Nigeria’s Economic Growth Slows To 3.89% In Q1 2026 As Key Sectors Weaken

Nigeria’s economy expanded at a slower pace in the first quarter of 2026, with real Gross Domestic Product (GDP) growth easing to 3.89 percent year-on-year, down from 4.07 percent recorded in the final quarter of 2025. The moderation reflects weaker output across major productive sectors, particularly agriculture and industry, despite pockets of resilience within the services-driven non-oil economy.

Official data released by the National Bureau of Statistics indicates that agricultural growth slowed to 3.2 percent in Q1 2026 from 4.0 percent in the previous quarter, while industrial sector expansion moderated to 3.50 percent from 3.88 percent. The slowdown in these sectors, which employ a large share of the labour force, continues to raise concerns about the economy’s capacity to generate sufficient jobs.

Brandspur Banking News Desk reports that non-oil GDP growth also edged lower to 3.94 percent in Q1 2026 from 3.99 percent in Q4 2025, reflecting broad-based weakness across most sub-sectors. However, performance was uneven, with information and communications technology, financial services, trade, and arts and entertainment providing relative support. Notably, the ICT sector rebounded strongly into double-digit growth, expanding by 10.98 percent compared with 7.55 percent in the preceding quarter.

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The oil sector remained in positive territory but experienced a sharp deceleration, with growth slowing to 2.57 percent from 6.79 percent in Q4 2025. This was partly driven by lower crude oil production, which averaged about 1.55 million barrels per day, down from 1.62 million barrels per day in the corresponding period of 2025. Oil refining recorded the fastest growth among sub-sectors, expanding by over 37 percent, but its overall impact on GDP remained minimal due to its extremely small recorded share.

Analysts have expressed concern that official GDP figures may not yet fully capture recent developments in oil refining, including output linked to the Dangote Refinery. While trade data already reflects some effects of domestic refining, manufacturing and industrial output figures are widely viewed as understated, limiting the visibility of the sector’s true contribution to growth.

Overall, economists warn that growth below 4 percent is insufficient to meaningfully improve living standards or absorb Nigeria’s expanding workforce. Sustained, significantly higher growth rates are seen as necessary for the economy to recover from the effects of currency devaluation and fiscal pressures experienced between 2023 and 2025, and to deliver broad-based improvements in incomes and employment.

Nigeria, WIPO Deepen Partnership To Commercialise Innovation And Drive Job Creation In 2026

Nigeria has entered a new phase of collaboration with the World Intellectual Property Organization to convert intellectual property, research outputs, and creative assets into measurable economic value, as part of a broader strategy to stimulate jobs, investment, and innovation-led growth in 2026.

The commitment was sealed during high-level talks in Abuja between Vice President Kashim Shettima and WIPO Director-General Daren Tang, alongside senior Nigerian government officials. Central to the discussions was Nigeria’s ambition to build a structured intellectual property ecosystem capable of protecting ideas while enabling their large-scale commercial use across industry, academia, agriculture, technology, and the creative sector.

Brandspur Politics reports that the engagement coincided with the opening of WIPO’s first Sub-Saharan Africa office in Abuja, a development regarded by the Federal Government as a strategic milestone for Nigeria’s innovation economy and its positioning within the global intellectual property system. The Abuja office is one of only a handful of WIPO hubs worldwide, reinforcing Nigeria’s growing relevance in innovation and creative enterprise.

The Federal Government’s push is anchored on the National Intellectual Property Policy and Strategy approved by the Federal Executive Council in November 2025, a framework designed to strengthen the protection, management, and commercialisation of intellectual property. The policy aligns with the economic reform agenda of President Bola Tinubu, which prioritises diversification, private-sector participation, and sustainable job creation.

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Officials say the policy is intended to unlock value from university research, support startups, attract investment into creative industries, and provide legal and institutional backing for inventors and entrepreneurs. Nigeria’s expanding startup ecosystem, which now includes thousands of venture-backed companies and several unicorns, was highlighted as evidence of the increasing role of intellectual property in economic growth.

