Category: Nigeria

Nume Ekeghe writes that with N4.65 trillion additional capital, banks must embark on a efficient lending  aligned with real-sector needs and supported by consistent policy frameworks for  sustainable economic growth

Nigeria’s banking sector is stepping into a new growth cycle—one powered not just by stronger capital buffers, but by a deliberate shift towards aggressive lending, deeper policy coordination, and a clearer role in delivering the country’s $1 trillion economic ambition.
At the centre of this transition is the sweeping recapitalisation programme led by the Central Bank of Nigeria (CBN), which required banks to significantly raise their minimum capital thresholds by March 31, 2026. While the exercise has been framed as a prudential reform, its real significance lies in what comes next: a banking system now structurally positioned to fund growth at scale.
The outcome has been substantial. Nigerian banks collectively mobilised about N4.65 trillion in fresh capital, with 33 institutions meeting the new requirements. More telling, however, is the composition of that capital 72.55 per cent sourced domestically and 27.45 per cent from international investors—pointing to a renewed confidence in the country’s financial system and reform trajectory.
But beyond the numbers, the recapitalisation marks a strategic reset—one that redefines the role of banks from passive financial intermediaries to active enablers of economic expansion.

A New Lending Cycle Begins

For years, Nigeria’s growth story has been constrained by a structural financing gap. Banks, operating with relatively modest capital bases, have often struggled to support large-scale, long-tenor projects, leaving critical sectors underfunded. That constraint is now being lifted following the successful recapitalization exercise.
With new minimum capital requirements set at N500 billion for international banks, N200 billion for national banks, and lower tiers for regional and non-interest institutions, the industry has been recalibrated for scale. The implication is straightforward: stronger balance sheets translate into greater risk-taking capacity and, ultimately, increased lending.
This is expected to trigger a new credit cycle—one that channels funds into sectors that have long suffered from underinvestment. Infrastructure, energy, manufacturing, and technology are likely to be immediate beneficiaries, given their centrality to Nigeria’s growth ambitions and their historical reliance on large-ticket financing.
More importantly, the recapitalised banks are now better equipped to provide longer-tenor loans, addressing one of the key limitations that has hindered project execution in the past.
In effect, the reform is shifting the banking sector’s posture—from cautious lending to more strategic, growth-oriented financing.

Financing the $1 Trillion Economy

Nigeria’s aspiration to build a $1 trillion economy has often been discussed in terms of policy reforms, investment inflows, and structural transformation. Yet, at its core, the ambition hinges on one critical factor: the availability of financing at scale. This is where the recapitalisation exercise becomes pivotal.
By strengthening banks’ capital base, the CBN has effectively expanded the financial system’s capacity to intermediate funds and support economic activity. The expectation is that banks will now play a more prominent role in financing industrialisation, supporting export-led growth, and enabling large-scale infrastructure development.
The logic is compelling. Public resources alone are insufficient to drive the level of investment required for a trillion-dollar economy. A robust banking sector, capable of mobilising and deploying capital efficiently, is indispensable.
In that sense, the recapitalisation is not just a financial sector reform—it is an economic strategy.

Policy Alignment Gains Momentum

Perhaps one of the most significant, yet understated, aspects of the recapitalisation exercise is the degree of alignment it introduces between monetary and fiscal policy.
Nigeria’s economic management has, in the past, been hampered by a lack of synchronisation between these two policy arms. Monetary tightening has often coexisted with expansionary fiscal measures, creating inconsistencies that weaken policy effectiveness.
The current reform signals a shift towards greater coordination.
By strengthening the banking system, the CBN is enhancing the transmission of monetary policy, ensuring that changes in interest rates and liquidity conditions have a more predictable impact on the real economy. At the same time, the recapitalised banks are better positioned to support government spending priorities, particularly in infrastructure and industrial development.
This alignment is critical for sustaining growth. A coordinated policy framework ensures that fiscal initiatives are backed by adequate financing, while monetary tools are deployed in a way that supports, rather than constrains, economic expansion. It also reduces the risk of policy contradictions, creating a more stable and predictable environment for investors.

