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Sterling Bank May Deliver N83 Billion Profit in 2025, But Stronger Earnings Growth Is Critical to Protect EPS

Sterling Financial Holding Company Plc has recorded remarkable financial progress over the past two years, positioning itself as one of the Nigerian banking sector’s standout performers. After doubling its profit in 2024—achieving a 102% year-on-year increase to N43.675 billion—the institution has carried this momentum solidly into 2025. The bank’s performance over the first nine months of the year has been particularly impressive: profit after tax surged by 127% to N62.297 billion, compared to N27.446 billion in the corresponding period of 2024. With just three quarters completed, Sterling has already generated profit 43% higher than its entire 2024 full-year result.

This performance has set expectations high for the remainder of the year. Ahead of its audited 2025 results, Sterling released a projection targeting an additional N20.696 billion in Q4 profit. If the bank meets this target, full-year profit will close at N82.994 billion—a massive 90% jump compared to 2024. On paper, the numbers look extremely strong. Yet beneath the impressive growth lies a structural challenge that threatens to undermine Sterling’s per-share profitability: dilution.

Although net profit has expanded aggressively, earnings per share (EPS)—the true measure of value delivered to each shareholder—has not kept pace. This disconnect is not the result of weaker performance but rather the consequence of a rapidly expanding share base. Sterling’s outstanding shares climbed from 28.790 billion in the first nine months of 2024 to 51.117 billion in the same period of 2025. This 81% increase is tied to the bank’s efforts to shore up capital in response to the Central Bank of Nigeria’s new minimum capital requirements.

In September 2025, Sterling concluded a major public offer designed to raise N87.067 billion through the issuance of 12.581 billion additional shares at N7.00 each. If fully subscribed, total outstanding shares will climb further to 64.698 billion. Under this expanded structure, a full-year profit of N82.994 billion would yield an EPS of approximately N1.28—essentially the same as the nine-month EPS and slightly below the N1.29 Sterling reported for all of 2024.

This means that even with a near-doubling in profit, earnings per share may stagnate or decline. For shareholders, this presents a critical issue: the profit pool is growing, but it is being divided among a much larger number of shareholders. As a result, Sterling cannot afford to simply meet its Q4 profit target—it must exceed it substantially to preserve EPS and sustain valuation strength.

The implications of this dynamic extend into market pricing. Sterling currently trades at N7.40, with a price-to-earnings ratio of roughly 4.03. This already stands above the sector average of 2.82. If EPS finishes the year at N1.60—representing a 13.5% decline from the trailing twelve-month earnings—the forward P/E could rise to around 4.63. A widening valuation premium, combined with weakening EPS, could make the stock appear expensive relative to its peers. If the market opts to reprice Sterling in line with the industry average, the implied fair value may shrink to around N4.51 per share.

Still, there are reasons for cautious optimism. In Q3 2025, Sterling generated N20.522 billion in profit—beating its own forecast of N18.257 billion by more than 12%. This outperformance suggests that the bank has the capacity to close the EPS gap created by its enlarged share base, provided it can deliver another strong quarter. A robust Q4 result would not only lift full-year EPS above the projected N1.60 but also reinforce investor confidence and support valuation stability.

However, Sterling faces real pressure points. Rising interest expenses—up more than 50% year-on-year—pose a threat to margins. Operating costs are expanding faster than income, a trend made more sensitive by the bank’s enlarged shareholder base. Meanwhile, the Alternative Bank segment is holding larger working-capital assets that must be converted to cash more efficiently to support profitability.

Ultimately, Sterling’s challenge heading into the final quarter of 2025 is not simply to hit N83 billion in profit, but to surpass it meaningfully. Only stronger-than-forecast earnings growth will offset dilution, protect EPS, and preserve long-term shareholder value.

Civil Servants Demand Immediate Payment of Outstanding N35,000 Wage Award Arrears Amid Rising Economic Strain

Federal civil servants across Nigeria are pressing the government to urgently settle three months of unpaid arrears from the N35,000 wage award introduced in 2024 as a temporary relief measure. The allowance, meant to cushion the effects of worsening economic pressures, has become a crucial lifeline for many workers as inflation, fuel costs, and general living expenses continue to surge.

Speaking in Abuja on Sunday during interviews with the News Agency of Nigeria (NAN), several civil servants voiced growing frustration over what they described as an unnecessary and demoralizing delay by the Federal Government. They said the stoppage of payments has deepened concerns about government commitment to worker welfare at a time when salaries are struggling to keep up with economic realities.

Many workers stated that the delay seems to reflect a recurring pattern where government agencies fail to act proactively, only responding when public outcry reaches a breaking point. According to them, the current situation is yet another example of a governance culture that often requires agitation before obligations are honored.

Civil Servants React to the Delayed Payments

One of the public workers, Dr. Uche Anune, criticized the government for what he called a lack of urgency and sensitivity to workers’ daily struggles. “The government should not wait until workers feel agitated before fulfilling its obligations,” he said. “Whenever anything concerns workers’ welfare, there seems to be a tendency to delay until people start protesting. That should not be the case.”

