Archives July 2026

PanAfrican Capital Foundation equips 30 young women with cybersecurity and data skills in fourth Girls Can Code cohort

PanAfrican Capital Foundation (PAC Foundation) has wrapped up the fourth edition of its Girls Can Code (GCC) initiative, a programme aimed at narrowing the gender gap in technology. The latest cohort saw 30 young women complete a 13-week intensive training course focused on Cybersecurity Fundamentals and Data Analysis, delivered in partnership with NexQuantum Academy.

Programme details and outcomes

The 13-week curriculum was designed to equip participants with in-demand digital skills, addressing a persistent imbalance in the tech sector where women remain underrepresented. The foundation reported that 25 of the 30 participants successfully graduated from the programme, marking a completion rate of over 80%.

According to a report from Nairametrics, the initiative is part of PAC Foundation’s broader effort to create pathways for women in technology fields that are traditionally male-dominated. The partnership with NexQuantum Academy provided the training infrastructure and expertise needed to deliver the specialised content.

Why this matters

Bridging the gender gap in technology is not just a matter of equity; it has direct economic implications. A more diverse tech workforce can drive innovation, improve product design, and expand the talent pool available to employers. Programmes like Girls Can Code aim to address the pipeline problem by giving young women the foundational skills and confidence to pursue careers in cybersecurity and data analysis—two of the fastest-growing fields in the global digital economy.

The focus on Cybersecurity Fundamentals and Data Analysis is particularly relevant. As businesses and governments increasingly digitise operations, the demand for professionals who can protect systems and interpret data continues to outpace supply. By training women in these areas, PAC Foundation is helping to meet a critical labour market need while also promoting gender diversity.

Context and industry perspective

The technology sector has long struggled with gender imbalance. According to industry data, women hold only about a quarter of computing-related jobs globally, and the numbers are even lower in cybersecurity. Initiatives like Girls Can Code are part of a growing ecosystem of programmes—from coding bootcamps to university scholarships—designed to change that.

PAC Foundation’s approach, which combines a structured 13-week curriculum with a partner training provider, mirrors successful models used by other non-profits and corporate foundations. The graduation of 25 women from this cohort adds to a growing pool of trained talent that could help shift the demographic makeup of the tech workforce over time.

Looking ahead

With the fourth cohort now complete, the foundation is likely to evaluate the programme’s impact and consider scaling or refining the model for future iterations. The high completion rate suggests strong engagement and effective programme design, though the long-term measure of success will be whether graduates go on to secure roles in tech or pursue further education in the field.

For the 25 graduates, the immediate benefit is a credential and skill set that can open doors in a competitive job market. For the broader ecosystem, each cohort represents a small but meaningful step toward a more inclusive technology industry.

Source: Nairametrics

Lagos State Government Moves to Secure N200 Billion Bond for Critical Infrastructure

The Lagos State Government has formally requested approval from the State House of Assembly to issue a N200 billion bond, a move aimed at funding essential infrastructure projects across Nigeria’s commercial capital. The request, which was submitted to the legislative body, signals the administration’s continued reliance on debt financing to bridge gaps in public works and urban development.

What the Bond Proposal Entails

According to a report from Nairametrics, the bond issuance is designed to raise capital specifically for key infrastructure initiatives. While the exact list of projects to be financed has not been detailed in the available material, the scale of the borrowing—N200 billion—suggests a focus on large-scale undertakings such as road networks, drainage systems, public transportation, or other capital-intensive improvements typical of a rapidly urbanizing state like Lagos.

The request now rests with the Lagos State House of Assembly, which must deliberate and vote on whether to grant the approval. The legislative process will likely involve scrutiny of the proposed terms, repayment plans, and the specific projects the bond is intended to support.

Why This Matters for Lagos Residents

For the estimated 20 million-plus residents of Lagos, infrastructure financing is a daily concern. The state has long struggled with traffic congestion, flooding, and inadequate public amenities, all of which require sustained investment. A bond of this magnitude, if approved, could accelerate work on projects that directly affect quality of life—from better roads and bridges to improved drainage and waste management systems.