Confidence, Both Local and Global

The recapitalisation exercise has also served as a litmus test for investor confidence in Nigeria’s financial system.
The strong participation from both domestic and international investors underscores a belief in the reform process and the long-term prospects of the economy. For foreign investors, the willingness to commit capital reflects confidence in regulatory oversight and macroeconomic stability. For domestic investors, it highlights the growing depth and resilience of the local capital market.
This dual confidence has far-reaching implications.
Stronger capital positions enhance banks’ creditworthiness, potentially improving their ratings and reducing borrowing costs. Over time, this could translate into more competitive lending rates and increased access to international funding.
It also reinforces Nigeria’s standing as a viable investment destination, particularly in a global environment where capital is increasingly selective.

Building Resilience in a Volatile World

The global economic landscape remains uncertain, shaped by geopolitical tensions, fluctuating commodity prices, and evolving monetary policies in advanced economies.
Against this backdrop, the emphasis on resilience is both timely and necessary.
Larger capital buffers enable banks to absorb shocks more effectively, whether from domestic economic pressures or external disruptions. They also provide a cushion against potential asset quality deterioration, particularly in periods of economic stress.
The alignment with global regulatory standards, including Basel III principles, further strengthens the sector’s risk management framework, ensuring that growth is not achieved at the expense of stability.
For an economy like Nigeria’s—highly exposed to external shocks—this resilience is critical. A strong banking system acts as a stabiliser, helping to mitigate the impact of volatility on the broader economy.

Driving Inclusion and Innovation

While the recapitalisation exercise was  primarily aimed at strengthening the banking system, its implications extend to broader developmental goals, including financial inclusion and innovation.
Access to credit remains a major challenge for small and medium-sized enterprises (SMEs), which are often constrained by high borrowing costs and limited access to financing. With stronger capital bases, banks are better positioned to address these challenges, either through direct lending or through innovative financing solutions.
The reform also creates room for increased investment in technology, enabling banks to expand their reach and improve service delivery. Digital banking, fintech partnerships, and alternative credit models are likely to gain traction, further deepening financial inclusion.
In this way, the recapitalisation is not just about scale, it is also about transformation.

Managing the Transition

As with any major reform, the transition to a recapitalised banking system comes with its own set of challenges.
Some banks are still in the process of raising capital, while others must adapt their business models to align with the new realities. There are also questions around how effectively the new capital will be deployed, and whether banks can generate sufficient returns to justify the increased equity base.
Regulators, however, have sought to reassure stakeholders that institutions yet to fully meet the requirements remain operational and are making progress toward compliance.
This measured approach is crucial in maintaining stability and ensuring that the benefits of the reform are realised without unintended disruptions.

The CBN’s Strategic Intent

For the Governor of the Central Bank of Nigeria, Olayemi Cardoso, the recapitalisation exercise was anchored on a clear strategic vision.
“Sustainable economic growth is unattainable without a resilient financial system. This recapitalisation ensures Nigerian banks can fund the scale of transactions needed to drive a $1 trillion economy,” he said.
He added: “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
These remarks capture the essence of the reform building a financial system that is both strong and responsive to the needs of the economy.

A Defining Moment

Ultimately, Nigeria’s banking recapitalisation exercise represents more than a regulatory adjustment it is a defining moment in the country’s economic trajectory.
By strengthening banks, enhancing policy coordination, and positioning the financial system as a driver of growth, the reform lays the foundation for a more dynamic and resilient economy.
The challenge now lies in execution. Capital must be deployed efficiently, aligned with real-sector needs, and supported by consistent policy frameworks. If these conditions are met, the recapitalised banking sector could become the cornerstone of Nigeria’s growth strategy powering investment, driving industrialisation, and bringing the $1 trillion economy within reach.

