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.

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The company said the level of participation reflected interest from investors across the continent in owning shares in the refinery, whose offer is scheduled to close on 27 October, 2026.In a statement on Sunday, the Chief Financial Officer of Dangote Group, Murat Erden, said, “This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets. The extraordinary participation from individuals and institutions across Africa demonstrates a shared conviction that Africans should not only benefit from industrial development but also own and create wealth from it”. The company maintained that the IPO broke the Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days. It attributed the performance to demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing publicThe refinery recently reported revenue of $22.5bn and a net profit of $4.7bn for the nine months ended 30 September, 2026, compared with a loss of $117.2m in the corresponding period of 2025.

According to the company, revenue rose by 144 per cent from $9.2bn in the corresponding period of 2025, while earnings before interest, taxes, depreciation and amortisation increased nearly ninefold to $5.5bn from $627.6m.

Operating cash flow also rose more than tenfold to $3.68bn, while the company moved from a net debt position of $1.73bn in September 2025 to a net cash position of $651m in September 2026.

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The global benchmark edged 0.1% lower to settle near $106 a barrel after International Energy Agency member nations pledged to complete the release of 100 million barrels of oil that are still outstanding from an intervention in March. West Texas Intermediate futures, which have diverged from Brent in recent sessions, ended the day 3% higher.

US officials had informally lobbied for an IEA release at a gathering in Paris, Bloomberg reported earlier, following several similar public demands from key White House officials. President Donald Trump has been working to tame high gas and soaring diesel prices at home, with rising energy costs stemming from the US war on Iran among key voter concerns ahead of midterm elections next month.While additional supplies from the emergency release and increased flows through Hormuz are providing some relief, physical markets continue to signal tightness. European diesel futures, meanwhile, have more than doubled since the start of the year as disruption to fuel flows from Russia and the Persian Gulf persist. US Central Command confirmed on Thursday that a container ship that sank in Hormuz this week was struck by an Iranian projectile.

The global crude oil market also remains tight, with Brent up more than 70% this year as the Middle East war drags on. Dated Brent, a critical physical-market benchmark, is holding near $130 a barrel. Iran-backed Houthi rebels have ramped up strikes against Saudi Arabia this month, while Tehran has accelerated attacks on ships in the Strait of Hormuz.

“Oil prices are likely to respond immediately to a resumption in fighting” between the US and Iran, Eurasia analysts wrote in a note. “Escalation is likely to drive oil prices into a higher band of $110 to $125, for as long as the escalatory phase lasts – likely several weeks, if not longer.

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During a campaign stop in Tyler, Texas, Vance said the effort would tap the 1950 Defense Production Act. President Donald Trump has invoked the Cold War-era law to finance a range of energy projects in the US as his administration faces pressure from voters to bring down costs that are squeezing household budgets.

“I am pleased to announce that the Trump administration, working with the refinery at Delek, has used the Defense Production Act, and we are going to expand the refinery right here in Tyler, Texas,” Vance said Tuesday.

Delek’s Tyler refinery southeast of Dallas is among the smallest in the country, with capacity to process 74,000 barrels a day.

While the scope of the investment is unclear, the effort marks yet another step in the Trump administration’s plans to enhance refinery capacity in the country amid high fuel prices. A White House official, speaking on condition of anonymity to discuss details not yet public, cast the Tyler facility as one of many refineries the administration has been working with to award DPA funds.

The Trump administration has sought to boost the production of gasoline and diesel as global conflicts strain the world’s fuel supplies. The wars in Ukraine and the Middle East, along with attacks from Iran-backed Houthis on Saudi facilities, have laid bare just how vulnerable global fuel markets are to geopolitical disruptions. Diesel prices at the pump remain near record levels, while gasoline prices are up 41% from a year ago.

