Nigeria

Car ownership in Nigeria is increasingly becoming a luxury as concerns mount over the recently introduced customs levy and declining import volumes. Industry stakeholders say the added financial burden, coupled with rising foreign exchange rates and weakening purchasing power, is making it difficult for average Nigerians to afford new or imported vehicles. The situation has sparked fears of long-term impacts on the automotive sector and mobility across the country.

The Nigerian Exchange (NGX) is on the verge of hitting a historic ₦100 trillion in market capitalization, fueled by strong performances from 35 bullish stocks. The surge reflects growing investor confidence and momentum across key sectors, pushing the market to record-breaking levels.

Federal Government has approved a new set of tax incentives aimed at encouraging manufacturers to source raw materials locally. The policy, designed to boost domestic production and reduce dependence on imports, offers fiscal benefits to industries that utilize homegrown resources in their manufacturing processes.

The National Identity Management Commission (NIMC) has unveiled updated guidelines for Nigerians seeking to modify their data via the National Identification Number (NIN) self-service portal. The new rules are aimed at enhancing the accuracy, security, and ease of access to personal data changes such as name, date of birth, and other critical details. The commission emphasized that users must now provide valid documentation and meet stricter verification requirements to complete any updates through the platform.

The Indigenous People of Biafra (IPOB) has strongly condemned Nigerian security agencies over what it describes as systematic ethnic profiling and harassment of Igbo citizens across the country. In a statement released by its spokesperson, the group accused security operatives of targeting individuals based on their ethnicity under the guise of national security operations. IPOB called for an immediate end to what it termed “discriminatory practices,” warning that such actions could further deepen national divisions.

Human rights activist and publisher of Sahara Reporters, Omoyele Sowore, has reportedly sustained a broken hand while in police custody in Abuja. According to eyewitness accounts, the incident occurred during his detention at the Federal Secretariat Police Station. Following the injury, Sowore was allegedly moved to an undisclosed location without informing his legal team or family. The circumstances surrounding his arrest and subsequent transfer remain unclear, prompting widespread outrage and calls for transparency from the authorities.

Aviation stakeholders are calling on the presidency to take over the supervision of the Nigerian Safety Investigation Bureau (NSIB), citing the need for greater independence and efficiency in the agency’s operations. The experts argue that direct oversight by the presidency would enhance transparency in accident investigations and align with global best practices in aviation safety management.

The Credit Corporation of Nigeria (CREDICORP) has signed a landmark agreement with the National Youth Service Corps (NYSC) to launch a N9 billion financial empowerment initiative for corps members. The scheme aims to provide access to credit and entrepreneurship support, equipping Nigerian youth with tools for self-reliance and economic development.

Egbin Power Plc has pushed back against an attempted takeover by FBNQuest Trustees Limited, challenging the move in an ongoing receivership dispute. The power-generating company argues that the action by FBNQuest lacks legal backing and has initiated steps to contest the takeover, which stems from alleged loan defaults. The dispute adds to the growing tension in Nigeria’s power sector over asset control and debt recovery.

President Bola Tinubu has expressed sorrow over the passing of veteran journalist and former National Concord Managing Director, Dr. Doyin Abiola, describing her as a trailblazer who championed women’s empowerment and left a lasting mark on Nigerian media. In a tribute, Tinubu praised her contributions to journalism, gender equality, and national development, noting that her legacy will continue to inspire future generations.