Kim Yo Jong, the influential sister of North Korean leader Kim Jong Un, issued the warning on Monday, accusing South Korea of repeatedly firing warning shots and broadcasting warnings at the border since August over alleged incursions by North Korean troops.

She said the South Korean military’s actions had crossed a red line following the September 21 mine blasts, warning that Pyongyang was considering deploying more tactical strike weapons along the border as a pre-emptive measure and restarting propaganda broadcasts against Seoul.

The tensions intensified after South Korea formally blamed North Korea for planting the mines responsible for the explosions, demanding an apology and the removal of other mines in the area. Pyongyang has denied responsibility and warned of strong retaliation if provoked.

Relations between the two countries have deteriorated in recent years, with North Korea reinforcing its border with mines, barbed-wire fences, anti-tank barriers and other fortifications as part of its policy of severing ties with the South.

South Korea’s military says North Korean soldiers have crossed the military demarcation line about 50 times this year during border construction work, prompting warning shots and broadcasts from South Korean troops.

The latest threat raises fresh concerns over a possible escalation along one of the world’s most heavily fortified borders. South Korea’s military has yet to respond to Pyongyang’s latest warning.

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Nigeria’s portfolio investment rose to $6.51 billion in the second quarter of 2026, representing a 45 per cent increase from the $4.49 billion recorded in the preceding quarter, according to data from the Central Bank of Nigeria (CBN).

The CBN’s Q2 2026 statistical bulletin showed that portfolio investment increased by approximately $2.03 billion between March and June, reflecting stronger investment in Nigerian financial assets.

The latest figures indicate an increase from the $5.15 billion recorded in the corresponding period of 2025, representing year-on-year growth of about 26.5 per cent.

Debt securities accounted for the largest share of portfolio investment in the second quarter, rising to $4.97 billion from $4.28 billion in the first quarter.

Equity and investment fund shares also recorded an increase, although at a slower pace, climbing marginally to $1.54 billion from $1.53 billion over the same period.

The figures indicate that debt securities contributed most of the quarterly growth, while investment in equities and investment fund shares remained relatively stable.

Portfolio investment generally involves financial assets such as stocks and debt instruments, unlike foreign direct investment, which typically entails a lasting interest in a business and may include managerial influence.

Consequently, changes in portfolio investment can reflect shifts in investor appetite for financial securities and movements in financial-market positions.

Government steps up investment drive

The increase comes as the Federal Government intensifies efforts to attract domestic and foreign capital to support economic growth, create jobs and finance development projects.

Nigeria recently unveiled 65 investment projects requiring a combined $78.5 billion in capital at the IMF and World Bank meetings. The initiative is intended to present investment opportunities to potential investors and accelerate economic expansion.

In June 2026, the government also announced plans to establish a Nigeria Deal Room to help convert investment opportunities into bankable transactions and address regulatory bottlenecks that could delay projects.

The proposed platform is expected to improve investment mobilisation by connecting project opportunities with potential financiers and helping move viable proposals towards implementation.

These initiatives form part of broader efforts to increase private-sector participation in the economy and attract funding for projects across key sectors.

World Bank targets private financing

Development finance institutions are also supporting efforts to mobilise private capital for Nigeria.

The World Bank Group is working to mobilise up to $5.79 billion in private financing for Nigeria in fiscal year 2026, with the programmes expected to support approximately 850,000 direct and indirect jobs.

The financing initiative is intended to support economic activity and employment through investment in projects and businesses.

However, portfolio investment and project financing represent different forms of capital. Portfolio investment primarily covers holdings of financial assets, while project financing supports specific investments and development activities.

The latest increase in portfolio investment therefore signals stronger activity in Nigeria’s financial assets, although sustained investment will also depend on investor confidence, market conditions and the broader economic environment.

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The decision, reached during plenary on Monday, comes amid renewed reconciliation efforts to ease the prolonged political feud between Fubara and his predecessor, Nyesom Wike.

The affected lawmakers are Victor Oko-Jumbo, representing Bonny; Adolphus Timothy Oruibienimigha, representing Opobo/Nkoro; and Sokari Goodboy Sokari, representing Ahoada West.

During the sitting, the Assembly considered a letter from the lawmakers, who explained that they had not received correspondence directing them to resume legislative duties following the President’s intervention in the political crisis.

They also tendered an apology to the House, which was accepted, before the Assembly directed them to resume their legislative responsibilities.

The development comes a day after the Minister of the Federal Capital Territory, Nyesom Wike, led stakeholders of the Rainbow Coalition to meet Fubara at his private residence in Port Harcourt as part of ongoing reconciliation efforts.

