PwC Nigeria has projected that Nigeria’s real Gross Domestic Product growth in 2026 would settle around 4.3 per cent.

This was disclosed in a statement shared with The PUNCH on Wednesday following the release of its 2026 Economic Outlook.

This projection broadly aligns with that of the World Bank, which, in its latest Africa’s Pulse report, anticipates that Nigeria’s economic growth will strengthen to 4.4 per cent between 2026 and 2027, driven by higher activity in ICT, finance, and real estate.

“Looking ahead, the outlook projects real GDP growth of about 4.3 per cent in 2026, with inflation moderating gradually and the naira remaining broadly stable. Fiscal constraints persist, reinforcing the importance of capital efficiency and balance-sheet discipline.

“Against this backdrop, PwC Nigeria highlights practical imperatives for business leaders in 2026: making selective investment bets in attractive sectors and regions, scenario-planning for macroeconomic and geopolitical shocks, adapting business models and cost structures for resilience, accelerating digital transformation and responsible AI adoption, and strengthening regulatory and tax compliance as reforms move from design to execution,” the statement read.

Also, PwC Nigeria’s 2026 Economic Outlook asserted that recent gains in macroeconomic stability are reshaping the operating environment for businesses, investors, and markets.

The report indicated that Nigeria recorded improvements in macroeconomic stability in 2025 following key monetary and foreign-exchange reforms, with inflation easing, exchange-rate conditions stabilising, and external reserves strengthening. PwC’s Economic Outlook 2026 highlighted how this stability is influencing strategic business choices in 2026, particularly around investment, cost and funding decisions, and regulatory, tax, and digital priorities.

Commenting on the report, the Country Senior Partner, PwC Nigeria, Sam Abu, said, “PwC Nigeria’s Economic Outlook 2026 provides forward-looking analysis of key macroeconomic indicators and what they signal for the economy and for business leaders. Nigeria has achieved improved macroeconomic stability over the past year. The focus now is on how that stability is translated into sustainable economic growth and how businesses position themselves for 2026. For companies, this stability provides a more predictable operating environment for planning, investment, and growth decisions.”

The Economic Outlook 2026 also identified seven key issues shaping Nigeria’s economic performance in the year ahead, spanning global and domestic forces. These include monetary policy effectiveness, fiscal sustainability and reform execution, global economic and geopolitical dynamics, domestic security and social pressures, uneven sectoral growth, consumer affordability constraints, and the expanding role of the digital economy and artificial intelligence.

Speaking on the outlook, Partner and Chief Economist, PwC Nigeria, Olusegun Zaccheaus said, “The seven themes in the Outlook show how global and domestic forces will shape economic performance in 2026. Globally, growth is projected at around 3.1%, while merchandise trade growth slows to about 0.5 per cent, keeping oil prices, capital flows, and access to foreign inflows as key channels influencing Nigeria’s growth and FX liquidity.

SIFAX Group has opened the 2026 business year with a strong declaration of intent.

This comes as the company rolled out an innovation-led growth strategy designed to enhance operations, accelerate technology adoption, and broaden its presence across West Africa.

SIFAX announced this in a statement on Tuesday, signed by its Head of Corporate Communications, Olumuyiwa Akande.

According to the statement, the Chairman of the Group, Dr. Taiwo Afolabi, made this known in his New Year message to employees, partners, and stakeholders, where he outlined the company’s strategic priorities for the year while reflecting on a strong performance in 2025.

According to Afolabi, the Group’s focus for 2026 is anchored on “growth through innovation”, with renewed emphasis on operational excellence, collaboration across subsidiaries, sustainability, and customer-centric service delivery.

He noted that SIFAX Group is positioning itself to respond proactively to industry changes and emerging opportunities across its diverse business portfolio.

The Nigeria Customs Service, Apapa Area Port Command, has stated that it collected a total of N2.93tn as revenue in 2025, representing an increase of N573.2bn compared to the N2.35tn collected in 2024, a 24.3 per cent growth.