However, the move also raises questions about the state’s debt profile. Lagos is already one of Nigeria’s most indebted states, and adding N200 billion in new borrowing will increase the burden on future revenues. The state government will need to demonstrate that the projects funded by the bond will generate sufficient economic returns—either through increased tax revenue, improved productivity, or direct user fees—to service the debt without straining the budget.

Context and Implications

This is not the first time Lagos has turned to the bond market for infrastructure financing. The state has a history of issuing bonds for specific projects, including road construction and environmental remediation. The current request comes at a time when many Nigerian states are grappling with reduced federal allocations and rising inflation, which erodes the purchasing power of borrowed funds.

The outcome of the Assembly’s deliberation will be closely watched by investors, construction firms, and residents alike. If approved, the bond could provide a much-needed injection of capital into the state’s infrastructure pipeline. If delayed or rejected, the government may need to explore alternative funding mechanisms, such as public-private partnerships or direct budget allocations.

Looking Ahead

The Lagos State House of Assembly is expected to review the proposal in the coming weeks. The decision will hinge on factors such as the proposed interest rate, repayment timeline, and the perceived viability of the projects to be financed. For now, the state government has taken the first formal step toward securing the funds, but the final outcome remains uncertain.

Source: Nairametrics

FirstBank secures dual Euromoney honours for corporate banking and customer service in 2026

FirstBank of Nigeria Limited has added two more accolades to its growing list of international recognitions, winning the 2026 Euromoney Awards for Excellence in the categories of Nigeria’s Best Bank for Large Corporates and Nigeria’s Best Bank for Customer Experience. The awards, announced by the London-based financial publication, underscore the bank’s sustained performance in serving both large-scale corporate clients and retail customers.

A third consecutive win in corporate banking

According to the Euromoney announcement, this marks the third year in a row that FirstBank has claimed the title of Nigeria’s Best Bank for Large Corporates. The consistency of the award suggests a durable competitive advantage in the wholesale banking segment, where the bank competes with both domestic and international lenders operating in the country.

Customer experience recognised alongside corporate strength

In addition to the corporate banking award, FirstBank was also named Nigeria’s Best Bank for Customer Experience. This dual recognition is relatively rare in the Nigerian banking sector, as it signals strength across two distinct areas of operation: high-value corporate relationships and the broader retail and commercial customer base. The customer experience award reflects the bank’s investments in service delivery, digital channels, and branch operations that directly affect how everyday clients interact with the institution.

What the awards mean for the banking landscape

Euromoney’s Awards for Excellence are among the most closely watched in global finance, with winners selected through a combination of quantitative data, market feedback, and editorial assessment. For FirstBank, securing both awards in the same year reinforces its position as a dominant player in Nigeria’s financial services industry. The recognition may also influence how international investors and multinational corporations view the bank’s capabilities when selecting banking partners for operations in Nigeria.

Broader context for Nigeria’s banking sector

The awards come at a time when Nigeria’s banking industry is navigating a challenging macroeconomic environment characterised by currency volatility, regulatory changes, and evolving customer expectations. Banks that can maintain high service standards while managing risk and profitability are better positioned to retain both corporate and retail clients. FirstBank’s repeated success in the Euromoney rankings suggests it has managed to balance these competing demands effectively.

While the source material did not provide specific financial figures or detailed commentary from bank executives, the pattern of consecutive wins in the large corporates category points to a sustained institutional capability rather than a one-off achievement. The customer experience award adds a second dimension to the bank’s profile, indicating that its service model resonates with a broader audience beyond the corporate suite.

Source: Nairametrics

Nigeria’s Tax Authority Mandates E-Invoicing for Large Taxpayers by July 2026

Nigeria’s tax administration is moving forward with a significant digital overhaul. The Nigerian Revenue Service (NRS) has issued a directive requiring all large taxpayers to fully integrate the national e-invoicing and Electronic Fiscal System (EFS) by July 31, 2026. This deadline marks a critical step in the government’s broader push to modernize tax compliance and improve revenue collection efficiency.

What the Deadline Means for Businesses

The mandate applies specifically to large taxpayers, a category that typically includes companies with substantial annual turnover or those operating in key sectors of the economy. By setting a firm cutoff date, the NRS is signaling that the transition from paper-based or fragmented invoicing systems to a unified digital platform is no longer optional for these entities. The Electronic Fiscal System is designed to create a real-time, tamper-proof record of transactions, which helps tax authorities verify declared income and reduce opportunities for underreporting.