By Omeiza Ajayi, ABUJA

Federal Capital Territory FCT minister, Nyesom Wike has dismissed allegations by the African Democratic Congress, ADC, that it was blocked from accessing Eagle Square.

Read Also: ADC convention on the brink as Abuja venue crisis deepens

This was as he moved to calm public anxiety over the recent structural damage at the Kugbo Bus Terminal.

Wike spoke on Monday in Abuja during project inspection tour.

He described claims of politically-motivated access denial to Eagle Square as “unfounded” and described them as “attempts to gain public sympathy.”

According to him, no formal application had been received from any of the parties raising the alarm.

He stressed that Eagle Square remains open to all groups so long as they follow due process and pay the required fees.

“We do not deny access; these events actually generate revenue for the government,” he said.

The minister also doused growing public concerns over the condition of the Kugbo Bus Terminal after a recent structural damage caused by a windstorm.

Wike clarified that the severe windstorm had damaged the terminal’s roofing sheets — a consequence, he explained, of the building’s elevated terrain — but insisted the structure itself remains sound.

Repairs, he said, are already underway, and he urged the public to disregard the collapse narrative, stressing that no lives were lost.

On the infrastructure front, Wike expressed satisfaction with the pace of work across several project sites and announced firm completion timelines. Road works are expected to wrap up by May 15, with full streetlights installation to follow by May 31.

The minister was also at the Wassa artisan site — a purpose-built hub designed to permanently relocate mechanics and informal sector operators who have long operated without dedicated facilities.

“Successive administrations have promised this relocation, but we are finally fulfilling that commitment,” Wike stated.

According to him, government is already working out the modalities for moving artisans into the new facility, and credited the overall pace of delivery across projects to what he called a “mutual commitment” — one in which contractors meet deadlines and the government, in turn, ensures they are paid promptly.

Nume Ekeghe

The Nigerian banking sector’s credit to the private sector edged higher to N75.62 trillion in February 2026, as improved capital buffers from the recently concluded recapitalisation exercise bolstered lending to the domestic economy.

Latest data released by the Central Bank of Nigeria (CBN) showed that total credit to the domestic economy increased to N111.39 trillion in February, representing a 1.8 per cent rise from N109.42 trillion recorded in January.

The figure marks the highest level of aggregate credit since November 2024, when total lending stood at N115.57 trillion, underscoring a gradual recovery in credit expansion following months of tight financial conditions.

A breakdown of the data indicated that credit to the private sector maintained its dominance, rising marginally from N75.24 trillion in January to N75.62 trillion in February. However, on a year-on-year basis, private sector credit dipped slightly by 0.8 per cent compared to N76.25 trillion recorded in February 2025, suggesting lingering constraints in real sector financing.

In contrast, credit to the government recorded a stronger uptick, increasing from N34.18 trillion in January to N35.77 trillion in February. This represents the highest level since November 2024, when government borrowing stood at N39.61 trillion.

Year-on-year, lending to the government surged by 24.2 per cent from N27.11 trillion in February 2025, highlighting sustained fiscal pressures and continued reliance on domestic financing.

Overall, net domestic credit rose by 7.8 per cent year-on-year from N103.36 trillion in February 2025, reflecting a steady expansion in banking sector assets.

Commenting on the development, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, commended the apex bank for executing what he described as an orderly and confidence-enhancing recapitalisation exercise.

However, he expressed concern over the weak flow of credit to small and medium enterprises (SMEs), noting that the segment accounts for only about one per cent of total bank lending, significantly below the sub-Saharan African average of approximately five per cent.

He described the trend as a major structural deficiency in Nigeria’s financial system, stressing the need for a shift in focus from capital adequacy to economic impact.

According to him, “Priority must shift from capital adequacy to economic impact. Nigeria needs not just stronger banks, but banks that work for the economy.”

