Nigeria News Digest: September 2, 2025

The Central Bank of Nigeria's July Inflation Perception Survey identified fuel, insecurity, and electricity shortages as primary factors driving inflation. The report revealed 91% of respondents cited energy costs as the top concern, while over half of Nigerians still lack reliable electricity access despite government pledges.

Fidelity Bank pioneered capital growth in Nigeria by completing a N500bn share offering under new regulatory requirements. Through a 2024 public offer, it became the first bank to publicly raise capital for expansion, outperforming peers with highest total returns over three years.

Sub-Saharan Africa's economies show slow post-pandemic recovery, but growth remains insufficient to meet development needs. Nigerian economists emphasize the need for sustainable transformation during the 2025 conference on Africa's economic regeneration through inclusive strategies.

Renewed naira-yuan swaps have led Chinese traders to increasingly adopt Nigerian currency for transactions. This shift, supported by a $2bn bilateral agreement, aims to stabilize the naira and reduce U.S. dollar dependency while creating integrated currency markets in both countries.

The Bureau of Public Enterprises plans to list electricity distribution and generation companies on Nigeria's stock exchange to attract investment. This initiative aligns with economic diversification goals and energy sector reforms targeting infrastructure upgrades.

Nigeria Employers' Consultative Association argues rising government revenues justify raising civil servants' minimum wage above ₦70,000. States like Ebonyi and Imo have already implemented wage hikes, with Imo increasing pay by 48.6% to ₦104,000.

Public finance expert Godwin Nataro urged President Tinubu to overhaul ineffective ministries, cut military expenditures, and prioritize food security. He called for transparency in land administration and accountability in federal cabinet appointments.

Despite government pledges to leverage forest resources, charcoal remains undervalued in Nigeria's economic policies. The industry loses billions annually due to lack of regulation and export frameworks, even as deforestation accelerates amid climate change challenges.

Analysts caution against risks as Nigeria's new debt strategy expands borrowing limits to N109 trillion. The 55:45 domestic-external debt ratio aims to reduce currency risks, with short-term foreign borrowing capped at 10% of reserves.

The Nigeria Customs Service reported that it collected approximately N3.6 trillion in customs revenue during the first half of 2025, meeting its revised target. National Public Relations Officer Abdullahi Maiwada said the figure reflects strong performance and announced new appointments that comply with the Federal Character Policy, filling vacancies created by recent retirements.