Economy
Naira records three-day rise against dollar on black market
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The Nigerian naira has shown a trend of appreciation against the dollar for three consecutive days in the parallel foreign exchange market, finishing the week on a positive note this past Friday.
Abubakar Alhasan, a Bureau de Change operator located in Wuse Zone 4, Abuja, told DAILY POST that the naira rose to N1,565 per dollar on Friday, up from N1,570 the previous day.
This represents a daily gain of N5 against the dollar, compared to the N1,570 rate recorded on Thursday.
In total, the naira has appreciated by N15 against the dollar in the black market over the last three days.
However, in the official market, the naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.
The apex bank’s exchange rate data showed that the naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.
Overall, exchange rate movements across FX markets showed that the naira ended the week with mixed sentiments of losses and gains against other foreign currencies.
Economy
FAAN clarifies Lagos airport smoke incident
The Federal Airports Authority of Nigeria (FAAN) has clarified that there was no fire outbreak at Terminal 2 of the international wing of the Murtala Muhammed Airport (MMA), Lagos.
This is contrary to initial concerns that prompted an emergency response by the agency yesterday.
An initial post on the social media handle of FAAN had alleged that there was a fire incident at the Lagos airport.
The post had stated: “The Federal Airports Authority of Nigeria (FAAN) wishes to inform the public that a fire incident has occurred at Terminal 2 of the Murtala Muhammed International Airport, Lagos.
“The FAAN Aerodrome Rescue and Firefighting Service (ARFFS) is currently responding to the incident and working diligently to contain the situation. There have been no reported casualties or loss of life,” the authority said.
But a statement yesterday by the Director, Public Affairs and Consumer Protection, FAAN, Henry Agbebire, debunked the earlier post by the agency.
According to Agbebire, the smoke within the terminal was caused by the discharge of the facility’s FM-200 fire suppression system.
The statement emphasised that investigations were ongoing to determine what triggered the automatic activation.
FAAN said normal flight operations had resumed at the terminal following the incident.
The statement read in part: “Preliminary findings indicate that there was no fire at the terminal. The smoke observed within the affected area resulted from the discharge of the terminal’s FM-200 fire suppression system. The reason for the activation of the fire suppression system is currently being investigated.
“Normal operations have since resumed at the terminal, while detailed investigations are ongoing to determine the exact cause of the incident.”
FAAN, therefore, assured passengers, airlines and other airport users that safety remained its top priority, stressing that a comprehensive investigation had commenced to establish the exact cause of the incident.
The agency also said that the temporary congestion experienced at the terminal’s entry screening points was a direct consequence of the precautionary evacuation carried out after the smoke was detected.
According to FAAN, all passengers were safely evacuated from the terminal before being allowed back into the facility after emergency responders declared the area safe.
It said the re-entry process required every passenger and their baggage to undergo fresh security screening, resulting in longer processing times and queues at the terminal.
However, FAAN confirmed that the backlog had been cleared, with passenger movement and access points returning to normal.
Economy
Mobile market rebounds to highest level since 2024 – NCC
Nigeria’s mobile telecommunications market has recovered to its strongest level in more than two years, with total active subscriptions across the country’s four major operators rising to 189.4 million in May, latest industry data from the Nigerian Communications Commission has shown.
The May figure represents the highest subscriber level recorded since April 2024, when the combined mobile database stood at 216.6 million, following a period of significant declines triggered by regulatory efforts to clean up inactive and improperly registered SIM cards.
The recovery was driven largely by growth recorded by the country’s leading operators, with MTN Nigeria maintaining its dominance of the market. The largest network operator in Nigeria closed May with 96.9 million active subscriptions, accounting for 51.19 per cent of the total mobile market.
Airtel Nigeria, the second-largest operator, recorded 65.4 million active subscriptions during the period, representing 34.55 per cent market share.
Globacom, Nigeria’s third-largest telecom operator, had 23.4 million active subscriptions, equivalent to 12.39 per cent of the market, while T2, formerly known as 9mobile, remained the smallest operator with 3.5 million subscriptions.
