By Adedapo Adesanya

The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, has assured investors that the country’s recent joint security operation with the United States in Sokoto will not destabilise the financial markets, but rather reinforce economic confidence.

Speaking via a statement on Sunday, Mr Edun emphasised that the operation, conducted on Christmas Day, was intelligence-led and targeted solely at terrorist elements threatening national stability and communities.

On Christmas day, the United States launched an airstrike on Islamic State West African Province (ISWAP) targets in Jabo, Sokoto State, as part of established counter-terrorism cooperation between both countries.

The strike reignited fears that had previously spooked the markets in November, when US President Donald Trump threatened military action in Nigeria.

In the statement, Mr Edun stressed that Nigeria was not at war with itself or any other country, and that the action is part of ongoing efforts to safeguard citizens and protect economic activity.

“The operation in question was precise, intelligence-led, and focused exclusively on terrorist elements that threaten innocent lives, national stability, and economic activity. Far from destabilising markets or weakening confidence, such actions strengthen the foundations of peace, protect productive communities, and reinforce the conditions required for sustainable growth. Security and economic stability are inseparable; every effort to safeguard Nigerians is, by definition, pro-growth and pro-investment,” he said.

He also underscored Nigeria’s solid macroeconomic performance, noting GDP growth of 3.98 per cent in the third quarter of 2025, following a 4.23 per cent expansion in Q2, adding that inflation has continued its downward trend for the eighth consecutive period, falling below 15 per cent reflecting improving price stability.

“Our financial markets remain resilient. Domestic and international debt markets are stable and functioning efficiently, supported by prudent fiscal management. Over the past year, Nigeria has received credit rating upgrades from Moody’s, Fitch, and Standard & Poor’s—clear, independent endorsements of the strength of our reforms and the credibility of our economic direction. We have maintained fiscal discipline, prioritised efficiency, and protected macroeconomic stability—demonstrating resilience in the face of external shocks,” he noted.

“As President Bola Tinubu noted in his address last week, our overarching objective for 2026 is to consolidate the gains of 2025, strengthen Nigeria’s economic resilience, and continue building a sustainable, inclusive, and growth-oriented economy.

“The actions we take today—on security, reforms, and fiscal discipline—are aligned with that goal. As markets reopen on Monday, 29 December 2025, investors can be confident that Nigeria remains focused, reform-driven, and committed to stability. The fundamentals are strengthening, the policy direction is clear, and the resolve of this administration—to protect lives, secure prosperity, and grow the economy—is unwavering.”

By Aduragbemi Omiyale

Over N753 billion was raised in Commercial Paper (CP) from the Nigerian capital market in between April and October 2025.

The debt instrument was issued by corporates in the period to support short-term funding needs across diverse sectors.

Speaking in an interview, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, said the issuance of CPs by organisations underscores strong investor confidence and the resilience of the market.

“Commercial paper issuance remained vibrant, with over N753 billion raised to support short-term funding needs across diverse sectors, from manufacturing to energy and agriculture,” the SEC chief stated.

He added that the debt market also recorded landmark transactions, including the N500 billion Climate Funding Special Purpose Vehicle and the N200 billion Elektron Finance bond issuance, reflecting increasing appetite for infrastructure and sustainable finance investments.

“These figures are not just numbers; they represent confidence in our regulatory framework and the resilience of our market architecture,” he declared.

According to him, the strong performance of the commercial paper segment formed part of broader capital-raising activities approved by the agency across debt, equity and short-term instruments during the review period.

“Since our last meeting, the Nigerian capital market has demonstrated remarkable depth and adaptability. Between April and October 2025, the commission approved significant transactions across debt, equity, and commercial paper segments, underscoring the market’s capacity to mobilize capital for growth.

“These achievements are essential as we work to position the Nigerian capital market as a catalyst for sustainable economic growth,” Mr Agama said.

He also pointed to recent macroeconomic improvements, including Nigeria’s sovereign credit rating upgrade and removal from the Financial Action Task Force (FATF) grey list, describing them as signals of renewed investor confidence.

“These achievements are not mere milestones; they signal renewed confidence in our economy. They will attract greater investment and enhance capital inflows, reinforcing the stability and growth prospects of our financial markets,” he said.

On inflation, the DG said easing price pressures created opportunities for market innovation, urging operators to move from policy to execution.

“This is a call to action for market operators. Innovation cannot remain on paper. We must translate these frameworks into real products and accessible platforms that meet the needs of today’s investors,” he stressed.

“The time for passive observation is over. Our collective responsibility is to activate these opportunities and position the Nigerian capital market as a true engine of inclusive growth,” he added.

He acknowledged the sharp market downturn recorded in November, when the Nigerian Exchange lost about N6.54 trillion in market capitalisation, attributing it to profit-taking ahead of the proposed 30 per cent Capital Gains Tax, weak banking stock sentiment and global uncertainties.

However, the capital market expert said the market rebounded following policy reassurances.

“Importantly, despite November’s volatility, the Exchange remains significantly positive year-to-date, with strong gains that reflect the underlying robustness of our market,” he noted.

He further highlighted the recent migration of the equities settlement cycle from T+3 to T+2, describing it as a major reform aligned with global best practices.

“By shortening the settlement period, we have enhanced liquidity, reduced counterparty risk, and accelerated the reinvestment of capital,” Mr Agama said, adding that the SEC plans to move to T+1 and ultimately T+0.

“These changes, combined with ongoing efforts to deepen commodity trading and expand bond market participation, will position Nigeria as a leading investment destination in Africa,” he added.

By Adedapo Adesanya

The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bashir Ojulari, has said the country would begin to export gas from the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline from early 2026.

First conceived in 2008, the AKK pipeline is central to Nigeria’s ambition to leverage its vast gas reserves for economic growth. Its completion could transform the north, where chronic power shortages and a lack of energy infrastructure have stifled manufacturing for decades.

Speaking after briefing President Bola Tinubu on Sunday, he noted that the company has completed welding the main line of the pipeline, including the critical River Niger crossing which has stalled progress for years.

He said the milestone has cleared the way for connecting the pipeline early next year, noting that once activated, the project will “bring gas in its full form into the northern part of Nigeria.”

“This is not just about energy,” Mr Ojulari said, “It’s about industrialisation – fertiliser plants, power generation, and gas-based industries in Kaduna, Kano, Abuja, and Ajaokuta. We expect to see industrial parks spring up.”

Mr Ojulari also revealed NNPC’s production targets: oil output is expected to rise to 1.8 million barrels per day in 2026, up from about 1.7 million this year, while gas production will continue to climb, crediting structural reforms under the Petroleum Industry Act for enabling NNPC to operate as a profit-driven company, no longer reliant on federal allocations.

He said President Tinubu reaffirmed his push for $30 billion in new investments by 2030 and oil output of 2 million barrels per day by 2027, adding that upon completion, the pipeline network will deliver economic opportunities, boost power supply, and drive national industrialisation, ushering in a new era of energy and economic security for the country.

The AKK Gas Pipeline, spanning over 614 kilometers, is designed to deliver natural gas to power plants, industries, and CNG facilities, providing a major boost to Nigeria’s energy infrastructure and positioning the country as a regional energy hub.