Telecommunications operators in Nigeria will now be required to compensate subscribers with airtime credits for service disruptions under a new consumer protection framework introduced by the Nigerian Communications Commission.

The regulator said compensation would be issued automatically to affected users in areas experiencing network failures, marking a shift toward stricter enforcement of quality-of-service obligations across the industry.

In a statement issued on Sunday, Head of Public Affairs at the Commission, Nnenna Ukoha, said affected users will receive airtime credits calculated based on their average spending patterns and their presence within local government areas where service failures occur.

“Subscribers should not be made to bear the full burden of service disruptions where operators fail to meet prescribed standards of service delivery,” she said.

The NCC explained that the move is part of its broader consumer-focused regulatory philosophy, aimed at placing subscribers at the centre of Nigeria’s telecommunications ecosystem.

“Telecommunications services today underpin economic activity, social interaction, and access to digital opportunities. When service quality is poor, the consequences affect productivity, commercial activities, and even public confidence in our communications system,” the regulator stated.

The commission also directed tower companies, which own critical infrastructure such as masts, to reinvest fines levied against them into measurable infrastructure improvements to strengthen network performance.

“The commission will continue to reinforce the obligation of operators to invest consistently in network resilience, capacity expansion, and infrastructure upgrades to meet the growing demand for telecommunications services,” it said.

The regulator noted that it will continue deploying regulatory tools to promote fairness, transparency, and accountability, ensuring subscribers receive the quality of service they deserve.

“Further to this directive, the commission is also mandating tower companies to invest in infrastructure with measurable outcomes using sums that it has fined these companies, in addition to other financial fines the commission will deem appropriate,” the statement added.

Nigeria’s telecom networks experienced significant outages in 2026, tracked via the NCC’s Uptime Portal, with fibre cuts dominating disruptions. Major operators like MTN, Airtel, T2Mobile, and ISPs such as BCN faced widespread issues, affecting services across multiple states.

Nigeria recorded 238 network outages, a 101.7 per cent rise from December 2025. Fibre cuts caused 67.6 per cent (161 cases) and power outages 18.5 per cent (44), with BCN hit hardest (188 cases), followed by MTN (75). Disruptions affected Abia, Cross River, Enugu, Lagos, and other states, with repair times taking up to six days.

Fibre cuts surged 900 per cent to 40 in January, continuing into February with 18 more by mid-month, totalling 58 in early 2026. Over 90 per cent occurred in Abuja, with additional cases in Lagos, Enugu, Benue, Anambra, and Abia; operators affected included BCN, T2Mobile, Airtel, and MTN.

The United States reduced its purchase of Nigerian crude oil sharply in January 2026, with imports dropping by about 47.16 per cent month-on-month, according to the latest data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

Figures from the U.S. International Trade in Goods and Services report indicate that U.S. crude imports from Nigeria fell to 1.664 million barrels in January 2026, down from 3.149 million barrels recorded in December 2025. This represents a decline of 1.485 million barrels within one month, showing a significant contraction in Nigeria’s share of the U.S. crude market.

In value terms, the drop was equally steep. The customs value of Nigerian crude imports declined from $217.36m in December to $115.99m in January, while the cost, insurance, and freight value fell from $223.10m to $118.95m over the same period. The difference between the two measures reflects additional costs such as shipping and insurance included in CIF values, which are excluded from customs valuation.

This means that in January, the CIF value of Nigerian crude was about $2.96m higher than its customs value, compared to a wider gap of about $5.74m in December. The narrowing gap suggests relatively lower freight or insurance costs, or shorter shipping distances within the period.

The contraction comes amid a broader slowdown in total U.S. crude imports, which declined from 198.29 million barrels in December to 188.21 million barrels in January, representing a drop of about 5.1 per cent. Total import value also fell, with customs value decreasing from $11.41bn to $10.56bn, while CIF value dropped from $12.04bn to $11.15bn.

