It added that imports stood at N14.4 trillion, indicating trade surplus of N12.59 trillion, while  Non-oil exports rose to N14.1 trillion, crude oil N12.9 trillion and non-oil N3.72 trillion.

“The merchandise trade balance remained positive at ₦12,596.86 billion in Q2 2026, representing a 101.32% increase compared with the value recorded in the corresponding quarter of 2025”

In the quarter under review, exports accounted for 65.20% of total trade valued at ₦27,020.88 billion,” NBS said.

“This represents an 18.77% increase from the ₦22,750.74 billion recorded in the corresponding quarter of 2025 and a 27.64% increase from ₦21,169.27 billion value recorded in Q1 2026.”

Crude oil stood at tQ2 2026, valued at N12.91 trillion and accounting for 47.79 percent of total exports.

NBS noted that non-crude oil exports rose to N14.10 trillion, accounting for 52.21 percent of total exports, while non-oil products contributed 13.80 percent or N3.72 trillion.

Nigeria’s import accounted for 34.80 percent of total trade, with a value of N14.42 trillion in Q2 2026.

The figure represents a 12.55 percent decrease compared to N16.49 trillion recorded in Q2 2025, and a 5.91 percent increase from N13.61 trillion recorded in Q1 2026.

The post Nigeria’s Q2 2026 Merchandise Trade Hits ₦41.44 Trillion appeared first on Business Today NG.

A statement signed byBayo Onanuga, Special Adviser to the President (Information & Strategy, noted  that in a swift reaction to recent statements from Atiku  and his media aides, the administration accused him of engaging in policy somersaults and political opportunism rather than offering a coherent economic strategy for the nation.

The criticism follows three contradictory stances issued by Atiku’s camp within a single week, ranging from a complete restoration and gradual phasing out of the subsidy to tying its removal strictly to local refining capacity. Demanding full transparency, the Federal Government challenged the former Vice-President to provide a realistic, costed framework explaining how his proposed “targeted subsidy” would be funded, who would benefit, and how it would avoid plunging the country back into severe fiscal distress.

The statement added that the latest comments by former Vice-President Atiku on petrol subsidy raise a fundamental question: is he seriously proposing an economic policy, or is he simply playing politics with the temporary discomfort Nigerians face?

The statement added that “Within a week, Nigerians have heard three different explanations of what an Atiku administration would do about petrol subsidy. The confusion has now become impossible to ignore.

First, Atiku’s spokesperson, Paul Ibe, said Atiku would restore petrol subsidy if elected president and later phase it out. Ibe described it as a temporary intervention intended to give Nigerians and businesses room to recover.

“Then came a clarification from another senior aide, Phrank Shaibu, who said Ibe’s statement was an “unauthorised and misleading characterisation” of Atiku’s position. According to Shaibu, Atiku would not set a predetermined date for ending the subsidy. Instead, it would remain until domestic refining expands, supply stabilises, competition deepens, and the market can deliver affordable prices without government support.

But just hours later, Atiku himself intervened and effectively overruled that clarification. He insisted that his position “has not changed” and that he would restore what he called a “targeted subsidy” if elected president. He also said, “I will restore targeted subsidy and put purchasing power back in the hands of Nigerians.”

This is not merely a matter of semantics. It is a serious policy contradiction.

If Atiku’s position has not changed, why did one of his principal aides say the subsidy would be temporary and phased out? Why did another senior aide have to publicly disown that explanation and introduce a completely different framework based on market conditions? And why did Atiku then step in to reaffirm the original position?

Nigerians deserve clarity, not policy by trial and error.

More fundamentally, Atiku’s argument appears to misunderstand the dynamics of the petroleum market. Petrol does not become cheap simply because government orders a subsidy or because competition is expected to emerge. Several factors, including international crude oil prices, exchange rates, refining costs, transportation, distribution, and other market costs, influence pump prices.

Competition can improve efficiency and margins, but it cannot magically insulate Nigeria from global crude oil prices or other input costs.

There is also a troubling oversimplification in Atiku’s argument that “when fuel rises, transport rises. When transport rises, food rises. When food rises, families suffer.” Of course, energy and transportation costs affect food prices. But petrol prices alone have never caused food inflation. Nigerians experienced rising food prices even during the years when petrol subsidy was in place.

