Etihad Airways has officially announced plans to resume flight operations to Nigeria. The announcement came during a courtesy visit by a delegation from the Abu Dhabi-based carrier to the Minister of Aviation and Aerospace Development, Festus Keyamo, in Abuja.

The development was disclosed in a statement issued by the Special Adviser on Media and Communications to the Minister, Tunde Moshood, who said the airline’s planned return forms part of ongoing efforts to deepen international connectivity and strengthen Nigeria’s position as a key aviation hub in West Africa.

The move is expected to offer Nigerian travellers more direct options to the United Arab Emirates and wider global destinations.

Leading the Etihad delegation was the airline’s Senior Vice President, Aeropolitical, International and Government Affairs, Capt Khalid Al Ali. He was accompanied by Senior Vice President, Network, Alliance and Commercial Strategy, Jurriaan Stelder; Head of Aeropolitical and Industry Affairs, Asma Al Mheiri; and Diplomatic Affairs Manager, Mouza Khadem Al Ghaithi

The Nigerian delegation included the Director-General of the Nigeria Civil Aviation Authority, Chris Najomo; the Managing Director of the Federal Airports Authority of Nigeria, Mrs Olubunmi Kuku; the Managing Director of the Nigerian Airspace Management Agency, Umar Farouk; and other senior government officials.

Speaking during the meeting, Capt Al Ali formally conveyed the airline’s decision to return to Nigeria, describing the move as one that had been eagerly anticipated by the carrier. He expressed appreciation to the Nigerian government for receiving the delegation and reaffirmed Etihad’s commitment to re-establishing operations in the country.

“Your Excellency, thank you very much for receiving us. We’ve been very eager to meet you because of the project to start flying to Nigeria. That’s why we’re here to inform you officially now that we are ready to fly to Nigeria. There’s also a lot of push from our Ambassador to commence flights to Abuja. Our plan is to start Lagos between March 24 and 27, 2027,” Al Ali said.

He revealed that Etihad Airways had already concluded a landmark codeshare agreement with Nigeria’s largest carrier, Air Peace, describing the partnership as a strategic step that would enhance passenger connectivity across Nigeria and beyond.

According to him, the airline intends to deploy its modern Boeing 787 Dreamliner on the Nigeria route, operating daily services to meet expected passenger demand.

Responding, Keyamo welcomed the airline’s decision, describing it as another endorsement of Nigeria’s improving aviation environment. He praised Etihad’s newly signed partnership with Air Peace, saying it reflected growing confidence in indigenous Nigerian airlines.

“I saw you just signed a very good deal with Air Peace yesterday. That’s very good. Air Peace is one of our trusted and most reliable airlines. We are supporting them to grow. It is a very proud Nigerian flag carrier,” the minister said.

He added that the government remained committed to creating an enabling environment for both local and international airlines.

Keyamo said he had looked forward to Etihad’s return for some time, noting that the development aligned with the Federal Government’s reforms aimed at repositioning Nigeria as an attractive destination for global aviation investors. He maintained that restoring confidence among international airlines remained central to the administration’s aviation agenda.

While acknowledging the ongoing renovation and expansion works at the Murtala Muhammed International Airport, Lagos, the minister appealed to Etihad Airways to extend its planned operations beyond Lagos by introducing flights to Abuja, arguing that the nation’s capital presents a huge untapped market.

“Lagos is saturated, but we want to make all the space and everything available for you in Abuja. I want to beg you to consider Abuja. So many passengers from Northern Nigeria travelling to the UAE or transiting to Saudi Arabia for Umrah and other destinations currently have to travel all the way to Lagos to board flights. Everyone has been asking for Abuja. If you start Abuja, you will be amazed by the passenger traffic. So, we are begging you to include Abuja,” Keyamo appealed.

Demonstrating the Federal Government’s determination to ensure a seamless return for the airline, the minister directed the Managing Director of FAAN to immediately facilitate all necessary arrangements for Etihad’s operations at the Lagos airport.