The lawmakers’ absence from the Assembly dates back to October 30, 2023, when they were suspended amid the escalating confrontation between Fubara and Wike. The same day, the Assembly made its first attempt to impeach the governor.

Nearly a year later, on October 15, 2024, the Martin Amaewhule-led Assembly declared their seats vacant, citing their prolonged absence from legislative sittings.

Monday’s decision reverses that vacancy declaration, marking a significant shift in a political crisis that has repeatedly threatened stability in the state.

However, the latest move has raised fresh questions about the reconciliation process, with some stakeholders criticising it as one-sided and questioning why the lawmakers’ return was not addressed earlier.

Beyond their return to the Assembly, the lawmakers’ political future remains uncertain. Reports indicate that they have been screened out of the All Progressives Congress primary election process, casting doubt on their chances of returning to the legislature after the current tenure.

While the Assembly’s decision offers a fresh opening for reconciliation, the wider political implications remain unclear, as Rivers State continues to navigate a prolonged power struggle whose resolution is yet to be fully secured.

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Credit extended by Nigerian banks to the manufacturing sector fell by 26.8 per cent year-on-year to N5.19tn in June 2026, reflecting a significant decline in outstanding financing to businesses in the sector.

Data from the Central Bank of Nigeria’s second-quarter 2026 statistical bulletin showed that bank credit to manufacturers dropped from N7.09tn in June 2025 to N5.19tn in June 2026, representing a reduction of about N1.9tn.

The decline also extended a downward trend recorded during much of the first half of the year, raising concerns about access to financing for manufacturers operating in an increasingly challenging business environment.

Manufacturers continue to face high production costs, expensive electricity, logistics constraints and foreign exchange pressures, all of which have increased the cost of running businesses and sustaining production.

The CBN figures showed that outstanding bank credit to the manufacturing sector declined from N6.57tn in January 2026 to N5.19tn in June, representing a drop of about 21 per cent within six months.

Lending fell from N6.57tn in January to N6.37tn in February before declining further to N5.77tn in March and N5.32tn in April.

The downward movement continued in May, when credit dropped to N5.02tn, before recovering slightly to N5.19tn in June.

Despite the monthly increase in June, the amount remained significantly below the level recorded a year earlier.

The figures represent outstanding credit balances and do not, on their own, establish whether the decline resulted from reduced new lending, loan repayments or other changes in banks’ credit exposure to the sector.

Nevertheless, the sustained reduction highlights the changing financing position of manufacturers at a time when many businesses require capital to maintain operations, acquire equipment and expand production capacity.

Manufacturing retains significant economic contribution

The decline in bank credit comes despite the manufacturing sector’s continued contribution to Nigeria’s economic output and government revenue.

Previous data from the National Bureau of Statistics showed that manufacturing accounted for 9.57 per cent of Nigeria’s real gross domestic product in the first quarter of 2026.

The sector has also remained a significant source of Value Added Tax revenue.

NBS figures showed that manufacturing generated N297.68bn in VAT revenue in the second quarter of 2025, up from N286.95bn in the first quarter of that year.

For the full year 2025, the sector contributed N1.17tn in VAT revenue, compared with N803.53bn in 2024.

The figures underline the sector’s importance to economic activity and public finances, even as manufacturers contend with rising operating expenses and financing constraints.

Access to affordable credit is particularly important for businesses seeking to purchase raw materials, upgrade machinery, maintain production lines and invest in new capacity.

A prolonged decline in available financing could make such investments more difficult, especially for manufacturers already facing pressure on their operating margins.

High operating costs continue to weigh on manufacturers

Manufacturers in Nigeria have repeatedly faced challenges linked to electricity costs, logistics bottlenecks, exchange-rate instability, insecurity, multiple taxation and higher input prices.

These pressures increase production expenses, complicate business planning and can limit the ability of companies to expand operations.

For businesses that depend on imported machinery and raw materials, exchange-rate movements can further increase the amount of capital required to sustain production.

Reliable and affordable financing is therefore an important consideration for manufacturers seeking to manage working capital requirements and invest in long-term growth.

The latest CBN figures show that outstanding bank credit to the sector weakened during the first half of 2026, even as manufacturing continued to contribute to national output and tax revenue.

However, further data on new loan disbursements, repayments and lending conditions would be needed to determine the extent to which the decline reflects tighter access to bank financing rather than changes in outstanding loan balances.

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The World Bank has called on the Federal Government and state governments to expand social protection programmes and ensure regular cash payments to poor and vulnerable Nigerians after the government disbursed N658.9bn to 10.46 million households as of September 2026.

