The bank said the government needed to build on the reported progress by establishing a sustainable social protection system that would provide regular support to vulnerable Nigerians rather than relying primarily on emergency interventions.

The recommendation was contained in the latest Nigeria Development Update, titled ‘Beyond the Federal Purse: How Higher Revenues Shaped State Priorities’, analysed on Sunday, which examined economic conditions and the role of government interventions in cushioning households against financial hardship.According to the report, the Federal Government used biometric and digital verification systems to identify beneficiaries and deliver payments under its direct cash transfer programme.The World Bank said social protection and effective public service delivery could help protect households from the effects of economic pressures, but warned that the impact of such interventions would depend on the number of people reached, the adequacy of the assistance and the regularity of payments.

Social protection and service delivery can help cushion households against these pressures, though their effectiveness will continue to depend on coverage, adequacy, and continuity,” the report stated.

It noted that although the N658.9bn disbursement had reached millions of vulnerable households, the programme needed to be expanded and strengthened to improve its contribution to household welfare

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The Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, disclosed the targets at the National Capital Market Conference 2026 held in Abuja on Monday, according to a statement issued by the Securities and Exchange Commission after the event.

The targets represent an additional 14 million investors, a 233.3 per cent increase, while the number of listed companies is expected to rise by 104, a 71.2 per cent increase.

“Oyedele said the plan should target increasing equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent, raising the number of listed companies from 146 to 250 and expanding retail investors from six million to 20 million,” the statement read.Oyedele also proposed increasing equity market capitalisation from 33 per cent of Nigeria’s Gross Domestic Product to at least 60 per cent.

He said the government would introduce incentives to attract more private businesses to the Nigerian Exchange rather than compel them to list.

“We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.The minister proposed expanding Nigeria’s capital market to $1tn within the next decade, exceeding the SEC’s target of growing the market from approximately N250tn to N750tn by 2036.

He also advocated more than tripling corporate bond issuance as a share of GDP, increasing sukuk market penetration from 0.3 per cent to five per cent and raising pension assets from six per cent to 16 per cent of GDP.

Oyedele identified the potential listing of the Nigerian National Petroleum Company Limited and Nigeria LNG Limited as opportunities to deepen the market, improve transparency and broaden public ownership of national assets.

He further disclosed that Nigeria was targeting an investment-grade credit rating within three years and an upgrade from frontier-market status to emerging-market classification.

According to him, equity market capitalisation had increased from less than N30tn in mid-2023 to approximately N160tn, while pension assets had reached N27.5tn

The minister also launched the National Savings Scheme to encourage Nigerians to invest in regulated financial products through accessible channels, including mobile phones.

He expressed concern that many young Nigerians were investing in betting platforms, unregulated cryptocurrency schemes and Ponzi schemes rather than regulated investment products.

Oyedele announced plans to strengthen surveillance of fraudulent investment schemes and introduce measures to support victims.

Meanwhile, Vice President Kashim Shettima, who unveiled the Nigerian Capital Market Master Plan 2026–2036, said the capital market would play a central role in financing infrastructure and economic development.

He attributed recent market growth to government reforms, including petrol subsidy removal, foreign exchange unification, bank recapitalisation and the Investments and Securities Act 2025.

Also speaking, SEC Director-General, Dr Emomotimi Agama, said market growth had not translated into sufficient participation among Nigerians.

“The strength of any capital market rests on the savings of its people. Ours must rest on the savings of all of us,” he said.

Agama disclosed that the commission would establish implementation committees to monitor the master plan’s progress.

“Every commitment in NCMMP 2.0 will have an owner, a timeline and a scorecard, and we will report progress openly to this nation,” he stated.

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The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said this on Monday, warning that positive economic indicators alone would not guarantee sustained investment without a business environment where commercial disputes could be resolved fairly, efficiently and predictably.

She spoke at the third annual Multi-Door Courthouses and Alternative Dispute Resolution Stakeholders’ Summit in Lagos, where government officials and judicial leaders called for stronger alternative dispute resolution mechanisms to protect investments and improve Nigeria’s commercial environment.Oduwole said capital importation grew by 83 per cent year-on-year, from $5.5bn in the first quarter of 2025 to more than $10bn in the first quarter of 2026.

She added that the economy grew by more than four per cent in 2025 and maintained growth above that level in H1 of 2026, while inflation declined from 33.2 per cent in 2024 to 14.63 per cent in September 2026.