Meanwhile, monetary data also showed a continued decline in currency outside the banking system after peaking at an all-time high of N5.4 trillion in December 2025.

Further analysis showed that cash held outside banks fell to N5.21 trillion in January and further declined marginally to N5.20 trillion in February 2026. Despite the moderation, the figure remains elevated, reflecting a 15.3 per cent increase compared to N4.51 trillion recorded in February 2025.

The moderation in currency outside banks suggests a gradual return of liquidity into the formal financial system, amid ongoing efforts by monetary authorities to strengthen financial intermediation and deepen cashless transactions.

President Donald Trump on Sunday ordered a US naval blockade of the Strait of Hormuz in response to Iran’s “unyielding” refusal to give up its nuclear ambitions during peace talks in Islamabad.

While acknowledging that the marathon negotiations in Pakistan had gone “well” and “most points were agreed to,” Trump said Tehran had refused to concede on the issue of its nuclear program.

“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said on his Truth Social platform.

“Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!”

US Vice President JD Vance left Pakistan without a deal after weekend talks with a team led by Iran’s parliamentary speaker Mohammad Bagher Ghalibaf — the highest-level meeting between the two sides since the 1979 Islamic revolution.

Tehran’s delegation also included Foreign Minister Abbas Araghchi.

“We leave here with a very simple proposal, a method of understanding that is our final and best offer. We’ll see if the Iranians accept it,” Vance told reporters.

In two lengthy posts on Truth Social, Trump slammed Iran for promising to open the Strait of Hormuz, a strategic waterway through which a fifth of the world’s crude oil passes, and “knowingly” failing to deliver.

“They say they put mines in the water, even though all of their Navy, and most of their ‘mine droppers,’ have been completely blown up. They may have done so, but what ship owner would want to take the chance?” Trump said.

Iran had effectively blocked the Strait of Hormuz for weeks, since the United States and Israel launched a bombing campaign against the Islamic republic more than six weeks ago.

On Saturday, the US military announced that two US warships had transited the strait at the start of a mine clearance operation.

Vanguard News

Police have launched an investigation into alleged misconduct by officers from the Satellite Town Division, Lagos, after a viral social media video.

Force Media Officer, CSP Aliyu Giwa, disclosed this in a post on his X handle, @aleeygiwa, on Saturday.

He said police acted promptly after the video was posted on April 4 by an X user, Rhapstar, alleging misconduct by some officers.

“We saw the video, we acted, and here is where things stand,” he said.

Giwa said the Divisional Police Officer and implicated officers were summoned, statements obtained, and interviews conducted as part of the ongoing investigation.

He said preliminary findings indicated the incident occurred in May 2025, adding efforts were ongoing to obtain accounts from victims central to the probe.

“This process is not a cover-up; it is a demonstration of accountability,” he said.

He added that police leadership had reiterated commitment to upholding the rule of law in operations nationwide.

“No officer is above accountability, and no incident is too old to investigate,” he said.

Giwa assured the public that the investigation remained ongoing, with updates to follow as developments unfold.

He acknowledged public feedback in prompting the probe, stressing its role in ensuring accountability.

“To every Nigerian who spoke up, your voice prompted accountability, as it should be,” he said.

The News Agency of Nigeria (NAN) reports the complainant, Rhapstar, posted the video on April 4, alleging incivility by officers on surveillance duty.

In the footage, officers stopped a vehicle, ordered occupants out, and searched one individual away from the roadside-parked vehicle.

The incident has triggered widespread reaction, amid concerns over alleged harassment during a roadside stop-and-search operation. (NAN)

Amal Umar is no stranger to Nigerian cinema, steadily making her mark with compelling performances. In The Herd, a 2025 Nigerian crime thriller, she delivers a standout role as Habiba, earning critical acclaim. She speaks on her craft, Nollywood, Kannywood, and her journey. Ferdinand Ekechukwu brings the excerpt

How has 2026 been to you so far?

