Naija Business Hub

🌍 World Bank Lifts Sub-Saharan Africa Growth Forecast to 4.3% The World Bank has raised its 2026 growth forecast for Sub-Saharan Africa by 0.3 percentage points to 4.3%, citing stronger-than-expected performance across the region. Nigeria, Zambia, Ethiopia and Angola were among countries receiving upgraded outlooks. For Nigeria specifically, the Bank projects 4.3% growth in 2026, rising to 4.4% in both 2027 and 2028, up from 4.0% in 2025 — attributing the improved outlook to stronger macroeconomic stability. The projections were published in the World Bank's October 2026 Africa Economic Update. Source

💼 McKesson and CD&R to Acquire Option Care Health for $5.8bn McKesson (MCK) and private equity firm CD&R have agreed to acquire Option Care Health (OPCH) for $32.05 per share, valuing the infusion services provider at approximately $5.8 billion in total enterprise value. Source

💼 Wall Street Banks Launch Record $60bn AI Chip Deal A syndicate of Wall Street banks is marketing a record $60bn financing package linked to a chip deal involving Broadcom and Anthropic. The offering tests lender appetite as concerns grow over rising AI-related debt levels in the market. Source

💼 KPMG's New Global CEO Faces AI and Growth Challenges Gary Wingrove took over as KPMG's global chairman and CEO on October 1, succeeding Bill Thomas after an eight-year tenure. He now leads more than 276,000 staff across the Big Four's smallest firm by revenue. KPMG posted $39.8bn in revenue for 2025, up 5.1%, with audit (+6%) and tax (+7.5%) outpacing advisory (+2.9%). Wingrove's key challenges: driving AI adoption across a decentralised network of legally separate firms, rethinking junior talent development as automation erodes entry-level work, and closing the gap with larger rivals Deloitte and PwC. Source

💼 Schneider Electric Buys Software Firm for $23 Billion Schneider Electric, the electrical equipment maker that has benefited from AI infrastructure spending, has agreed to acquire an industrial design software company for $23 billion — a deal struck at a decade-low valuation. Source

🇳🇬 Nigeria Went From IMF Lender to Heavy Borrower in 66 Years At independence and in its early decades, Nigeria was a net lender to the IMF and World Bank. Today, as the country marks 66 years of independence, it has become a heavy borrower from those same institutions — even as government revenues have risen. The reversal highlights a deepening fiscal paradox at the heart of Africa's largest economy. Source

🌐 Corporate America at Record Optimism on Future Profits More S&P 500 companies than ever have issued positive earnings guidance ahead of Q3 results, making this the most upbeat pre-earnings period on record. The bullish sentiment comes as third-quarter reporting season kicks off this week. Source

🌍 African Leaders Urge Continent to Unlock Its Own Capital Heads of state and business leaders gathered in Egypt on Saturday for the inaugural El-Alamein Africa Forum, calling for Africa to mobilise internal capital to finance growth and cut reliance on external funding. Source

📈 US Treasury Yields Hit Generational Highs Bond yields have surged to generational highs, putting global investors on edge over potential fallout across markets and financial assets. Source

💼 Meta Bets Big on Undersea Cable Network for AI Meta is building one of the world's largest undersea cable networks, spanning 6 continents, to meet surging data demands from its AI expansion. The Petal cable is the latest addition to a portfolio of more than 20 subsea infrastructure projects the company has backed. Source

🇳🇬 Nigeria Leads Africa in Stock Returns, Up 75.5% in Nine Months The Nigerian Exchange (NGX) ranked as Africa's top-performing stock market through the first nine months of the year, with equity returns surging 75.5%. Market capitalisation rose to N163.11trn, a gain of N63.73trn over the period. Naira appreciation further boosted dollar-denominated returns, strengthening the market's appeal to foreign investors as it enters Q4 with momentum. Source

🌐 Arctic Shipping Surges as Ice Melts and Gulf Tensions Rise Transits via the Northern Sea Route have quadrupled as melting Arctic ice makes the passage more navigable and vessels seek alternatives to Middle East routes disrupted by the Gulf conflict. The trend reflects both accelerating climate change and the rerouting pressure on global shipping supply chains. Source

💼 Nike Shares Drop 10% on Weak Revenue and Layoffs Nike fell 10% in premarket trading — its second straight day of declines — after reporting falling revenue and announcing plans to lay off staff. Source

🇳🇬 PETROAN Urges Tinubu to Revive State Refineries by 2027 Nigeria's Petroleum Products Retail Outlets Owners Association (PETROAN) has called on President Bola Tinubu to direct NNPCL to restore government-owned refineries to sustainable operation before January 2027. The group says reviving the refineries would deepen competition in the downstream market and strengthen the country's energy security. Source

📈 Accenture Surges 20%-Plus After Q4 Earnings Beat Accenture shares headed for their best single day ever on Thursday after the consulting giant beat analysts' estimates on both revenue and earnings in its fiscal fourth quarter. Source

🇳🇬 Nigeria Risks Losing 30% of GDP by 2050 Without Climate Action Stakeholders warn Nigeria could lose up to 30% of its GDP by 2050 if adequate climate action is not taken. The warning comes alongside Climate Policy Initiative estimates showing a substantial financing gap — Nigeria mobilised approximately $2.5 billion in climate finance, well short of what analysts say is needed to address climate-related economic risks. Source

💼 Dangote Breaks Ground on $16bn Kenya Refinery Aliko Dangote has broken ground on a $16 billion petroleum refinery and petrochemicals complex in Lamu, Kenya, targeting completion in 40 months. The facility will have a capacity of 700,000 barrels per day, with Honeywell contracted to participate in construction for $300 million. Kenya's President William Ruto, Uganda's Yoweri Museveni, Ethiopia's Abiy Ahmed, and former Nigerian President Olusegun Obasanjo were among leaders present. Dangote pledged jobs for Lamu graduates and training for over 1,000 local residents. Source

🌐 Bank of England Warns AI Debt Surge Risks Market Crash Bank of England Governor has warned that a surge in debt financing AI investment could trigger a sharp market correction, cautioning that regulators "cannot stand aside" and assume the AI industry will self-manage risks to financial stability. Source

🌐 U.S. Consumer Spending Rebounds in August American consumer spending bounced back in August after a brief slowdown, adding to signs that the U.S. economy may be picking up pace despite ongoing pressures. Source

🇳🇬 Nigeria Prepares for 2027 FATF Mutual Evaluation The EFCC and Nigerian Financial Intelligence Unit (NFIU) have begun a three-day stocktake to assess Nigeria's readiness for the Financial Action Task Force's 2027 Mutual Evaluation on anti-money laundering and counter-terrorism financing. Nigeria exited the FATF grey list in October 2024 after demonstrating "significant progress" in its AML/CFT regime. Source