Business
Nigeria’s foreign reserves hit $40bn as CBN strengthens forex market
Nigeria’s foreign reserves have surpassed the $40 billion mark for the first time in nearly three years, marking a significant milestone in the country’s economic recovery efforts.
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, made this disclosure during a high-level meeting with Talal Al-Humond, Assistant Governor for Monetary Affairs at the Saudi Arabian Central Bank (SAMA), on the sidelines of the just-concluded inaugural Conference on Emerging Market Economies in Riyadh.
According to a statement from the CBN on Monday, “Governor Cardoso reported that the country’s foreign reserves had exceeded $40 billion, marking the highest level in nearly three years.”
Cardoso attributed the rise in foreign reserves to key reforms introduced by the apex bank.
These include the adoption of an electronic matching system to enhance transparency in the foreign exchange market and the introduction of a foreign exchange code of ethics.
The code, which all Nigerian banks have signed, aims to ensure strict adherence to market rules, thereby fostering confidence among investors and market participants.
He also highlighted the adoption of an electronic matching system to improve transparency in the market and the introduction of a foreign exchange code of ethics, which all Nigerian banks signed to ensure adherence to market rules. As a result of these measures”, the statement said
At the conference, which was organized by the Saudi Ministry of Finance and the International Monetary Fund (IMF) Regional Office, Cardoso advocated for stronger economic ties between Nigeria and the Middle East.
He noted that Nigeria could learn valuable lessons from Saudi Arabia’s approach to infrastructural development, economic diversification, and tourism investment.
As part of efforts to boost Nigeria’s economic position, the CBN Governor reaffirmed his commitment to working closely with the Nigerian diaspora community in the Middle East.
He stressed that increased remittance flows from Nigerians abroad would play a crucial role in strengthening the country’s financial sector.
According to Cardoso, “the CBN will continue implementing policies that enhance macroeconomic stability, promote private sector growth, and create high-quality jobs.”
He also noted Saudi Arabia’s economic transformation efforts, particularly its investments in environmental sustainability and large-scale economic projects, as areas from which Nigeria could draw inspiration.
In response, Mr. Talal Al-Humond assured Cardoso that the Saudi Arabian Central Bank was open to collaboration with the CBN to achieve mutually beneficial economic objectives.
Business
FG Launches Energise Commercialisation Now (ECoN) To Boost Industrial Productivity
The Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu-Udeh, described ECoN as a national framework designed to bridge the gap between research and the marketplace.
• Kano ECoN launch by First Lady, Senator Oluremi Tinubu, Thursday 23,2026.
The federal government has launched the Energise Commercialisation Now (ECoN) an initiative of the Ministry of Innovation, Science and Technology.
Nigeria’s First Lady, Senator Oluremi Tinubu, launched the programme in Kano, yesterday, and calling for a shift from ideas to industrial productivity.
The First Lady said that Nigeria must move beyond generating ideas to building industries that create jobs and drive economic growth.
She noted that although innovative concepts continue to emerge from universities, technology hubs and young entrepreneurs, many do not translate into real-world solutions.
“This initiative represents a decisive effort to close that gap by creating an environment where ideas can grow, attract support and scale into real solutions,” she said.
The Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu-Udeh, described ECoN as a national framework designed to bridge the gap between research and the marketplace.
He said that the initiative aims to transform research outputs into revenue-generating ventures while promoting inclusive economic growth.
Business
Government Can’t Run Business Effectively – Dele Oye
We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them
Barr Dele Oye, the former president of NACCIMA, at the Vanguard Economic Discourse 2026 edition in Lagos on Wednesday, advised the federal government to limit its role to policy support and facilitation rather than involvement in commercial business activities.
Oye, now the Chairman of Alliance for Economic Research and Ethics (AERE) , cited past failures such as the Ajaokuta Steel Company and refineries rehabilitation projects.
He said: ” We all know the failed history of government being involved in business. Ajaokuta… they have blown $8 billion and have not produced one steel; they blew $3 billion on refineries rehabilitation… and nothing happened. We are not having any fuel from them.”
Oye maintained that government lacks the capacity to run businesses effectively.
” You have no track record in running any business… you cannot be government and also be private sector,” he said.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
FG Launches Energise Commercialisation Now (ECoN) To Boost Industrial Productivity
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Ex-Gov. El-Rufai Faces 5-count Amended Charge – DSS (Video)
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