“The command collected a total of N2.93tn as revenue in 2025, recording an impressive increase of N573.2bn when compared to N2.35tn collected in 2024, representing a 24.32 per cent growth. The performance reinforces Apapa Command’s position as the nation’s leading revenue hub,” the statement read in part.

The Customs Area Controller in charge of the command, Emmanuel Oshoba, attributed the achievement to effective leadership, disciplined manpower, and the strategic deployment of technology under the guidance of the Comptroller-General of Customs, Adewale Adeniyi.

He also commended compliant stakeholders whose lawful trade practices contributed significantly to the revenue growth.

“A major contributor to the success was the deployment of the Unified Customs Management System, also known as B’Odogwu, which enhanced transparency, efficiency, and accountability in cargo clearance processes. Regular performance reviews and timely revenue recovery measures further strengthened collections,” Oshoba stated.

According to Oshoba, in the area of trade facilitation, the command intensified stakeholder sensitisation following the rollout of the Authorised Economic Operator Programme and expanded the One-Stop Shop initiative to ensure faster processing and release of compliant cargoes.

“Efforts are also at an advanced stage to deploy the FS6000 cargo scanning system, a non-intrusive technology capable of scanning up to 200 containers per hour,” he added.

Oshoba highlighted that the command also recorded enforcement successes, intercepting 53 containers laden with illicit drugs and prohibited items, including cocaine, Canadian loud, tramadol, and expired pharmaceuticals with a duty paid value of N12.6bn.

He added that some of the interceptions in the year 2025 were handed over to relevant agencies such as the National Drug Law Enforcement Agency and the National Agency for Food and Drug Administration and Control for further investigation and possible prosecution.

Oshoba expressed optimism that the command would achieve greater revenue milestones in 2026, driven by deeper implementation of B’Odogwu, AEO, and OSS, stronger intelligence-led enforcement, and expanded collaboration with sister agencies.

He assured stakeholders of enhanced engagement with terminal operators, shipping companies, licensed customs agents, freight forwarders, haulage operators, and the media to promote transparency, compliance, and seamless trade at the nation’s busiest port.

Meanwhile, the Nigeria Customs Service, Seme Area Command, said that from January to December 2025, it collected a total of N15.5bn as revenue, marking a remarkable 117 per cent increase when compared with the N7.1bn collected by the command in 2024.

Announcing this in a statement on Wednesday, the Public Relations Officer of the command, Tunde Ayagbalo, stressed that the command recorded unprecedented revenue milestones in 2025, achieving its highest-ever monthly and annual revenue collections since inception.

Ayagbalo stated that in December 2025 alone, the command collected a historic N3.6bn, “the highest monthly revenue on record.”

He added that the record is attributed to the effective rollout of the One-Stop Shop Initiative by the Comptroller-General of Customs, Adewale Adeniyi, which improves the command’s coordination and trade facilitation for stakeholders.

“From January to December 2025, the command generated a total of N15.5bn only, showing a remarkable 117 per cent increase when compared to N7.1bn recorded in 2024,” Ayagbalo said.

The command’s PRO added that the command also maintained robust anti-smuggling operations, in December 2025, intercepting “685 parcels of cannabis sativa, 495 packs of tramadol, and 2,000 packs of Super Power sildenafil tablets, an excessively high-dosage sexual enhancement drug, through intelligence-led operations, enhanced patrols, risk profiling, and inter-agency collaboration.”

Ayagbalo reiterated that in alignment with the CGC’s directive, the Customs Area Controller in charge of Seme Command, Wale Adenuga, has successfully reduced checkpoints along the Lagos–Abidjan corridor to the two locations approved by the Federal Government, significantly easing legitimate trade, minimising delays, and contributing to the command’s outstanding revenue performance.

Speaking on the achievement, the CAC, Wale Adenuga, warned smugglers that the Seme borders are no longer safe for illicit activities.

“With advanced intelligence, technology, and unwavering vigilance, the officers and men of the command will intercept and prosecute offenders,” he warned.

The Nigerian Exchange extended its positive momentum in the new trading year on Tuesday, as sustained buying interest across key stocks lifted total market capitalisation by about N468bn, reinforcing investor optimism and consolidating the market’s position above the N100tn milestone.