Within Africa, Nigeria lost ground to some peers. While total African crude exports to the U.S. remained flat at 6.933 million barrels, Angola recorded a sharp increase, rising from 575,000 barrels in December to 2.062 million barrels in January.

Ghana also emerged as a new supplier with 738,000 barrels, having recorded no measurable exports in December. By contrast, Libya saw its exports to the U.S. decline from 2.137 million barrels to 1.086 million barrels over the period.

Nigeria’s share of total U.S. crude imports also weakened. The country accounted for roughly 0.88 per cent of total U.S. crude imports in January, down from about 1.59 per cent in December, reflecting the sharp reduction in volumes.

Further analysis of U.S. trade data shows that crude oil remains the dominant component of Nigeria’s exports to the United States. Total U.S. imports from Nigeria stood at $183m in January 2026, compared to $297m in December 2025.

With crude oil imports valued at $115.99m (customs basis) and $118.95m on a CIF basis, crude accounted for approximately 63.4 per cent to 65.0 per cent of total U.S. imports from Nigeria in January. This compares with about 73.2 per cent in December on a customs basis, indicating a relative moderation in crude dominance as overall imports declined.

The PUNCH further observed that the U.S. recorded a goods trade surplus of $419m with Nigeria in January, up from $84m in December. This was driven by a rise in U.S. exports to Nigeria, which increased from $381m to $602m, even as imports from Nigeria declined.

Across Africa, the U.S. posted a trade deficit of $503m in January, reversing a $174m surplus recorded in December. Total U.S. imports from Africa rose from $2.88bn to $3.54bn, while exports to the region edged slightly lower from $3.05bn to $3.04bn.

The PUNCH earlier reported that Nigeria accounted for about 52 per cent of Africa’s crude oil exports to the United States in 2025. According to the previous report, total U.S. crude imports from Africa stood at 89.371 million barrels in 2025, down from 103.631 million barrels in 2024, representing a decline of 14.26 million barrels or 13.8 per cent.

Out of the 89.371 million barrels imported from Africa in 2025, Nigeria supplied 46.618 million barrels, compared to 50.793 million barrels in 2024. This was a drop of 4.175 million barrels or 8.2 per cent year on year.

Despite the lower volume, Nigeria’s share of Africa’s crude exports to the U.S. rose. In 2025, Nigeria’s 46.618 million barrels accounted for 52.2 per cent of Africa’s total shipments, up from 49.0 per cent in 2024, when it exported 50.793 million barrels out of the continent’s 103.631 million barrels.

The PUNCH earlier reported that the Nigerian National Petroleum Company Limited recorded a profit after tax of N385bn in January 2026, even as crude oil and condensate production rose to 1.64 million barrels per day, according to the firm’s latest monthly operational report.

The January 2026 NNPC Monthly Report Summary, released on Monday, showed that the state-owned energy company generated N2.571tn in revenue during the month while remitting N726bn as statutory payments to the Federation.

This means the company recorded a sharp 47 per cent decline in its monthly revenue, which fell from N4.82tn in December 2025 to N2.57tn in January 2026. This contraction occurred despite a marginal increase in the company’s after-tax profit.

It disclosed that Nigeria produced 1.64 million barrels per day, up from 1.55 million barrels per day recorded in December 2025. This represents an increase of 0.09mbpd, or about 5.8 per cent month-on-month.

The PUNCH observed that the decline in crude exports to the U.S. occurred despite higher production. The trade outcomes come against the backdrop of renewed US protectionist rhetoric and tariff-focused trade policies associated with US President Donald Trump, which have influenced sourcing decisions, pricing structures, and trade flows globally.

Last year, Donald Trump signed an executive order raising Nigeria’s tariff rate from 14 per cent to 15 per cent, with Washington implementing its “reciprocal” tariff regime.

The order, issued in late July, took effect on August 7, 2025. Although crude oil has been exempted in several cases, the higher duty applies directly to a wide range of non-oil Nigerian exports, creating uncertainty for American importers and dampening demand ahead of and after the effective date.