So far, 2026 has been busier than before for me. In a good way, though. It has been a year of back-to-back projects, creative meetings and preparation for roles that require a lot of emotional and physical commitment.

Thinking back to when you were younger, was acting always the ultimate plan for you?

Looking back at my early years, acting was not always my main career goal. I originally wanted to become a lawyer. However, destiny led me into acting, and over time I realised that this was where my true purpose and passion truly belonged.

What alternative life career you think you’d be thriving in right now if you weren’t in the film industry?

If I was not in the film industry today, I believe I would be thriving in the catering and beauty industry, particularly in professional catering and makeup artistry

There seems to be more to you than audiences see. What talent you have that fans would be genuinely surprised to learn about?

Beyond what audiences see on screen, I have a few hidden talents that people might be surprised to learn about. I love cooking and can prepare a variety of delicious meals, I also enjoy baking, and I’m passionate about makeup artistry.

Speaking of surprises, your performance in The Herd was a massive conversation starter. How did it feel seeing the audience react so strongly to a story that is quite heavy and gritty?

It was an emotionally demanding project, and everyone involved invested a lot of heart and effort into telling the story honestly and respectfully. Knowing that the film connected with people, moved them, and encouraged important conversations about difficult realities was deeply fulfilling for me as an actress. It reminded me why telling meaningful stories truly matters.

Your character, Habiba, really resonated with the audience because she isn’t a typical villain—she’s a survivor who became a kidnapper. What was the most difficult part of finding the ‘humanity’ in someone forced to do such dark things?

Playing the role of Habiba was a unique experience for me. Honestly, I didn’t find it particularly challenging to find her humanity, because I always focus on understanding a character’s motivations and emotions. 

What made it interesting and a first for me was portraying a kidnapper. It was my first time stepping into such a dark and complex role, and it pushed me to explore a side of human behaviour I hadn’t acted before.

Playing someone in that high-stakes survival mode must leave a mark. What did being such a core part of the story teach you about your own strength as an actor that you didn’t know before?

It was both exciting and eye opening as an actress. Being part of “The Herd” taught me that I am stronger than I realised, both emotionally and professionally. The role pushed me out of my comfort zone and required a deeper level of emotional honesty and discipline than I had experienced before. It helped me discover a wider range within myself as an actress, especially in handling intense and sensitive scenes with responsibility and respect. Most importantly, it gave me confidence in my ability to take on complex roles and carry emotionally heavy stories.

The film felt very intimate despite the scale of the story. What was it like being directed by Daniel Etim Effiong?

Working under the direction of Daniel Etim Effiong was an incredible experience. He is one of the best directors I have had the pleasure of working with. He creates an environment where actors feel comfortable exploring their characters fully, while also guiding the story with clarity and vision. His approach made the set enjoyable, collaborative, and inspiring, which really helped me bring out my best performance in such an intense and intimate story.

What was the most significant difference you noticed between the set and your experiences filming in the North?

From my experience, one of the major differences between working on “The Herd” and filming projects in Northern Nigeria lies in the scale and approach to production. In “The Herd,” the production was larger, with more technical resources, extensive planning, and a focus on cinematic storytelling that reaches a national and even international audience. In contrast, Northern Nigerian productions often work with smaller crews and budgets, which encourage creativity and adaptability on set. I see myself as a bridge because I can bring the professionalism and scale of Nollywood together with the unique storytelling and cultural richness of Kannywood, helping to create more collaborative opportunities for both industries. But there is still a lot more that can be done. Creating platforms where filmmakers, actors, and crew from both sides can collaborate more regularly would help raise the overall standard and foster mutual understanding. Ultimately, when we combine the creativity and cultural depth of Kannywood with the scale and reach of Nollywood, we can tell richer, more diverse stories that resonate with audiences everywhere.

With the bar set high, what is next for Amal Umar? Is there a specific type of role or genre you’re just dying to tackle next?