Agricultural productivity, insecurity, exchange rates, logistics, storage, flooding, input costs, money supply and supply constraints also matter. A serious economic programme must address these factors, as President Bola Ahmed Tinubu has been doing for the past three years, rather than reduce the entire cost-of-living crisis to petrol prices.

We therefore urge Atiku to stop shifting positions and explain precisely what he means by “targeted subsidy”: how much will it cost, who will benefit, how will beneficiaries be identified, how will it be funded, and what objective economic conditions will determine its eventual termination?

Nigerians cannot afford another opaque and potentially costly subsidy regime dressed up in new language.

The former vice-president should be honest with Nigerians: either he has a coherent, costed, and workable petroleum policy, or he is simply playing politics with a policy that has significantly restored fiscal health to the three tiers of government and stabilised the macroeconomic environment.

The economy is too serious for policy somersaults, incoherence, destructive populism and election gimmicks.

Atiku says his subsidy will follow the barrel of crude. Is he aware that refined petrol only constitutes 45 per cent of the by-products of a refined barrel of crude? A barrel yields other products, such as aviation fuel, kerosene, and diesel, which were deregulated many years ago.

Diesel, which the Obasanjo-Atiku administration deregulated in 2004, accounts for roughly 25% of the barrel. Jet Fuel and Kerosene make up about 9% of the barrel. Kerosene and jet fuel were deregulated in 2009, and subsidies removed in 2016.

About 10% to 15% of the barrel creates base ingredients for synthetic rubber, nylon, polyester, and plastics used in everyday goods like toothbrushes, cups, and packaging.

Asphalt makes up about 2% to 4% of the barrel. Hydrocarbon Gas Liquids (HGL), like propane and butane, make up about 4%. Lubricants and Waxes constitute about 1% to 2%. Petroleum coke and sulfur form the solid residue left from refining.

Will Atiku subsidise all these by-products of the barrel as well, since kerosene is used by the underprivileged to cook, and many homes and factories use diesel to power generators and delivery trucks? And will he allow the refineries he will supply discounted crude oil to profit from 55 per cent of the by-products, while focusing subsidy only on petrol, his obsession?

The former Vice President is definitely suffering from a lack of basic understanding of his newfound policy prescription.

The post Presidency Slams Atiku Over Unclear Fuel Subsidy Proposal appeared first on Business Today NG.

According to its  latest monthly financial and operations report, cumulative statutory payments to the Federation for the first half of the year have now climbed to ₦6,286 billion, highlighting NNPC Limited’s continued role in driving national revenue.

Average crude oil and condensate production witnessed a slight dip standing at 1.72 million barrels per day (mmbopd), compared to 1.73 million barrels per day in May. The production dip is attributed to operational disruptions, facility integrity issues, and subsurface challenges across several assets.

Natural gas production rose to 7.841 million standard cubic feet per day (mmscf/d) from 7.774 mmscf/d in May, representing a modest 0.86% increase, continuing the company’s upward trajectory in gas production.

The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.

Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94% completion, supporting the target of early gas delivery to Abuja in 2026.

The post NNPC Limited Profits Surge 15.8% to ₦535bn in June as Federal Remittances Hit ₦6.2 Trillion appeared first on Business Today NG.

The event which took place in collaboration with the Capital Market Correspondents Association of Nigeria (CAMCAN), themed “Positioning for the Second Half: Market Outlook, Capital Flows and Investment Opportunities”, brought together capital-market journalists, industry leaders and

researchers to examine the forces behind the market’s strong first-half performance and the opportunities and risks that could shape the remainder of the year.

The NGX All-Share Index delivered a 57 per cent return by the end of July 2026, while total market capitalisation increased by ₦58.9 trillion to ₦158.3 trillion during the first seven months of the year.

Addressing journalists at the session, Aigbovbioise Aig-Imoukhuede, Managing Director, Coronation Asset Management, said the performance should be viewed within the broader structural changes

taking place in Nigeria’s capital market.

He noted that the market’s rally had been driven primarily by domestic capital rather than foreign portfolio flows, pointing to the growing role of domestic institutional and retail investors in supporting market performance.

“The rally we have witnessed is not merely a market event. It reflects a stronger domestic capital base, improving macroeconomic stability and a growing opportunity for long-term investors who position thoughtfully for the second half of the year,” Aig-Imoukhuede said.