The bank said the intervention had reached millions of households but stressed that more needed to be done to ensure the payments provided sustained relief amid economic pressures.

It made the recommendation in its latest Nigeria Development Update, titled ‘Beyond the Federal Purse: How Higher Revenues Shaped State Priorities’, which examined economic conditions and government efforts to cushion the impact of financial hardship on households.

According to the report, the Federal Government used biometric and digital verification systems to identify eligible beneficiaries and facilitate payments under its direct cash transfer programme.

However, the World Bank warned that the programme’s effectiveness would depend not only on the amount disbursed but also on the number of households reached, the adequacy of the payments and the consistency of the transfers.

“Social protection and service delivery can help cushion households against these pressures, though their effectiveness will continue to depend on coverage, adequacy, and continuity,” the report stated.

The bank urged the government to build on the reported disbursements by expanding the programme and improving the value and regularity of payments to ensure that assistance translates into more meaningful improvements in household welfare.

“These efforts need to be accelerated and deepened, with continued progress on coverage, adequacy, and consistency of transfers necessary to broaden and strengthen their contribution to household welfare,” it added.

Beyond increasing the reach of the programme, the World Bank said Nigeria needed to move away from relying primarily on emergency support towards a permanent social protection system backed by predictable government funding.

It called for dedicated budget allocations for social protection at both federal and state levels, alongside a gradual increase in government financing to sustain assistance to vulnerable households.

“Building on this progress, the next step is to move from an emergency response toward a regular, sustainable social protection system, with dedicated budget lines at the federal and state levels, gradually increasing financing from government resources, and a shared overarching vision,” the report stated.

The recommendation places greater responsibility on state governments to complement federal interventions with their own funding commitments, rather than leaving the bulk of social assistance to the Federal Government.

According to the bank, a coordinated framework supported by both levels of government would help make payments more predictable, strengthen programme delivery and reduce dependence on temporary interventions.

It also stressed the importance of maintaining consistent funding and improving the monitoring of social assistance to ensure that eligible households receive support when needed.

The World Bank said a sustainable approach to social protection would help Nigeria strengthen household resilience and ensure that public interventions provide more reliable assistance to citizens facing economic hardship.

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Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing initial public offering (IPO) has attracted investors from more than 90 countries, including 51 of Africa’s 54 nations.

The company said the broad participation reflects growing interest in African-owned industrial assets and positions the share sale as a major cross-border investment opportunity.

In a statement, the refinery described the response as evidence of rising investor confidence in African industrialisation and the desire among Africans to own stakes in strategic businesses operating on the continent.

It added that the offer had recorded strong demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.

According to the company, the IPO broke Nigeria’s capital market record on its opening day and surpassed the previous African record within its first 10 days.

Commenting on the development, the Chief Financial Officer of Dangote Group, Murat Erden, said the offer was designed to give investors an opportunity to participate in the ownership of one of Africa’s major industrial projects.

“This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets,” Erden said.

He added that the refinery’s current performance had significantly exceeded the assumptions underpinning its IPO valuation.

Dangote Refinery said the level of interest demonstrated the growing depth and integration of African financial markets, with the offering providing a potential model for future investment opportunities spanning multiple countries.

The company is seeking to raise N2.15tn through the IPO, which opened on September 14 at N525 per share, with a minimum subscription of 10 shares costing N5,250.

The offer is scheduled to close on October 27 following a two-week extension announced earlier this month.

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The initiative is aimed at extending routine immunisation to underserved communities, bringing vaccination services closer to families in hard-to-reach areas and identifying children who have missed scheduled doses or have never received routine vaccines.

According to WHO data covering June to August 2026, vaccination teams operating through 543 health facilities reached more than 2,600 settlements across Kebbi State, widening access to essential preventive healthcare.

The programme has also recorded progress in protecting young girls against human papillomavirus (HPV), with more than 11,506 nine-year-old girls receiving the HPV vaccine, which helps prevent infections that can lead to cervical cancer.

WHO is implementing the intervention in partnership with the Kebbi State Primary Health Care Development Agency, the National Primary Health Care Development Agency and other health partners, with support from Gavi, the Vaccine Alliance.

The outreach strategy addresses persistent obstacles to immunisation, including long distances to health facilities, transportation costs and difficult terrain, which often prevent families in remote communities from accessing routine vaccination services.

Community leaders, volunteers and women’s groups are also playing a vital role in mobilising households, raising awareness and encouraging parents to ensure their children receive recommended vaccines.

WHO says expanding these services is essential to reducing the number of children missing routine immunisation and strengthening protection against vaccine-preventable diseases.