Why This Matters

For businesses classified as large taxpayers, the July 31, 2026 deadline carries both operational and financial implications. Companies must now assess their current invoicing infrastructure, invest in compatible software or hardware, and train staff to comply with the new system. Failure to meet the deadline could result in penalties or increased scrutiny from the NRS. On a broader scale, the e-invoicing initiative aligns with global trends where tax authorities are leveraging technology to close tax gaps and enhance transparency.

Context and Implementation

The NRS has not yet released detailed technical specifications or a list of approved vendors for the EFS, but the directive makes clear that the system will be mandatory. Large taxpayers should expect further guidance from the tax authority in the coming months regarding registration procedures, data submission formats, and compliance testing timelines. The move is part of a phased rollout that began with pilot programs and is now expanding to cover the largest revenue contributors.

What Comes Next

With roughly two years until the deadline, affected businesses have a window to prepare. Tax professionals and compliance officers should monitor official NRS announcements for updates on system requirements and any transitional relief measures. The success of this mandate will depend on clear communication from the tax authority and the readiness of the private sector to adapt. For now, the message from the NRS is unambiguous: large taxpayers must be fully onboarded to the e-invoicing and Electronic Fiscal System by July 31, 2026.

Source: Nairametrics

Nigeria’s Banking Institute Predicts CBN Will Hold Interest Rate Steady at 26.5%

As Nigeria’s Monetary Policy Committee prepares for its next meeting, a key industry body has signaled that the central bank is likely to keep its benchmark lending rate unchanged. The Chartered Institute of Bankers of Nigeria (CIBN) has projected that the Central Bank of Nigeria (CBN) will retain the Monetary Policy Rate at 26.5%, according to a report from Nairametrics.

What the Projection Means

The CIBN’s forecast suggests that the CBN’s rate-setting committee sees no immediate need to adjust the cost of borrowing in the economy. Holding the rate at 26.5% would mark a pause in the aggressive tightening cycle that has defined Nigerian monetary policy over the past year, as the central bank has fought to rein in inflation and stabilize the naira.

For businesses and consumers, a steady rate means that borrowing costs—already at historic highs—are unlikely to rise further in the short term. However, it also signals that the CBN does not yet see enough evidence of sustained disinflation to begin cutting rates.

Context and Implications

The MPC meeting comes at a critical juncture for Africa’s largest economy. Inflation remains elevated, though recent data has shown some moderation. The CBN has raised rates aggressively since 2022, pushing the benchmark from 11.5% to the current 26.5% in an effort to curb price pressures and attract foreign portfolio investment.

A hold decision would align with the cautious stance adopted by many central banks globally, which are waiting for clearer signs that inflation is under control before easing policy. The CIBN’s expectation reflects a view that the current rate is sufficient to maintain the tightening bias without further dampening economic activity.

What Happens Next

The MPC’s actual decision will be announced at the conclusion of its meeting. Market participants will be watching closely for any shift in the committee’s forward guidance, particularly regarding the timing of any future rate cuts. The CIBN’s projection, while not binding, carries weight as the voice of Nigeria’s banking professionals and suggests that the industry broadly expects a period of stability in monetary policy.

For now, the focus remains on whether the CBN will signal a change in direction or continue its wait-and-see approach. The outcome will have direct implications for lending rates, investment flows, and the broader economic outlook.

Source: Nairametrics

Dangote Refinery Secures $2.5 Billion in Private Placement, Paving Way for Public Listing

A Major Financing Milestone for Africa’s Largest Refinery

Nigeria’s Dangote Petroleum Refinery has taken a significant step toward its long-anticipated public market debut, raising $2.5 billion through a private placement. The move strengthens the company’s financial position as it prepares for an initial public offering (IPO) expected later this year, according to a report from Nairametrics.

The private placement, a sale of securities to a select group of institutional investors rather than the general public, provides the refinery with a substantial capital injection ahead of its next phase of expansion. This financing strategy is common among large-scale industrial projects seeking to bridge funding gaps before tapping public equity markets.