He added that the changing composition of market participation was an important indicator of resilience, particularly as domestic investors increasingly provide the capital needed to sustain market activity.

According to the presentation, foreign investors accounted for 12.1 per cent of NGX transaction value as of June 2026, compared with 27.1 per cent a year earlier. While foreign portfolio holdings

increased modestly during the period, domestic participation expanded significantly, with pension funds and other institutional investors playing a greater role following changes to investment thresholds.

Aig-Imoukhuede said the development should not be interpreted as a retreat from international capital, but as evidence of a market developing a stronger domestic foundation.

“Markets become resilient when they are supported by savings rather than speculation,” he said.

The strong headline performance of the equities market also masks significant differences across sectors and companies, making selectivity increasingly important for investors in the second half of

the year.

The post Coronation Asset Management Highlights Stronger Savings Base Behind H2 2026 Market Resilience appeared first on Business Today NG.

According to statement released by Freedom Online Managing Director/Editor-in-Chief, Gabriel Akinadewo, is focusing on how to tackle insecurity during the lecture “because it has become a monster, threatening to consume the nation-state called Nigeria.

The post Sanwo-Olu, Lai Mohammed, Daniel to Headline 7th Freedom Online Lecture appeared first on Business Today NG.

This is why Nigeria must move beyond the old model of corporate philanthropy in education — the one-off donation, ceremonial scholarship or isolated classroom block — and encourage interventions that strengthen the full learning pipeline. The NNPC/Seplat Energy Joint Venture’s education model offers a useful example because it spans teacher development, student competition, school infrastructure, scholarships and entrepreneurship support. Its value lies not only in scale, but in structure: it treats education as a system, not a photo opportunity.

Host Community Impact at a Glance

• 34% of Seplat’s 780 undergraduate scholarships have gone to students from host communities.
• The Seplat JV PEARLs Quiz is open to secondary schools in Delta, Edo and Imo States, with more states to follow.
• Since 2012, PEARLs Quiz has impacted 61,035 teachers and students.
• ₦101 million in prize funding has supported school projects such as libraries, classroom blocks and buses.
• STEP has recorded 1,334 educators trained, including 1,232 secondary-school teachers and 102 Ministry of Education staff.

Too often, companies still approach education through isolated gestures that create goodwill but little systemic change. Nigeria now needs a more disciplined and ambitious full value-chain approach that addresses teachers, students, learning environments, progression pathways and employability as linked parts of one ecosystem.

What distinguishes the Seplat model is that it works across several pressure points at once. Teacher quality is improved through structured capacity building. Student motivation is reinforced through academic competition and recognition. Schools receive infrastructure support. Scholarships widen access to tertiary education, while entrepreneurship training connects learning to economic independence. The logic is simple: if a system is broken at several points, meaningful intervention cannot occur at only one.

The same systems thinking is visible in host communities and host states. PEARLs Quiz rewards academic excellence while leaving behind assets that strengthen schools long after the competition ends. STEP focuses on the teacher as the multiplier: a scholarship may transform one student, but a strong teacher can influence hundreds over time. The undergraduate scholarship allocation also shows a balance between national reach and local responsibility, recognising the special obligation companies have to communities closest to their operations.

The policy lesson is clear. Every serious sector in Nigeria depends on education for its future workforce: energy needs engineers and technicians; healthcare needs skilled professionals; agriculture and manufacturing need technical competence; and the digital economy needs software, design and analytical talent. Poor education today becomes poor productivity tomorrow. Private-sector participation in education should therefore be recognised not as optional benevolence, but as enlightened self-interest and national economic strategy.

For government, the task is to mobilise private-sector capital and execution capacity through intentional partnerships with federal and state education authorities. For companies, the challenge is to move from random acts of generosity to structured interventions that improve learning quality, teacher capability, school infrastructure and access pathways. For the media, the responsibility is to distinguish interventions that genuinely move systems from those that merely generate headlines.

Seplat Energy’s model is worthy of attention because it goes beyond the one-off gesture. It links teachers to students, students to facilities, facilities to opportunity, and opportunity to long-term development. Nigeria does not need just more corporate interventions in education; it needs better-designed ones

The post How Systems-Driven Education Interventions Can Rebuild Nigeria’s Workforce appeared first on Business Today NG.

The Commissioner for Insurance, Olusegun Ayo Omosehin, disclosed this today when the Board and Management of Noor Takaful led by the Chairman of the Company, Amb. Shuaibu Ahmad, visited  the commission.