At the close of trading, total equities market capitalisation rose to N102.28tn from N101.81tn recorded in the previous session, reflecting a 0.46 per cent increase in market value within one trading day. The gain underscores continued bullish sentiment following the strong opening to the 2026 trading year.

The All-Share Index advanced by 0.46 per cent, adding 732.86 points to close at 159,951.08 points, compared with 159,218.22 points on Monday. The performance pushed the market’s year-to-date return to 2.79 per cent, highlighting a firm start to the year amid renewed portfolio positioning by investors.

Market activity showed notable improvement, with a total of 758.93m shares exchanged in 54,199 deals, valued at N19.83bn. Compared with the previous trading day, trading volume increased by 9 per cent, while turnover rose by seven per cent, despite a four per cent decline in the number of deals executed.

The increase in volume and value points to stronger participation by investors, particularly in actively traded stocks, even as transactions were concentrated in fewer but larger trades.

In aggregate, 130 listed equities participated in trading during the session. Market breadth closed positive, with 65 gainers against 21 losers, indicating broad investor participation and a generally upbeat sentiment across the market.

Meyer Plc topped the gainers’ chart, appreciating by the maximum 10 per cent to close at N14.30 per share. Jaiz Bank Plc followed with a 10 per cent gain, while Associated Bus Company Plc rose by 9.98 per cent. Multiverse Mining and Exploration Plc also posted strong performance, advancing by 9.94 per cent.

On the losing side, Aluminium Extrusion Industries Plc recorded the steepest decline, shedding 9.96 per cent to close at N21.70 per share. Learn Africa Plc fell by 9.16 per cent, and Oando Plc declined by 7.69 per cent, while United Bank for Africa Plc lost 6.22 per cent.

Trading by volume was led by Linkage Assurance Plc, which recorded 51.6m shares traded. Sterling Bank Plc followed with 49.1m shares, while Access Holdings Plc and Mutual Benefits Assurance Plc recorded volumes of 48.7m and 34.7m shares, respectively.

Market performance during the session was driven largely by activity in heavyweight stocks, including MTN Nigeria Communications Plc, Access Holdings Plc, Guaranty Trust Holding Company Plc, Zenith Bank Plc, and United Bank for Africa Plc, which together accounted for a significant share of market turnover and index movement.

Overall, the equities market closed the session bullish, extending the early-year rally and keeping total market capitalisation comfortably above N100tn. Analysts note that the sustained gains reflect renewed investor confidence, selective bargain hunting, and positioning ahead of expected corporate earnings releases and macroeconomic developments.

Meanwhile, broader market indicators remained supportive. At the close of trading, Brent crude oil traded at $61.82 per barrel, while gold stood at $4,418.82 per ounce on the international commodities market, providing additional context for global risk sentiment.

With market capitalisation now at N102.28tn and trading activity strengthening, the NGX appears set to maintain positive momentum in the early days of 2026, barring any adverse macroeconomic or policy shocks.

Fidelity Bank Plc has raised N259bn through a Private Placement of ordinary shares, significantly boosting its capital base as the lender intensifies efforts to meet the new regulatory capital requirements for commercial banks with international authorisation.

In a statement issued on the Nigerian Exchange Limited on Tuesday, the bank said the Private Placement was conducted following approvals from the Central Bank of Nigeria and the Securities and Exchange Commission and was successfully opened and closed on 31 December 2025.

“Fidelity Bank Plc is pleased to inform the general public that, following approvals granted by the Central Bank of Nigeria and the Securities and Exchange Commission, it successfully opened and closed a Private Placement of ordinary shares on 31 December 2025,” the bank said.

According to the statement, the exercise resulted in the bank raising N259bn, which increased its eligible capital from N305.5bn to N564.5bn, subject to final regulatory approvals.

“This exercise resulted in the bank raising N259bn, increasing its eligible capital from N305.5bn to N564.5bn, awaiting regulatory approvals,” the statement added.

