₦airaland Forum

Nigeria’s non-oil exports outpaced oil exports in the third quarter for the first time, the Finance Ministry (MOF) and Central Bank (CBN) said, marking a symbolic break with the country’s long-standing reliance on crude revenue as foreign-exchange reserves climbed above $55 billion.

The government did not provide the underlying export values, product breakdown or comparison period in the statement.

Even so, the statement represents a significant shift in the composition of Nigeria’s trade account if sustained: oil has historically been the dominant source of export earnings and foreign currency, while non-oil shipments have been more vulnerable to weak logistics, limited industrial capacity and FX constraints.


The announcement comes after Nigeria recorded an overall balance-of-payments surplus of more than $5 billion in 2025, according to the document.

The rise in reserves gives the Central Bank of Nigeria a larger cushion to meet foreign-currency demand, manage volatility in the naira and support the improved capital-repatriation conditions that foreign investors have sought.


The fall in refined petroleum-product imports is central to the improving balance.

Nigeria has traditionally exported crude while importing much of its refined fuel needs, creating a structural mismatch that left the trade account and the naira exposed to international product prices.

The statement from the CBN and MOF said domestic refining capacity is expanding, reducing refined-product import demand.

FX and reserves implications

Reserves above $55 billion provide a stronger defense against swings in oil prices, portfolio flows and global financing conditions. They also help reinforce confidence in the foreign-exchange market after a period in which liquidity and repatriation concerns kept some offshore investors away.

The Finance Ministry and CBN linked the external improvement to gains in FX liquidity, market accessibility and the ability to repatriate capital. FTSE Russell has confirmed Nigeria’s return from Unclassified to Frontier Market status effective Sept. 21, while JPMorgan has announced Nigeria’s inclusion in its new frontier local-currency government-bond index.

Fiscal-monetary pact

The export and reserve news follows a Sept. 18 memorandum of understanding between the Finance Ministry and the CBN to formalize fiscal-monetary coordination.

The agreement aims to align assumptions for inflation, GDP, revenue, liquidity, financing needs and the external sector, while preserving the central bank’s operational independence.

The MoU includes more structured information sharing, closer government cash-management coordination and a joint approach to inflation that combines fiscal restraint with measures targeting food, energy and logistics costs.

It also envisages more frequent economic data, including producer prices, employment and productivity indicators, to support the CBN’s transition toward inflation targeting.

Bottom line

Nigeria’s claim that non-oil exports overtook oil exports in Q3 2026 is a potentially consequential turning point for its external sector.

Together with reserves above $55 billion, a 2025 balance-of-payments surplus of more than $5 billion and falling refined-fuel imports, it suggests the country may be building a more resilient source of foreign currency than crude alone.

Central Bank of Nigeria (CBN) foreign exchange (FX) market reforms have fundamentally altered domestic capital market liquidity, lifting average daily FX turnover to over $500.0 million.

This is a fivefold increase compared to pre-2024 levels of around $100.0 million daily, according to data from investment firm CardinalStone Partners.


The liquidity rebound, paired with FX clearing mechanisms, has driven historic foreign portfolio investment (FPI) into Nigerian sovereign debt.

After reaching $4.90 billion in 2025, foreign inflows into the bond market touched $3.20 billion in Q1 2026 alone.


Following JP Morgan’s Frontier Index inclusion announcement, Nigeria’s 17.1% nominal bond yield now positions the country as the second-highest carry trade yield in the frontier index universe, trailing only Egypt (24.1%).

Strategic Rationale & Market Impact

Carry Trade Attractiveness:
Nigeria’s 17.1% nominal yield provides a substantial real yield buffer against inflation and FX depreciation. With the FX market trading near ₦1,290/$ and gross external reserves at $54.5 billion, international macro funds are positioning to capture high real returns.

JP Morgan Benchmark Inflows:
Inclusion in JP Morgan’s dedicated local-currency frontier debt index provides an institutional mechanism for passive global funds to allocate capital directly to Nigerian Treasury Bills and Federal Government of Nigeria (FGN) bonds.

