Major Nigerian Economic, Financial and Business News Headlines in 2019

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Right from the New Year speech of President Buhari down to Christmas, 2019 has been a year of different happenings in the country; External agencies giving their opinions of the economy, analysts giving insights into the performance of the economy based on different data released by the relevant agencies and critics also giving opinions on the economy. Major transactions also occurred on in the Nigerian capital and money market of which the ACCESS-DIAMOND merger is a major highlight.

In this article, we will be giving major news headlines that occurred in the economic, financial and business spheres of the country in 2019. We hope you find them useful in making you look back into the major happenings in the country in 2019.

January: Minimum Wage Approval and Launch of Agricultural Loan Scheme

January started with President Buhari’s New Year speech and ended with the swearing in of Acting Chief Justice Ibrahim Tanko Muhammad, CFR.

Jan 2-CCNN gets SEC approval to merge with Kalambaina Cement.

Nigerian Stock Exchange removes 3 firms (Diamond Bank, NEM Insurance and Continental Reinsurance Plc) from its Corporate Governance Index.

Jan 18-FG launches $1bn Agric loan scheme, claims it will create jobs

Nigeria suffers rejection of 37,000 cashews by Vietnamese buyers

Jan 22-National Council of State approves N27,000 new minimum wage for states

CBN maintains Hold in first MPC meeting for 2019

Jan 24– Oby Ezekwesili withdraws from 2019 Presidential race

Jan 25– President Muhammadu Buhari swears-in Acting Chief Justice Ibrahim Tanko Muhammad, CFR

February: Postponement of the General Election by INEC was a Major Highlight

Feb 4– Fortis Microfinance Bank liquidates

Feb 16– INEC postpones 2019 general elections

Feb 27– Muhammadu Buhari wins 2019 Presidential elections

March: Access Bank and Diamond Bank were given Approval to Merge

March 5– CBN ban Forex sale to textile importers

March 10- APC’s Sanwo-Olu emerges Lagos State’s Governor-Elect

March 15– Nigeria’s Inflation drops to 11.31% in February 2019

March 19-Access Bank Merges with Diamond Bank

April: Senate Passes 2019 Budget

April 16– Nigeria’s inflation rate drops to 11.25% in March

April 30– Senate passes 2019 budget

May and June: Otedola’s Sale of Forte Oil topped the News

May 9-Nigeria records 7,926 delayed domestic flights in Q1 2019

May 15– Nigeria’s inflation rose to 11.37% in April, after 3 months decline

June 19-Otedola completes sale of Forte Oil, pivots fully to power generation

July: President Buhari Signs Electricity and AfCTA Deals

July 1- Buhari re-appoints Ahmed Idris as Accountant General of the Federation

President Buhari appoints Mele Kyari as new NNPC GMD

July 12– The number of poor Nigerians increased by 13.9% in 10 years – UNDP

OPay secures $50 million capital raise from Chinese investors

July 15– Nigeria’s inflation rate drops to 11.22%, slowest in 11 months

July 16- Nigeria ranks 7th country with highest number of internet users in the world

July 22-President Buhari finally signs Siemens electricity deal facilitated by Germany’s Angela Merkel

July 23– CBN maintains rates, keeps MPR constant at 13.5%

July 29 Nigeria paid N293 billion to service external debt in half year 2019

August: P&ID Battles Nigeria

Aug 22-FG vows to prosecute Nigerians linked with $9 billion UK Judgement

Aug 27– Buhari orders probe of past administrations over $9 billion U.K judgment

September: The Month of Xenophobia

Sep 5– Xenophobia: Air peace offers to rescue embattled Nigerians in South Africa

FG bows to pressure, ready to negotiate with P&ID firm over $9 billion U.K judgement

Sep 9- President Buhari orders immediate evacuation of Nigerians from South Africa

Sep 12– FG approves $5.3 billion for Ibadan-Kano rail construction

FG okays N100 billion for the completion of Kano Free Trade Zone 

Sep 13- BudgIT’s Co-founder Oluseun Onigbinde gets Federal Government appointment