WIPO’s leadership described Nigeria as a key driver of intellectual property development in Africa, noting that deeper technical cooperation, capacity building, and institutional support would help accelerate innovation, technology transfer, and employment generation. Nigerian ministers overseeing justice, trade, investment, and the creative economy have been directed to develop a coordinated roadmap to strengthen engagement with WIPO and maximise the benefits of the new partnership.

The collaboration is expected to position Nigeria as a leading intellectual property and innovation hub on the continent, with long-term implications for wealth creation, competitiveness, and inclusive economic development.

Fuel Price Jumps 463% In Three Years As Tinubu’s Reforms Reshape Nigeria’s Economy In 2026

Nigeria’s pump price for petrol has climbed by more than 463 percent within three years, rising to a minimum of ₦1,340 per litre as of June 2, 2026, from about ₦238 per litre at the start of President Bola Tinubu’s administration. The sharp increase represents an absolute rise of over ₦1,100 per litre during the period under review, underscoring the scale of changes in the country’s downstream petroleum market.

The price surge followed the administration’s decision to end the fuel subsidy regime shortly after taking office in May 2023, alongside the liberalisation of the naira exchange rate. These twin policy moves fundamentally altered price controls in the energy sector, transferring fuel pricing fully to market dynamics while exposing consumers more directly to currency fluctuations.

Brandspur Politics reports that the combined effect of subsidy removal and exchange rate reforms has fed into broader inflationary pressures across the economy. By April 2026, headline inflation stood at about 15.7 percent, while food inflation climbed above 16 percent, intensifying the cost of living for households nationwide. Rising transportation costs, higher food prices, and increased housing expenses have become defining features of the current economic environment.

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Economic analysts say the impact of these reforms is being felt unevenly across society. Okechukwu Unegbu, a former president of the Chartered Institute of Bankers of Nigeria, has argued that everyday economic conditions suggest many Nigerians are worse off than they were three years ago, despite official indicators pointing to moderate economic growth.

Nigeria’s Gross Domestic Product growth rate of about 3.9 percent has struggled to translate into visible improvements in household welfare, according to critics of the reform programme. While the government maintains that subsidy removal was necessary to stabilise public finances and attract investment, the steep rise in fuel prices remains one of the most tangible and controversial outcomes of the policy shift, shaping public debate as the administration enters its fourth year in office.

FG Ends Mandatory Three-Month Terminal Leave For Federal Civil Servants In 2026

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The Federal Government of Nigeria has formally abolished the long-standing practice of placing federal civil servants on a compulsory three-month terminal leave ahead of retirement, clarifying that such an arrangement has no legal backing under the Public Service Rules.

The policy shift was communicated through an official circular issued by the Didi Walson-Jack, directing all Ministries, Departments and Agencies (MDAs) to immediately stop withdrawing officers from duty before their effective retirement dates. The clarification follows concerns that widespread misinterpretation of existing rules had led to the premature disengagement of experienced personnel across the public service.

The circular explains that the three-month period preceding retirement is strictly a notice window rather than an entitlement to absence from work. During this timeframe, officers approaching retirement are expected to formally notify their employers, attend an approved pre-retirement workshop lasting one month, and use the remaining period to reconcile service records and pension documentation while still actively discharging their official responsibilities.

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According to the directive, only attendance at sanctioned retirement seminars or leave approved under existing regulations justifies temporary absence from duty. Outside these provisions, retiring officers are to remain fully engaged in their roles until their official exit from service. This clarification aims to ensure uniform application of the Public Service Rules across MDAs.

Brandspur Politics reports that the decision is expected to affect thousands of federal workers annually, particularly those nearing retirement age or the 35-year service threshold. For years, many MDAs treated the notice period as an automatic terminal leave, resulting in reduced manpower and operational gaps within government institutions.

