•As currency outside banks drops 12% to N5.08tr

By Babajide Komolafe & Elizabeth Adegbesan

Credit to the government rose by 65.6 per cent year-on-year, YoY, to N39.6 trillion in April 2026 from N23.9 trillion in April 2025, driven by increased borrowing to finance the 2026 budget deficit.

The Central Bank of Nigeria, CBN, disclosed this in its latest Money and Credit Statistics.

Under the Appropriation Act 2026, the Federal Government plans to borrow N29.2 trillion, to fund the gap between the   revenue of N68.32 trillion and expenditure of N36.87 trillion.

Vanguard analysis showed that   the Federal Government increased borrowing from domestic investors by 7.4 per cent to N8.1 trillion in   the first quarter of 2026 from   N7.5 trillion in the same period of 2025.

The CBN data also showed that credit to the private sector rose by 3.25 per cent to N80.6 trillion in April 2026 from N78.06 trillion in April 2025.

Consequently, net domestic credit rose by 17.8 per cent to N120.2 trillion in April 2026 from N102 trillion in the corresponding period last year.

Following the same trend, Nigeria’s broad money supply (M2) increased by 4.8 per cent YoY to N124.98 trillion in April 2026 from N119.2 trillion recorded in April 2025, reflecting improved liquidity in the financial system.

Further breakdown of the money supply components showed that   currency outside banks declined by 12.2 per cent to N5.08 trillion in April 2026 from N5.7 trillion in the corresponding period of 2025, indicating increased use of banking channels and electronic payment systems.

However, demand deposits (current accounts)   increased by 6.3 per cent to N38.7 trillion from N36.4 trillion during the review period.

Also quasi-money   increased by 3.8 per cent to N81.2 trillion in April 2026 from N78.2 trillion in April 2025. Quasi money includes money in savings accounts, time deposits, treasury bills and other money market instruments.    

Narrow money, which includes currency in circulation and current accounts,   also grew by 7.09 per cent to N43.8 trillion from N40.9 trillion. 

The post Credit to government surges 65.6% to N39.6trn appeared first on Vanguard News.

By Gabriel Ewepu

Nigeria, Türkiye Deepen Mining Cooperation Through New MoU”

The Federal Republic of Nigeria and the Republic of Türkiye have signed a Memorandum of Understanding (MoU) aimed at strengthening mining operations, deepening technical collaboration, and expanding investment flows between both countries in the solid minerals and energy sectors.

“The MoU signed by the Nigerian Minister of Solid Minerals Development, Dr Dele Alake and Türkiye’s Minister of Energy and Natural Resources, Alparslan Bayraktar, also marks a significant step towards deepening economic collaboration between both countries,” according to a statement signed by the Special Assistant on Media to the Minister, Lara Owoeye-Wise.

Alake said Nigeria is positioning itself to benefit from Türkiye’s technological strength and industrial experience in mining development. “Nigeria is ready to leverage Türkiye’s technological advancement and expertise in mining exploration, training, digitisation, licensing systems, and capacity building to accelerate reforms and growth within the sector.”

He added, “Türkiye is one of the countries we are confident of building strong bilateral cooperation with, particularly in the area of solid minerals development. Nigeria is open to working with the Turkish government to strengthen governance structures, improve technical capacity, and advance sustainable mining development in our country.”

The minister noted that President Bola Ahmed Tinubu has fully endorsed efforts to deepen cooperation with Türkiye in mining and energy. “President Bola Ahmed Tinubu has given full backing to efforts aimed at strengthening bilateral relations with Türkiye in the mining and energy sectors.”

Alake also highlighted ongoing reforms in Nigeria’s mining sector. “We have significantly improved the ease of doing business and strengthened institutional support for investors. Investors can now repatriate profits after due process,” he said, adding that “the reforms have already triggered increased inflows of Foreign Direct Investment (FDI) into the sector.”

On enforcement, he stated: “Over 300 illegal mining operators, including foreign nationals, have been arrested, while more than 150 prosecutions are currently ongoing. In addition, over 100 illegal mining sites have been recovered and returned to legitimate licence owners.”

Responding, Türkiye’s Minister, Alparslan Bayraktar, described the partnership as strategic. “We are ready to invest in Nigeria because of the remarkable initiatives your government has put in place. We look forward to cooperation, support, and guidance that will enable both countries to achieve meaningful results.”

He added that “global energy security now demands stronger international cooperation and connectivity,” while also noting Türkiye’s interest in expanding investments into Nigeria’s mining, energy, and hydrocarbon sectors.

“Nigeria is a major player in the hydrocarbon industry. We would appreciate it if you convey to your President our desire to renew energy cooperation and contracts with Nigeria,” he said.

Alake also stressed that global stability is essential for energy security, stating: “Without reducing conflicts around the world, economic imperatives and global energy security efforts will continue to face significant challenges.”

The post Nigeria, Türkiye move to strengthen mining operations with MoU signing appeared first on Vanguard News.

The Manufacturers Association of Nigeria (MAN) has raised alarm over the worsening state of manufacturing activities in the South-East, warning that rising energy costs and poor access to finance are forcing many companies in the region to shut down.

Chairman of MAN for Anambra, Enugu and Ebonyi states, Lady Ada Chukwudozie, disclosed this during the MAN South-East Stakeholders’ Industry Conversation held in Awka, Anambra State.

The forum was convened to address concerns surrounding electricity regulation, billing transparency and declining industrial productivity across the region.

Chukwudozie said the few factories still operating were doing so at less than 30 per cent of installed capacity due to soaring electricity tariffs, high energy costs and limited access to credit facilities.

According to her, the harsh operating environment informed the decision to convene the stakeholders’ roundtable, stressing that the manufacturing sector remains critical to economic growth, industrialisation and job creation.

She warned that unless urgent measures are taken to address the challenges confronting manufacturers, industrial activities in the South-East could further deteriorate, with serious implications for employment and regional economic stability.

“The manufacturing sector cannot thrive in an environment of uncertainty,” she said.

She called for reforms in the power sector to be driven by transparency, accountability and measurable performance standards, including agreed electricity supply hours, actual delivery levels and compensation mechanisms where supply consistently falls below expectations.

Chukwudozie also urged regulatory authorities to strengthen oversight of electricity providers and improve power supply to industrial clusters across the South-East.

Stakeholders at the forum expressed concern that manufacturers were increasingly struggling to cope with escalating production costs, worsened by unreliable electricity supply and the rising cost of alternative energy sources.

They noted that without affordable and stable energy, many more companies could either scale down operations or shut down completely.

In his keynote address, former Chairman and Chief Executive Officer of the Nigerian Electricity Regulatory Commission, NERC, Dr. Sam Amadi, urged governments in the South-East to adopt deliberate policies aimed at prioritising electricity supply to industrial clusters.

Amadi also advocated pricing frameworks that would encourage manufacturers to expand production and invest in growth.

The stakeholders’ meeting brought together manufacturers, regulators and other industry players to explore practical solutions to revive industrial output and tackle persistent power challenges affecting businesses in the region.

The post S/East companies shutting down over rising energy costs — MAN appeared first on Vanguard News.