Business
Euro touches eight-month low as European shares fall
LONDON – The euro hit an eight-month trough against the dollar on Wednesday and German bond yields were at record lows ahead of inflation data expected to boost the case for further European Central Bank policy easing.
Investors were also awaiting a statement from the Federal Reserve following its policy meeting that some expect to signal a more hawkish policy outlook, and data likely to show the U.S. economy bouncing back strongly in the second quarter.
European shares dipped after French oil major Total (TOTF.PA) was hit by concerns over its investments in Russia following Tuesday’s tightening of European sanctions on Moscow after the downing of an airliner in neighboring Ukraine.
The euro fell to $1.3395, its lowest since November 2013, before recovering to $1.3400, down around 0.1 percent on the day EUR= after data showing Spanish consumer prices fell 0.3 percent in July from a year before.
The surprisingly big fall came even though figures released at the same time showed Spanish economic growth hit its fastest since before the financial crisis in the second quarter.
Traders said that if German inflation data, due at 1200 GMT (8.00 a.m. EDT), also came in below forecast, it would intensify pressure on the ECB to print money to support growth and avert deflation risks. ECONES ECONDE
The ECB cut all its interest rates in June and promised up to 1 trillion euros in cheap long-term loans to banks from September, but kept the door open to a program of large-scale asset purchases, known as quantitative easing (QE).
“The likelihood that the ECB will need to do QE at the end of the year is sharply increasing,” said Alessandro Giansanti, senior rate strategist at ING.
DIVERGING FORTUNES
The contrast between the moribund euro zone economy and an increasingly robust U.S. recovery is one factor in the dollar’s rise this week to a six-month high against a basket of six major currencies. The dollar index was last at 80.225 .DXY, after touching 81.245 on Tuesday as the euro cratered.
The Commerce Department is expected to report on Wednesday that the economy grew at a 3.2 percent annual pace in the second quarter, after it shrank 2.9 percent in the previous quarter.
Federal Reserve chair Janet Yellen is not due to hold a news conference after the U.S. central bank’s two-day meeting, and the Fed will not update its economic forecasts, leaving a statement scheduled for release at 1800 GMT as investors’ focus.
On Friday, the Labor Department’s key nonfarm payrolls report is expected to show a rise of 231,000 jobs in July after an increase of 288,000 in June. The jobless rate is expected to hold steady at 6.1 percent.
With U.S. unemployment dropping over the last few months and inflation firming, some believe the Fed could adjust its wording to suggest a willingness to hike interest rates sooner rather than later as the bank approaches its “full employment” mandate.
The yield on the benchmark 10-year U.S. Treasury note US10YT=RR stood at 2.467 percent, not far from its U.S. close of 2.462 percent on Tuesday, when it got support from German, Italian and Spanish government debt yields hitting record lows.
“That widening yield spread differential is beginning to weigh more heavily on the euro,” said Lee Hardman, a currency economist at the Bank of Tokyo-Mitsubishi UFJ.
RUSSIAN SANCTIONS
European shares bucked the upward trend in Asian markets. French oil major Total TOTF.PSA slid after saying it had stopped buying shares in Russia’s Novatek (NVTK.MM) on the day a Malaysia Airlines flight was downed over Ukraine.
Last April, Total forecast that Russia would become its biggest source of oil and gas output by 2020 thanks to its partnership with Novatek and their Yamal LNG project in Siberia.
Tuesday brought further European and U.S. sanctions against Russia over Moscow’s support for rebels in eastern Ukraine.
The FTSEurofirst 300 .FTEU3 index of top European shares was down 0.2 percent at 1,370.92 points, after gaining 0.3 percent on Tuesday.
Asian shares touched a six-and-half-year peak, with Japan’s Nikkei stock average .N225 ending up 0.2 percent, as upbeat earnings offset weaker-than-expected industrial production data which cast doubts over the strength of an expected third-quarter economic recovery.
U.S. crude CLc1 edged up around 0.1 percent on the day to $101.07 a barrel after touching an intraday low of $100.37 on Tuesday, its lowest since mid-July.
Spot gold XAU= was steady at $1,299 an ounce after slipping 0.5 percent and breaking below the key $1,300 level in the previous session.
– REUTERS
Lagos State Governor, Babajide Sanwo-Olu, has called for stronger international investment partnerships as he pitched Lagos as a strategic gateway for global investment into Africa.
Sanwo-Olu made the call while speaking at the Global Africa Business Initiative’s Unstoppable Africa 2026 in New York, where global business leaders, investors, policymakers and heads of government gathered to discuss ways of strengthening African businesses and expanding the continent’s economies.
The 2026 edition of the event was held on September 20 and 21 at the New York Marriott Marquis, on the sidelines of the opening of the 81st United Nations General Assembly.