The N35,000 wage award was introduced as a stopgap measure pending the conclusion of negotiations for a new minimum wage. It was intended to be disbursed monthly, but several civil servants noted that after the government acknowledged five months of outstanding arrears earlier in the year, only two months were paid before the process stalled again.

Another worker, Joseph Edeh, said the prolonged delay has cast doubts on the sincerity of the Federal Government. “They paid two months and stopped. Why are we being treated like this? Nobody is happy,” he said. “What they should do now is clear the arrears—pay the remaining three months at once—and move on.”

Others echoed the same sentiment, stressing that the allowance, though small, goes a long way toward covering essential expenses. Miss Franca Ofili explained that many civil servants depend heavily on the N35,000 addition to supplement their salary. “That N35,000 can go a long way. We need the money,” she said. “The government should clear the outstanding arrears at once.”

Economic Hardship Heightens Workers’ Concerns

The delay in payment comes at a time when many Nigerian households are grappling with severe financial strain. Following the removal of fuel subsidy, the depreciation of the naira, and rising energy tariffs, the cost of transportation, food, housing, and basic services has increased sharply. In the absence of an updated national minimum wage, the wage award has effectively become a critical buffer for many families.

Civil servants argue that the government’s delay in paying the arrears is worsening the economic pressure on workers, some of whom already struggle to afford necessities such as school fees, rent, and daily transportation.

Government’s Position on the Outstanding Arrears

Responding to the concerns, the Federal Government insisted it has not abandoned its pledge to fully settle the arrears. According to Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, the remaining three tranches are tied to government revenue inflows. He stated that two batches of payments have already been made, with the last disbursed in August.

“Contrary to insinuations, the Federal Government has not reneged on the payment of the wage award arrears,” Mokwa said. “The government will continue to pay the wage award in installments of N35,000 per month until the outstanding arrears are exhausted.”

However, for many civil servants who have waited months for relief, official assurances are no longer enough. They say what matters now is timely action—not repeated promises. Until the payments resume, workers remain anxious and increasingly vocal about the need for the government to demonstrate consistency, transparency, and respect for its commitments.

MDGIF and Chinese Manufacturers Finalize Landmark Agreement to Roll Out 500 CNG Stations Across Nigeria

Nigeria’s push toward cleaner and cheaper alternative fuels has received a major boost following the conclusion of high-level negotiations between the Midstream and Downstream Gas Infrastructure Fund (MDGIF) and a delegation from China’s Endurance Group, one of Asia’s leading manufacturers of gas mobility infrastructure. The discussions, held in Abuja, resulted in a far-reaching agreement to deploy 500 compressed natural gas (CNG) refuelling stations across the country over the next three years, marking one of the most ambitious clean-energy infrastructure projects ever undertaken in Nigeria’s transportation sector.

Executive Director of the MDGIF, Mr. Oluwole Adama, briefed journalists shortly after the meeting, noting that the talks centered on establishing a strong, government-backed Special Purpose Vehicle (SPV) that will drive nationwide CNG infrastructure development at scale. He described the engagement with the Endurance Group as a major milestone in the execution of the Federal Government’s energy transition and clean mobility agenda.

According to Adama, the newly formed SPV—named the Compressed Natural Gas Auto Mobility Infrastructure Company (CAM InfraCo)—will serve as the central implementation body responsible for planning, constructing, and managing the 500 CNG stations. Beyond refuelling stations, CAM InfraCo will also oversee the development of liquefied-to-compressed natural gas (LCNG) supply infrastructure and coordinate the deployment of CNG and LNG transportation trucks equipped with truck-mounted cascades. This will create a “virtual pipeline” capable of delivering natural gas fuel to all 36 states and the Federal Capital Territory, including regions without existing gas pipeline networks.

Adama highlighted that the collaboration reflects the commitment of both parties to accelerate Nigeria’s shift away from costly and carbon-intensive fuels such as petrol and diesel. “The collaboration underscores the parties’ commitment to accelerating Nigeria’s transition to cleaner fuels by addressing infrastructure gaps across the country’s CNG value chain,” he said.

A Transformational Deal for Nigeria’s Clean Energy Ecosystem

The agreement marks a turning point in Nigeria’s journey toward building a fully functional and commercially viable CNG ecosystem. For years, inadequate refuelling infrastructure has been the biggest barrier to widespread CNG adoption, despite the country’s abundant gas reserves and government-led campaigns promoting gas as the primary transition fuel. The plan to roll out 500 stations nationwide over just three years represents a scale and speed unmatched by earlier initiatives, which were often stalled by fragmentation, funding bottlenecks, and limited private-sector involvement.

By establishing CAM InfraCo as a dedicated implementation company, the Federal Government is signaling a shift from small, scattered CNG projects toward a cohesive, centrally coordinated national rollout. The involvement of the Endurance Group provides the technical expertise, manufacturing capacity, and equipment supply needed to execute such a large undertaking, while the MDGIF ensures financial backing, regulatory alignment, and long-term policy stability.

The deployment of integrated CNG and LCNG stations, together with virtual pipeline trucks, means that no part of the country will be left behind. Regions lacking traditional pipeline infrastructure—especially in the north and underserved rural areas—will still be able to access affordable natural gas fuel delivered by mobile cascades. This approach is designed to encourage mass adoption among commercial fleets, transport unions, logistics companies, and private vehicle owners.