Officials believe the new approach will strengthen service delivery by retaining skilled officers until their retirement dates, while also improving pension processing through early and structured documentation. Under Nigeria’s civil service framework, retirement occurs at 60 years of age or after 35 years of service, whichever comes first, with persistent delays in pension administration remaining a major concern.

The latest directive seeks to eliminate ambiguity, standardise retirement procedures nationwide, and ensure that experienced public servants continue contributing to government operations until their final day in office.

CBN Unveils Payment System Vision 2028 To Drive Inclusion And Cross-Border Payments In 2026

The Central Bank of Nigeria has launched the Payment System Vision 2028, a national roadmap designed to strengthen Nigeria’s payments infrastructure, expand financial inclusion, and position the country as a leading hub for digital and cross-border transactions across Africa.

The framework, unveiled in Abuja on Monday, sets out a medium-term strategy to modernise how Nigerians transact, support trade and remittance flows, and improve the resilience and global connectivity of the domestic payments ecosystem as the economy becomes increasingly digital.

According to Brandspur Banking News Desk, the initiative aligns with ongoing reforms at the apex bank and is expected to bolster investor confidence while contributing to improvements in Nigeria’s balance of payments over time, particularly through more efficient international settlement channels.

Olayemi Cardoso said the vision goes beyond policy documentation, describing payments infrastructure as a strategic national asset capable of lowering transaction costs, improving productivity, and widening participation in economic activity. He emphasised that the impact of the vision will be judged by execution rather than intent.

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The central bank noted that the roadmap is structured around five core pillars: payment infrastructure, financial inclusion, innovation, cross-border payments, and cybersecurity and risk management. It also embraces emerging tools such as open banking, artificial intelligence, and digital assets to enhance system efficiency and interoperability.

Officials said the framework will help Nigeria take advantage of opportunities created by the African Continental Free Trade Area by enabling seamless payments across borders and supporting the growth of digital commerce in an increasingly integrated regional market.

Regulatory stakeholders at the launch underscored the importance of collaboration, noting that efficient payment systems are critical to capital market operations and broader economic expansion. Telecommunications and fintech leaders also highlighted the need to address cybersecurity risks while scaling transaction volumes in line with the federal government’s ambition to build a $1 trillion economy.

The CBN said the successful rollout of Payment System Vision 2028 will depend on coordinated implementation by regulators, financial institutions, fintechs, and infrastructure providers, as Nigeria seeks to deepen inclusion and strengthen its role in Africa’s evolving digital payments landscape.

Spiro Secures $215 Million Funding, Moves Closer To Unicorn Valuation In 2026

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African electric mobility company Spiro has raised $215 million in a fresh funding round, pushing the fast-growing startup closer to a $1 billion valuation and positioning it among the next potential unicorns to emerge from the continent’s technology ecosystem in 2026.

The latest capital raise, backed by a mix of European and African institutional investors, strengthens Spiro’s balance sheet and supports its aggressive expansion across multiple African markets. The funding increases investor confidence in electric mobility solutions at a time when cities across the continent are seeking cleaner, lower-cost transportation alternatives.

According to Brandspur Brand News, the company plans to deploy the new funds to scale its battery-swapping infrastructure, expand manufacturing capacity, and accelerate market entry into additional African countries. Spiro currently operates across seven markets and is targeting new expansion into Malawi, Mali, and Ethiopia as part of its next growth phase.

The investment builds on earlier fundraising efforts, following a $100 million equity round completed late in 2025 and a separate $50 million debt facility secured earlier this year. Key backers in the latest round include Impact Fund Denmark and Equitane Inc., reflecting growing participation by long-term institutional capital in Africa’s clean mobility sector.

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Spiro has rapidly expanded its operational footprint, deploying more than 100,000 electric motorcycles and establishing roughly 2,500 battery-swapping stations across the continent. The company also operates vehicle assembly plants in East Africa and runs a battery recycling facility in Nigeria, reinforcing its vertically integrated business model.

