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SEVEN STORIES. EVERY MORNING AT SEVEN.

Yesterday,
brought into
focus.

The morning seven today looks at easing inflation alongside heavy FX demand, Fitch’s improved outlook for Nigerian banks, Dangote Refinery’s wider IPO push and NCC’s AI governance gap.

16 October 20267 a.m. WAT~5 min read
THE MORNING SEVEN, READ TO YOUAI-narrated · 9 min listen
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The morning seven

01.
FinanceNigeriaTHE BIG PICTURE

Nigeria’s inflation slows to 14.63% in September

Nigeria’s headline inflation eased to 14.63% in September from 15.39% in August, according to the National Bureau of Statistics, extending the 2026 disinflation run to a fourth month. The monthly headline rate also slowed sharply to 0.06%, suggesting average prices rose only marginally during the month. Food inflation, a key pressure point for households, fell month-on-month to -1.55%, helped by price movements in items including grains, rice, eggs, onions, palm oil, vegetables, potatoes, plantain and tomatoes. The picture was not uniformly benign: urban monthly inflation accelerated to 0.53%, while core inflation rose to 1.11% month-on-month. For Nigerian households and businesses, the figures support the case that price pressure is easing, but the rise in core inflation means costs outside food and energy still need watching.

Read at Nairametrics ↗
02.
FinanceNigeria

FX use rises to $18.34bn as services dominate demand

Nigeria’s foreign exchange utilisation rose to $18.34 billion in the second quarter of 2026, which the FMDA update described as the highest quarterly level since Q3 2011. The important shift is in what is driving demand: invisible transactions such as services and financial payments accounted for $13.24 billion, or 72.19% of total utilisation, while merchandise imports took $5.10 billion. Financial services alone used $9.64 billion, more than half of the total and almost 1.9 times all merchandise imports combined. On the supply side, autonomous inflows reached $23.31 billion and supplied nearly three-quarters of total inflows, while CBN dollar sales fell sharply. For Nigerian businesses and investors, the data shows a foreign-exchange market increasingly shaped by cross-border financial and service flows, not just import bills.

Read at Nairametrics ↗
03.
FinanceNigeria

Fitch lifts outlooks on nine Nigerian banks and two holdcos

Fitch Ratings revised the outlooks of nine Nigerian banks and two bank holding companies to Positive from Stable, while keeping their Long-Term Issuer Default Ratings at ‘B’. The affected institutions include Access Bank, Zenith Bank, First HoldCo, First Bank of Nigeria, UBA, GTCO, GTBank, Fidelity Bank, FCMB, Wema Bank and Bank of Industry. Fitch tied the move to Nigeria’s own sovereign outlook revision, stronger reserves, naira appreciation, moderating inflation and a better operating environment. The change is not a ratings upgrade, but it signals that Nigeria’s sovereign profile may become less of a constraint on banks’ standalone creditworthiness. The caution is also clear: banks remain heavily exposed to government securities and cash reserves with the CBN, so a sovereign setback could still pressure their ratings.

Read at Nairametrics ↗
04.
FinanceNigeria

Domestic debt service costs hit N5.28tn in H1

Nigeria spent N5.28 trillion servicing domestic debt in the first half of 2026, according to Debt Management Office data released on Thursday. Interest and rental payments accounted for N4.95 trillion, while principal repayments on promissory notes added N333.96 billion. Federal Government bonds were the largest burden, taking N3.35 trillion in interest payments, followed by Nigerian Treasury Bills at N1.49 trillion. Monthly outlays were uneven, with March recording the highest total at N1.43 trillion because of the timing of interest and principal repayments. For Nigerian taxpayers, businesses and state institutions, the figures show how much fiscal room is being absorbed by existing domestic borrowing before new spending on infrastructure, services or economic support is considered.

Read at Nairametrics ↗
05.
FinanceAbuja, Nigeria

FAAC shares N2.43tn September revenue

The Federation Account Allocation Committee shared N2.428 trillion among the Federal Government, states and local governments as September 2026 revenue after its October meeting. The distributable pool comprised N1.672 trillion in statutory revenue and N756.587 billion from VAT. Before deductions, total gross revenue available for distribution was N3.913 trillion; collection costs took N131.758 billion, while transfers, refunds and savings accounted for N1.352 trillion. The Federal Government received N832.242 billion, states got N799.872 billion, and local governments received N560.660 billion, with oil-producing states sharing N236.049 billion as 13% derivation. For Nigerian citizens, the monthly FAAC distribution matters because it funds salaries, state projects, local services and much of subnational government spending.

Read at Nairametrics ↗
06.
FinanceLagos, Nigeria; Cairo, Egypt

Dangote Refinery widens IPO push to Egypt

Dangote Petroleum Refinery and Petrochemicals is extending its $1.6 billion IPO outreach into Egypt as it tries to broaden African participation in the share sale. The Egyptian Exchange’s head of international relations said discussions with Dangote executives are expected to lay the groundwork for an Egyptian depositary receipt programme, which would let eligible Egyptian investors gain exposure without buying directly on the Nigerian market. Similar access structures are being pursued in Kenya, Botswana and Ethiopia. The company also extended the IPO application deadline from October 13 to October 27 after SEC approval. The offer seeks to raise about $1.6 billion from 4.1 billion ordinary shares at ₦525 each, with a possible over-allotment lifting proceeds to about $2.1 billion.

Read at Nairametrics ↗
07.
AILagos, Nigeria

NCC survey flags AI governance gap in telecoms

A Nigerian Communications Commission survey found that AI adoption is moving faster than governance in parts of Nigeria’s communications sector. Seventy-three percent of surveyed licensees were using or piloting AI in live operations, while 27% had no governance arrangements for their AI systems. The survey covered 47 organisations across industry, academia, research institutions and civil society, including mobile network operators and internet service providers, so it does not measure the entire telecom industry. Still, the findings point to a practical regulatory issue: automated systems may increasingly shape customer service, data processing and consumer interactions before clear accountability structures are in place. The NCC plans implementation guidelines, FAQs, templates and workshops to clarify AI definitions and notification requirements under its Internet Code of Practice 2026.

Read at BusinessDay ↗

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