With crude oil exports largely exempted from the new tariff regime, non-oil exports appear to have borne the brunt of the disruption.

A renowned economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, downplayed the impact of the U.S. tariffs on Nigeria.

“Our trade with the US is not that strategic. When anything goes wrong, it is not as if it can have any fundamental effect on our economy. Our trade exposure to them is very limited,” Yusuf explained.

He noted that Nigerian exports to the US are dominated by crude oil and a handful of other commodities, such as fertilisers, making the country’s trade profile narrow and underdeveloped in non-oil areas. Yusuf added that Nigeria’s tariff exposure is relatively moderate compared with other countries.

However, he identified another challenge beyond tariffs: US visa policy. “The bigger challenge for Nigeria’s trade relationship with the US is Washington’s visa policy. Barriers to travel limit business interactions and investment inflows. That is more critical than tariffs in the long run,” he said.

Since its inception, the Trump administration has steadily rolled out a series of visa restrictions and travel bans targeting Nigeria and several other countries.

…Says Reforms Are Achieving Desired Results

 

 

 

The Director-General of the Securities and Exchange Commission (SEC) Nigeria, Dr. Emomotimi Agama, has solicited the collaboration of all stakeholders in the nation’s financial system in its current regulatory drives aimed at fully exploring the potential of the investment space for sustainable development of the country.

 

The SEC Boss, who made the appeal in his keynote address delivered at the Emerging Africa Capital Limited Investor Summit & Awards event with the theme “Deploying and Mobilizing Capital and Investment Strategies in a Shifting Global Economy”, noted that recent reforms initiated by the commission to transform the capital market were achieving desired results but stressed that a collective approach in pushing them would help in positioning Nigeria as a leading investment landscape in the global space.

 

Agama, who elaborately highlighted the implications of the current macroeconomic uncertainties in the global economic order for all economies globally, pointed out that while some countries remained the choice of many investors now due to quick returns opportunities, in the long run countries like Nigeria would offer longer benefits in view of their huge but yet to be fully explored opportunities.

 

According to him, Nigeria’s capital market has demonstrated considerable resilience in the face of the headwinds as the regulatory reforms, including the introduction of electronic offerings, the deepening of the bond market, the expansion of alternative investment platforms, and the SEC’s engagement with sustainable finance principles have begun to bear fruit in attracting renewed investor interest, indicative of a market in active evolution.

 

Despite the feats, the Director-General admitted that the full potential of what the capital market can do for Nigeria’s development had not yet been fully unlocked as the market capitalization, relative to GDP, remained below the benchmarks of Nigeria’s peer economies, while retail investor participation is still too thin and derivatives market is at its nascent stage.

 

To translate the potential to real gains for investors and the nation’s economy, Agama advocated collective responsibility since the capital market cannot be single-handedly built by regulators, exchanges or by investors alone, pointing out that its strength lies in stakeholders playing their roles with integrity, competence, and long-term orientation.

 

Specifically, he advised domestic corporate issuers to embrace the capital market as their primary pathway to growth financing by improving governance, sharpening disclosure, and building the investor relations capabilities that attract institutional capital.

 

He assured: “The market rewards quality, and the companies that invest in quality today will access capital on terms that compound their competitive advantage.”

 

This is even as he urged domestic institutional investors, particularly pension fund administrators and insurance companies to deepen their engagement with domestic capital market instruments, to participate actively in the price discovery process, and to develop the analytical capacity to invest confidently across asset classes and geographies as Nigeria’s savings pool is a resource of enormous strategic significance.

 

Similarly, the SEC boss assured foreign investors and development finance institutions that Nigeria remained open for investments as the SEC continued to create a regulatory environment that is principles-based, transparent, and aligned with international best practices.