Economic and Social Impact

The implications of the partnership extend far beyond environmental benefits. CNG is significantly cheaper than petrol and diesel, meaning the availability of 500 refuelling stations could reduce transportation costs nationwide, stabilizing prices of goods and services. The initiative is also expected to stimulate job creation across engineering, construction, logistics, and maintenance segments of the economy.

Moreover, ramping up CNG availability supports the broader goals of the Presidential CNG Initiative (PCNGI), which has struggled to achieve traction due to limited refuelling points. With this agreement, Nigeria now has a realistic pathway to scaling clean mobility technologies and reducing dependence on imported, price-volatile petroleum products.

MDGIF’s role is particularly significant. Just last week, the Federal Government announced that the Fund had committed over N287 billion to gas infrastructure expansion nationwide. This investment aligns with the objectives of the Petroleum Industry Act (PIA), which mandates deeper gas penetration, improved energy security, and strengthened industrial capacity.

With the formalization of this new partnership, Nigeria appears poised to make monumental progress toward a cleaner, more economically resilient, and gas-powered transportation future.

Tantalizers Signs Five-Year Multimillion-Dollar Seafood Export Agreement with US-Based Harvester Fisheries

Tantalizers Plc has taken a bold step into the global seafood market with the announcement of a new five-year export agreement involving its subsidiary, Tantalizers Fisheries Limited, and Harvester Fisheries LLC, a major seafood importer headquartered in Massachusetts, United States. The deal, described by the company as a multimillion-dollar contract, represents one of the most significant international partnerships yet for the Nigerian food services company, traditionally known for its quick-service restaurant chain.

The agreement, disclosed through a regulatory filing with the Nigerian Exchange and signed by Company Secretary Olamide Babawale-Mo, outlines a long-term offtake arrangement under which Tantalizers Fisheries will supply minimum annual quantities of wild-caught tiger prawns and pure shrimps to the US-based buyer. The arrangement will run for five years, providing revenue visibility and establishing a firm foothold for the company in North America’s premium seafood distribution network.

Harvester Fisheries LLC, which operates out of New Bedford, Massachusetts—one of the most active and reputable fishing ports in the United States—specializes in distributing high-grade seafood to supermarkets, restaurant chains, specialty stores, and institutional customers across North America. The US company is known for its strict sourcing standards, suggesting that Tantalizers Fisheries has met the stringent quality, safety, and sustainability requirements needed to enter the US market.

Tantalizers Plc’s Group Managing Director, Robert Speijer, emphasized the strategic importance of the partnership, noting that it enhances the company’s global supply chain and positions Nigeria as a dependable origin for high-quality seafood. “Our partnership with Harvester Fisheries strengthens our global supply chain and positions Nigeria as a credible source of high-quality seafood for the North American market,” he said.

A Growing Export-Focused Operation

Tantalizers Fisheries Limited operates within a designated Free Trade Zone in Nigeria, allowing the company to focus exclusively on export activities while benefiting from duty exemptions, faster processing, and other incentives that support international trade. The subsidiary is involved in the harvesting, trawling, processing, and exportation of wild-caught shrimp and prawns, adhering to global food safety and traceability standards. This specialized operational structure has helped position the company as a competitive player in the expanding global seafood market.

The signing of this long-term agreement coincides with Tantalizers’ improving financial performance. After a challenging 2024, where the company ended the year with a pretax loss of N259.5 million, the first nine months of 2025 saw a dramatic turnaround. Tantalizers reported a pretax profit of N41.1 million during the nine-month period, reflecting improved revenue quality, cost reductions, and overall operational discipline.

Revenue and Financial Performance

Total revenue for the nine months reached N2.05 billion—slightly below the N2.9 billion recorded in December 2024, but more stable and supported by better margins. Franchise-operated outlets contributed the largest share of sales at N1.1 billion, while company-owned outlets generated N945.2 million.

Net revenue closed at N913.2 million. Despite lower gross profit of N310.4 million compared to the N425.1 million posted in 2024, cost of sales declined significantly by 22%, contributing to healthier margins.

Improved Efficiency and Cost Management

A key driver of the company’s financial rebound was improved operational efficiency. Other income rose 29% to N159 million, supported largely by franchise income of N81.5 million and rental income of N74.1 million.

The company made notable progress in expense management:

Distribution expenses reversed a previous loss of N3.1 million to a positive N10.3 million.
Administrative expenses fell sharply to N539.9 million, down from N825.8 million.
Write-back entries totaling N59.8 million provided additional support to the bottom line.

As a result of these improvements, Tantalizers reduced its operating loss to just N189,152—a major improvement from the N189.9 million loss recorded at the end of 2024. Financial costs also shifted favorably: a net finance cost of N69.6 million last year converted into a gain of N41.3 million during the period under review, further strengthening the company’s profitability metrics.

A Strategic Pivot Toward Export Markets

The new seafood export agreement signals a deepening of Tantalizers’ long-term diversification strategy. By leveraging its fisheries subsidiary within the Free Trade Zone, the company is positioning itself not only as a domestic food services operator but also as an emerging player in Nigeria’s non-oil export sector. With a guaranteed buyer in the United States for the next five years, Tantalizers appears set to scale its export operations, earn steady foreign exchange, and further solidify its financial recovery.