Industry analysts note that electric motorcycles significantly reduce operating costs for riders, with savings estimated at 30 to 40 percent compared to petrol-powered alternatives. This cost advantage, combined with rising fuel prices and urban congestion, has made electric mobility increasingly attractive to commercial riders and logistics operators.

Africa’s broader mobility market continues to attract investor attention, with Nigeria’s transport sector alone valued at about $10.9 billion and projected to grow steadily through the decade. If Spiro crosses the $1 billion valuation threshold, it would join a small group of African-born unicorns and mark a major milestone for the continent’s emerging electric vehicle industry.

Supreme Court Approves Unity Bank–Providus Bank Merger, Clears Final Legal Hurdles

Nigeria’s apex court has formally approved the merger between Unity Bank Plc and Providus Bank Limited, bringing to a close all legal disputes that had delayed the creation of a combined banking institution set to rank among the country’s largest by branch network.

In a unanimous decision delivered on Monday, a five-member panel of the Supreme Court of Nigeria dismissed an appeal seeking to halt the transaction and awarded costs of ₦10 million against the appellants in favour of each respondent. The ruling effectively authorises the completion of the consolidation process after months of litigation.

The court went further by invoking its powers under Section 22 of the Supreme Court Act to directly sanction the merger, a step legal analysts describe as rare in banking-related cases. According to Brandspur Banking News Desk, the judgment ordered the transfer of all assets, liabilities, and undertakings of Unity Bank Plc to Providus Bank Limited within 10 days, without winding up the outgoing institution.

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Under the approved scheme, Unity Bank shareholders will receive a consideration of ₦3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held. The court also dissolved Unity Bank’s board and approved “ProvidusUnity Bank Limited” as the new name for the enlarged entity.

The merger had earlier secured shareholder approval at a court-ordered Extraordinary General Meeting in September 2025, alongside regulatory clearances from the Central Bank of Nigeria and other statutory bodies. Legal challenges by two shareholders progressed from the Federal High Court to the Court of Appeal before reaching the apex court.

Senior counsel to Unity Bank described the ruling as decisive, noting that the Supreme Court’s intervention removed every remaining obstacle to the consolidation. When operational, the merged bank is expected to operate about 230 branches nationwide, combining Providus Bank’s digital banking strengths with Unity Bank’s extensive geographic footprint.

Industry observers say the enlarged institution will be better positioned to meet capital adequacy requirements under Nigeria’s ongoing banking reforms and to expand credit support for households, small businesses, corporates, and government entities.

MasterChef Nigeria Undercooked Steak Seals Preye’s Fate

The heat in the MasterChef Nigeria kitchen never lets up, and this week the remaining home cooks were served a double helping of pressure with a Blind Taste Test followed by their very first Mystery Box Challenge.

Following Demilade’s dramatic exit the previous week, seven hopefuls returned to the kitchen knowing that any mistake could leave their MasterChef dreams overcooked.

The first challenge on the menu was a Blind Taste Test, where the contestants had to identify a variety of fruits and vegetables using only their palates. It was a particularly nerve-racking challenge for David, who admitted he doesn’t always trust his taste buds. However, he rose to the occasion, joining Loye and Favy in correctly identifying the ingredients and securing a coveted spot on the gantry.

That left Preye, Derry, Fads and Isabella fighting to keep their aprons in the competition.

The home cooks then had to face their first-ever Mystery Box Challenge, where creativity, execution and composure were all put to the test. When the judges tasted their way through the dishes, Isabella and Preye found themselves at the bottom of the pack.

Ultimately, it was Preye’s Roasted Sirloin with Butternut Squash that failed to hit the mark, bringing his MasterChef Nigeria journey to an end.

