and innovation and are central to the transition to a fair, sustainable future.
“The Global Research Briefing provided an opportunity for us to share insights into the challenges within the country and, more so, the tremendous opportunities that exist as well as providing solutions that governments can take to make their markets more attractive for investment.
“We are determined to support our clients with identifying such opportunities and developing significant sustainable finance solutions to grow their businesses. This will ensure that we can deliver on our aspiration to be the Bank that’s continuously driving commerce and prosperity for our clients and the economies we operate in.’’
By Modupe Gbadeyanka
The Nigerian maritime sector may soon witness the inflow of $600 million in investment from APM Terminals.
On the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda, the Regional President of APM Terminals for Africa-Europe, Mr Igor van den Essen, informed President Bola Tinubu that his company was interested in deepening its investment in Nigeria.
According to a statement issued by the Special Adviser to the President of Information and Strategy, Mr Bayo Onanuga, the investment would be deployed in Apapa port modernisation, logistics infrastructure, and long-term private-sector investment in Nigeria’s maritime sector.
President Tinubu welcomed the investments, emphasising that Nigeria is repositioning itself for greater competitiveness through ongoing economic reforms and infrastructure modernisation.
He said the country is determined to move beyond structural bottlenecks and outdated systems, stressing the need for advanced technology, faster cargo processing, and improved operational efficiency across the nation’s ports.
He emphasised that Nigeria possesses the market scale, talent base, and economic potential to support globally competitive maritime and logistics infrastructure investments and called on other investors to take advantage of Nigeria’s reform outcomes.
Earlier, Mr Igor van den Essen lauded President Tinubu’s reform agenda and policy direction, which had strengthened investor confidence and created renewed momentum for long-term infrastructure investments.
He described Nigeria as a strategic stronghold within its African operations, referencing over 20 years of collaboration and substantial existing investments in the country’s port ecosystem.
He reaffirmed his company’s commitment to expanding investments in Nigeria and disclosed plans to support the development of world-class terminal infrastructure and technology-driven port operations.
He also commended Mr Tinubu for establishing the National Single Window (NSW), which has streamlined trade procedures, improved Customs coordination, and reduced delays in cargo clearance.
By Adedapo Adesanya
Dangote Petroleum Refinery has filed a new lawsuit against the federal government over the fuel import licences issued to marketers and the Nigerian National Petroleum Company (NNPC) Limited.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued licences to six marketers for the importation of 720,000 metric tonnes of Premium Motor Spirit, known as petrol.
The marketers are NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono. The development comes amid claims by the NMDPRA that the Dangote Petroleum Refinery now supplies over 90 per cent of Nigeria’s daily petrol consumption.
Dangote said in the filing that the licences issued undermine its operations and contravene the law, which it argues allows imports only when domestic supply falls short.
Named in the suit against the country is the Attorney General and Minister of Justice, Mr Lateef Fagbemi. The federal government can only be sued via his office.
The case signals renewed tensions almost a year after Dangote withdrew an earlier lawsuit challenging similar licences. That case sought to nullify import permits issued to the NNPC and several traders.
The new filing asks the Federal High Court in Lagos to set aside import permits issued or renewed by the NMDPRA, arguing they breach an earlier order to maintain the status quo.
Dangote ended the earlier lawsuit in July 2025 without explanation, leaving unresolved questions over competition and supply in one of Africa’s largest fuel markets.
Nigeria has long relied on petrol imports due to underperforming state refineries. However, Dangote’s 650,000 barrels per day capacity refinery was touted to end that dependence.
Despite the presence of the facility, imports have continued to cover supply gaps as the refinery ramps up output.
The NMDPRA did not issue a single import licence in the first quarter of 2026 because the Dangote refinery had the capacity to meet Nigeria’s petrol demand.
Business Post gathered that only upon intervention by President Bola Tinubu were the licenses granted for the second quarter by the NMDPRA.
By Adedapo Adesanya
The Nigeria Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate in April 2026 rose to 15.69 per cent, beating analysts’ expectations of 15.95 per cent, as the fallout from the Iran war continued to affect the global economy.
The statistical office on Friday showed the headline inflation rate for April on a month-on-month basis was 2.13 per cent, while the food inflation rate in the review month was 16.06 per cent on a year-on-year basis.
The rise in prices comes as an energy price shock stemming from the continued conflict in the Middle East, which stoked food prices and affected relative exchange rate stability.
According to the NBS, “this can be attributed to the rate of change in the average prices of the following products: Millet whole grain, yam flour, ginger (Fresh), beef, garri, tam tuber, pepper (Fresh), cray fish, cassava tuber, Beans, Irish Potatoes, tomatoes (fresh), wheat grain (Sold loose), soya beans, guinea corn, plantain, carrots (Fresh) etc.”
“The average annual rate of food inflation for the twelve months ending April 2026, relative to the previous twelve-month average, was 17.55%, which was 17.05% points lower than the average annual rate of change recorded in April 2025 (34.60%),” the NBS said.
Analysts at Coronation Research had earlier projected that the inflation rate in Nigeria would be at 15.95 per cent on a year-on-year basis in April 2026. It added that the expected inflation rate signals a return toward the underlying disinflation trajectory and could be a pivotal data point in shaping Monetary Policy Committee (MPC) deliberations at the next policy meeting.
It also expects food inflation to further ease, as food and non-alcoholic beverages remain the dominant contributor to headline CPI, accounting for about 40 per cent of the Consumer Price Index (CPI) basket.
The MPC of the Central Bank of Nigeria (CBN) will meet this month, the first since the Iran War started in late February, to review core monetary policies and possibly make adjustments.
The committee reduced the Monetary Policy Rate (MPR) by 50 basis points from 27.0 per cent to 26.5 per cent at its 304th Monetary Policy Committee (MPC) meeting in February.
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