The bank explained that the Private Placement was carried out pursuant to the authority granted by shareholders at its Extraordinary General Meeting held on 6 February 2025, where approval was given for the issuance of up to 20bn ordinary shares.

“The Private Placement was conducted pursuant to the authorisation received from the Bank’s shareholders at the Extraordinary General Meeting of 6 February 2025, to issue up to 20bn Ordinary Shares by way of Private Placement,” Fidelity Bank stated.

The latest capital raise forms part of the lender’s broader recapitalisation programme aimed at meeting the new minimum capital threshold of N500bn set by regulators for commercial banks with international licences.

The bank recalled that it had previously raised N175.85bn through a Public Offer and Rights Issue in 2024, which lifted its eligible capital to N305.5bn at the time.

“The Bank had previously raised N175.85bn through a Public Offer and Rights Issue in 2024, bringing its eligible capital to N305.5bn,” the statement added.

Following the completion of the Private Placement, Fidelity Bank said it has now surpassed the N500bn regulatory requirement, with a buffer above the minimum threshold.

“This left a margin of N194.5bn to meet the new regulatory capital requirement of N500bn for commercial banks with international authorisation,” the bank added.

Industry analysts say the successful completion of the Private Placement positions Fidelity Bank strongly ahead of regulatory deadlines and reflects sustained investor confidence in the lender’s growth strategy, balance sheet strength and long-term outlook.

With eligible capital now standing at N564.5bn, Fidelity Bank joins the growing list of Nigerian lenders that have made significant progress in the ongoing banking sector recapitalisation exercise, as regulators push for stronger, more resilient financial institutions capable of supporting economic growth.

The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail outlets, lowering the price to N815 per litre in Abuja.

The PUNCH correspondent, who monitored filling stations across the Federal Capital Territory on Monday, observed that the new price represents a N20 reduction from the previous rate of N835 per litre sold at NNPC outlets.

The revised price was implemented at NNPC filling stations located at Lugbe, Wuse Zones 4 and 6, along the Keffi–Abuja Road, as well as on the Kubwa Expressway.

Despite the latest reduction, NNPC’s pump price remains N79 higher than the N739 per litre currently sold at Dangote Refinery-backed MRS filling stations nationwide. Checks by our correspondent showed wide price disparities across retail outlets in Abuja on Monday.

While Matrix stations sold petrol at N840 per litre, Sunlight outlets dispensed the product at N825. Optima Energy sold at N835, while some NNPC stations, including those around Lugbe and the retail outlet opposite Shoprite, reflected the N815 price.

In contrast, MRS stations maintained the lowest price at N739 per litre.

The latest price cut comes amid intensified competition in Nigeria’s downstream oil sector, following the commencement of large-scale petrol supply from the Dangote Petroleum Refinery.

Recall that on December 19, 2025, NNPC slashed its petrol price by N80, from N915 to N835 per litre, in response to a price war triggered by Dangote Refinery’s reduction of its gantry price to N699 per litre.

On December 12, 2025, Dangote refinery reduced its ex-gantry petrol price to N699 per litre, down from N828, representing the lowest price in about two years. The ongoing price adjustments reflect the early effects of deregulation and increased domestic refining capacity, with marketers forced to respond to competitive pressures rather than regulated pricing.

However, consumers continue to grapple with price volatility, while independent marketers have raised concerns over shrinking margins and uneven access to competitively priced supply.

The Federal Government has repeatedly maintained that pricing will be determined by market forces, even as Nigerians closely watch how far prices may fall as supply from local refineries stabilises.

Chapel Hill Denham Securities Ltd and CardinalStone Securities Ltd emerged as the top-performing stockbrokers on the Nigerian Exchange during the fourth quarter of 2025, commanding a significant portion of trading activity by both volume and value, according to the latest Broker Performance Report.

The report, covering the period 1 October to 31 December 2025, shows that the top 10 brokers accounted for 64.22 per cent of total market volume and 62.78 per cent of total market value, underscoring the concentration of trading activity among a handful of leading brokerage firms.

Chapel Hill Denham Securities Ltd dominated trading in terms of volume, executing 41,421,097,747 shares, representing 28.92 per cent of total market volume in the quarter.