IHS Holding Generates $268 Million from Nigeria in Three Months, Boosted by Tariff Adjustments and a Strengthening Naira

IHS Holding has reported another strong quarter, with its Nigerian operations delivering a substantial $268 million in revenue between July and September 2025. The figure, disclosed in the company’s Q3 2025 earnings report and investor briefing, underscores Nigeria’s position as the firm’s most valuable market. During the period, Nigeria accounted for nearly 59% of IHS Holding’s total group revenue of $455.1 million.

The company attributed the robust performance to a combination of factors, including higher carrier tariffs approved earlier in the year, continued demand for infrastructure from major mobile operators such as MTN Nigeria and Airtel Africa, and a more stable macroeconomic environment that resulted in a stronger naira. These elements collectively offset certain operational pressures, including site churn associated with MTN Nigeria’s ongoing lease adjustments.

According to the report, revenue from the Nigerian segment rose 11% year-on-year, outpacing the group’s overall 8.3% year-on-year (YoY) growth rate. The quarter also saw notable activity within IHS’s Nigerian portfolio, with the company executing more than 1,700 lease amendments and securing over 220 new colocations. These expansions and upgrades contributed meaningfully to organic revenue growth in the country, which stood at 5% despite the drag from MTN-related churn.

The churn—primarily driven by MTN vacating 510 tenant sites and modifying terms on 980 leases—resulted in an estimated $8 million revenue impact. Still, IHS management emphasized that the issue was temporary and tied to the renegotiation and renewal of long-term master lease agreements, which have now been extended for an additional 8 to 9 years. CEO Sam Darwish described the reset as a strategic move that strengthens long-term visibility for both parties.

From a profitability standpoint, Nigeria delivered $170 million in segment-adjusted EBITDA for the quarter, representing a 7% increase from the prior year. However, EBITDA margin compressed by 230 basis points to 63.3%. The company linked the margin decline to higher electricity and diesel costs, inflation-related adjustments, and additional expenses following revised agreements with telecom operator 9mobile. Despite these cost pressures, management reaffirmed its confidence in the Nigerian market, highlighting the country’s improving economic fundamentals and stable regulatory landscape.

Macroeconomic data during the period supported the company’s optimism. The naira appreciated notably, averaging N1,523 per dollar across the quarter and currently trending around N1,440 per dollar. Inflation declined to 18%, marking its lowest point in more than three years, while GDP growth showed resilience on both quarterly and yearly comparisons. The Central Bank of Nigeria further bolstered sentiment by cutting interest rates by 50 basis points to 27%, signaling that earlier tightening measures had begun to yield positive results.

Darwish applauded the broader economic turnaround, stating that “Nigeria is firing on all cylinders,” and credited ongoing government reforms aimed at boosting foreign reserves, enhancing currency stability, and reducing bureaucratic hurdles. These improvements, he said, have strengthened investor confidence and created a more supportive backdrop for infrastructure operators like IHS.

Telecom operators—the backbone of IHS’s revenue base—also delivered strong quarterly results. MTN Nigeria posted a 63% revenue surge and reported an EBITDA margin of 53%, while Airtel Nigeria achieved a 56% revenue increase and a 57% EBITDA margin. The performance of both companies was aided by a 50% hike in carrier tariffs, which not only improved their financials but also fueled greater demand for infrastructure services such as tower leasing and network densification.

At the group level, IHS Holding beat market expectations with earnings per share of $0.44, far surpassing the projected $0.11. The earnings surprise triggered a 13.37% rise in pre-market trading, lifting the stock to $7.63. The group recorded adjusted EBITDA of $261 million and delivered an impressive 81% YoY increase in adjusted levered free cash flow, which rose to $158 million.

Looking ahead, IHS Holding reiterated its commitment to expanding and modernizing its Nigerian asset base. After resolving previous regulatory and shareholder-related tensions with MTN Nigeria, the company appears to be operating with greater clarity and alignment. With renewed long-term agreements, improving macroeconomic conditions, and a stable policy environment, Nigeria remains a central pillar of IHS’s long-term growth strategy.

Ellah Lakes Plc Launches N235 Billion Equity Raise to Accelerate Expansion, Strengthen Agro-Industrial Capacity

Ellah Lakes Plc, one of Nigeria’s fastest-growing integrated agro-industrial companies, has announced the launch of a landmark N235 billion equity raise aimed at accelerating its next phase of growth, deepening operational capacity, and positioning the company as a dominant force across the agricultural value chain. The capital raise was formally unveiled during a comprehensive “Facts Behind the Offer” presentation at the Nigerian Exchange Limited (NGX), marking one of the largest equity subscription initiatives in Nigeria’s agribusiness sector.

The company is offering 18.8 billion ordinary shares of 50 kobo each at N12.50 per share, with the application list opening on Monday, November 10, 2025, and scheduled to close on Friday, December 5, 2025. Rand Merchant Bank (RMB) has been appointed as Lead Issuing House for the transaction, underscoring the scale and strategic significance of the offer.