Secondary Market Yield Compression:
Strong foreign investor demand is expected to accelerate secondary market yield compression across the long end of the curve, supporting the Debt Management Office’s (DMO) strategy to reduce sovereign domestic borrowing costs.

“We view nominal yields as likely to drift gradually toward the long-run average of c.14.0% over the next two years, as we think the CBN may deliver a large rate cut of 400- 600bps in 2027/2028, reflecting sustained moderation in inflation. Even at a 14.0% yield, Nigeria’s bond will still be more attractive than most counterparts in the index,” CardinalStone analysts said in a September 16, note to clients.

LegitGirl:
Dangote Cement shares have mostly been dipping, too.

Just saying...

LegitGirl:
Dangote Cement Shares has mostly been plummeting.

The 700,000 barrels per day (bpd) Dangote Petroleum Refinery and Petrochemicals (DPRP) complex, built by Africa’s richest man, Aliko Dangote has put Nigeria on the global map amid geopolitical uncertainty and is providing numerous benefits to the economy than meets the eye at first glance.

The company plans an expansion to 1.4 million barrels per day (mbpd), a full vertical integration across midstream pipelines, and scaling specialty chemical lines including Polypropylene (2.4 mtpa) and Linear Alkyl Benzene (400 ktpa).

An ongoing initial Public Offer (IPO) priced at ₦525.00 per ordinary share, offers investors a primary float of 4.1 billion shares (3.41% public equity stake before green shoe options).

The listing is set to expand the Nigerian Exchange (NGX) equities market capitalization by ₦63.07 trillion ($48.89 billion), making it the largest single-stock weighting on the exchange upon formal listing.

Below are 10 Major benefits to Nigeria that the Dangote Refinery provides as analysed by MoneyCentral.

Net Exporter of Petroleum Products

The Dangote Refinery has changed Nigeria’s refining landscape through the processing and exporting of diesel, naphtha, and jet fuel (which began in January 2024), and producing gasoline (PMS) (which began in September 2024).

For the first time also, refined petroleum products, including PMS, AGO, and kerosene-type jet fuel, entered Nigeria’s top five exports, based on recent data from the NBS. Nigeria had historically been a net importer of these items.

The mega-refinery supplies neighboring West African countries (such as Ghana, Togo, and Cameroon) and has expanded shipments further to international destinations including Europe and East Africa.

Driven by high processing rates reaching up to 700,000 barrels per day, national fuel output surpassed domestic demand, creating a net export surplus.

Pension assets (buy side)

Nigeria’s total Pension Assets Under management (AUM) were equivalent to N30.699 trillion as at June 2026, with total Retirement Savings Account (RSA) membership amounting to 11.36 million people. Total exposure to equities by Pension Funds was N5.97 trillion or 19.4% of AUM.

In the recent past (some 10 years ago) there had been fears that the growth of Pensions Funds would eclipse available asset classes especially equities in which Fund Managers could invest in.

The fears were not unfounded, as the NGX was seen as shallow and lacking major large cap stocks across diversified sectors. This led to most Pension Fund Administrators or PFAs to mostly deploy assets in fixed income products such as bonds which are however not well suited for long term capital appreciation that beats inflation.

The IPO and subsequent listing of the Dangote Refinery has however provided a major asset class for Pension Funds to invest in and share in the growth upside for their clients with retirement accounts.

Naira strength

The Dangote Refinery is a major source of foreign exchange. This has led to less pressure on the Nigerian currency the naira in a number of ways, including the earning of more dollars from exports as well as the reduction of Nigeria’s dollar expenditure on petroleum products import.

Petroleum product imports have now declined from 28.6 billion litres in 2022 to 15.3 billion litres in 2025, with the import bill contracting to N9.0 trillion.