The DPA grants presidents sweeping authority to shape domestic industries in the name of bolstering national security. Trump laid the foundation for the effort when he issued presidential determinations under the law in April targeting support for domestic coal power, liquefied natural gas, domestic petroleum and power-grid infrastructure, arguing shortfalls in each area threatened national defense.

New fuel supplies, however, would not come overnight, as refining projects typically take years to complete. A major new oil refinery hasn’t been built in the US since the late 1970s.

High costs of living, including for fuels, are a top concern for voters ahead of Election Day on Nov. 3, with polls showing the electorate has soured on Trump’s handling of the economy and war against Iran. The president’s party is at risk of losing their grip on Congress in the midterm vote.

The president has been taking steps to help bring down energy prices, including a deal with Russia to unlock diesel supplies from one of the world’s largest producers and eased limits on a tax-exempt variety of that fuel.

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The global benchmark rose 3.7%, notching a second straight weekly gain, as bullish sentiment crystallized in the course of a session punctuated by reports of ongoing conflict in major export centers. Iran-backed Houthi rebels continue to pummel Saudi Arabia with missile and drone strikes, while Russia and Ukraine exchange tit-for-tat attacks on energy infrastructure.

The last time prices reached these levels was almost five months ago, when paralyzed global crude and fuel flows spurred a fragile, short-lived agreement that briefly reopened the Strait of Hormuz.

Now, cargo volumes traversing the key waterway are nearing pre-war levels, topping 100 million barrels of crude last week. Still, prices remain stubbornly high, leaving US President Donald Trump with fewer and fewer options to tame energy costs ahead of the Nov. 3 midterm elections.

US lawmakers introduced a bill Friday to block Trump’s deal with Moscow to release several hundred million barrels of diesel. The legislation reflects widespread opposition to any measures that would allow Russia to pad its war chest.

“After a brief reprieve, the oil market is having to price risk back in, particularly heading into the weekend,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group.

Diesel and gasoline futures also rose. Diesel settled at $4.90 a gallon in New York. Contracts for both commodities are trading at the highest-ever levels seasonally.

The continued exclusion of Russian diesel from global markets forces refineries elsewhere to boost oil processing to meet demand. Trump has reiterated that Moscow will follow through with a diesel release. But ongoing strikes like the recent attack on Russia’s Ryazan refinery reported by Reuters are amplifying doubts about whether the agreement will deliver as promised.

Analysts are closely watching developments in the Persian Gulf for any signs the conflict is worsening. Trump declined to rule out using a weapon known as the “Mother of all Bombs” on Iran after the Nov. 3 election, according to an interview with Newsmax. CNN reported earlier this week that the US has developed strike plans that could include using a large-yield bomb known as the GBU-43/B Massive Ordnance Air Blast Bomb.

“The conflict is likely to escalate,” Eurasia Group analysts wrote in a note, raising their odds of intensification to 65% from 35%. “The standoff status quo is no longer sustainable for the US.”

The US has also sought to tame prices by drawing from emergency stockpiles and lobbying other nations to do the same. On Friday, the US offered up to 17 million barrels from the Strategic Petroleum Reserve.

Crude is up more than 75% this year as the wars in the Middle East and Russia disrupt supplies. Physical markets continue to signal tightness as refined products such as diesel have rallied even harder, with European futures for the commodity up more than twofold this year.

Friday’s outsized price swing was the first of its kind in a range-bound trading week, even as headlines pointed to a worsening energy security environment across the globe. The disconnect between futures prices and surging physical markets has left traders wary of being caught wrong-footed. As a result, open interest in the global benchmark touched the lowest since March 2025 earlier this month.

Adding to technical quirks, Brent mostly lagged the US benchmark’s gains in recent sessions, narrowing the gap between the two, as lower costs to ship American barrels buoyed demand.

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Flight LH419 is due to depart Washington Dulles (IAD) at 5.55 pm local time and arrive at Frankfurt Airport (FRA) at 7.55 am on October 19. The flight marks the planned end of Lufthansa’s scheduled A340-600 passenger operations, subject to operational changes.

