Business

Dangote Group’s planned Kenyan refinery has taken a step towards development with an engineering and project management contract worth more than $450 million, extending a partnership behind its Nigerian refining business.

The Centre for the Promotion of Private Enterprise (CPPE) has called on Nigerian banks to reduce lending rates following the Central Bank of Nigeria’s 350-basis-point cut in the Monetary Policy Rate.

Nigeria has entered the final months of 2026 with stronger external and domestic buffers, but the Central Bank of Nigeria (CBN) says a tougher global environment could still disrupt the improvement.

Dangote Petroleum Refinery and several petroleum marketers have reduced petrol prices at major depots following a decline in international crude oil prices.

Nigeria recorded more than 18.8 million domestic and international air passengers in 2025, representing an 11.9 percent year-on-year increase and making the country Africa’s fourth-largest aviation market.

The Central Bank of Nigeria’s (CBN) decision to cut its benchmark interest rate by 350 basis points has opened a new phase in monetary policy, with economists divided over how quickly the reduction will translate into cheaper credit and stronger economic activity.

Agusto & Co. has upgraded the long-term credit rating of Mutual Benefits Assurance Plc from BBB+ to A-, citing improvements in the insurer’s financial performance, capitalisation and underwriting operations.

The market opened with a capitalisation of N162.385tn before rising 0.18 percent by the close of trading.

In an announcement published on September 22, the bank said it was facilitating participation by individual and institutional investors through its digital platforms and branches. Its network covers 33 African countries.

Raenest has launched a Stablecoin Vault that lets eligible customers fund accounts with naira and earn variable returns on USDC and USDT, expanding its services beyond receiving and moving money.