Speaking during the visit, the Commissioner for Insurance commended the company’s progress and urged greater ambition in expanding market reach, driving product innovation, and raising public awareness.

As Noor Takaful approaches its 10th anniversary, the Commissioner encouraged the leadership to accelerate outreach and customer education, highlighting Takaful’s role in broadening access to protection for underserved communities.

Both institutions expressed optimism about strengthening collaboration to promote trust, innovation, and inclusive insurance for all Nigerians.

The post NAICOM Reaffirms Support for Takaful Growth ahead of Noor Takaful’s 10th Anniversary appeared first on Business Today NG.

According to statement shared by the company, its  top-line growth was primarily driven by heightened capital market activity that boosted transaction fee income, alongside solid contributions from depository services, collateral management, and expanding tech-enabled services.

Following its outstanding performance, the board of Directors approved an  interim dividend of ₦1.00 per ordinary share—marking the first interim payout in the company’s history. The decision Record Financial Performance
CSCS delivered one of the strongest financial performances in its history during the first half of 2026.

Total operating income increased by 92% to ₦18.51 billion, driven primarily by significantly higher transaction fee income as capital market activity strengthened, continued growth in depository services, expanding collateral management revenues and increased contributions from data and technology-enabled services. Investment income also recorded healthy growth as the Company continued to optimise its investment portfolio.

While operating income grew by 92%, operating expenses increased by only 38%, demonstrating the scalability of CSCS’ business model and the benefits of disciplined cost management.

As a result, operating profit increased by 186% to ₦10.11 billion, Profit Before Tax rose by 115% to ₦13.21 billion, while Earnings Per Share increased from 109.1 kobo to 190.1 kobo.

The Company’s operational efficiency also strengthened considerably during the period. The Cost-to-Income Ratio improved from 63.2% in the corresponding period of 2025 to 45.4%, while Operating Profit Margin increased from 36.8% to 54.6%, reflecting strong operating leverage, disciplined cost management and the continued scalability of the Company’s business model.

These results demonstrate not only the benefits of increased market activity, but also the strength of CSCS’ operating model and its ability to translate revenue growth into stronger profitability, enhanced shareholder returns and sustainable long-term value creation.
Chairman’s Statement
Commenting on the Board’s approval, the Chairman of CSCS Plc, Mr. Temi Popoola, said:
“The Board’s decision to declare an interim dividend reflects our collective confidence in the Company’s financial strength, the quality of its earnings and its long-term strategic direction. On behalf of my fellow Directors, I am pleased that this performance has been driven not only by stronger market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of our revenue streams.
As a Board, we remain committed to maintaining an appropriate balance between rewarding shareholders today and continuing to invest in technology, innovation, resilience and new growth opportunities that will strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.”
Managing Director’s Statement
Commenting on the results, the Managing Director/Chief Executive Officer of CSCS Plc, Mr. Shehu Yahaya Shantali, said:
“Our first half performance reflects the strength and resilience of CSCS’ business model, the dedication of our people and the continued confidence of market participants.m

We are particularly encouraged by the strong growth in earnings, the significant improvement in operating efficiency and our ability to translate that performance into enhanced shareholder returns, as demonstrated by our first ever interim dividend.

Looking ahead, we remain focused on strengthening our core market infrastructure, investing in technology and innovation, broadening our revenue streams and enhancing the value we deliver to all stakeholders. We are confident that these priorities position CSCS to sustain its growth trajectory and continue supporting the development of Nigeria’s capital market.”

Financial Highlights (H1 2026)
• Operating Income: ₦18.51 billion (+92%)
• Operating Profit: ₦10.11 billion (+186%)
• Profit Before Tax: ₦13.21 billion (+115%)
• Earnings Per Share: 190.1 kobo (H1 2025: 109.1 kobo)
• Cost-to-Income Ratio: 45.4% (H1 2025: 63.2%)
• Operating Profit Margin: 54.6% (H1 2025: 36.8%)
• Interim Dividend: ₦1.00 per ordinary share (First in CSCS’ history)

The post CSCS Operating Income Jumps 92% to ₦18.51billion appeared first on Business Today NG.

The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this during the 2026 Consultative Forum for States, the Federal Capital Territory (FCT), and Licensed Pension Fund Operators (LPFOs).