The aircraft assigned to the final passenger service has not been independently confirmed at the time of writing. Lufthansa has retained four A340-600s for its remaining operations: D-AIHW, D-AIHX, D-AIHY and D-AIHZ. The aircraft are approximately 17 to 18 years old, with manufacturer serial numbers (MSNs) 972, 981, 987 and 1005, respectively.

The four aircraft have been operating primarily on routes from Frankfurt (FRA) to New York (JFK) and Washington Dulles (IAD). The final flight follows Lufthansa’s decision to withdraw the remaining aircraft at the end of the 2026 summer flight schedule.

The remaining aircraft represent the final part of a fleet that once comprised 24 Airbus A340-600s. Lufthansa introduced the type in 2003, with deliveries continuing until 2009.

The A340-600 is powered by four Rolls-Royce Trent 500-series engines. Lufthansa remaining aircraft feature a four-class cabin configuration with eight first-class seats, 56 business-class seats, 28 premium-economy seats and 189 economy-class seats, providing a total of 281 seats.The airline postponed the type’s retirement several times as delays to replacement aircraft extended its service life. Additional Boeing 787-9s and Airbus A350-900s have since supported the withdrawal of the older widebody aircraft.

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The airline announced the route almost a year ago. It will operate as a seasonal winter service using Boeing 787-9 aircraft

According to schedule data from aviation analytics company Cirium, the route will run three times a week from mid-October until late March.

Flight VS214 departs Heathrow at 15:45 local time. and arrives in Phuket at 09:55 local time the next day, a scheduled flight time of 12 hours and 10 minutes.

After a 110-minute turnaround, return flight VS215 leaves Phuket at 11:45 local time and lands in London at 19:20 local time the same day, taking 13 hours and 40 minutes

Virgin Atlantic’s 787-9s seat 258 passengers. The cabin includes 31 Upper Class seats that convert to flatbeds in a 1-1-1 layout, 35 Premium seats in a 2-3-2 layout, and 192 Economy seats in a 3-3-3 layout. Of the Economy seats, 36 are Economy Delight seats with extra legroom.

The airline plans to reconfigure its 787 fleet with more premium seating. The new layout will have 44 Upper Class seats, 56 Premium seats and 127 Economy seats.

Phuket is a popular winter destination for European travelers, and Virgin Atlantic will face established competition on routes from Europe.

Leisure airlines also operate on the market. TUI flies to Phuket from the UK, including London Gatwick and Manchester, and from several Nordic cities, including Copenhagen, Gothenburg, Helsinki and Stockholm. Condor serves the island from Frankfurt, and Norse Atlantic Airways flies from Oslo.

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The campaign involved almost 70,000 hours of survey work across 2,337 kilometres of maritime area. The data collected will inform engineering, environmental and planning assessments for potential offshore substations, subsea cable corridors and onshore grid connections, according to EirGrid.

The work builds on the first phase of surveys completed in 2025, when more than 40,000 man-hours were spent surveying 3,770 kilometres of seabed.

Dutch marine survey specialist has also been carrying out marine mammal monitoring under a two-year contract, deploying eight seabed monitoring stations equipped with underwater acoustic sensors to detect whales, dolphins and porpoises.

The completion of the survey campaign comes as EirGrid continues a twelve-week public consultation on emerging options for connecting offshore renewable energy from the Tonn Nua maritime area to Ireland’s national grid. Running until 8 December, the consultation covers potential landfall locations, offshore cable corridors, offshore substations, grid connection points and onshore transmission cable routes in Cork and Wexford.

EirGrid said feedback from local communities, landowners, fisheries and other marine users will help inform the next stage of infrastructure development.

Tonn Nua, located off County Waterford, was awarded to the joint venture between ESB and Ørsted in Ireland’s second offshore wind auction in November 2025. The developers are progressing the early-stage project, with EirGrid responsible for delivering its offshore and onshore transmission infrastructure.

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