He stressed that every relevant agency must work together to remove bureaucratic bottlenecks before the airline’s planned commencement date.

Responding to the directive, FAAN Managing Director, Mrs Olubunmi Kuku, assured the delegation that the authority would make adequate operational arrangements for Etihad despite ongoing infrastructure upgrades. She acknowledged that space at the temporary terminal remained limited but pledged that every possible effort would be made to accommodate the airline until the airport expansion project is completed.

To accelerate preparations, the minister approved the immediate establishment of a joint working committee comprising officials from the Ministry of Aviation and Aerospace Development, its agencies and Etihad Airways.

Both parties agreed to begin technical engagements through a virtual meeting as early as next week to fast-track regulatory approvals, operational planning and other logistical requirements.

The Dangote Group has proposed the construction of a petroleum products storage terminal in Cameroon as it seeks to strengthen the regional distribution network of its 650,000-barrel-per-day Lekki refinery and expand its footprint in Central Africa.

The proposal was presented to Cameroon’s Prime Minister, Joseph Dion Ngute, on Tuesday by the Group’s Vice President for Oil, Gas and Fertiliser, Devakumar Edwin.

According to details of the proposal shared by a local media outlet, Business in Cameroon, seen on Friday, the planned facility would help build Cameroon’s strategic petroleum reserves, improve fuel supply security and potentially include a pipeline network for transporting refined products, reducing logistics costs and the environmental impact associated with road haulage.

The project, however, remains at the discussion stage, with no agreement announced after the meeting. The Dangote Group has yet to disclose the proposed location of the terminal, its storage capacity, investment value or implementation timeline.

It has also not stated whether the facility would be wholly owned, developed in partnership with the Cameroonian government or executed under a public-private partnership arrangement.

If realised, the project would provide a major export outlet for petroleum products from the Dangote refinery in Lekki, Lagos, which was built to meet domestic demand while supplying regional markets across Africa.

According to reports, the proposed terminal would also position the company to serve not only the Cameroonian market but also landlocked Central African countries, including Chad and the Central African Republic, which rely heavily on Cameroonian ports for fuel imports.

By positioning petroleum inventories closer to end-users, the company is expected to reduce delivery times, lower distribution costs and improve the efficiency of fuel supply across the region.

For Cameroon, the investment could strengthen fuel supply security and diversify petroleum product sources, provided the project aligns with the country’s pricing framework, taxation policies and strategic reserve requirements.

It was learnt that the proposal comes as Cameroon intensifies efforts to expand its petroleum storage capacity through major infrastructure projects in the port city of Kribi.

The country’s National Petroleum Storage Company is currently developing a petroleum terminal with a planned storage capacity of 230,000 cubic metres for refined products, including petrol, diesel and kerosene, alongside facilities capable of storing 40,000 metric tonnes of liquefied petroleum gas.

The project is expected to almost double Cameroon’s existing liquid fuel storage capacity of about 245,500 cubic metres. A second terminal is also being developed by CSTAR Tank Farm Project Management, a consortium owned by Ariana Energy, Tradex and Cameroon’s National Hydrocarbons Corporation.

The CSTAR project is expected to provide between 250,000 and 300,000 cubic metres of storage for diesel, petrol, aviation fuel, kerosene and heavy fuel oil at an estimated cost of CFA168bn.

Combined, the two projects are projected to add at least 480,000 cubic metres of liquid fuel storage capacity to the country’s downstream petroleum sector.

It was said that Dangote’s proposed facility could either complement the government’s ongoing investments or compete with them for access to port infrastructure, financing, pipeline networks and petroleum product volumes.

Cameroon’s petroleum storage business is currently dominated by the National Petroleum Storage Company, which manages the country’s fuel storage facilities, nationwide distribution network and strategic petroleum reserves.