The progress in Kebbi highlights the importance of taking vaccination services directly to underserved populations as Nigeria intensifies efforts to improve immunisation coverage and ensure that more children benefit from life-saving preventive healthcare.

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The country’s National Institute for Biomedical Research has confirmed two cases, including one death, in North Ubangi province, which borders the Central African Republic.

The affected individuals are reportedly men in their twenties from the Wapinda health zone, near Bas-Uele province, where infections have previously been recorded.

The latest development brings the number of affected provinces to eight: Ituri, North Kivu, South Kivu, Haut-Uele, Tshopo, Bas-Uele, South Ubangi and North Ubangi.

According to figures released by Congolese authorities, the outbreak had recorded 9,415 cases and 4,536 deaths as of October 16.

Ituri province remains the epicentre, accounting for a significant proportion of newly confirmed infections.

Health officials say containing the outbreak has been complicated by population movement, armed conflict, limited access to healthcare and mistrust among some communities, all of which can hamper surveillance, contact tracing and timely treatment.

The outbreak is caused by the Bundibugyo strain of the Ebola virus. Patients require prompt medical attention and supportive care to manage symptoms and complications.

Beyond the DRC, infections have also been reported in neighbouring countries, including Kenya, heightening concerns about cross-border transmission. Uganda, meanwhile, has declared itself free of the disease.

Authorities continue to strengthen disease surveillance, trace contacts and urge anyone with suspected symptoms to seek medical attention promptly as they work to curb further transmission.

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Renaissance Capital Africa (RCA) has raised its valuation of Dangote Petroleum Refinery and Petrochemicals FZE to N700.41 per share, representing a 33.4 per cent premium over its initial public offering price of N525.

The investment firm increased its valuation from N619.40 per share following stronger-than-expected earnings by the refinery in the first nine months of 2026.

In an October 16 update titled ‘Stronger Refining Margins Drive Earnings Outperformance,’ RCA attributed the improved valuation to stronger refining margins and better operational performance, which pushed revenue, earnings before interest, taxes, depreciation and amortisation (EBITDA), and net profit above its projections.

The revised valuation comes after the refinery reported a sharp increase in its financial performance for the nine months ended September 30, 2026.

Its revenue climbed by 144 per cent to $22.5bn from $9.2bn recorded in the corresponding period of 2025, according to financial results released on October 13.

EBITDA also surged to $5.5bn from $627.6m a year earlier, while net profit reached $4.7bn, reversing a loss of $117.2m recorded in the same period last year.

The refinery’s operating cash flow rose significantly to $3.68bn from $364.7m, reflecting the improvement in earnings and cash generation.

Its financial position also strengthened during the period, moving from a net debt position of $1.73bn in September 2025 to net cash of $650.8m as of September 2026.

Commenting on the results, the refinery’s Chief Executive Officer, David Bird, said the third-quarter performance demonstrated the company’s transition from commissioning and production ramp-up activities to sustainable commercial operations.

The latest valuation assessment comes as the refinery’s ongoing IPO enters its final days, with the subscription period scheduled to close on October 27 following a two-week extension announced earlier this month.

The offer opened on September 14, with 4.1 billion ordinary shares available at N525 each. Investors can subscribe for a minimum of 10 shares at a cost of N5,250.

Aliko Dangote, President of Dangote Industries Limited, has described the offer as the “People’s IPO,” saying it provides members of the public with an opportunity to own a stake in the refinery.

If fully subscribed, the offer is expected to raise N2.15tn.

RCA’s revised valuation places the refinery’s shares significantly above the IPO offer price, as the company’s stronger earnings performance adds to investor interest in the public offering.

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Despite the growing case count, officials say no community transmission has been recorded, with exposed individuals under quarantine and infected patients receiving medical care.

The country’s Director-General for Health, Dr Patrick Amoth, said the latest case involved a 49-year-old hospital patient attendant who tested positive after developing symptoms while in quarantine.

The man, whose duties included cleaning utensils and bed linens, is believed to have contracted the virus through contact with Kenya’s first confirmed case — a 40-year-old man who travelled from the Democratic Republic of the Congo through Uganda before arriving in Nairobi.

The index patient died at a Nairobi hospital on October 5, triggering contact-tracing efforts to identify and monitor people who may have been exposed to the virus.

Health authorities have identified 130 contacts, with 128 remaining in quarantine. The other infected patients are reportedly stable and receiving supportive care.

To strengthen its response, Kenya has stepped up health screening at entry points and introduced an emergency hotline to facilitate the reporting and early identification of suspected infections.

The outbreak involves the Bundibugyo strain of Ebola, for which there is currently no approved vaccine or specific treatment. Patients are instead managed with supportive care to address symptoms and complications.

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