Oduwole also said non-oil exports had exceeded $6bn, while the creative and digital sector accounted for about 18 per cent of the country’s Gross Domestic Product

Despite the improving indicators, the minister stressed that investors considered the strength of institutions, regulatory clarity and the reliability of commercial justice before committing funds.

“Investor confidence is not built by opportunity alone. Investors also consider the reliability and responsiveness of our institutions, the clarity of our regulations, the enforceability of contracts, and their ability to resolve commercial and investment disputes fairly and efficiently,” she said.

Oduwole said the government wanted to attract capital into factories, infrastructure, processing and other productive enterprises rather than focus solely on portfolio investments.

The Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, said arbitration and mediation were essential to building trust, reducing investment risks and promoting sustainable economic growth.

He said the Federal Government was pursuing reforms to strengthen Nigeria’s arbitration and alternative dispute resolution framework, including a review of the arbitration framework, the inauguration of a National Committee on the Review of the Arbitration and Mediation Act 2023, and the development of a National Policy on Arbitration.

The initiatives, he said, were intended to position Nigeria as a leading arbitration hub in Africa.

Fagbemi commended the Lagos Multi-Door Courthouse, describing it as Africa’s first court-connected alternative dispute resolution centre.

The post Nigeria attracts $23bn capital amid rising reserves first appeared on Onewave TV.

Cardoso said the growing reserves buffer, alongside relative stability in the naira and easing inflation, would help limit the impact of external pressures on households and businesses.

He spoke at the ongoing IMF-World Bank Annual Meetings in Bangkok, Thailand, where he defended the benefits of the country’s economic reforms and monetary policy adjustments.

According to the CBN governor, Nigeria’s stronger external position has reduced the nation’s vulnerability to global shocks, including uncertainties arising from geopolitical conflicts and international trade tensions.

He argued that without the improvement in reserves, Nigeria could have faced more severe consequences from the same pressures affecting other economies.

Cardoso said the accumulation of foreign exchange reserves was not merely a financial indicator but also an important safeguard for the wider economy.He explained that a stronger reserve position gives the country greater capacity to respond to external pressures and helps support confidence in the FX market

The CBN governor also pointed to the naira’s recent performance, saying the currency had remained relatively stable and appreciated, with consequences for economic activity.

A more stable exchange rate can reduce the naira cost of imported goods and production inputs, potentially easing pressure on businesses and consumers. However, the extent of any relief depends on how exchange rate movements feed through to retail prices.

Cardoso maintained that Nigerians were benefiting from the policy improvements, even if those gains were not always immediately apparent.

The CBN governor identified falling inflation as another important channel through which economic reforms could benefit ordinary Nigerians, particularly low-income households.

He described inflation as a particularly severe burden on poorer households because rising prices reduce the purchasing power of their incomes.

Lower inflation, if sustained, would help slow the rate at which household budgets are eroded by increases in the cost of food, transport, housing and other essentials.

However, a decline in the inflation rate does not necessarily mean that prices are falling. It means prices are rising more slowly, unless the economy records outright price declines.

Cardoso urged Nigerians to acknowledge the improvements recorded in the economy rather than dismissing the gains from ongoing reforms.

Nigeria’s external reserves continued to rise through September and into October, according to the figures cited in the report.

The reserves increased from about $53.90bn on 1 September to $54.93bn on 30 September, representing a monthly gain of $1.03bn.

The upward movement continued in October, with reserves reaching $54.95bn on 2 October and $55.08bn on 9 October before climbing to $55.1bn on0 13 October.

The accumulation strengthens Nigeria’s external buffer, which can help the country meet foreign currency obligations and manage periods of pressure on the balance of payments.

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Director of the IMF’s African Department, Zeine Ould Zeidane, said Nigeria had made significant gains in reducing inflation after a period of elevated price pressures and high real interest rates.

Speaking at a press briefing during the ongoing IMF-World Bank Annual Meetings in Thailand, Zeidane said the CBN was right to begin normalising interest rates without abandoning its fight against inflation.

He said the September adjustment should not be mistaken for a broad shift towards an accommodative monetary policy, as the overall stance remains restrictive.The stance itself remains a tight one,” Zeidane said, adding that the CBN’s decision was appropriate under the prevailing economic conditions.

He stressed that monetary policy must continue to respond to incoming economic data, with the priority remaining the reduction of inflation towards the central bank’s target.