If approved, the Dangote project would mark the group’s entry into Cameroon’s downstream petroleum sector, adding to its existing presence in the country through its cement manufacturing operations in Douala.

The proposal is the latest indication of the group’s ambition to establish a broader regional fuel distribution network anchored on its Lekki refinery, which has increasingly expanded exports to African and international markets.

Credit to Nigeria’s private sector increased to N83.3tn in June 2026, representing a 2.8 per cent month-on-month rise from N81tn in May, according to the latest Money and Credit Statistics released by the Central Bank of Nigeria.

The apex bank’s data also showed that credit to the government declined 0.99 per cent to N40tn in June from N40.4tn in May.

As a result, net domestic credit rose 1.5 per cent to N123.3tn in June, compared with N121.42tn recorded in the previous month.

The increase in private sector lending suggests that banks continued to extend more credit to businesses and households despite the CBN’s high-interest rate environment. If sustained, stronger credit growth could support business expansion, investment and economic activity, analysts say. However, it also raises the possibility of higher inflationary pressures if credit growth exceeds the economy’s productive capacity.

The figures indicate that demand for financing remains strong even as the CBN maintains a tight monetary policy stance aimed at curbing inflation and stabilising prices.

FMDQ Securities Exchange Limited has approved and listed Paras Energy Funding SPV Plc’s N15.00bn 5-year 18.00 per cent Series 1 Fixed Rate Bond on its platform.

The listing, executed under the company’s N25.00bn Bond Issuance Programme, followed approval by the Exchange’s Board Listings and Markets Committee.

Commenting on the listing, the Group Chief Operating Officer of FMDQ Group Plc, Ms Tumi Sekoni, emphasised the role of capital markets in driving critical infrastructure development.

“The listing of Paras Energy Funding SPV PLC’s N15.00bn Series 1 Fixed Rate Bond on FMDQ Exchange reflects the important role the debt capital markets play in financing Nigeria’s power sector.

“As the country continues to prioritise reliable and sustainable energy infrastructure, FMDQ Exchange remains committed to connecting credible issuers like Paras Energy Funding with the investors needed to drive long-term growth through its trusted platform,” Sekoni said.

Paras Energy Funding SPV Plc is a special purpose vehicle established to support the capital market financing needs of the Paras Energy Group, an independent power generation company supplying electricity to Nigeria’s national grid, industrial clusters, and private off-takers.

According to the company, proceeds from the bond issuance will be deployed to finance power generation, expand critical infrastructure, and refinance existing debt obligations to enhance electricity reliability across the country.

Nigeria’s power sector continues to face liquidity constraints and infrastructure deficits, making private sector investments and capital market interventions critical to bridging the nation’s energy supply gap.

The transaction was sponsored by Rand Merchant Bank Nigeria Limited as the lead sponsor, alongside FCMB Capital Markets Limited, both acting as Registration Members (Listings) of the Exchange.

FMDQ Exchange reaffirmed its commitment to strengthening Nigeria’s financial ecosystem through market innovation, strong governance, and operational transparency, reinforcing its position as a preferred venue for long-term debt capital.

Sterling Bank’s non-performing loan ratio has remained largely stable over the past decade, rising marginally from 4.80 per cent in the first quarter (Q1) of 2016 to 4.93 per cent in Q1 2026, while staying below the Central Bank of Nigeria’s five per cent prudential threshold.

Sterling Bank’s ratio remained far lower than the industry’s performance of eight per cent to nine per cent in Q1.

Bad loans in Nigeria’s banking sector stood at 8.03 per cent in January 2026. The figure, contained in the CBN’s January 2026 Economic Report, showed that the industry’s non-performing loans ratio rose by 0.52 percentage point from 7.51 per cent in December 2025.

It also remained above the CBN’s prudential threshold of five per cent, indicating a further deterioration in asset quality across the banking industry despite the apex bank’s insistence that the sector remained resilient.