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The governor highlighted Lagos’ large population, expanding market, infrastructure needs, entrepreneurial ecosystem and strategic position as key factors that create opportunities for investors seeking to participate in Africa’s economic growth.
Sanwo-Olu stressed that Lagos’ growing global relevance should translate into tangible benefits for residents through investments in infrastructure, transportation, healthcare, enterprise development and other sectors.
He said the state remained open to international capital, strategic partnerships and private-sector participation, with the goal of building partnerships capable of delivering measurable economic value across Lagos.
According to the governor, Lagos is pursuing a development agenda that combines long-term economic growth with efforts to address the everyday needs of its residents while creating an environment where businesses can establish, expand and compete.
A key feature of the governor’s presentation was the promotion of Invest Lagos, the flagship investment promotion initiative of the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The engagement followed the successful Invest Lagos 3.0 summit held in Lagos in June under the theme, “Lagos: The Business Gateway to Africa.”
The summit brought together global investors, policymakers, development institutions and business leaders to explore opportunities in infrastructure, manufacturing, technology, trade, finance and the creative economy.
Sanwo-Olu’s participation at Unstoppable Africa 2026 further provided an international platform for Lagos to showcase its investment opportunities and seek partnerships aimed at attracting global capital to the state.
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
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The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
More than 100 Chinese original equipment manufacturers are being wooed for investment, technology and manufacturing capacity to aid growth in Nigeria’s oil and gas industry.
The Nigerian Content Development and Monitoring Board (NCDMB) made the disclosure through its Director, Project Certification and Authorisation Division and Senior Technical Adviser to the Executive Secretary, Austin Uzoka.
This was detailed in a statement issued by the Board which stated that Uzoka was representing the Executive Secretary, Felix Ogbe, at the 15th China Shale Oil and Gas Summit in Chengdu, China, where he made the disclosure.
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According to Ogbe, the board was seeking to move the relationship between Nigerian oil and gas operators and Chinese manufacturers beyond the conventional buyer-seller model to investment, manufacturing, technology transfer and integration into global supply chains.
He said the Nigerian Oil and Gas Content Development Act (NOGCDA) guaranteed patronage for oil and gas equipment manufacturing facilities established in Nigeria, adding that such investments could also provide access to opportunities across the Gulf of Guinea.
“We are looking beyond the traditional buyer-seller relationship. What can we build together? We want Chinese companies to see Nigeria not simply as a market for their products, but as a strategic investment destination, a platform for manufacturing and technology development, and a gateway to opportunities across the wider African market,” he said.
He highlighted the Nigerian Oil and Gas Park Scheme (NOGPS) as a platform for Chinese original equipment manufacturers to establish manufacturing, assembly and service operations in Nigeria.
He said the scheme would provide opportunities for technology transfer, technical arrangements and the integration of Nigerian businesses into the supply chains of Chinese companies.
The ES also identified China’s capabilities in manufacturing, engineering, technology and energy infrastructure as areas that could support Nigeria’s industrial development.
“China has developed tremendous capabilities in manufacturing, engineering, technology and energy infrastructure. We want to explore how those capabilities can be connected with the opportunities that exist in Nigeria, for mutual benefits,” he added.
Nigeria’s local content policy had evolved from increasing Nigerian participation in oil and gas projects to a broader industrial development agenda focused on manufacturing, technology ownership and global competitiveness, he pointed out.
“Nigeria’s local content journey has evolved significantly since the local content law was enacted in 2010. What began primarily as an effort to increase Nigerian participation in the oil and gas industry has developed into a broader industrial development agenda focused on building capabilities, deepening manufacturing, promoting technology ownership and positioning Nigerian businesses to compete within regional and global markets,” he observed.
The engagement formed part of Nigeria’s participation in the 15th China Shale Oil and Gas Summit, held from September 20 to 23 at the Chengdu Century City International Conference Centre.
The summit, themed ‘Empowering Efficient and Green Development via Intelligent Technologies, Innovating to Lead the Shale Oil and Gas Revolution’, provided a platform for Nigerian oil and gas stakeholders to showcase investment opportunities in manufacturing, technology and oil and gas services.
According to the NCDMB, several Chinese OEMs expressed interest in exploring business relationships with Nigerian companies and participating in the country’s growing oil and gas manufacturing ecosystem.
In her closing remarks, the General Manager, Midstream, PCAD, Ms Lekoma Phimia, urged stakeholders to build on the connections established at the session to develop commercially viable and sustainable business relationships.
The NCDMB also used the exhibition to provide prospective investors and industry players with information on Nigeria’s oil and gas sector, local content opportunities and avenues for establishing operations in the country.
The board said the Chengdu engagement was part of efforts to expand Nigeria’s international industrial connections and advance the objectives of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA).
It added that its focus was to move the local content agenda from participation to capability, manufacturing, and ultimately technology ownership and regional competitiveness.
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