The IMF’s endorsement provides international backing for the CBN’s decision to lower borrowing costs after a prolonged period of monetary tightening

However, the Fund cautioned that central banks must remain vigilant against inflation risks. Its latest regional assessment indicated that further monetary tightening might still be necessary in many African economies, adopting a firmer position than its April assessment.

For Nigeria, this means further interest rate adjustments will depend on whether inflation continues to moderate and whether the progress recorded so far can be sustained.

At its September Monetary Policy Committee meeting, the CBN cut the Monetary Policy Rate by 350 basis points, reducing it to 23 per cent from 26.5 per cent.

The decision surprised many market participants who had expected the committee to retain the benchmark rate amid concerns about inflation and price stability.

The MPC also recalibrated the Standing Facilities Corridor while retaining existing Cash Reserve Requirement levels for deposit money banks, merchant banks and non-Treasury Single Account public sector deposits.

The rate reduction marked a shift after an extended period of tight monetary policy aimed at containing inflation and stabilising the economy.

Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026 from 15.43 per cent in July, according to the National Bureau of Statistics

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The sector absorbed $9.64bn during the quarter, representing 52.58 per cent of total FX utilisation, as demand for cross-border financial transactions rose sharply despite declining expenditure on some categories of imports.

The FMDA’s Q2 FX market report, based on data from the Central Bank of Nigeria, showed that total utilisation increased by 12.84 per cent from $16.25bn in the first quarter and 52.42 per cent from $12.03bn in the corresponding period of 2025.

The figures point to a growing concentration of FX demand in services and financial transactions, rather than merchandise imports alone.

Invisible transactions, which cover payments for services and other non-merchandise items, accounted for $13.24bn, or 72.19 per cent of total FX utilisation in Q2.

This represented a 93.16 per cent increase from $6.85bn recorded in the corresponding period of 2025.Financial services accounted for most of the increase, with demand rising 72.81 per cent from $5.58bn a year earlier.

Business services demand climbed 191.39 per cent to $1.66bn from $570.41m, while other services increased 118.66 per cent to $1.12bn.

The report did not provide a detailed breakdown of the financial services transactions. It is therefore unclear how much of the demand represented investment-related payments, financial obligations or other cross-border transactions.

The figures also showed that import-related FX utilisation declined 1.49 per cent to $5.10bn.

Industrial imports fell 22.67 per cent to $1.86bn, while oil imports dropped 9.75 per cent to $1.25bn. In contrast, demand for manufactured products rose 77.73 per cent to $982.09m.

The report identified $542.56m in unallocated invisible demand, reflecting a discrepancy between the June figures and the reported aggregate.

On the supply side, autonomous FX inflows strengthened their dominance, providing $23.31bn, or 74.15 per cent of total inflows during the quarter.

The amount represented the highest level since Q1 of 2020, while autonomous sources accounted for a larger share of supply than in both the preceding quarter and the corresponding period of 2025.

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The Federal Government has ruled out an immediate increase in electricity tariffs, saying it has instead raised an estimated N1.23 trillion towards settling the backlog of debts in the power sector.
The Minister of Power, Joseph Tegbe, disclosed this on Monday in Abuja during a media parley to mark his first 100 days in office.
The minister also disclosed that electricity generation and transmission had remained above 5,000MW over the past couple of weeks, compared with the 3,700MW to 4,700MW range before June.

Tegbe said the government was focused on stabilising the electricity market, improving supply and addressing the financial challenges across the power value chain, rather than increasing tariffs.
“We have no plan to increase electricity tariffs. There is no immediate plan by this government to increase tariff. It is not on our table; it is not on our agenda”, the minister said.
According to him, the government had raised the N1.23 trillion as part of a wider programme aimed at addressing the estimated N3.3 trillion power-sector debt.

He said there was a significant financing milestone, adding that this forms part of the wider programme for addressing the N3.3 trillion in sector debt, adding that this is expected to improve sector liquidity.
Tegbe said the government’s approach was to address the structural and financial problems responsible for the persistent challenges in the electricity market instead of simply injecting funds without first establishing where the problems lie.
He disclosed that the ministry had conducted a diagnosis of the electricity value chain since he assumed office, revealing constraints in gas supply, generation, transmission and distribution.