Gross external reserves climbed past $54 billion by early September 2026 in part as a result of lower FX demand for petrol imports, giving the Central Bank of Nigeria (CBN) stronger muscle to defend the currency.

The naira has strengthened in 2026 and has traded as high as N1,322.50/US$1, gaining 8% so far this year, and marking its strongest annual advance since at least 2018.

Industrial tech transfer

The Dangote Petroleum Refinery and Petrochemicals (DPRP) is a highly sophisticated and complex industrial plant that licenses major industrial technology from major global original equipment manufacturers.

These include Honeywell (UOP) which licensed the core refining units (RFCC, CCR Platforming, Unicracking, Penex, Butamer, and later Oleflex for propylene).

Others are DuPont Clean Technologies (now Elessent Clean Technologies), which licensed the STRATCO alkylation process and MECS sulfuric acid regeneration unit, plus the MECS DynaWave tail-gas scrubbing and BELCO EDV stack-scrubbing systems for emissions control.

Air Liquide Engineering & Construction — licensed steam methane reformer (SMR) technology for the hydrogen-generation complex, producing 200,000 Nm³/hr of hydrogen.

INEOS (USA) — basic engineering design/technology license for the polypropylene unit. Haldor Topsoe — technology license for the ammonia plant (part of the fertilizer/petrochemical complex).

Snamprogetti (a Saipem company) — technology license for the melt urea plants, among others.

Such technology transfer is the bedrock of industrialization for any nation and as the Dangote Refinery trains Nigerian workers and engineers to man this complex machinery, they would help secure a pipeline of knowledge for the next generation.

Local economy protection from global turmoil

The Dangote Refinery is shielding Nigeria from the geopolitical turmoil currently plaguing most of the world from the fallout of the Iran war and partial closure of the straits of Hormuz.

Where fuel queues and rationing have emerged in many nations, they are absent in Nigeria and the economy continues to hum along with minimal disruption.

This would have been impossible if the country depended on 100% of petroleum products imports like it did in the past with most of it coming from the Middle East.

Domestic plastics industry

Aliko Dangote in a press briefing attended by MoneyCentral last year confirmed that most plastic producers in Nigeria would have gone out of business if not for the refinery.

The current polypropylene capacity is 830,000 tons per annum which provides all Nigeria’s plastic raw materials needs and helps jobs growth in the sector.

New retail investors/Sharia compliant investment

Demand for Africa’s biggest public offering, the Dangote Petroleum Refinery and Petrochemicals FZE, overwhelmed some of the Nigerian investing apps soon after the share sales started.

The IPO opened on the Nigerian Stock Exchange in Lagos, the commercial capital, on Monday.

This signals the excitement the offer has generated among new retail investors in Nigeria and the interest in the equities market.

Dangote has said he is targeting 10 million retail investors in the Refinery which would be a major milestone.

More innovatively the offer is Sharia compliant which will help bring a wider array of Nigerians and faith-sensitive investors into the IPO.

Speaking on September 14, 2026, at the Nigerian Exchange (NGX) “Facts Behind the Offer” presentation for the ₦2.15 trillion Dangote Petroleum Refinery IPO, promoter Aliko Dangote said that the Refinery would become the largest company in Africa by the end of 2026.

“Don’t let the train leave you at the station,” Dangote said, while rallying retail investors.

“Your business is dollarized. In the next 3 years we will try and list in the USA. We will have 10% of USA total refining capacity by 2030.”

Enabling Nigeria’s soft power

The Dangote Refinery is helping to enable Nigeria’s soft power across the African continent and beyond. Just like Japan with Toyota and South Korea with Samsung, Nigeria now has the Dangote Refinery.

The company is extending its downstream footprint across Africa to strengthen market access and secure demand.

Investments in tank farms, pipelines and associated logistics infrastructure are underway in Namibia and Zambia, while DPRP is engaging potential partners in Cameroon and Ghana.