Derry proved once again why she has earned the nickname “Daring Derry.” Unfazed by the Mystery Box Challenge, she served up a dish that impressed the judges from presentation to palate. Her thoughtful plating, technical execution and well-balanced flavours earned her the coveted Dish of the Day title.

Meanwhile, Fads – affectionately known as the “Cat Woman” for her remarkable ability to land on her feet – continued her fight in the competition. Her Plantain Tacos showcased ingenuity and secured her safety from the bottom two. While the judges appreciated the effort, Chef Eros reminded her that the competition is entering a critical stage, saying: “This is the MasterChef kitchen and I expect MasterChef results.”

At first glance, Preye appeared to have delivered a winning plate. The judges praised the presentation, with the dish drawing comparisons to something one might find in a charming French bistro.

However, in the MasterChef Nigeria kitchen, appearances only get you so far.

The mood quickly shifted when Chef Eros cut into the sirloin steak. Sensing trouble, he quietly removed his glasses before revealing the verdict: the steak was undercooked.

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It proved to be a costly mistake. In the MasterChef kitchen, there are few offences more serious than serving food that is raw or burnt. Despite the promise shown in the dish, the undercooked steak ultimately sealed Preye’s fate and brought his MasterChef Nigeria journey to an end.

With the stakes rising and the margins between success and elimination becoming ever smaller, the remaining home cooks know that every plate must now be worthy of the title.

The show airs weekly on Sundays at 7 pm on Africa Magic Showcase and Africa Magic Family with rebroadcast on Wednesdays at 6 pm on Africa Magic Showcase and Thursdays at 12 pm on Africa Magic Family.

Produced by Primedia Group, MasterChef Nigeria is supported by a strong coalition of leading Nigerian brands, including headline sponsor Power Oil, alongside Indomie, Dano Milk, Malta Guinness, Sonia Tomato, Kiara Rice, Golden Penny Flour, Golden Penny Sugar, Golden Penny Garri, Golden Penny Semolina, Golden Penny Chocolate Spread, and Golden Penny Wheat.

Next week, the MasterChef Nigeria kitchen welcomes special guest judge Chef Tosan for a challenge that is guaranteed to test the home cooks in a whole new way.

With baking on the menu, confidence quickly gives way to nerves as the remaining contestants face one of the most feared disciplines in the culinary world. Unlike cooking, where intuition can often save the day, baking demands precision, patience and flawless execution.

As temperatures rise and tensions simmer, the home cooks must prove they can handle the pressure and deliver bakes worthy of the MasterChef title. Who will rise to the occasion, and whose hopes will crumble under the weight of the challenge?

Find out next week on MasterChef Nigeria.

For more information and a chance to win great prizes , visit www.masterchefnigeria.com and follow the conversation on social media: Facebook: MasterChef Nigeria | Instagram: @masterchefngr | TikTok: @masterchefngr | X (formerly Twitter): @masterchefngr

Quest Merchant Bank Reports Strong FY2025 Performance 11th AGM

Lagos, Nigeria – 2026 – Quest Merchant Bank Limited successfully held its 11th Annual General Meeting (AGM), during which shareholders approved the Bank’s Audited Financial Statements for the year ended December 31, 2025, and commended the institution on its strong financial performance, successful recapitalisation, and long-term strategic direction.

The recent AGM follows the successful acquisition of the Bank by Everquest Acquisition LLP a special purpose vehicle led by Custodian Investments Plc, as well as the attainment of the Central Bank of Nigeria’s ₦50 billion minimum capital requirement ahead of the regulatory deadline.

Quest Merchant Bank delivered a strong financial performance for the 2025 financial year, with gross earnings increasing by 29% year-on-year to ₦81.5 billion, driven by growth in net interest income and stronger asset yields. Profit before tax expanded by 23%, while operating efficiency improved significantly, with the Bank’s cost-to-income ratio improving by 2.3 percentage points.