I’m very excited about what’s next. I want to continue exploring roles that challenge me and allow me to grow as an actor, especially characters with depth and complexity. I’m particularly eager to venture into genres I haven’t done much before, such as psychological thrillers and socially-driven dramas. At the same time, I’m open to any story that is meaningful, impactful, and has the power to connect with audiences on a deeper level. My goal is always to keep pushing my craft while telling stories that matter.

US First Lady Melania Trump made a surprise statement on Thursday denying any knowledge of Jeffrey Epstein’s abuse, or that she herself was a victim of the convicted sex offender.

The 55-year-old’s rare on-camera remarks at the White House came out of the blue, in an extraordinary intervention in a scandal that has long haunted her husband President Donald Trump.

“The lies linking me with the disgraceful Jeffrey Epstein need to end today,” she said. “The individuals lying about me are devoid of ethical standards, humility and respect.”

It was not clear why the Slovenian-born former model decided to give the public statement, and she did not detail any specific allegations about her and the late, convicted sex offender.

Melania and Donald Trump had previously been photographed with Epstein, but she said that she had met her husband independently two years prior to meeting Epstein.

“I am not Epstein’s victim. Epstein did not introduce me to Donald Trump,” Melania Trump said.

She said “fake images and statements about Epstein and me” had been circulating on social media “for years now. Be cautious about what you believe: these images and stories are completely false.”

The first lady also urged Congress to hold a public hearing for survivors of Epstein’s abuse to “give these victims their opportunity to testify under oath.”

But some Epstein survivors and their families, including the brother of Epstein’s main accuser Virginia Giuffre, called the speech a “deflection of responsibility.”

“First Lady Melania Trump is now shifting the burden onto survivors under political conditions that protect those with power” including “the Trump Administration, which has still not fully complied with the Epstein Files Transparency Act,” according to a joint statement posted on social media.

Two of Epstein’s accusers, sisters Maria and Annie Farmer told US media in a separate statement: “We can’t speak for other survivors, but what we want is accountability, transparency and justice.”

The sisters called for the release of “the remaining records held by the Department of Justice — including my complete FBI records from 1996.”

Epstein died in federal custody in 2019 while awaiting trial on sex trafficking charges involving minors, but the scandal has repeatedly overshadowed Trump’s second presidency.

– ‘Epstein’s abuse’ –

The US Justice Department has over the past year released huge tranches of files related to Epstein. Trump, 79, has also denied any link to Epstein’s crimes.

One widely-seen picture in the files showed Donald and Melania Trump at their Mar-a-Lago resort in Florida along with Epstein and his accomplice Ghislaine Maxwell.

“I have never had any knowledge of Epstein’s abuse of his victims. I was never involved in any capacity. I was not a participant. Was never on Epstein’s plane, and never visited his private island,” Melania Trump said.

“I have never been legally accused or convicted of a crime in connection with Epstein sex trafficking, abuse of minors and other repulsive behavior.”

Democrat Suhas Subramanyam, who sits on the congressional committee probing Epstein, called on Melania Trump to “testify under oath.”

Speculation ran riot on social media about why the US first lady had decided to put the Epstein scandal back in the headlines after weeks of relative quiet.

It comes just two days after her husband announced a ceasefire in the US-Israeli war on Iran, which critics say has left the crucial Strait of Hormuz still largely shuttered by Tehran.

Melania Trump has long been an elusive and often mysterious presence at the White House, who only rarely gives public remarks of the kind she delivered on Thursday.

Donald Trump told MS Now that he didn’t “know anything about” the statement ahead of time.

The last time the first lady was seen with her husband was at an Easter Egg Roll with hundreds of children on Monday.

Dike Onwuamaeze 

The output of the manufacturing sector decreased as steep intensification of inflationary pressures that were propelled by higher fuel costs slowed growth in the economic activity of the Nigerian private sector at the end of the first quarter of 2026.

