The Market Pulse

ACPN raises alarm over pharmacist exodus, says 9,000 left Nigeria in four years

The Association of Community Pharmacists of Nigeria says about 9,000 pharmacists have left Nigeria over four years, raising concerns about the country's healthcare workforce. The report does not identify any listed company or disclose a direct effect on healthcare-sector equities.

Solar Mini-Grid: Buni Hails FG’s Power Drive, Says 13.92MW Will Boost Yobe’s Economy

Yobe State Governor Mai Mala Buni praised the Federal Government’s 13.92MWp interconnected hybrid solar mini-grid projects across five communities, saying improved electricity access could support economic development in the state. The announcement has a broader Nigerian utilities and macroeconomic relevance, although no listed company is directly identified.

FG seeks private investment to tackle climate risks

The federal government has urged greater private-sector investment and stronger partnerships to address Nigeria’s increasing climate risks and strengthen community resilience. The call was made by Environment Minister Balarabe Abbas Lawal at a stakeholders’ engagement on Nigeria’s National Adaptation Plan involving development partners and private-sector representatives.

First corporate bond default in seven years exposes cracks in power sector

Geregu Power Plc, one of Nigeria’s listed electricity generators, has defaulted on a bond payment, marking the first reported corporate bond default in seven years. The development highlights financial pressures and structural challenges within Nigeria’s power sector.

Tax reforms threaten to lock informal businesses out of corporate contracts

New Nigerian tax reforms could restrict informal small businesses from accessing corporate contracts by imposing stricter compliance requirements. The changes may alter supplier relationships, increase administrative obligations and influence the operating environment for companies that rely on informal enterprises across their value chains.

Nigeria spent N3.1trn on domestic debt servicing in Q1 – DMO

The Debt Management Office reported that Nigeria spent N3.14 trillion servicing domestic debt in the first quarter of 2026. The figure highlights the scale of government debt obligations and is relevant to monitoring fiscal conditions and potential market-wide implications.

Nigeria revives decade-old plan to sell stake in state-oil company

Nigeria is reviving a decade-old plan to sell a stake in Nigerian National Petroleum Company Limited and convert the state-owned oil firm into a publicly traded company. The proposal is relevant to investors tracking Nigeria’s oil and gas sector and potential future equity-market activity.

First corporate bond default in seven years exposes cracks in power sector

Geregu Power Plc, a listed Nigerian electricity generator, has defaulted on a bond payment, marking the first corporate bond default in seven years according to BusinessDay. The development highlights financial pressures within the power sector and is relevant to investors tracking the company and listed utilities.

Banks ease overseas spending limits as FX crunch fades

Nigerian banks are raising overseas spending limits on naira debit cards as foreign-exchange pressures ease. GTCO reportedly increased its card limit to $20,000, while other banks are also loosening restrictions on international transactions, highlighting developments relevant to the banking sector and listed bank investors.

@Smiths_AB NGX 30 only rebalances in Jan & July on market cap and 3-month avg liquidity.

Last review was 1 July and Geregu’s size kept it in. Bond default (or low daily volume) doesn’t remove it.

Only 6 banks pay N1.27trn dividends despite huge profits

Six of Nigeria’s biggest listed banks paid a combined N1.27 trillion in dividends for the 2025 financial year, while five other profitable lenders were unable to distribute earnings after failing to meet Central Bank of Nigeria prudential requirements. The report does not identify the banks involved.

Pressure on national grid as vandals destroy 20 towers

At least 20 national grid transmission towers were reportedly vandalized between January and August, disrupting efforts to expand connections and improve electricity reliability. The incident highlights persistent infrastructure and supply challenges affecting Nigeria’s power system and businesses that depend on stable electricity.

EDITORIAL: Purging the 2026 budget of its frivolities and graft bazaar

Premium Times examines the proposed 2026 federal budget, arguing that zero-based budgeting could reduce waste, alleged graft and unnecessary allocations across ministries, departments and agencies. The budget framework is a Nigerian macroeconomic and fiscal-policy issue with potential implications for government spending and the operating environment of companies listed on the NGX.

Federal Govt Spends 44% Of Customs, VAT, CIT Revenue On Domestic Debt Service

The federal government spent N3.14 trillion servicing domestic debt in the first quarter of 2026, equivalent to about 44 per cent of N7.14 trillion collected from Customs duties, VAT and Company Income Tax. The figures highlight increasing pressure on public finances and domestic debt obligations.

NGX Unveils New Equity Pricing Framework, Targets Market Distortions

NGX plans to introduce a revised equity pricing methodology from August 17, 2026, following SEC approval. The framework will establish tiered minimum traded-quantity thresholds intended to address distortions associated with small, non-economic trades and strengthen price discovery across the equities market.

SME Operators Seek Specialised Banks For Better Funding Access

MSME operators are urging the establishment of specialised banks to improve access to funding and address delays under existing intervention schemes. The call comes as Nigeria’s manufacturing sector faces mounting pressure, highlighting broader financing and operating challenges relevant to banking and industrial market participants.

Tap N217trn Capital Market To Fund Infrastructure, SEC Urges FCTA

The Securities and Exchange Commission has urged the Federal Capital Territory Administration to tap Nigeria's N217 trillion capital market to fund infrastructure projects, including rail, housing, water and renewable energy. The proposal highlights potential capital-market participation in public-sector infrastructure financing across several listed-equity-linked sectors.

PRP’s Presidential Candidate Faults High Interest Rates, Rising Debt

PRP presidential candidate Donald Duke called for an overhaul of Nigeria’s financial system, citing high interest rates, rising public debt and government spending priorities as constraints on businesses and economic growth. He advocated broader economic reforms ahead of the 2027 general election.

Nigeria Revenue Service: Economy Out of the Woods After Difficult Adjustments

Nigeria Revenue Service Executive Chairman Zacch Adedeji said the Nigerian economy had emerged from a difficult adjustment period. The assessment provides a broad view of current economic conditions and is relevant to investors monitoring macroeconomic factors that may influence earnings, valuations and activity on the Nigerian Exchange.

Economy in Recovery: Tinubu’s Reforms Propel MTN, Dangote, BUA, Transcorp, Seplat, Others’ H1 Revenues to N14.4trn, N4.99trn Profits

The report highlights combined first-half revenues of N14.4 trillion and profits of N4.99 trillion attributed to major companies including MTN, Dangote, BUA, Transcorp and Seplat. It also cites government claims on tax collections, fuel subsidy costs, exchange rates and economic recovery following recent reforms.