Business

Nigeria and Indonesia’s bilateral trade has consistently exceeded three billion dollars annually, according to Indonesia’s Ambassador to Nigeria, Bambang Suharto. Speaking at an event in Abuja, Suharto said the two countries have a combined market of more than 550 million people, creating opportunities for increased trade and investment. He said Nigeria supplies energy to Indonesia, while Indonesian products are widely used by Nigerian consumers and businesses. The Nigerian Foreign Affairs Ministry said it is interested in Indonesia’s experience in manufacturing, agriculture, digital technology, infrastructure and industrialisation. Both countries also identified agriculture, energy, pharmaceuticals, the digital economy and creative industries as areas with potential for increased investment and cooperation. Officials from both countries called for stronger private-sector partnerships, technology transfer and improved business links to deepen economic relations.

Investors submitted bids worth ₦6.1tn for Open Market Operation bills offered by the Central Bank of Nigeria, as demand remained strong at the latest auction. The CBN had offered OMO bills valued at ₦1tn across 68-day, 152-day and 180-day instruments, but subscriptions exceeded the amount available by more than six times. The apex bank eventually allotted ₦2.3tn to successful bidders. No allocation was made on the 68-day instrument, while the 152-day and 180-day bills recorded stop rates of 17.29 per cent and 16.99 per cent respectively. The strong demand comes after the CBN recently reduced its benchmark interest rate from 26.5 per cent to 23 per cent. Analysts say investors may be seeking to lock in relatively attractive yields before market rates decline further. The OMO sale also helped to absorb liquidity from the banking system, while about ₦2.43tn in OMO maturities and another ₦164bn in bond coupon payments are expected to enter the financial system this week.

Oil prices have risen after United States President Donald Trump rejected an Iranian proposal for a seven-day truce, raising concerns about inflation and disruptions to global energy supplies. Iran had proposed a temporary halt in hostilities at the United Nations General Assembly, with plans to reopen the Strait of Hormuz, a major route for global oil shipments. Trump rejected the proposal but said negotiations with Iran could resume, while Tehran maintained that sanctions must be lifted and frozen assets released before the strait can be reopened. Following the development, Brent crude rose by more than three per cent to above 107 dollars a barrel, while US crude also gained more than two per cent. The renewed rise in oil prices affected global markets, with several Asian stock markets recording losses on Monday. Investors are also watching upcoming United States inflation and employment data, which could influence the Federal Reserve’s next interest-rate decision.

The Federal Government is in talks with the World Bank to secure three new loans worth a combined 1.5 billion dollars. The proposed facilities include 500 million dollars each for climate resilience, social protection and early childhood development. The development comes as Nigeria’s total public debt rises to 166.79 trillion naira as of June 2026, up by 14.39 trillion naira in one year. The largest immediate proposal is an additional 500 million dollars for the ACReSAL project, which focuses on tackling land degradation, erosion, flooding and water insecurity across 19 northern states and the FCT. Another 500 million dollars is planned for the HOPE-Social Protection programme to support cash transfers and strengthen Nigeria’s social protection system. The third facility will support early childhood development nationwide, covering healthcare, nutrition, early learning, childcare, water and sanitation for children aged zero to five. The World Bank currently holds about 20.73 billion dollars of Nigeria’s external debt, making up roughly 38 per cent of the country’s 54.52 billion-dollar external debt stock.

Nigerian billionaire businessman Mike Adenuga has made a rare public appearance after being photographed with fellow billionaire Femi Otedola in Monaco. Otedola shared the pictures on Friday on his X account, showing the two businessmen together inside and outside a luxury hotel. Adenuga, who founded telecommunications company Globacom and oil firm Conoil, is known for maintaining a very private public profile. The 73-year-old businessman rarely appears at public events and has no known social media presence. Forbes estimates Adenuga’s fortune at between 6.5 and 6.8 billion dollars, placing him among Africa’s wealthiest individuals. Otedola and Adenuga have maintained a longstanding relationship, with Otedola previously describing Adenuga as an African icon whose vision continues to inspire him. The latest sighting has drawn attention because of Adenuga’s limited public appearances.

Nigeria’s electricity distribution companies collected ₦205.53 billion in revenue in July 2026, according to the Nigerian Electricity Regulatory Commission. NERC says the DisCos billed customers ₦250.79 billion for electricity during the month, out of ₦333.94 billion worth of energy supplied to them. This left a billing gap of about ₦83.15 billion, with the industry recording a billing efficiency of 75.10 per cent. The commission also reported an 81.95 per cent collection efficiency, while overall revenue recovery stood at 74.91 per cent. Eko Electricity Distribution Company recorded the highest recovery efficiency at 94.67 per cent, followed by Port Harcourt DisCo at 84.95 per cent and Benin DisCo at 79.15 per cent. NERC says the figures are part of its efforts to monitor the financial performance and efficiency of electricity distribution companies across the country.

Ardova Plc and its consortium partner, Diadem Energy, have agreed to acquire 100 per cent of Powergas, one of Africa’s major Compressed Natural Gas producers and distributors. The deal, which is expected to be completed by the end of 2026, is subject to regulatory approvals. Following the acquisition, Ardova plans to establish 100 CNG refuelling stations across its nationwide retail network within 24 months. The company says the expansion will improve access to CNG for motorists, commercial fleets and businesses while strengthening its position in Nigeria’s growing gas market. Ardova also plans to increase Powergas’ gas compression capacity and expand its virtual pipeline network to connect more industries and transport operators to domestic natural gas. The company says the move will also help reduce gas flaring and support Nigeria’s transition towards cleaner and more affordable energy. Powergas currently operates four mother stations and more than 250 tube skids, with its network covering parts of the South-East, South-South and South-West. Ardova says the acquisition will eventually support expansion into other West African markets.

Oil prices have fallen after US President Donald Trump said American and Iranian representatives held what he described as “very good” talks at the United Nations. Brent crude dropped to 98 dollars and 41 cents per barrel, while US West Texas Intermediate fell to 89 dollars and 23 cents. Trump said the three-hour meeting was productive and that another meeting between the two sides would take place soon. The development comes as tensions continue in the Middle East, with Iran keeping the Strait of Hormuz closed and the United States maintaining a blockade of Iranian ports. Meanwhile, Saudi Arabia has reportedly restarted operations on its East-West Pipeline, a major oil export route that was shut down following drone attacks. The drop in oil prices also came as markets monitored developments in the US-China trade relationship ahead of a meeting between Trump and Chinese President Xi Jinping.