Economy
I Never Said Nigeria Will Finally Exit Recession 2020—Minister
By Modupe Gbadeyanka
Minister of Budget and National Planning, Mr Udoma Udo Udoma, has refuted reports in some sections of the media on Tuesday claiming that he said Nigeria’s economy will finally be out of recession in 2020.
A statement signed yesterday by his Special Adviser on Media, Mr Akpandem James, disclosed that the Minister was misquoted by newsmen.
Mr Akpandem pointed out the reporters misinterpreted what his boss said on Monday when he gave a speech at a retreat organized by the National Institute of Social and Economic Research (NISER).
“It was learnt that correspondents of the newspapers in question got their story second-hand from a syndicate source in Ibadan. The Minister never said so.
“At the retreat which none of the affected newspapers was represented, the Minister spoke of the state of the economy and steps taken towards recovery and eventual diversified inclusive growth.
“He was happy that efforts made so far are yielding fruits as evident in the economy climbing out of recession in the second quarter of 2017, earlier than anticipated.
“He explained that even though initial permutations were that the country will be exiting recession by the third quarter of 2017, it was heart-warming that the Second Quarter NBS GDP Report indicated that the economy was already out of recession,” the statement explained.
The Minister was quoted in the statement as saying that while the news of exiting recession was encouraging, there is still a lot more work required to realise the full promise of the Economic Recovery and Growth Plan (ERGP), which is to have a rapidly growing economy with diversified sources of growth, increased opportunities and a socially inclusive economy that reduces poverty and creates jobs for young people entering the labour market annually.
“Our job is not done until we have realized Nigeria’s full potential as a major player in the world economy, Mr Udoma added.”
According to the statement, the reference to 2020 was made when the Minister was explaining the principles and objectives of the ERGP (2017 – 2020) and government’s commitment towards restoring growth from a negative trend in 2016 to 7 percent by 2020.
He therefore emphasized the need for Nigerians to partner with government through investments in human capital development, through job creation and also in production of quality goods to make them competitive, since one of the aims of the ERGP is to build a globally competitive economy.
He said government was targeting the achievement of 7 percent growth in Gross Domestic Product (GDP) by the end of the plan period which is the year 2020.
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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