Capital Raise Designed for Strategic Expansion

According to Ellah Lakes Plc, the N235 billion capital pool will be deployed primarily towards funding key acquisitions and upgrading the company’s processing assets. A substantial portion of the proceeds will support the integration of Agro-Allied Resources & Processing Nigeria Limited (ARPN)—a newly acquired asset expected to significantly strengthen the company’s long-term revenue profile and processing efficiency.

Chief Executive Officer, Mr. Chuka Mordi, described the equity raise as a pivotal moment that will unlock the next chapter of the company’s growth trajectory. He emphasized that the offer price reflects the intrinsic value of Ellah Lakes’ extensive landbank, diversified crop portfolio, and growing processing capacity.

“This Offer for Subscription is not just about raising capital; it is about unlocking the next chapter of Ellah Lakes’ growth story,” Mordi said. “With over 30,000 hectares of resilient and diversified assets, this equity expansion will transition the company from foundational consolidation to full-scale market expansion. Our objective is sustainable profitability, measurable returns on investment, and meaningful contributions to Nigeria’s food security and rural prosperity agenda.”

Deployment Plan: Integration and Operational Upgrade

Deputy Managing Director, Paul Farrer, highlighted that the funds would be channeled into investments that immediately strengthen operational efficiency. This includes the modernization of crude palm oil (CPO) mills, expansion of cassava processing plants, and deployment of mechanization assets across multiple farming locations.

“Every naira has a defined purpose,” Farrer said. “The equity will enable seamless integration of ARPN assets and unlock a step-change in our production capabilities. Our strategy is to maximize value extraction per hectare and deliver strong, stable revenue lines for shareholders.”

NGX Endorses Ellah Lakes’ Expansion Vision

At the NGX presentation, Chief Executive Officer of the Exchange, Mr. Jude Chiemeka, commended the company for leveraging the capital market as a platform for sustainable growth.

“The launch of this N235 billion equity raise underscores the depth and resilience of Nigeria’s capital market,” Chiemeka said. “We are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes using the market to scale its operations. This offer sends a strong signal of investor confidence and highlights the Exchange’s role in enabling transformative capital formation.”

Chiemeka noted that the planned expansion will stimulate activity across Nigeria’s agricultural value chain, improve agro-processing capacity, and strengthen food security at a critical time for the national economy.

A Unique Ground-Floor Opportunity for Investors

The Offer for Subscription provides investors—both institutional and retail—an opportunity to participate in what is projected to become one of Africa’s most significant agro-industrial expansion stories. With a vertically integrated model spanning crop cultivation, processing, and Livestock operations, Ellah Lakes aims to secure a leadership position in West Africa’s rapidly evolving agricultural landscape.

About Ellah Lakes Plc

Founded in 1980 as a fish farming enterprise, Ellah Lakes has undergone a transformational journey. Following the acquisition of Telluria Limited in 2019, the company repositioned itself as a vertically integrated agribusiness focused on high-demand crops such as oil palm and cassava. Its operations now span multiple value chains, including processing, Livestock, and sustainable agriculture.

Headquartered in Benin City, Edo State, the company manages expansive farmlands across multiple regions and remains committed to driving agricultural innovation, facilitating rural economic development, and strengthening Nigeria’s food security framework.

With the N235 billion equity raise, Ellah Lakes Plc is charting an ambitious course toward becoming West Africa’s leading indigenous agribusiness, built on scale, sustainability, and long-term value creation.

FG Targets N160 Billion Output From 80,000 Farmers Under 2025/2026 Wheat Expansion Programme

The Federal Government has officially launched the 2025/2026 dry-season wheat farming programme under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP), setting an ambitious production target valued at approximately N160 billion. The initiative aims to support and empower 80,000 registered wheat farmers across the country, marking one of Nigeria’s largest coordinated efforts to boost domestic wheat production and reduce reliance on imports.

The programme was formally flagged off on Saturday in Borno State by Governor Babagana Umara Zulum at the Jere Bowl in Dusuman, Jere Local Government Area. Borno, known for its vast irrigation potential and expanding agricultural footprint, serves as a strategic host for the launch, reflecting its growing prominence in Nigeria’s crop production landscape.

40,000 Hectares Allocated Nationwide

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, who spoke at the launch, explained that the government has earmarked 40,000 hectares for wheat cultivation during the dry season. Of this, 3,000 hectares—representing support for 6,000 farmers—have been allocated to Borno State alone.

Kyari noted that the scheme will be implemented across 16 wheat-producing states, including Adamawa, Bauchi, Cross River, Gombe, Kaduna, Kano, Kebbi, Niger, Plateau, Sokoto, Taraba, Yobe, and Zamfara. These states were selected based on their comparative advantages in irrigation infrastructure, farmer capacity, and historical crop performance.

“For the 2025/2026 season, we are targeting 80,000 registered farmers with an expected output value of approximately N160 billion,” Kyari stated. He added that the programme will later expand to support other high-value crops, in line with the Federal Government’s broader agricultural transformation and food security strategy.