 

The Director-General also appealed to his colleagues in the Central Bank of Nigeria (CBN), Debt Management Office(DMO), National Insurance Commission (NAICOM), the Pension Commission (PenCom), and other relevant agencies tocontinue to deepen inter-agency collaboration, harmonize our policies, and present a unified, investor-friendly face to the world as the sophistication of the nation’s capital market depended on the coherence of their regulatory frameworks.

 

On the promise of capital deployed with purpose, Agama said: “The history of economic development is, at its core, the history of how societies have organized the deployment of capital. The nations and peoples that have built great economies have done so not simply because they were endowed with resources, but because they developed the institutions, the instruments, and the discipline to channel those resources toward their highest and most productive uses.

 

“Nigeria stands at an inflection point. The global economy is shifting in ways that create both significant risks and significant opportunities for an emerging market of our scale and potential. The decisions we make — individually as investors and collectively as a financial community — in the next three to five years will determine whether we capture the upside of this moment or allow it to pass us by”, he added.

Dangote Petroleum Refinery and Petrochemicals has clarified that it has not announced any Initial Public Offering for its listing, warning the public against relying on speculative reports circulating across media and social platforms.

In a statement issued by its management, the company said it had observed the “recent circulation of unauthorised information across various media and social platforms regarding a potential Initial Public Offering.”

The firm stressed that the reports were not from it and should be treated with caution. “DPRP further notes that several online platforms and unofficial sources have published unverified, and in some instances, inaccurate information relating to a potential offering. Such reports do not originate from DPRP and should be treated with caution,” the refinery stated.

The refinery added that any decision regarding a possible listing would only be communicated through official channels and in compliance with regulatory requirement

“All official updates regarding any potential transaction will be communicated strictly through DPRP’s formal public disclosures and announcements issued by its appointed advisers, in line with applicable laws and regulatory requirements,” the company said.

It advised investors and the public to ignore speculation and rely only on authorised information. “Accordingly, the public, investors, and all market participants are strongly advised to disregard speculative commentary and rely solely on verified information formally issued by DPRP or its authorised representatives,” it added.

The company also emphasised that the communication did not constitute an offer of securities, saying, “This communication is for information purposes only and does not constitute, or form part of, an offer to sell or a solicitation of an offer to buy any securities.”

The clarification comes amid previous indications by the President of Dangote Group, Aliko Dangote, that the refinery could eventually be listed on the stock market.

In an earlier report, Dangote disclosed plans to list a portion of the refinery to attract investors and deepen participation. He said the company intended to sell a minority stake, noting, “We don’t want to keep more than 65 to 70 per cent. Shares will be offered incrementally, depending on investor appetite and market depth.”

Dangote had also previously expressed a broader commitment to listing companies within his conglomerate. Similarly, capital market stakeholders had earlier indicated that the refinery would be listed, with the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, quoting Dangote as saying the refinery would be brought to the stock market.

The refinery’s latest clarification suggests that no official IPO process has been announced, urging stakeholders to await formal disclosures before drawing conclusions, even as a purported IPO document went viral on social media.

The Central Bank of Nigeria has signalled a gradual economic reset, attributing improvements in inflation, foreign reserves, and investor confidence to its monetary and financial sector reforms.

Speaking at the CBN Special Day during the 37th Enugu International Trade Fair on Friday, the Acting Director of Corporate Communications and Investor Relations, Sidi Hakama, said the bank’s policies were yielding tangible results.

“Headline inflation has declined from a peak of 34.8 per cent in late 2024 to 15.06 per cent by the end of February 2026,” she said, highlighting the apex bank’s efforts in stabilising prices.

Hakama added that the reforms have also spurred capital inflows and strengthened external reserves, with reserves rising from less than $10 billion to $50.45 billion.

Capital and investment inflows, she noted, increased nearly 200 per cent between 2023 and 2025.

“These gains are driven by reforms under CBN Governor Mr Olayemi Cardoso, including a more transparent foreign exchange regime.

“The new FX manual removes restrictive capital controls and simplifies trade and investment procedures, increasing liquidity in the market,” she explained.