“In October, we are launching a 2,650 km pipeline from Namibia to Botswana and Southern Africa, then another line to Zambia, Zimbabwe, and the Democratic Republic of Congo (DRC),” Dangote said.

Over time, this strategy should support the development of a more dependable pan-African distribution network and deepen the refinery’s access to long-term outlets for incremental product volumes.

Meanwhile Dangote Refinery’s exports of jet fuel to Europe amid sanctions on Russia and tight fuel supplies due to Hormuz disruptions and Ukraine strikes on Russia energy assets, means Nigeria is an important geopolitical asset for the global economy.

“We sold out jet fuel in July and August,” Dangote said.

Providing Naira assets

The ability to attract fund flows into an economy that deploys beyond just government paper is a sign of a thriving Private Sector and helps deepen the capital and FX markets in that economy.

Without the assets being built, the funds won’t come. The Dangote Refinery demonstrated this by attracting $2.5 billion into the country through its recent Private Placement.

Abu Dhabi National Oil Co. (ADNOC) is also reported to be in discussions to acquire equity stakes in the Dangote Petroleum Refinery & Petrochemicals operations in Nigeria.

Dangote Petroleum Refinery & Petrochemicals FZE also recently completed a 10-year senior unsecured international Eurobond issuance, pricing the long-dated paper at a coupon yield of 8.30%.

The bond was issued on Thursday September 10th, Aliko Dangote said at an event on the NGX.

The placement builds on the company’s previous international capital markets debut—which raised $750 million via a 5-year paper priced at 7.50%—and represents a strong vote of institutional confidence in the complex’s long-term cash generation.

These investments made into Nigeria and by extension Naira assets are helping to boost wealth and job creation in the country.

Expansion

Between Full Year 2026 and Full Year 2028, the Dangote Refinery intends to increase overall refining capacity to 1.4 mbpd through a $12.4 billion expansion programme.

Upon completion, DPRP should surpass India’s Jamnagar refinery (1.2 mbpd) to become the world’s largest single-location integrated refining and petrochemical complex.

The scale-up should deepen economies of scale, lower fixed costs per barrel, strengthen operating leverage and reinforce DPRP’s structural cost advantage relative to regional and several global peers.

The expansion is also centred on product-value optimisation rather than volume growth alone.

DPRP is progressively increasing the share of Euro V PMS in its product slate; the product now accounts for more than half of refined output, while the contribution from lower-value products continues to decline.

The planned $12.4 billion capital investment in Nigeria will help drive GDP growth and generate new economic activity.

“We are already piling our site. After Christmas we will have an event in January to take the investing public to the site. Be rest assured this company will continue to grow from strength to strength,” Dangote said.

emoneyrano:
Nice exit liquidity for the private sale buyers

comfort91:
Dear naira lander, please how do I invest in Dangote ipo

The Dangote Refinery share, which is ₦525 per share now, will reach ₦10,000 per share. Your ₦5 million investment now will become over ₦50 million.

- Aliko Dangote

“Those small investors who want to buy with ₦50,000 or ₦100,000 will get approval first, then the rest will… pic.twitter.com/IGvthJOAXG

— Imran Muhammad (@Imranmuhdz) September 12, 2026

EmmyXerxes:
Has he been ranked 40th yet or he will be ranked after he sells those shares

Nigerian billionaire, Aliko Dangote is currently worth $35.5 billion on the Bloomberg Billionaires Index (BBI), ranking him as the 64th richest person globally, with $18.6 billion of that fortune attributed to his 92.3% stake in the Dangote Petroleum Refinery — a figure Bloomberg still calculates using the plant’s roughly $20 billion construction cost rather than a market price.

That is about to change however as MoneyCentral estimates that Dangote’s net worth would jump to $56.9 billion once his Refinery IPOs and starts trading on the Nigeria Exchange (NGX) in a weeks time.

Dangote plans to open the order book for the refinery’s initial public offering on September 14, selling 4.1 billion shares at N525 apiece, out of 120.13 billion ordinary shares that the Securities and Exchange Commission has now formally registered.