Zulum: Wheat Programme is Transformative for Borno

Governor Zulum praised the programme’s design, calling it a significant step toward transforming Borno’s agricultural economy. He highlighted that, in recent years, the state has made notable progress in irrigation development, mechanisation, and farmer support—all of which position Borno to contribute substantially to Nigeria’s wheat output.

“Here in Borno State, wheat cultivation is not just a programme; it is a transformative initiative,” Zulum said. “With targeted investments in irrigation systems, quality inputs, mechanised tools, and strong extension services, we are empowering our farmers to boost yields, expand productivity, and contribute to national food supply.”

Zulum also expressed appreciation to President Bola Ahmed Tinubu for prioritizing agricultural development under the Renewed Hope Agenda. According to him, the President’s commitment to food security has created an enabling environment for progressive initiatives such as the NAGS-AP wheat programme.

Inputs to Boost Productivity

Farmers participating in the programme will benefit from a full package of subsidised inputs, including high-yield wheat seedlings, blended fertilisers, pesticides, tractors, and other mechanised implements. These are intended to help farmers maximise yields during the dry season and reduce Nigeria’s heavy dependence on imported wheat—a major driver of food inflation.

Kyari said the programme aligns with the Federal Government’s broader aim of revitalising the agricultural sector through innovative, data-driven, and technology-supported interventions.

Broader Agricultural Investment Strategy

The wheat programme also complements Nigeria’s larger agricultural investment commitments. In September, Senator Kyari announced the Federal Government’s partnership with the Food and Agriculture Organization (FAO) under the $3.14 billion Hand-in-Hand Initiative, a transformative plan designed to overhaul key agricultural value chains.

The initiative focuses on developing five priority value chains—tomato, cassava, maize, dairy, and fisheries—while targeting poverty reduction, improved nutrition, and food sovereignty. It also aligns with the Sustainable Development Goals (SDGs) and the African Union’s Comprehensive Africa Agriculture Development Programme (CAADP).

A Step Toward Food Security and Import Substitution

Nigeria currently imports over $2 billion worth of wheat annually, making wheat one of the country’s most expensive and strategic food commodities. By boosting local wheat production, the Federal Government aims to reduce this burden, strengthen food security, and stabilise prices of wheat-based food products such as bread, pasta, and noodles.

The launch of the 2025/2026 wheat programme signals a renewed commitment to large-scale agricultural development, farmer empowerment, and long-term economic resilience.

With 80,000 farmers supported, 40,000 hectares under cultivation, and an output projection of N160 billion, the Federal Government believes the initiative will not only transform rural livelihoods but also reinforce Nigeria’s march toward self-sufficiency in key staple crops.

FIRS Chairman Calls for Project Selection Based on Economic Returns to Strengthen Nigeria’s Revenue Base

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has emphasized that Nigeria must urgently shift to selecting public infrastructure projects—such as roads, ports, and power investments—based strictly on their potential economic returns if the country intends to overcome its persistent revenue constraints. Adedeji made this assertion on Friday while delivering a keynote lecture at the University of Ilesa’s Founders’ Day celebration, where he outlined strategic measures needed to reposition Nigeria’s revenue system for long-term fiscal sustainability.

According to him, Nigeria’s existing project selection culture, which often prioritizes political considerations over economic impact, is no longer sustainable. With dwindling government revenues and rising obligations, he argued that public infrastructure projects must now pass a more rigorous economic justification process, ensuring they can attract private-sector participation, expand productive capacity, stimulate trade, and ultimately generate measurable returns to the treasury.

Four Strategic Actions to Reverse Revenue Decline

Adedeji explained that adopting an economic-returns-driven approach to project selection is only one of four key policy steps that Nigeria must embrace if it hopes to reverse its downward revenue trajectory. The first and most critical measure, he said, is a deliberate and aggressive Domestic Revenue Mobilization (DRM) effort. This includes both broadening the tax net and deepening the government’s ability to collect taxes fairly, efficiently, and sustainably.

While Nigeria’s tax system has historically leaned heavily on a relatively small number of large formal-sector businesses, Adedeji stressed that such a concentration is inadequate and unfair. He noted that enormous revenue opportunities remain untapped in the informal sector, digital economy, and among high-net-worth individuals—groups that continue to operate outside the tax net despite their growing economic footprint.

Leveraging Technology to Close Compliance Gaps

The FIRS Chairman highlighted the progress already being made through technology-driven tax administration. Platforms such as TaxPro Max, e-TCC, and new tax intelligence systems have significantly improved compliance monitoring, taxpayer verification, and digital filing. These tools, he said, are closing long-standing loopholes and ensuring that tax obligations are tracked with greater precision and transparency.

By modernizing tax administration, the FIRS intends to make compliance simpler for honest taxpayers while increasing pressure on individuals and businesses who have historically evaded their obligations.

Strengthening Fiscal Discipline and Budget Credibility

Another major focus of Adedeji’s lecture was the need for Nigeria to improve its budget credibility. He cautioned that budgeting must be anchored in realism—meaning that government spending plans must be backed by verifiable revenue expectations, rather than optimistic projections that quickly collapse during implementation.

He also called for enhanced adherence to fiscal rules such as debt ceilings, savings benchmarks, and medium-term expenditure frameworks. Transparent procurement processes, he added, are essential for eliminating waste and strengthening public accountability.