She further disclosed that the bank is transitioning to an inflation-targeting framework designed to sustain price stability.

“This represents a significant shift toward a forward-looking, rules-based monetary policy system anchored in long-term price stability. It will help shape market expectations and cushion the economy from shocks,” Hakama said.

On the banking sector, Hakama reported progress in the ongoing recapitalisation exercise ahead of the March 31, 2026 deadline.

“As of March 17, 32 banks have met new capital requirements, with about 28 per cent of recapitalisation investments coming from foreign sources. This reflects renewed confidence in Nigeria’s financial system,” she noted.

The reforms have also earned international recognition, with the CBN receiving the Central Bank of the Year 2026 Award.

The President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Nnanyelugo Onyemelukwe, commended the CBN for restoring confidence in the financial system but cautioned that high interest rates could undermine the gains.

“Although the Monetary Policy Rate was recently reduced from 27.0 per cent to 26.5 per cent, borrowing costs remain high. Interest rates need to reach single digits to improve access to credit and boost productivity and GDP,” Onyemelukwe said.

The CBN’s reforms, according to Hakama, demonstrate a clear commitment to stabilising the economy, enhancing investor confidence, and ensuring sustainable growth for Nigeria.

Nigeria’s chemical and pharmaceutical manufacturers face the highest risk from the ongoing US–Israel–Iran conflict, the Manufacturers Association of Nigeria has warned, citing their heavy exposure to global oil price shocks and export dependence on the United States market.

In a position paper made available to Saturday PUNCH on Friday on the implications of the crisis, MAN said the Chemical and Pharmaceuticals Sector remained the most vulnerable, noting that in 2023, chemical products accounted for $136.45m out of Nigeria’s $154.11m manufactured exports to the US.

The association said, “This group is at the highest risk. In 2023, out of the $154,107,280 total Nigerian-manufactured exports to the US, chemical products alone accounted for a staggering $136,446,180 (approximately 88 per cent).”

It added that petrochemical derivatives, which dominate the sector, are highly sensitive to fluctuations in crude oil prices, warning that disruptions in global petroleum markets would have immediate cost implications.

“Petrochemical derivatives are highly sensitive to crude oil price shocks. Any disruption in global petroleum markets will immediately inflate the cost of APIs (Active Pharmaceutical Ingredients) and chemical base materials, squeezing margins and threatening the export dominance of operators within the Sectoral Group,” MAN stated.

The manufacturers’ body explained that the escalating tensions in the Middle East had already triggered volatility in global energy markets, with crude oil prices rising sharply and shipping routes facing disruptions.

MAN said, “For the Nigerian manufacturer, global geopolitics is no longer a television spectacle; it is a direct tax on the cost of production.” It warned that rising crude oil prices, increased freight costs, and higher insurance premiums on global shipping would significantly inflate input costs for local manufacturers, particularly those dependent on imported raw materials.

It noted that the United States remains a critical trading partner, with Nigeria exporting $5.91bn worth of goods to the country in 2024, representing 9.3 per cent of total exports, adding that any disruption to this trade flow would directly affect manufacturing output.

It stated, “We anticipate immediate spikes in global freight forwarding costs, prolonged lead times for imported raw materials, and an imported inflation surge.”

Beyond the chemical and pharmaceutical segment, MAN said other sectors, including basic metals, iron and steel, as well as food, beverage and tobacco, would also face significant pressure from rising energy costs and imported inflation.

It stressed that the broader manufacturing sector was already vulnerable despite recent macroeconomic improvements, warning that the crisis could reverse gains such as easing inflation and improved capacity utilisation.

The association noted that “this sudden geopolitical shock could reverse the hard-won macroeconomic gains.” Drawing lessons from the US–Iraq War, the association warned that similar conflicts in the past had triggered severe downturns in Nigeria’s manufacturing performance.

It stated, “Total manufacturing exports plummeted from $901.35m in 2002 to a dismal $496.87m in 2003, while manufacturing GDP growth collapsed from 17.74 per cent to -10.8 per cent.”

