Business
NEPC reports $2.7bn in non-oil exports half year 2024
The Nigerian Export Promotion Council reported that non-oil exports generated $2.7bn in the first half of 2024, representing a 6.26 per cent increase from the $2.5bn recorded during the same period in 2023.
This was disclosed by the Executive Director/Chief Executive of NEPC, Nonye Ayeni, during a presentation of the progress report on non-oil export performance for H1 2024 in Abuja on Wednesday.
Ayeni stated that the total volume of exports during the review period was 3.834m metric tonnes, with 211 products exported, ranging from agricultural commodities to products from extractive industries.
She noted that the performance indicates that Nigerian products are gradually diversifying from traditional raw agriculture exports to semi-processed and manufactured goods.
She attributed the increase in export value to the successful transition of government in May 2023 and the policy initiatives under President Bola Tinubu’s Renewed Hope Agenda. Additionally, Ayeni highlighted the impact of the NEPC’s “Operation Double Your Exports” initiative, which she said has positively influenced the sector’s performance.
“In just six months, we have seen tangible results from our concerted efforts to expand Nigeria’s non-oil export base.
“I am optimistic that with the several export intervention programmes and projects we have started and are ongoing, complemented by the NEPC flagship campaign programme, ‘Operation Double Your Exports.
‘The sector is positioned to contribute immensely to the country’s Gross Domestic Product, increase the country’s foreign exchange earnings and thereby ensure sustainable economic growth, which aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, for job creation, poverty alleviation, among others,” Ayeni stated.
She also emphasised the council’s commitment to collaborating with stakeholders to stimulate export growth. Reflecting on her tenure since October 2023.
“When I assumed office in October 2023, I and my management team resolved to reposition the non-oil export sector towards global competitiveness,” she said.
Ayeni also discussed the growing prominence of several exportable products, such as fresh vegetables, citrus peel, and sorghum, which are increasingly in demand in global markets.
Business
Nigerian Exchange Emerges Top In Africa By Dollar Values
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
The Nigerian equities market has emerged Africa’s strongest performer in U.S. dollar terms with a 68.2 percent Year- till-Date (YtD) return in the first seven months of 2026.
The bourse performance between January and July 24, 2026 outpaced other continental stock markets helped by investors confidence on the back of reforms by the Nigerian government.
The strong performance in dollar terms highlights the impact of exchange rate dynamics and renewed foreign portfolio participation.
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
Source: ThisDay
Business
Phillips Consulting Report Ranks Enugu Nigeria’s Fastest Improving State
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
• Governor Peter Mbah
Enugu State has been ranked as Nigeria’s fastest-improving state in the 2026 Phillips Consulting State Performance Momentum Index, outperforming 32 other states in the latest assessment of governance and development across the country.
The report assigned Enugu under Governor Peter Mbah a Momentum Score of +1.15, the highest among the 33 states assessed, placing it ahead of Jigawa, which scored +0.77, and Abia with +0.67 to complete the top three.
According to Phillips Consulting, the Momentum Index measures the rate at which states improved relative to the national average during the review period. Positive scores indicate above-average progress, while negative scores reflect slower-than-average improvement.
The report said Enugu’s emergence as the national leader reflected deliberate governance, strong fiscal discipline, and sustained implementation of reforms, while the South-east recorded the strongest overall regional performance among Nigeria’s six geopolitical zones
Business
IMF Warns of AI Financial Shocks Across Institutions, Markets
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
The International Monetary Fund (IMF) has called on central banks and financial regulators to strengthen governance frameworks for Artificial Intelligence (AI), warning that the rapid adoption of the technology across the financial system could create new systemic risks if left inadequately supervised.
The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.
Adrian noted that AI is increasingly being used to price financial risks, allocate credit, execute trades and support supervisory activities, creating opportunities for greater efficiency while introducing new vulnerabilities that regulators must address.
He identified three immediate priorities for policymakers: strengthening oversight of AI-driven trading, lending and supervisory technology (SupTech); improving transparency around AI adoption, model dependencies and correlated investment strategies; and expanding international cooperation on cyber security and operational resilience.
According to him, AI has compressed the speed of financial transactions, allowing trading, lending decisions and supervisory analysis to occur in real time. While these innovations have improved market efficiency, they also increase the speed at which financial shocks can spread across institutions and markets.
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