Infrastructure and Diversification Must Be Data-Driven

Adedeji reiterated that infrastructure development remains central to Nigeria’s economic transformation, but he emphasized that such investments must now be strategic and data-driven. Roads, ports, energy facilities, and other capital projects should be selected for their ability to unlock economic opportunities, reduce logistics costs, attract private-sector financing, and improve Nigeria’s competitiveness.

“Infrastructure development should be strategic, data-informed, and private-sector aligned,” he stated, adding that true economic diversification requires “capital, coordination, and courage.”

Importance of Institutional Strengthening

The FIRS Chairman also advocated for greater institutional reforms, including improved inter-agency coordination and enhanced autonomy for key economic institutions such as the FIRS, Nigeria Customs Service, and the Budget Office. Stronger institutions, he argued, are essential for enforcing compliance, enhancing efficiency, and driving consistent fiscal reforms across government.

Revenue Performance Highlights Structural Inequality

Adedeji’s remarks come at a time when Nigeria’s internally generated revenue (IGR) landscape reveals widening disparities between high-performing and low-performing states. According to Nairametrics analysis of 2024 IGR data, the 36 states and the FCT collectively generated N3.63 trillion in 2024—an impressive increase from N2.43 trillion recorded in 2023, representing 49.69% growth.

However, despite this improvement, the bottom 10 states accounted for only 5.23% of total IGR, highlighting deep structural weaknesses and overreliance on federal allocations among many subnational governments. Lagos, Rivers, and the FCT continue to dominate revenue generation, while several states struggle to build resilient domestic revenue systems.

A Call to Action

In his concluding remarks, Adedeji stressed that Nigeria’s path to sustainable development rests on evidence-based planning, disciplined budgeting, improved tax administration, and strategic infrastructure investment. By selecting projects based on their economic impact and further strengthening institutions, Nigeria can unlock new sources of growth and build a more stable, resilient revenue foundation for the future.

Wale Edun Responds to S&P’s New Rating on Nigeria, Reaffirms Government’s Commitment to Strengthening the Economy

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has welcomed the recent decision by S&P Global Ratings to revise Nigeria’s economic outlook from Stable to Positive, describing it as a strong and encouraging validation of the reforms currently being implemented by the administration of President Bola Tinubu.

In a statement released on Saturday, Edun noted that S&P’s upgrade—while maintaining Nigeria’s long- and short-term sovereign credit ratings at B-/B—demonstrates growing international confidence in the direction of Nigeria’s fiscal, monetary, and structural reforms. According to him, the acknowledgment reinforces the government’s resolve to continue pursuing policies designed to restore macroeconomic stability and lay the foundation for long-term, inclusive growth.

“I am delighted to receive the news that S&P Global Ratings has revised Nigeria’s outlook to Positive from Stable while affirming our ‘B-/B’ rating,” Edun said. “This development is yet another clear signal that the difficult but necessary reforms we are undertaking are gaining traction and earning strong recognition from respected global institutions.”

All Major Rating Agencies Now Align

Edun highlighted that S&P’s revised outlook follows earlier upgrades and positive signals from Moody’s and Fitch Ratings earlier in the year. With all three major global credit rating agencies now aligned in their assessment of Nigeria’s reform progress, he said this convergence reflects a strengthening level of confidence in the country’s economic direction.

“This alignment reflects tremendous confidence in the trajectory of our fiscal, monetary, and structural reforms, and in the renewed strength and stability of our economy,” he explained.

Reform Efforts Already Showing Results

The Minister noted that S&P’s decision was driven by Nigeria’s improving macroeconomic indicators—especially stronger growth prospects, rising external buffers, and clearer, more credible monetary policy outcomes. These improvements, he said, indicate that the government’s policy choices are beginning to yield measurable benefits.

“These positive signals reinforce our commitment to staying the course,” Edun stated. “We recognise that more work lies ahead, but we are confident that the foundations being built today will support sustainable and inclusive growth for years to come.”

He praised President Tinubu for what he termed “unwavering leadership and political courage” in driving reforms that previous administrations had avoided. Edun also acknowledged the resilience of Nigerians who are navigating the ongoing economic transition, assuring them that the reforms are designed to create a stronger, more dynamic economy.

“We will continue to implement well-coordinated policies that restore macroeconomic stability, attract investment, and create opportunities for our citizens. The confidence shown by global ratings agencies strengthens our resolve to deliver a prosperous Nigerian economy,” he added.

What S&P Noted in Its Report

In its statement on Friday, S&P Global Ratings revised Nigeria’s outlook to Positive, citing ongoing reform efforts and improving macroeconomic performance. The rating agency also reaffirmed Nigeria’s national scale ratings at ngBBB+/ngA-2.

According to S&P, the positive outlook reflects improving fiscal, monetary, external, and economic outcomes—though the agency also pointed out persistent challenges such as low GDP per capita, high debt-servicing costs, and structural data limitations.

The upgrade follows several major reforms implemented since mid-2023, including:

Exchange-rate liberalisation
Removal of the fuel subsidy
Aggressive revenue-mobilisation measures
Rising crude oil production
Stabilisation efforts in the oil and gas sector
Commissioning of the Dangote Refinery, poised to reshape Nigeria’s energy supply

S&P stated that these coordinated policy moves are placing Nigeria on a more resilient economic path, adding: “We think authorities are taking steps to improve the economy’s growth prospects and macroeconomic resilience.”