Sep 16– BudgIT’s Onigbinde resigns as Technical Adviser to Ministry of Budget

Nigeria’s Inflation rate drops to 11.02% in August 2019 despite border closures

Sep 20- EFCC arraigns ex-petroleum director involved in P&ID’s court case

September 28– World Bank rates Nigeria among top 20 improvers in doing business

October: P&ID’s Case Continues as the President Presents 2020 Budget to NASS

Oct 1– CBN increases LDR to 65%, sets December deadline

Independence Day speech: Expect greater scrutiny of revenue generating agencies – President Buhari

OCT 9– JP Morgan’s appeal to quash $875 million Nigerian lawsuit denied by London Court

President Buhari presents 2020 federal budget to national assembly

Oct 10- $9.6 billion judgement: FG pays P&ID £250,000 as running cost

Oct 16– Inflation quickens to 4-month high of 11.24% on food, utilities

Oct 24- World Bank ranks Nigeria among World’s most improved countries in “Doing Business” 

CBN restricts OMO auctions to banks, foreign investors 

Oct 25- Lawmakers tackle Finance Minister over failed CCTV project worth $460 million

Oct 29– GTBank removes all Bank Charges for Young Undergraduates on its GTCRea8 Account Product

-Access Bank successfully completes post-merger integration of its banking platforms

November: Senate Passes Finance Bill; Re-introduces Social Media Bill

November 4– Buhari assents to the Deep Offshore Act

November 6– Senate reintroduces ‘social media use’ bill, to impose 3 years imprisonment, N10 million fine

-Financial services app, GoMoney, makes entrance into the Nigerian market

November 13– President Buhari signs Production Sharing Contract (PSC) Amendment Bill into law

November 19– Headline inflation jumps to 11.61% in October on border closure

NOVEMBER 21- Senate passes Finance Bill

-Nigeria borrows fresh €500m from Credit Suisse, others, to finance industrialization

NOVEMBER 23– Nigeria’s GDP picks up to 2.28% year on year y in Q3-19

-Air Peace Founder, Oscar Onyema indicted for bank fraud, money laundering 

NOVEMBER 24– Dangote Flour Mills officially delists from NSE

NOVEMBER 25 -GTBank, Access, Zenith make world’s 100 social media savvy banks 

-GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers

NOVEMBER 26 -CBN keeps MPR at 13.5%, holds other parameters

November 28 -Nigeria secures $210 million facility to boost power infrastructure 

-FG reviews N50 stamp duty charge to transactions above N10,000 

-CBN begins dialogue with industry stakeholders over USSD charges 

NOVEMBER 29 -P&ID: UK court receives $200 million bank guarantee from Nigeria

-C&I Leasing gets approval to list N539 million worth rights issue 

December: World Credit Rating Agencies Downgrade Nigeria

Dec 5 -Nigerian Senate passes 2020 National budget 

Moody downgrades Nigeria to Negative outlook on B3

DEC 8– $9 billion case- Nigeria files new lawsuit against P& ID after new evidence emerges

Dec 9– President Buhari replaces Babatunde Fowler; appoints Muhammad Nami as chairman of FIRS

Dec 16 – Nigeria secures AFDB’s $124.2million loan to boost water supply

DEC 17- Inflation rate jumps to 11.85% as border closure bites harder

DEC 19 – Reps probes PPPRA over unremitted N1.34tn revenue

DEC 20- FG Generates N4.25tn, stops 2019 capital budget releases

CBN revises bank charges on electronic transfers, ATM withdrawals and card maintenance.

Fitch Downgrades Nigeria to Negative Outlook on B+

DEC21- House of Representatives approve N278bn budget for FCT, N238bn for customs

National assembly transmits finance bill to President Buhari


Did we miss out on some major news in 2019 that you feel we should have included? Please reach out to us through the comment section.

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