What This Means for the Refinery’s Growth Plans

The $2.5 billion raised will likely support the refinery’s operational scaling and infrastructure development. The Dangote Refinery, located in the Lekki Free Zone near Lagos, is designed to process up to 650,000 barrels of crude oil per day, making it one of the largest single-train refineries in the world. The additional capital comes at a critical time, as the facility works toward full capacity utilization and aims to reduce Nigeria’s reliance on imported refined petroleum products.

By securing this funding through a private placement, the company avoids the immediate regulatory and disclosure requirements of a public offering while still attracting deep-pocketed investors. The move also signals confidence among institutional backers in the refinery’s long-term viability and profitability.

IPO Plans and Market Implications

The planned IPO later this year would mark a major milestone for the Dangote Group, one of Africa’s largest conglomerates. A public listing would allow retail and institutional investors to buy shares in the refinery, potentially unlocking significant liquidity for the parent company and providing a benchmark for valuing similar energy infrastructure assets in the region.

For the Nigerian economy, a successful IPO could deepen the domestic capital market and attract foreign portfolio investment. It would also offer a rare opportunity for local investors to gain direct exposure to the country’s refining sector, which has historically been dominated by state-owned enterprises and import-dependent supply chains.

Context and Strategic Importance

The Dangote Refinery has been a flagship project for Nigeria’s push toward energy self-sufficiency. When fully operational, it is expected to meet a substantial portion of the country’s domestic fuel demand and even generate surplus for export. The facility’s ability to process various grades of crude oil, including Nigeria’s light sweet crude, gives it a strategic advantage in both local and international markets.

The $2.5 billion private placement comes amid broader efforts by the Dangote Group to diversify its funding sources and reduce reliance on bank loans. The refinery project has faced delays and cost overruns in the past, but recent progress—including the commencement of crude oil processing—has renewed investor confidence.

Looking Ahead

With the private placement completed, attention now shifts to the timing and structure of the IPO. Market observers will be watching for details on the offering price, the number of shares to be floated, and the proportion of the company that will be listed. The success of the IPO could set a precedent for other large-scale industrial projects in Africa seeking to access public capital markets.

For now, the $2.5 billion injection provides the refinery with a solid financial runway as it continues to ramp up operations and pursue its expansion goals. The coming months will reveal whether this private placement is the prelude to one of the most anticipated public listings in African energy history.

Source: Nairametrics

Nigeria’s $3.05 Billion Social Investment Plan: What Tinubu’s New Programmes Mean for Poverty Reduction and Human Capital

President Bola Tinubu has launched a suite of five major social and economic development programmes with a combined value of approximately $3.05 billion, according to a report from Nairametrics. The initiative is designed to tackle poverty, strengthen community resilience, and accelerate investment in healthcare, education, and other human capital priorities across Nigeria.

The announcement signals a significant fiscal commitment from the administration at a time when the country faces persistent economic headwinds, including high inflation, currency volatility, and widespread unemployment. By bundling these programmes under a single umbrella, the government is aiming for a coordinated approach to some of the nation’s most entrenched development challenges.

What the $3.05 Billion Package Covers

While the specific breakdown of each programme has not been detailed in the available material, the overarching goals are clear: reduce poverty, boost community resilience, and accelerate progress in healthcare, education, and broader human capital development. The scale of the investment—$3.05 billion—places it among the larger social intervention efforts in recent Nigerian history.

For context, Nigeria’s national budget for 2025 is projected at roughly $30 billion, meaning this package represents about 10% of annual federal spending. The focus on human capital aligns with global development priorities, particularly the United Nations Sustainable Development Goals (SDGs), though the source material does not explicitly link the programmes to any international framework.

Why This Matters for Nigerians

Poverty remains a pressing issue in Africa’s most populous nation. According to World Bank data from 2023, over 40% of Nigerians live below the national poverty line, and the country has one of the highest numbers of out-of-school children in the world. The new programmes aim to address these structural deficits by channeling resources directly into sectors that affect daily life: health clinics, school infrastructure, and community-level economic support.

For ordinary citizens, the success of these programmes will be measured by tangible outcomes—whether more children stay in school, whether maternal mortality rates decline, and whether rural communities see improved access to basic services. The government has not yet released implementation timelines or specific targets, but the scale of funding suggests a multi-year commitment.