MoneyCentral estimates that this implies a total refinery valuation of roughly N63.07 trillion, or about $48 billion.

Breaking Down the Numbers

MoneyCentral’s analysis shows that if the IPO sells 4.1 billion shares at N525, with the SEC’s approval letter of 120.13 billion existing ordinary shares, it implies the true float being sold is about 3.41%.

The July private placement figures of $2.5 billion raised at $0.35 a share works out to almost exactly 7.14 billion shares, or 5.9% of the 120.13 billion share base. Meanwhile NNPC also owns a 7.25% stake.

Subtracting NNPC’s 7.25%, the private placement’s 5.9%, and the IPO’s 3.41% from 100% would yield 83.4% as the remaining stake held by the Dangote Group after the IPO.

Applied to a $48 billion valuation, that puts Dangote Group’s remaining stake at approximately $40.0 billion, and places Dangote’s implied new BBI net worth at approximately $56.9 billion.

Dangote Jumps to Top-40 on the Rich List

Bloomberg’s live Billionaire Index rankings as of Saturday September 5th placed Hong Kong’s Zeng Yuqun 33rd at $57.6 billion, Ken Griffin (United States) 34th at $57.5 billion, Eric Schmidt (United States) 35th at $57.4 billion, and Tencent’s Ma Huateng (China) 36th at $52.9 billion.

A net worth for Dangote in the $56.7-$57.1 billion range, according to MoneyCentral’s calculation would fall just below Schmidt and above Ma Huateng, which would place Dangote as the 36th richest person on earth.

The roughly $21 billion uplift to Dangote’s wealth described here would only crystallize once the refinery begins trading on the NGX and establishes a public market price, which is expected to happen in about a week from now on September 14th.

iwaeda:
Not enthusiastic, I bought Sugar, Salt and cement, but are worthless now.

Okjay:
What is the per unit price so I can put the money together

freeman500:
Are you guys aware Uber is shutting down today.
Tinubu's reforms is really working

Nigeria’s economy grew at its fastest quarterly pace in five years, with real GDP expanding 4.43% year-on-year in the second quarter of 2026.

However a stabilizing naira turned that expansion into a far more dramatic 17% jump when measured in dollar terms Year on Year, the Federal Ministry of Finance said Tuesday, framing the data as evidence the country is accelerating toward its goal of a $1 trillion economy by 2030.

The Q2 figure, confirmed by the National Bureau of Statistics, beat both the 4.23% recorded a year earlier and the 3.89% logged in the first quarter of 2026, lifting first-half growth to 4.16% from 3.68% in H1 2025. Nominal GDP rose to ₦119.29 trillion for the quarter, up from ₦100.73 trillion a year earlier.

The Currency Multiplier

The naira appreciated more than 12% between H1 2025 and H1 2026, a stretch that took the currency from levels well above ₦1,500/$ down to a range around ₦1,338-₦1,365/$ by mid-August, according to the Finance Ministry, supported by a record $53.34 billion in external reserves.

Layered on top of real growth, that currency effect pushed the dollar-denominated size of the economy up by roughly 17% over the period.

“Given this momentum, Nigeria is well positioned to consolidate its standing among Africa’s largest economies and to advance toward the Government’s target of a USD 1 trillion economy by 2030,” the Federal Ministry of Finance said.

“The International Monetary Fund has already ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting the country to account for roughly 1.5 per cent of world growth this year, ahead of several advanced and emerging economies.”

Broader-Based Growth, Not Just Bigger

Twenty-seven economic subsectors grew above 3.0% in Q2 2026, up from 23 a year earlier, per the Ministry’s statement. Services — the largest share of GDP at 56.62% — grew 4.60%, up from 3.94%, while agriculture accelerated to 4.39% from 2.82% and manufacturing more than doubled its pace to 3.24% from 1.60%.