CardinalStone Securities followed with 17,635,245,204 shares, or 12.31 per cent of total volume, while ABSA Securities Nigeria Ltd and Meristem Stockbrokers Ltd completed the top four by volume, handling 10,789,141,645 shares (7.53 per cent) and 4,425,714,002 shares (3.09 per cent), respectively

Other brokers rounding out the top 10 by volume included Stanbic IBTC Stockbrokers with 3,456,281,283 shares, Coronation Securities with 3,257,958,778 shares, Morgan Capital Securities with 2,968,859,215 shares, CSL Stockbrokers with 2,928,194,706 shares, TRW Stockbrokers with 2,560,080,028 shares, and Cordros Securities with 2,526,395,514 shares. In aggregate, these top 10 brokers executed a combined 91,968,968,122 shares, accounting for over 64 per cent of all trades on the NGX during the quarter.

While Chapel Hill Denham led in volume, CardinalStone Securities claimed the top spot in terms of transaction value, posting N453,569,479,610.25 in trades, representing 13.35 per cent of total market value. ABSA Securities followed with N362,748,192,623.70 (10.68 per cent), and Chapel Hill Denham was third, recording N257,128,730,321.12 (7.57 per cent).

Other notable brokers in the top 10 by value included Stanbic IBTC Stockbrokers with N231,371,823,315.13, Cordros Securities with N196,574,290,092.59, APT Securities and Funds with N137,284,321,829.46, Meristem Stockbrokers with N131,434,493,116.99, EFG Hermes Nig Ltd with N126,791,318,859.58, Coronation Securities with N124,471,182,330.24, and First Securities Brokers with N111,688,322,416.34.

Together, the top 10 brokers handled trades valued at N2,133,062,154,515.40, representing over 62 per cent of the market’s total value in the last quarter of the year.

“The dominance of Chapel Hill Denham and CardinalStone demonstrates their critical role in maintaining market depth and liquidity,” said a market expert. “These brokers not only handle a significant portion of shares traded but also execute some of the largest value transactions, providing confidence to both retail and institutional investors.”

Household consumption in Nigeria slumped sharply in real terms in 2024 as rising prices eroded the purchasing power of millions of families, according to provisional figures from the Central Bank of Nigeria’s latest statistical bulletin.

Data on Gross Domestic Product by expenditure showed that household final consumption expenditure at 2010 constant purchasers’ prices fell from N45.41tn in 2023 to N31.12tn in 2024.

This represents a real decline of about N14.29tn, or roughly 31 per cent year-on-year, signalling a major contraction in the volume of goods and services consumed by households. Constant price data are adjusted for inflation, meaning they strip out the effect of rising prices to measure actual changes in economic activity.

When this measure collapses, as seen in 2024, it suggests that households are cutting back materially on what they can afford, not just paying more for the same items. However, the same indicator measured at current purchasers’ prices tells a very different but revealing story.

Household consumption at current prices rose from N146.69tn in 2023 to N173.01tn in 2024, an increase of about N26.31tn or nearly 18 per cent. Current price figures are not adjusted for inflation. They simply reflect what households spent in naira terms.

The fact that nominal spending rose while real spending plunged shows that Nigerians are spending more money but getting less value, with inflation swallowing a large share of household budgets.

The steep fall in real household spending is consistent with the sustained double-digit inflation that characterised the year. Nigeria’s headline inflation rate began 2024 at 29.90 per cent in January, up from around 28.9 per cent in December 2023, reflecting continued pressure on prices early in the year.

Throughout 2024, inflation climbed further, with official data showing it reached around 34.80 per cent in December 2024, one of the highest annual rates in the decade.

The year-on-year inflation acceleration over 2024 was driven by persistent increases in food and other essential prices and was marginally higher at the end of the year compared with November.

The persistent high inflation through 2024 compounded the cost-of-living squeeze on Nigerian households. Soaring food, transport, energy, and accommodation costs have pushed many families to the edge, forcing them to prioritise basic survival over discretionary spending.