This is according to the Purchasing Managers’ Index (PMI) report of the Stanbic IBTC, which stated that although business activity in Nigeria’s private sector continued to rise in March, the rate of expansion eased from that seen in February and was only modest. 

The report stated, “The rate of growth was only slightly softer than that seen in February. The rate of expansion in business activity slowed more markedly, however, and was only modest overall. A number of firms continued to raise output in response to higher new orders, but others suggested that rising fuel costs had limited growth.”

It also highlighted that  the ongoing tensions in the Middle East pose a downside risk to the growth outlook as higher inflation emanating from sustained increase in fuel prices may lead to higher-for-longer interest rates. 

It added, “This may influence a slowdown in demand conditions should the tensions continue to escalate.”

Commenting, the Head of Equity Research, West Africa, at Stanbic IBTC Bank, Mr. Muyiwa Oni, said; “The headline PMI posted 51.9 in March, down from 53.2 in February but still above the 50.0 no-change mark and therefore signalling an improvement in the health of the private sector during the month. Business conditions have strengthened in 15 of the past 16 months.

“Output growth was only modest, but underlying demand reportedly remained resilient, leading to a further sharp rise in new orders. In turn, firms continued to expand their employment and purchasing activity.”

Oni added, “While higher fuel costs and power supply issues contributed to a slowdown in the growth of Nigeria’s private sector activity, underlying demand remains strong. This is reflected in an increase in customer demand and the associated impact of new product launches, both of which supported an improvement in new orders. 

“Businesses also remained optimistic about increases in future output amid their plans to invest in business expansions and boost promotional efforts.  Nonetheless, input prices rose markedly at the sharpest pace since January 2025, with all four monitored sectors seeing sharper rates of inflation.”

He added that the PMI numbers in Q1:26 were consistent with an estimated 3.99 per cent y/y GDP growth for the quarter after also accounting for crude oil sector’s performance. 

“We now see the Nigerian economy growing by 4.22 per cent y/y in 2026, from 3.87 per cent y/y in 2025, with the oil sector growth slowing to 3.01 per cent y/y (vs 2025: 8.50% y/y), as we now expect crude oil production (including condensates) to average 1.70m bpd, from 1.64m bpd in 2025.

“We estimate the non-oil sector’s growth at 4.24 per cent y/y in 2026, from 3.71 per cent y/y in 2025, likely driven primarily by services, which we see growing by 5.64 per cent y/y in 2026 (vs 2025: 4.14 per cent y/y). 

“The government’s continuous investment attraction across oil & gas, solid minerals, electricity, agriculture and general manufacturing should continue to support sentiment on production activity,” he said.

The steep increase in input costs, he said, was reflected in a much sharper rise in selling prices, one that was the most pronounced in 15 months.

“Close to 42 per cent of panellists reported a rise in charges, with less than 1% lowering selling prices. Rates of output price inflation accelerated sharply across all four monitored sectors,” he stated.

The PMI report said that the end of the opening quarter of the year saw a marked acceleration in the rate of overall input cost inflation, with input prices rising at the sharpest pace since January 2025.

It said: “Underlying data showed that the acceleration was due to much higher purchase prices as staff costs rose at a slower pace over the month.All four sectors saw a quicker pace of inflation, with manufacturing posting the fastest rise.

“Purchase costs increased rapidly in March, often reflecting rising fuel prices. Just under half of all respondents signalled higher purchase costs during the month as the rate of inflation quickened to a 15-month high. Agriculture and manufacturing registered the sharpest increases in purchase prices.”

By Golok Nanmwa, JOS

The University of Jos (UNIJOS) has confirmed the death of two of its students following the recent wave of violence in Jos, while three others – two students and a staff member – sustained injuries and are currently receiving treatment in hospital.

Vice-Chancellor Prof. Tanko Ishaya disclosed this on Thursday during a press briefing in Jos, where he also stated that there are no plans to relocate the institution from its current location despite the security challenges.