“Continued macroeconomic stability, sustained growth across productive sectors, and improving investor confidence would accelerate Nigeria’s progression toward becoming Africa’s largest economy by 2028,” The Finance Ministry said.

“These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country. The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family.”

SixSeven:
Please read this carefully especially what Tinubu had to say about the economy 👇


June 12, 2013 by The Nation

PDP, Jonathan have failed Nigerians, says Tinubu

ACN leader lashes govt on economy, security
President Goodluck Jonathan’s administration is confused about how to tackle Nigeria’s challenges, especially poverty and insecurity, a leader of the newly-formed All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, has said.

He said the Federal Government promised peace and security, but under its “unwatchful eye” insecurity has grown and Boko Haram “has turned large tracts of northern Nigeria into no man’s land”.


But, a bright future, he said, is on the horizon as the APC, which he called “the government in-waiting”, would rescue Nigeria from its confused state.


“As leaders of the new party and government in-waiting, we intend to pursue dynamic, time-tested and bold policies that will liberate our people by making sure our wealth works for us,” Tinubu said.

Nigerians, said Tinubu, have become increasingly divided as a people because the Peoples Democratic Party (PDP) government continues to take faulty steps in addressing poverty and injustice.

“They have ignored the cause and gone after the symptoms,” the former Lagos State Governor told a packed audience inside the Grand Committee Ballroom, Westminster Hall, House of Parliament, London on Monday. He identified failed policies on power, employment, economy and security as evidence of bad leadership.


Tinubu, the keynote speaker at the British African Diaspora Conference, spoke on “Leadership, national development and the people”.

He urged the Federal Government to apply a consistent policy of targeted law enforcement operations along with an active programme of economic development, negotiations and potential amnesty for penitent Boko Haram members.

He said rather than take this step, the nation has been treated to series of government inaction and indiscriminate use of force, which culminated in the declaration of a state of emergency in three states.


“The Jonathan government set up a special Committee on Boko Haram and Security matters, but sadly before they could perform, he declared State of Emergency in three Northern states: Yobe, Borno and Adamawa.

“This is symptomatic of a confused leadership. If there is security in this jumbled policy, neither I nor the majority of Nigerians can find it!”

To the fomer Lagos governor, if Nigeria is to mature as a democracy, its electoral system must be improved. He decried the fact that those who control the system manipulate elections with such impunity that they now see misconduct without sanction as a normal way of life.


Said he: “Look at the recent controversy surrounding election of the Nigerian Governors Forum (NGF) chairman… A group comprising all the nations’ governors could not even conduct a simple 35-person election without a disputed outcome.

“With this recent experience, I fear the length those in power would go and the means they would employ to manipulate results when the battleground is the entire nation and the stakes are the general elections in 2015.

“The NGF debacle symbolises a disdain for democracy and the popular will. If we are to save Nigeria, we must rescue the electoral process from its abusers,” Tinubu said.

In his view, a great philosophical gulf separates the government from the progressives. “This current Nigerian government is a retrogressive one. Much of what they claim as growth is but the harsh redistribution of wealth from the bottom to the top. The bottom gets squeezed while the top expands. They are serving us the salad of corruption.

“They consume our today and squander the nation’s tomorrow. For 14 years, the PDP-led government cannot turn anything around. A new leadership is required to put a stop to this.”

Tinubu criticised Nigeria’s economic policies, saying the economy is being reconstructed “as an oasis for a small few and a stark desert for the many” while the government pretends to endorse the same budget-cutting austerity policies as much of Europe.

“We are not Europe; we are a Third World economy. That these policies have failed in European nations with higher standards of living than Nigeria gives our leaders no concern.”

Tinubu said the people live in dire straits, yet the government would rather waste the money than spend it on public benefit because they do not believe the people deserve it.

He said the progressives would bring pragmatic solution to the country’s woes because in their approach to the political economy, they do not rely on textbook answers as they do not “live in textbooks.