The association called on the Federal Government to take urgent steps to shield manufacturers, including fast-tracking energy transition initiatives, guaranteeing foreign exchange for critical imports, and prioritising domestic supply of refined petroleum products.

MAN said, “We cannot control the geopolitics of the Gulf, but we can and must control our domestic policy responses.”

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Thursday disclosed that 32 banks have already met the new capital requirements under the ongoing recapitalisation programme, ahead of the March 31, 2026 deadline.

Speaking in Abuja at the Monetary Policy Forum, Cardoso said, “The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements. This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1.0tn economy.”

The forum, the first edition for 2026, reflects the apex bank’s commitment to “engage its critical stakeholders in open communication, inclusive consultation, and collaborative monetary policymaking,” Cardoso added.

He noted that the forum theme was timely as Nigeria seeks to consolidate macroeconomic stability amid global and domestic challenges, stressing that stability “is a shared responsibility” involving monetary and fiscal authorities, financial institutions, and the private sector.

Cardoso explained that the reforms were driven by weak macroeconomic conditions inherited in 2023, when inflation rose to 29.9 per cent in January 2024 due to food prices, exchange rate pressures, and supply constraints.

He added that monetary financing had weakened policy credibility, with Ways and Means advances rising to N26.95tn by May 2023, while the foreign exchange market faced over $7bn backlog, a parallel market premium above 60 per cent, and net reserves dropping to $3.99bn at the end of 2023. “These challenges undermined policy transmission, investor confidence, and the credibility of the apex bank,” he said.

The CBN responded with reforms aimed at restoring discipline and credibility. Ways and Means financing declined sharply to N3.51tn in December 2024 and further to N2.84tn by January 2026. “This action restored compliance with the law, strengthened central bank independence, signalled to markets about the Bank’s commitment to orthodoxy and transparency, and sent a clear message that the era of fiscal dominance had come to an end,” Cardoso said.

He added that the apex bank implemented a tight monetary policy stance in 2024, raising rates by 875 basis points from 18.75 per cent to 27.50 per cent to curb inflation, which later allowed for easing, with the policy rate reduced to 27.0 per cent in September 2025 and further to 26.5 per cent in February 2026.

“Our staff counterfactual simulations revealed that, without these firm and coordinated actions, inflation would have been significantly higher, and inflation expectations would have become significantly de-anchored,” he said.

On the foreign exchange market, Cardoso said the CBN cleared over $7bn in backlog, introduced a willing-buyer, willing-seller system, improved reporting, and strengthened market surveillance. These measures restored transparency and credibility, while diaspora remittances rose from about $200m to $600m monthly, targeting $1bn per month by 2026.

He noted that the reforms narrowed the parallel market premium to below 2 per cent and improved overall market functioning. External reserves strengthened, rising from $38.34bn in February 2025 to $50.12bn in February 2026, while net reserves surged from $3.99bn in 2023 to $34.80bn by the end of 2025. Nigeria’s balance of payments recorded a $4.59bn surplus in the third quarter of 2025, compared to a deficit earlier in the year.

Cardoso said the reforms attracted global recognition, with Fitch and Moody’s upgrading Nigeria’s ratings in 2025, and the country exiting the FATF grey list. The IMF also commended the CBN’s reforms for restoring transparency and discipline in monetary policy.

He highlighted additional banking sector reforms, including new capital requirements, a risk-based capital framework, stricter insider lending rules, and limits on credit to non-performing obligors. Supervisory capacity has been strengthened through digital tools, such as the Early Warning System, and enhanced cross-border oversight.

Cardoso also highlighted reforms in the payments system, including migration to ISO 20022, improved fraud management, and collaboration through the Nigeria Electronic Fraud Forum. Consumer protection and financial inclusion initiatives were expanded through new systems, including the Consumer Complaints Management System and the Women’s Financial Inclusion Dashboard.