The Bank also maintained strong liquidity and asset quality indicators while further strengthening its governance, risk management, and compliance frameworks in response to evolving regulatory expectations and market dynamics.

The Ag. Managing Director/CEO, Afolabi Olorode, stated that the Bank’s performance reflects a deliberate strategy anchored on operational excellence, client-centricity, innovation, and disciplined execution.

“Our strategic focus remains clear: to build a leading merchant bank anchored on strong capital, innovation, execution excellence, and deep client relationships. With our enhanced capital base and the launch of our 2026–2030 strategic plan, Quest Merchant Bank is exceptionally well-positioned to support critical sectors of the economy while delivering superior value to shareholders and stakeholders alike,” he said.

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He added that the Bank would continue to deepen its capabilities across corporate and investment banking, wealth management, and global markets, while accelerating investments in technology, talent development, and operational resilience.

Shareholders at the AGM also approved key resolutions, including the payment of dividend, election of directors, and amendments to the Bank’s Memorandum and Articles of Association.

In line with its commitment to inclusive development and sustainable impact, the Bank expanded its corporate social responsibility initiatives during the year through financial literacy programmes, youth empowerment initiatives, healthcare interventions, and inclusive education partnerships.

Looking ahead, Quest Merchant Bank reaffirmed its commitment to strategic expansion, innovation, and sustainable finance while continuing to support Nigeria’s economic transformation agenda through strategic financial intermediation and advisory services.

About Quest Merchant Bank Limited

Quest Merchant Bank Limited is a Nigerian licensed merchant bank providing Corporate and Investment Banking, Global Markets, and Wealth Management services to corporate, institutional, and public sector clients. The Bank is committed to strong governance, disciplined execution, and sustainable value creation.

Brass Business Banking Transitions Into Paystack Microfinance Bank In Strategic Fintech Integration Move

Brass Business Banking is set to wind down its independent operations and transition its services into Paystack Microfinance Bank (Paystack MFB), marking a major consolidation within Nigeria’s fintech and digital banking ecosystem. The move will see all Brass business banking customers gradually migrated into Paystack MFB’s infrastructure ahead of a full transition deadline scheduled for July 31, 2026.

The shift is positioned as a strategic effort to provide stronger financial infrastructure, expanded product capabilities, and improved operational stability for small and medium-sized businesses that rely on Brass for digital banking services such as payments, payroll management, and expense tracking. Customers are expected to retain access to core business banking functions while benefiting from a broader suite of services under Paystack MFB.

Brandspur Banking News Desk, Brandspur Brand News reports that the development follows Brass’ acquisition in May 2024 by a consortium led by Paystack, alongside investors including PiggyVest, Ventures Platform, and P1 Ventures, a deal that initiated a restructuring phase aimed at strengthening the company’s long-term sustainability within a larger fintech ecosystem.

Nigeria’s fintech sector has seen rapid consolidation in recent years as operators respond to rising compliance demands, capital requirements, and the need for deeper banking infrastructure. Microfinance banks, licensed by the Central Bank of Nigeria, have increasingly become key vehicles for fintech firms seeking to offer regulated deposit-taking and payment services at scale.

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According to the transition plan, Brass customers will receive direct communication outlining account migration steps, with the companies emphasising minimal service disruption during the integration process. Paystack MFB is expected to absorb Brass’ product functions while expanding capabilities around payouts, account management, and financial operations for businesses.

Brass initially launched in 2020 to simplify business banking for Nigerian entrepreneurs and SMEs, offering digital-first account opening and financial management tools. The company grew rapidly among startups and small businesses seeking alternatives to traditional banking bottlenecks, though it later encountered operational and scaling challenges common within Africa’s competitive fintech landscape.

With the integration into Paystack MFB, stakeholders say the development reflects a broader trend of fintech platforms embedding into licensed banking structures to improve resilience, regulatory alignment, and long-term service delivery for business customers across Nigeria’s digital economy.