African markets and business updates

The diplomatic focus will shift to London in the second week of March 2026 as President Bola Tinubu travels to the UK on a state visit. The impending state visit transcends mere optics or the traditional pageantry of the Court of St. James; it represents a meticulously organised inflection point in bilateral engagement. With the itinerary centered on a high-level residency at Windsor Castle…

When Nigeria's President Bola Ahmed Tinubu arrives in the United Kingdom on Wednesday, March 17, 2026, for a two-day state visit, he does so as a leader whose political journey spans more than three decades. His political life encompasses the struggle for democracy, the remaking of Lagos as an economic centre and now the presidency at a time of uncertainty in West Africa and global geopolitical tensions. Tinubu came into national prominence during Nigeria's short-lived Third Republic. In 1992…

Without a doubt, President Bola Tinubu's state visit to the UK underscores the historical ties between both countries - before and after Nigeria gained independence in 1960. This will be the first state visit by a Nigerian leader to the UK in nearly 37 years - since General Ibrahim Babangida's visit in 1989, making it a big deal and a notable moment for Nigeria. On the economic and diplomatic fronts, the upcoming state visit is indeed a significant milestone for Nigeria…

When Olayemi Cardoso assumed leadership of the Central Bank of Nigeria (CBN) in late 2023, the naira was battered, confidence was thin, and the foreign exchange (FX) market was riddled with distortions. Now, through sweeping reforms and a bold recalibration of foreign exchange (FX) management, he is attempting not just to stabilise the currency but to fundamentally rewrite Nigeria's FX story.…

When Nigerian President Bola Tinubu decided to apply shock treatment to the comatose Nigerian economy in 2023, one of the specialists he brought to attend to the patient was Olayemi Cardoso. A career banker who had a long stint with Citibank Nigeria, Cardoso had been part of Tinubu's team as the governor of Lagos between 1999 and 2007. And as the ripples caused by Tinubu's abrupt ending of decades of fuel subsidies and decision to float the exchange rate coursed through the economy…

When President Bola Tinubu arrives in the United Kingdom on March 18, 2026, for a state visit, in the company of his wife, Senator Oluremi Tinubu, he will be the fifth Nigerian leader to be so honoured at the highest level of diplomacy by the British government and the first to be hosted at Windsor Castle. The four previous Nigerian leaders were received at Buckingham Palace. Prime Minister Tafawa Balewa, the first post-independence leader to be invited on a state visit by a British sovereign…

The bank recapitalisation exercise that started 23 months ago has entered the last lap. In late February, Central Bank of Nigeria governor Olayemi Cardoso gave an update on the plan: "With regard to the ongoing recapitalisation programme, the Committee noted that of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirement, reaffirming steady progress towards a more robust and well capitalised financial system," he said.…

A look at every speech made by Olayemi Cardoso as governor of the Central Bank of Nigeria (CBN) will reveal something simple yet significant: a large majority contain the words "buffers" and "resilience". These keywords are important in understanding his overall reform agenda, which is anchored on price stability and long-term sustainable growth. Stability and growth are becoming more evident across several areas of the economy and on February 24…

With Nigeria-UK trade valued at an estimated £7.9bn ($10.5bn) in the year to end July 2025, both countries are looking to President Bola Tinubu's state visit to the UK as an opportunity to intensify efforts to deepen commercial ties and unlock new investment frontiers across critical sectors. British high commissioner to Nigeria Richard Montgomery said the trade value between Nigeria and Britain has hit an unprecedented level.…

Financial inclusion in sub-Saharan Africa has improved considerably in recent years, with bank account ownership doubling from roughly 23% of the adult population in 2011 to 49% by 2022, according to the World Bank. Still, hundreds of millions of adults in sub-Saharan Africa do not have a bank account. Countries like Kenya show that it is possible under the right conditions to deliver formal financial services to previously unbankable populations - and to do so through a scalable, commercial model.…