Even staple food items rose beyond the reach of many lower-income earners, while the removal of petrol subsidy and exchange rate pressures filtered through to almost every aspect of daily living.

The data also paint a worrying picture of real employee earnings. Compensation of employees at 2010 constant purchasers’ prices fell from N28.27tn in 2023 to N25.48tn in 2024.

This represents a drop of about N2.78tn, or close to 10 per cent. In simple terms, when adjusted for inflation, the total value of wages and salaries in the economy declined, meaning workers’ earnings bought less than they did a year earlier.

By contrast, compensation of employees at current prices increased from N63.83tn to N75.59tn, a nominal rise of roughly N11.76tn or about 18 per cent. This again highlights the inflation problem.

While employers may have raised salaries on paper, those increases were not enough to keep pace with rising prices. Real incomes shrank despite higher nominal pay, reinforcing the pressure on household consumption.

Economists often rely on constant-price indicators to understand whether an economy is genuinely expanding or contracting. In this case, the slump in real household spending signals weakening domestic demand, which is a key engine of economic growth.

Household consumption typically accounts for the largest share of GDP on the expenditure side. When consumers cut back at this scale, businesses in retail, manufacturing, services, and hospitality are likely to feel the impact through lower sales, slower production, and reduced investment.

Earlier in 2024, the Chief Executive Officer of Centre for the Promotion of Private Enterprises, Muda Yusuf, said the persistent inflationary pressures continue to be a troubling phenomenon.

Reacting to inflation figures released by the NBS in February 2024, Yusuf said in a statement that the purchasing power had continued to slump over the past few months, pushing Nigerians into poverty.

The CPPE CEO bemoaned that, as inflation maintained an upward trend, economic growth may remain subdued, while the risk of stagflation heightens

“Regrettably, the major inflation drivers are not receding; if anything, they have become even more intense. These include the depreciating exchange rate, surging transportation costs, logistics challenges, forex market illiquidity, astronomical hike in diesel cost, insecurity in farming communities, and structural bottlenecks to production. These are largely supply-side issues.

“The weakening of the naira against the currency of our neighbouring countries [CFA], has continued to incentivise the outflow of agricultural products to these countries. This is complicating the supply side challenges, especially of food crops,” the CEO said.

According to Yusuf, the high inflation is causing increased pressure on production costs, making it harder for businesses to maintain profitability. This, in turn, is eroding shareholder value and lowering investor confidence.

By January 2024, the National President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, said the rising inflation has negatively impacted the private sector and the economy as a whole.

He said, “This is because inflation has led to a loss of consumers’ purchasing power, increased production costs, and a reduction in profitability. Inflation has made our businesses less attractive for investors and, by extension, the economy.”

As inflation rises, low labour income has pushed an estimated 14 million Nigerians into poverty in 2024, according to the World Bank’s report on Macro Poverty Outlook: Country-by-Country Analysis and Projections for the Developing World.

The report noted that nearly 47 per cent of the Nigerian population now lives below the international poverty line of $2.15 per day, as surging inflation and a struggling economic structure fail to meet the demands of rapid population growth.

It read, “Labour incomes have not kept pace, pushing an additional 14 million Nigerians into poverty in 2024. An estimated 47 per cent of Nigerians now live in poverty (or below the international poverty line of $2.15.”

In response to the rising poverty levels, the report noted that the Nigerian government has launched temporary cash assistance initiatives targeting 15 million households.

Each household will receive N75,000, distributed in three instalments, benefitting an estimated 67 million people overall.

The World Bank added, “Poverty is estimated at 52 per cent in 2026. Reforms to protect the poorest against inflation and boost livelihoods through more productive work are key for Nigerians to escape poverty. A tight monetary stance while avoiding reliance on ways and means remains crucial for moderating inflation.”

The World Bank stressed the need for continued reforms, noting that “While macro stabilisation is essential and currently underway, by itself it is insufficient to enable Nigeria to reach its growth potential. Sustained efforts and the establishment of a credible track record are necessary to achieve sustained progress.

“Economic growth has struggled to keep pace with population growth, contributing to poverty exacerbated by double-digit inflation.”