He said: “We live in the real world and thus seek answers from real world experiences. Here is a real world fact: No large nation has ever attained sustained growth without government running budget deficits to build the required infrastructure and without other government policies promoting development of the key industries that would become the spine of national development.

“Here is another such fact: No populous nation ever attains prosperity solely by extracting its raw material to exchange them for the finished goods of other large nations. We must industrialise and diversify our economy

“It is for this reason – to save the nation from the stranglehold of permanent poverty and poor governance – that the members of the progressive opposition political parties have decided to put aside personal ambition (including my own ambition) to form a new party, the All Progressives Congress (APC). We do this because Nigeria has entered a critical state of economic depression.”

According to Tinubu, because of the unfair nature of the electoral processes and the gross imbalance of its political economy, the people have been props in a drama for which they should have been the main characters. “We must change this,” he said.

He said the progressives must move Nigeria away from a place where the whims and narrow wishes of self-centered reactionary elite dictate the fate of over 150 million people.

“On our side, we will take our chances with a free and fair election, for we shall offer the people an innovative programme consisting of a national industrial policy that includes radical infrastructural development and employment targets,” he said.

The former Lagos governor spoke of “the Glorious Nigerian Revolution”, which he said has nothing to do with force of arms.

His words: “The Revolution of which I speak has two major parts. First, is the peaceful conversion of our quasi-democracy into a full-fledged one. Second, is the implementation of policies turning the political economy away from its retrogressive, elitist bearings.

“We seek policies pointing in a progressive direction affording the average person a chance at a dignified life. This will be through the provision of gainful employment, quality education and essential social services for those who need the helping hand of government to survive.

“I see no shame in believing progressive government can improve the political economy and the lives of the people.”

commoditiesnig:
Welcome development..

I’m particularly impressed by the non-oil sector growth over the last few years, very impressive!

DatNiggaDaz:


Election acceleration.

Kukutente23:
4.4%?
Nigeria needs to be doing double of that to make meaningful economic sense
Even Buhari did 4% in his days
At this rate, Nigeria is just there
BTW when will NBS release Nigeria's job data
Interesting they've been having skewed stats ever since APC chased Yemi Kale out of that place

Parachoko:
The Agulu Fraud Will Never Become The President Of Nigeria

IronGalaxy:
It wasnt a claim, it was true.. MTN made most of its money in South Africa, Nigeria has just overtaken recently..and yes, its weird to brag about this, because it's not an achievement..imagine bragging to Americans that Coca-Cola makes most of it's revenue in South Africa..its ridiculous

MCentral:
Zenith Bank led Nigeria’s banking industry in 2025 profit after tax, becoming the first lender to exceed the ₦1 trillion mark. GTCO and Access Holdings followed, while OPay’s return to profitability placed the fintech ahead of Sterling Financial Holdings and Jaiz Bank.

Key takeaways

Zenith’s ₦1.04 trillion PAT establishes a new profitability benchmark for Nigerian banks, putting it about ₦174 billion ahead of GTCO and roughly ₦297 billion ahead of Access.

The top three—Zenith, GTCO and Access—generated a combined ₦2.65 trillion, representing about 62% of profit among the top 10 conventional banks in the comparison.

OPay swung to profit from a $50.98 million loss in 2024, reporting $72.47 million in 2025 as revenue jumped 161% to $536.25 million.

Wema’s ₦194.4 billion profit underscores the growing earnings capacity of digital-led tier-two lenders.

First HoldCo’s ₦45 billion figure appears materially lower than its tier-one peers and is as a result of the kitchen sink year it had in 2025, when it took billions in provisions for bad loans. Profit has rebounded to ₦526.1 billion as at Half-Year, 2026.

Profit After Tax for the twelve (12) banks hit a whooping ₦4.3 trillion.

https://moneycentral.com.ng/markets/article/nigerias-top-banks-by-2025-profit-zenith-breaks-%e2%82%a61-trillion-as-opay-pulls-ahead-of-sterling/