The latest data highlights the gradual recovery of Nigeria’s telecom sector after a challenging period marked by subscriber losses arising from SIM registration compliance exercises and restrictions on unverified lines.
Despite the overall industry recovery, competition among operators remains uneven, with MTN continuing to widen its lead over rivals.
T2, which rebranded from 9mobile about a year ago as part of efforts to reposition the business, has struggled to significantly expand its customer base. The operator has remained within the three million subscription range since September 2025.
The company, which once had more than 22 million subscribers, has faced persistent challenges, including network investment pressures and customer retention issues, despite an infrastructure-sharing agreement signed with MTN in July 2025.
The recovery in subscriber numbers comes as telecom operators continue to invest in network expansion, data infrastructure, and digital services to meet rising demand for connectivity.
With mobile subscriptions serving as a key indicator of Nigeria’s digital economy growth, industry analysts say sustained growth will depend on operators’ ability to improve service quality, expand coverage, and manage rising operational costs.
Economy
Dangote commits $800m to double Itori cement capacity
Dangote Industries Limited and Sinoma International Engineering Co. Ltd have signed a Memorandum of Understanding valued at over $800m to expand the Dangote Cement Plant in Itori, Ogun State, doubling its production capacity from six million to 12 million metric tonnes per annum.
According to a statement on Sunday, the agreement, signed by the President of Dangote Group, Aliko Dangote, and the Chairman of Sinoma, Lin Zhong, is expected to enable Dangote Cement to meet growing domestic demand while substantially increasing its export capacity.
The expansion is also expected to strengthen Nigeria’s position as a leading cement-producing nation and expand the country’s footprint in regional and international cement markets.
Speaking at the signing ceremony, Dangote described the project as a major milestone in the company’s long-term growth strategy and its commitment to supporting Nigeria’s industrialisation agenda.
While thanking President Bola Tinubu for providing an enabling environment for businesses to thrive, he attributed the decision to expand the capacity of the Itori cement plant to the country’s renewed drive towards using concrete for road construction and the company’s plan to export to other African countries, in line with its Vision 2030 target of producing between 90 million and 100 million metric tonnes per annum.
According to him, the expansion will not only boost production capacity but also enhance the company’s ability to serve key export markets, generate foreign exchange earnings, create employment opportunities, and contribute to economic growth across the continent.
Dangote noted that the partnership with Sinoma had been instrumental in the successful delivery of several world-class cement manufacturing facilities and that the new investment further demonstrated confidence in Nigeria’s economic potential and the future of Africa’s manufacturing sector.
Speaking after the signing ceremony, Aliko Dangote said, “This $800m investment represents another bold step in our commitment to strengthening Nigeria’s industrial base and reinforcing our leadership in Africa’s cement industry. The expansion of our Itori plant to 12 million from 6 million metric tonnes per annum will not only enhance our ability to meet growing domestic demand but also significantly increase our export capacity, thereby generating valuable foreign exchange for the country. This project reflects our unwavering confidence in the Nigerian economy and our determination to contribute meaningfully to economic growth, job creation, and regional trade across Africa.”
In the same vein, the Chairman of Sinoma described the agreement as a significant milestone in the partnership between the two companies.
“We are honoured to deepen our collaboration with Dangote Group through this landmark expansion project. Over the years, our partnership has produced some of the most modern and efficient cement manufacturing facilities in Africa, and this new investment further demonstrates our shared commitment to industrial excellence.
“The expansion of the Itori plant will not only increase production capacity but also enhance Nigeria’s position as a strategic manufacturing and export hub for the African continent. Sinoma will deploy its world-class engineering expertise, advanced technology, and global experience to ensure the successful delivery of this project to the highest standards.”
He added that the project reflected growing international confidence in Nigeria’s industrial sector and underscored the critical role of strong strategic partnerships in driving economic growth, infrastructure development, and sustainable industrialisation across Africa.
Upon completion, the expanded facility will serve as a major production and export hub, supplying high-quality cement to both domestic and international markets while further advancing Nigeria’s ambitions as an industrial and manufacturing powerhouse.
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