She warned that while states technically have the legislative autonomy to pass their own laws, withholding monthly employee pension contributions into state coffers creates a dangerous risk for future retirees.

“You cannot be deducting funds from employees and putting them in a state account.”

“Any other governor can come on board who doesn’t even know what the point of the funds are, and then people’s monies are used for something else. That then results in pension obligations skyrocketing and a broken system in the future.”

She urged state governments to urgently adopt and execute the Contributory Pension Scheme (CPS), warning that delaying pension reforms poses a grave danger to public finances and the future security of public service workers.

While assuring that she will engage the governors and let them see the need to do the right thing by enacting their own laws and commencing their own scheme.

On the review of Pension Reform Act, she said “Right now, it is still at the engagement stage with all the necessary parties, which includes Labour, NECA, House of Representatives and the Senates are doing a whole lot of work. “Certainly , the rates of contribution will go up, but we have to make sure that all stakeholders are carried along before final implementation.’

The post You Cannot Put Pension Deductions in State Accounts—PenCom Boss Warns Governors appeared first on Business Today NG.

The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this today during the 2026 Consultative Forum for States, the Federal Capital Territory (FCT), and Licensed Pension Fund Operators (LPFOs).

This gathering helps the main agency work closely with the commission so everyone handles retirement funds the same way across the country.

Addressing the concerns raised by the state representatives, she said “You know, it’s not something I can tell you. This is what we will do. What I can tell you is that we’ve listened to them. I think that there’s a good point in what they are saying. We would explore ways to create income streams for state pension bureaus, which is what I told them. So we’ll certainly look into it. Might not be in the form in which they are prescribing, but we will do something.”

Expressing strong disappointment over the poor adoption rate across the country, the Director-General stated that she was not satisfied with the current performance of state pension boards, noting that only eight out of 36 states are presently implementing the Contributory Pension Scheme (CPS).

“No, I’m not satisfied. We still have eight states out of 36 states, so I’m not satisfied. I think there has to be more political will. Governors have to prioritize their workers more, their future, the future of the workers when they retire. You know, not just worry about what you need to do today, but what happens to your workers when they retire. I think a whole lot needs to be done. So I am not satisfied at all where we are. We should not be on eight states. All 36 states should be under the contributory membership, She stressed.

She noted that the scheme is not merely another pension model; “it is a governance framework, one that brings structure, discipline, transparency, long-term sustainability to retirement administration, and critically for the states represented in this room, it provides the framework within which every legacy-defined benefit obligation can be managed responsibly while building a pension system that remains financially sustainable for generations to come.

“The question before every state is no longer whether pension reform is necessary. I believe that debate is settled. The question is whether we have the courage and foresight to build a pension system that will be protecting workers 20, 30, 50 years from today-a system that would outlast every single one of us in this room. That is not a technical question, by the way. It is the test of leadership. That is the test of leadership.

Drawing global comparisons, she warned that “Jurisdictions that have delayed pension reform now confront overwhelming liabilities, widening fiscal pressures, and broken promises to the very retirees they swore to protect. Jurisdictions that acted early built resilient systems, systems that protected workers, strengthened public finances, and deepened citizens’ confidence in the government itself.

She added that “Two paths, two destinations, and every Nigerian state now stands at the fork of the road, I would just say more like at the end of the road. Should you go right or do you go left? You need to choose the right path. So let me say this plainly: every state will ultimately be remembered for the pension system it leaves behind.

“The true measure of how a government values its worker is not how it treats them today, whilst they serve. It is whether it honors them after they have served. Pension reform, therefore, is not about balancing today’s books. It’s nothing about today, but it’s about keeping tomorrow’s promise when. our day workers vote. This is why we are gathered here today, and this is why this forum matters a great deal. We are not here just to review process or progress. We are here to accelerate it, to remove obstacles, to agree on solutions, and live with clear commitments that move every state measurably closer to a pension system that is sustainable, inclusive, and leaves no worker behind.

She reassured them that the commission ambition is straightforward: a Nigeria where every worker retires with dignity, every end benefit is paid on time, and no one in any state, in any sector, at any income level is left behind. In pursuit of that ambition. We have delivered practical tools for this journey, or some of some practical tools for this journey.”

The post CPS Adoption: PenCom Moves to Create Income Streams for State Pension Bureaus appeared first on Business Today NG.