According to the Minister of Power, gas supply to power stations had been constrained by damaged pipelines and commercial terms that discouraged investment, while the generation fleet remained heavily dependent on ageing thermal plants affected by deferred maintenance and stalled projects.
The minister said the diagnosis also revealed that only 27 per cent of generation companies’ bills were being paid, undermining their ability to maintain plants and pay gas suppliers.
He said the transmission network was affected by vandalised towers and lines, overstretched equipment and frequent tripping, while the distribution segment suffered aggregate technical, commercial and collection losses of between 30 and 40 per cent.

Tegbe said the challenges were interconnected, with unpaid bills weakening gas supply and maintenance, unreliable electricity depressing collections and poor collections deepening the sector’s debt.
He said a generation peak of 5,330MW was recorded between August and September.
Tegbe, however, acknowledged that the improvement had not translated into reliable electricity for all communities.Our next task is to sustain these gains and translate them into more dependable supply at customer level. We are aware that a national peak alone cannot describe the experience of every community,” he said.
He disclosed that the 375MW Alaoji open-cycle power plant had been restored to the national grid after three years offline.
He said new transformers commissioned at Apapa, Ijora, Alausa and Lekki in Lagos had unlocked 672MW of transmission capacity, while a new 300MVA transformer energised at Katampe, Abuja, had unlocked another 240MW.Tegbe said the government was also intensifying efforts to address estimated billing and improve revenue collection through metering.
He disclosed that approximately 350,000 meters were installed during the first 100 days of his tenure, while cumulative installations reached 1,004,260 as of August 2026.
He added that the resolution of the AMMON litigation had unlocked procurement of about 1.4 million smart meters across affected programmes.

According to him, 90,000 meters had also been installed in military formations, while 5,000 young Nigerians were undergoing training as smart-meter installers under the Power Force programme.
The minister said the government had also blocked revenue leakages associated with energy theft and revenue losses estimated at approximately N120 billion annually along the Ikorodu-Sagamu corridor.
He said improved billing, collection and remittance would help preserve resources needed to sustain electricity supply.

Tegbe said the ministry’s strategy rested on three pillars: stabilising the electricity value chain, restoring market discipline and strengthening governance.
On electricity access, the minister said the government had completed 62 solar and mini-grid installations across 30 states, representing about 43.6MW of installed solar capacity and 41,735 new connections.
He said the projects had an estimated beneficiary reach of more than 208,000 people.

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The firm stated in a statement on Monday that Ogbuehi is a corporate services executive and legal professional with over 15 years of experience advising boards and executive management on personnel management, legal, regulatory and dispute resolution matters.

Before joining AG Mortgage Bank, he served as Head of Corporate Services at James Cubitt, where he oversaw human resources, legal and company secretariat functions. He previously worked as Head of Corporate and Commercial Transactions at Canaan Partners.

He began his career in mortgage banking as a Legal Officer at Haggai Mortgage Bank Limited.Ogbuehi is a member of the Nigerian Bar Association, an Associate of the Chartered Institute of Secretaries and Administrators, Nigeria, and an Associate of the Chartered Institute of Taxation of Nigeria.

He is also a Fellow of the Institute of Credit Administration, a Member of the Nigerian Institute of Chartered Arbitrators, and is registered with the Financial Reporting Council of Nigeria.

In his new role, Ogbuehi will support the bank’s corporate governance, regulatory compliance and board and management processes as it pursues growth in Nigeria’s mortgage and housing finance sector

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When Olayemi Cardoso took charge of the Central Bank of Nigeria on September 22, 2023, the institution was confronting overlapping crises.

Headline inflation stood at 26.72 per cent, the Monetary Policy Rate was 18.75 per cent, and gross external reserves were about $33.2bn. The official exchange rate was around N770 to the dollar, but limited liquidity meant many businesses could not obtain foreign currency at that price.

The bank also faced more than $7bn in unsettled foreign exchange obligations, an expanding development-finance portfolio and weakened confidence in monetary management.

Cardoso’s response was built around a return to conventional central banking. The CBN scaled back development financing, tightened monetary conditions, reduced discretionary foreign exchange allocation and raised capital requirements for banks.

Three years later, the picture has improved considerably, although high costs remain. Reserves have climbed above $55bn, the foreign exchange market has become more transparent, banks have raised trillions of naira in fresh capital, and inflationary pressures have moderated.

But interest rates remain high, the naira is substantially weaker than in 2023, and households continue to bear the accumulated effects of earlier increases in food, transport, energy and housing costs.

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