The report said, “Following the bank’s loan reclassification after the withdrawal of forbearance, the non-performing loans ratio rose by 0.52 percentage point to 8.03 per cent compared with the level in the preceding period and was above the 5.00 per cent prudential threshold.”

The average (NPL) ratio for the Nigerian banking sector reached 9.85 per cent by February.

The CBN warned that a stubborn rise in non-performing loans could impair asset quality and weaken banks’ balance sheets, thereby posing systemic risk.

It recommended deepening “the operational integration of the GSI framework across all financial institutions to enhance loan recovery efficiency and credit discipline.”

The CBN also recommended strengthening credit discipline and reducing NPLs by fully integrating the Global Standing Instruction framework to boost loan recovery efficiency.

The Manufacturers Association of Nigeria has renewed its call for coordinated structural reforms to address inflation, improve productivity and strengthen the competitiveness of the country’s manufacturing sector, as it looked ahead to the second half of 2026 following disruptions caused by the Middle East conflict.

The association made the call against the backdrop of the latest National Bureau of Statistics data, which showed that Nigeria’s headline inflation eased marginally to 15.91 per cent in June 2026 from 15.93 per cent in May. However, food inflation accelerated on a month-on-month basis, driven by higher prices of fresh pepper, tomatoes, crayfish, beef, garri, yams and other staple foods.

The PUNCH earlier reported that members of the organised private sector welcomed the slight decline in the inflation rate for June 2026 but warned that inflation remained in double digits and prices were still too high for businesses and consumers.

In his remarks for the April-June edition of MAN News obtained by this publication, the Director-General of MAN, Segun Ajayi-Kadir, observed that the renewed increase in inflation during the quarter highlighted the fragility of Nigeria’s economic recovery as higher food prices, energy costs, transportation expenses and exchange rate pressures continued to raise production costs and weaken consumers’ purchasing power.

“MAN has consistently maintained that addressing inflation requires coordinated structural reforms that improve productivity, strengthen infrastructure, enhance security in agricultural and industrial communities, and stabilise the foreign exchange market,” Ajayi-Kadir stated.

Meanwhile, Ajayi-Kadir noted that the association remained committed to pursuing policies that would enhance industrial competitiveness despite economic headwinds in the first half of the year.

He said, “As we enter the second half of the year, our priorities remain firmly focused on advancing policies that improve competitiveness, encourage investment, expand local production, deepen exports, and position Nigeria as Africa’s industrial hub and the preferred manufacturing destination.”

He noted that the second quarter witnessed increased business and government activities after a slow start to the year but was affected by insecurity across parts of the country and the impact of the ongoing conflict between the United States and Iran in the Middle East.

Ajayi-Kadir reported that the association advocated the recapitalisation of the Bank of Industry, the creation of additional concessionary lending windows for manufacturers, lower import costs for industrial machinery and essential raw materials, and long-term development finance to support investment and expansion.

He expressed concern over the continued decline in credit to manufacturers, warning that industrialisation would remain constrained if productive enterprises could not access affordable financing.

He also reaffirmed MAN’s support for tax reforms that modernise tax administration and improve revenue generation but opposed the retroactive application of the 2025 Nigeria Tax Laws, noting, “Our position remains unchanged. We support reforms that modernise tax administration, improve revenue mobilisation, and strengthen fiscal sustainability. At the same time, successful reform depends on transparent implementation, predictable policies, and continuous stakeholder engagement.”

The MAN DG further urged the Federal Government to address the unresolved foreign exchange forward obligations owed to some manufacturers, describing the issue as a breach of valid contracts that had continued to weaken the financial position of affected companies.

He said the association also intensified advocacy for greater local raw material utilisation through collaboration with the Raw Materials Research and Development Council and the Nigeria Customs Service to deepen backward integration and reduce dependence on imported industrial inputs.

Ajayi-Kadir added that MAN remained optimistic that continued collaboration between the government and the private sector would strengthen ongoing economic reforms and support Nigeria’s industrial transformation.