Economic and Policy Implications

From a fiscal perspective, the $3.05 billion outlay raises questions about funding sources. Nigeria’s debt-to-GDP ratio, while moderate by global standards, has been rising, and the government is already servicing a substantial domestic and external debt burden. The source material does not specify whether the funds will come from budget reallocations, new borrowing, or development partner contributions.

If the programmes are financed through borrowing, they could add to the country’s debt service costs, potentially crowding out other spending. Conversely, if they are funded through improved tax revenue or savings from subsidy removal—a policy the Tinubu administration has pursued—they could represent a strategic reinvestment of fiscal headroom.

The human capital focus also has long-term economic implications. Investments in education and health tend to yield higher productivity and earnings over a generation, which could help Nigeria diversify its economy away from oil dependence. However, the effectiveness of such programmes often hinges on governance, transparency, and local implementation capacity—areas where Nigeria has historically faced challenges.

Regional and Historical Context

Nigeria has a mixed track record with large-scale social programmes. Previous initiatives, such as the N-Power job scheme and the Conditional Cash Transfer programme under the Buhari administration, faced criticism over delays, corruption, and limited reach. The Tinubu administration appears to be attempting a more integrated approach by linking poverty reduction directly with human capital investment, rather than treating them as separate silos.

Comparatively, other African nations have pursued similar bundled strategies. For instance, Ethiopia’s Productive Safety Net Programme and Kenya’s Inua Jamii initiative have shown that well-designed social investments can reduce poverty and improve health and education outcomes when paired with strong institutional oversight. Whether Nigeria can replicate such success will depend on execution.

What Happens Next

With the programmes now unveiled, the next steps will involve detailed policy design, budget allocation, and rollout plans. The government is expected to release more specifics in the coming weeks, including which ministries will oversee each programme, how funds will be disbursed, and what metrics will be used to measure success.

For now, the announcement represents a clear policy signal: the Tinubu administration is prioritizing human capital as a cornerstone of its economic agenda. The challenge will be translating this $3.05 billion commitment into real improvements in the lives of millions of Nigerians—a task that will require not just money, but also political will, administrative capacity, and sustained public accountability.

Source: Nairametrics

Nigeria Joins ICAO Public Key Directory for Faster, More Secure Border Processing

Nigeria has taken a significant step toward modernizing its international travel infrastructure by integrating into the International Civil Aviation Organization’s (ICAO) e-passport verification system. The move allows Nigerian electronic passports to be authenticated more efficiently at border control points in all countries that are members of the ICAO Public Key Directory (PKD).

What the New System Does

The ICAO PKD is a centralized database that stores the digital certificates needed to verify the authenticity of e-passports. By joining this network, Nigeria ensures that its passport data can be checked against a trusted global standard, reducing the likelihood of document fraud and speeding up the verification process for travelers. According to a report from Nairametrics, the adoption enables Nigerian e-passports to be authenticated more seamlessly at border control points across ICAO PKD member states.

Why This Matters for Travelers

For Nigerian passport holders, the practical benefit is a smoother experience at immigration desks in participating countries. Instead of relying on manual checks or bilateral agreements, border agents can instantly validate the chip embedded in the passport against the ICAO directory. This reduces wait times and minimizes the risk of a traveler being flagged due to outdated or incompatible verification methods.

Broader Implications for Security and Efficiency

From a security standpoint, the system helps authorities detect counterfeit or altered passports more reliably. The ICAO PKD is designed to be a trusted framework that all member states can rely on, which strengthens the integrity of international travel documents. For Nigeria, joining the directory signals a commitment to aligning its border management practices with global aviation security standards.

Context and Next Steps

The adoption comes as part of a broader push by many nations to digitize and harmonize border control procedures. While the announcement does not specify a timeline for full implementation or detail which specific airports or border posts will be first to use the system, the integration is expected to be rolled out across all points where Nigerian passports are presented for entry or exit. Travelers should continue to carry their physical passports as usual, as the e-passport verification is a backend process that does not change the document itself.

As more countries join the ICAO PKD, the network effect grows, making international travel faster and more secure for everyone. Nigeria’s participation is a positive development for both its citizens and the global travel community.

Source: Nairametrics