The deceased were identified as Abel Joro Gershon, a 300-level Building student who was shot in the stomach during the Angwan Rukuba attack.

He was admitted to the Intensive Care Unit of the Jos University Teaching Hospital (JUTH), where he died on April 5. He was buried on April 8.

The second victim, Adeyomo Oluwafemi Temitope, a 500-level quantity surveying student, was reportedly shot and macheted to death by hoodlums on April 1 while outside the campus along Bauchi Road, the vice-chancellor said.

Those injured and currently hospitalised include Ishaya Patrick, a 300-level Geography and Planning student, who was shot in the leg and is receiving treatment at JUTH.

Also injured is Longji Molshap Wumnokol, a 300-level geology student, who sustained critical injuries during the April 1 attack along Bauchi Road.

He was initially stabilised at Ola Hospital before being transferred to JUTH, where he remains on admission.

In addition, Duguryil Ufialas Daniel, a staff member of the Directorate of Student Affairs, was shot in the thigh and is currently receiving medical attention.

According to the vice-chancellor, the attacks affected five members of the university community, four students and one staff member, leaving two students dead and three others injured.

Prof. Ishaya, on behalf of the university community, extended condolences to the families of the deceased students and residents of the Angwan Rukuba community, where unknown gunmen reportedly killed more than 30 persons, with many others injured during the initial attack.

He stressed that the university has no plans to relocate.

“There are no plans to relocate the institution from its current location. We are working in collaboration with security operatives to ensure the safety of our students and staff,” he said.

The vice-chancellor explained that the university had commenced its first semester examinations on March 16 but rescheduled papers slated for March 30 and 31 following the security breach and the 48-hour curfew imposed by the Plateau State Government in the Jos North Local Government Area.

Examinations scheduled for April 1 and 2 were also shifted after fresh violence erupted on April 1.

According to him, management later aligned the resumption of examinations with the end of the Easter break, announcing that examinations would continue on Monday, April 13, to allow students who travelled to return safely.

The vice-chancellor stressed that the university was never closed and that no directive was issued for the total evacuation of staff and students.

While management advised students who wished to travel for the Easter break to make use of available buses, he said the uncoordinated arrival of vehicles from different state governments and organisations created unnecessary panic.

He noted that many students remained both on and off campus, adding that there was no breach of the campus and no staff member on campus was evacuated.

Normal academic activities, he said, resumed on Tuesday, April 7.

Prof. Ishaya commended the response of security agencies, including visits by the Chief of Army Staff, Waidi Sahibu, the General Officer Commanding 3 Division, E.F. Onyinlola, and other security officials, who assured that the university remains a top security priority.

He added that security on campus has since been significantly strengthened.

The vice-chancellor also appreciated leaders of neighbouring communities for protecting students and called on the media to continue supporting efforts aimed at tackling insecurity affecting the institution.

He further thanked the Plateau State Government led by Governor Caleb Mutfwang; the Minister of Humanitarian Affairs, Bernard M. Doro; the management of JUTH and Ola Hospital; security agencies; and well-meaning Plateau indigenes for their support during the crisis.

Prof. Ishaya said the university has always maintained cordial relations with its host communities.

“We have never had any instance of our students being at loggerheads with our immediate community. We have had cordial relations, and we will continue to sustain them,” he said.

He explained that the university maintains regular engagement with security agencies to protect students, staff, and residents in surrounding communities.

The vice-chancellor noted that building a strong university requires decades of deliberate investment in infrastructure and human relationships.

“The essence of this university is not only for the students who come here. It is also to ensure that the immediate community is involved socially, economically and in overall development,” he stated.

He added that the university management remains committed to dialogue with security agencies and community leaders to address emerging challenges promptly.

Our correspondent reports that the attacks have heightened tension in Jos, prompting several state governments to evacuate some of their students from the university.