What You Should Know

S&P has also raised its average growth projection for Nigeria to 3.7% between 2025 and 2028, up from its previous estimate of 3.2%, supported by increased oil production and stronger private sector confidence.

Other key projections include:

Inflation is expected to gradually ease to 13% by 2028.
Nigeria’s external position has improved, with gross foreign reserves estimated at just under $44 billion as of October 2025.
Removal from the Financial Action Task Force (FATF) grey list and a more stable exchange-rate environment have boosted both diaspora remittances and foreign portfolio inflows.

Overall, the latest S&P rating marks another significant milestone in Nigeria’s reform journey and signals growing international recognition of the country’s economic recovery efforts under the Tinubu administration.

Live BTC to NGN Converter: Monica Cash Offers Real-Time Bitcoin-to-Naira Rates and Instant Payouts

As digital currencies continue to take deeper root in Nigeria’s fast-growing financial ecosystem, the ability to track and convert the live Bitcoin to Naira (BTC/NGN) rate has become critical for millions of everyday users. From freelancers receiving international payments to business owners transacting across borders, more Nigerians now rely on crypto as a practical alternative to traditional banking. Yet, converting Bitcoin to Naira quickly, safely, and at a fair rate remains a major challenge for many.

Monica Cash, a rising fintech platform, has positioned itself as a leading solution in this landscape. The app provides real-time BTC-to-Naira rates, instant conversions, zero-fee transfers to Nigerian bank accounts, and an all-in-one dashboard for users to manage crypto transactions, bill payments, and virtual dollar card purchases.

Why BTC to NGN Rates Change Constantly

The exchange rate between Bitcoin and the Nigerian Naira is highly dynamic, shifting minute-by-minute due to several variables. The price of Bitcoin on the global market is naturally the most influential factor, but local market conditions also play a substantial role. In Nigeria, the BTC/NGN rate is shaped by:

The Naira’s performance in both the official and parallel FX markets
Local demand and liquidity for crypto
Trading volume on Nigerian exchanges
Broader macroeconomic conditions
Global market volatility and investor sentiment

Because these factors change rapidly, relying on outdated rate posts or slow manual updates can lead to poor conversion decisions. Monica Cash resolves this by offering live rates directly inside the app, giving users full visibility of how much they will receive in Naira before they confirm a trade.

Secure Bitcoin-to-Naira Conversions in Nigeria

Security is one of the biggest concerns for Nigerians converting crypto to fiat. Monica Cash addresses this by building its platform around strict compliance and banking-level security measures. These include:

Full KYC verification to ensure user authenticity
Anti–money laundering protocols to prevent fraudulent activity
Bank-grade encryption to secure every transaction

These protections significantly reduce the risks associated with BTC-to-NGN exchanges, especially compared to informal channels, which remain vulnerable to scams, chargebacks, and payment delays.

How Fast Are Conversions on Monica Cash?

Speed is one of the platform’s core advantages. Bitcoin deposits are typically processed quickly, and once a user confirms a conversion, the Naira equivalent can be withdrawn to any of over 30 Nigerian banks within minutes. This near-instant liquidity makes Monica Cash especially attractive to freelancers, remote workers, and businesses needing quick access to cash.

Why Bitcoin Prices Differ Across Nigerian Exchanges

Users often notice that BTC/NGN prices vary across platforms. This is due to differences in supply, demand, trading activity, and liquidity among exchanges. Rather than forcing users to compare multiple sources or rely on social media updates, Monica Cash provides competitive, transparent, live rates, eliminating the uncertainty.

P2P vs Automated Conversions

Peer-to-peer (P2P) trading has long been popular in Nigeria but is often slow and risky. Traders must manually negotiate with strangers, wait for payment confirmations, and remain vigilant for fraud. Monica Cash automates this entire process. Users simply deposit their BTC, view the live rate, convert instantly, and withdraw to their bank—no negotiation required.

Protection From Common Crypto Scams

The rise of digital currency in Nigeria has unfortunately brought increased scam activity. Fake wallets, payment reversals, or fraudulent accounts remain common on informal P2P platforms. Monica Cash mitigates these risks through regulated operations, verified users, secure in-app transactions, and round-the-clock support.

A Multi-Purpose Financial App

Beyond conversions, Monica Cash functions as a comprehensive financial tool. The app allows users to:

Pay bills and utilities
Buy airtime or mobile data
Generate virtual dollar cards for online shopping
Convert crypto to Naira with zero transfer fees

With over N400 billion paid out, more than $350 million in crypto conversions, and a 4.9+ rating across Android and iOS, Monica Cash has positioned itself as a trusted and efficient crypto-to-cash solution in Nigeria.

For Nigerians seeking a seamless, transparent, and secure way to convert Bitcoin to Naira, manage daily payments, or access financial services without delays, Monica Cash offers one of the most robust platforms available. Users can explore the app and view the live BTC to NGN rate instantly by visiting the Monica Cash website.

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