Global Market Brief: Industrial Expansion, Regulatory Crackdowns, and Economic Rebounds

From the energy corridors of Abuja to the manufacturing hubs of Manchester, the start of February 2026 is marked by high-stakes industrial deals and a notable shift in business sentiment across major economies.

1. Nigeria: The Dangote-NNPC Gas Alliance

In a move that anchors Nigeria’s “Decade of Gas” initiative, three Dangote Group subsidiaries (Refinery, Fertilizer, and Cement) have signed bolstered gas supply contracts with NNPC units.

• Strategic Alignment: These deals, signed during the launch of the Nigerian Gas Master Plan 2026 in Abuja, are designed to power massive industrial expansion while transitioning toward cleaner energy.

• Economic Impact: While volumes remain undisclosed, the partnership is expected to lower production costs for cement and fertilizer, potentially easing domestic price pressures as the new Master Plan aims to attract over $60 billion in sector investments.

2. United Kingdom: Manufacturing and Confidence Surge

The UK is shaking off a sluggish 2025 with a “double-shot” of positive economic data for January 2026.

• Manufacturing Peak: The S&P Global PMI rose to 51.8, its highest in over a year. Notably, new export orders grew for the first time in four years, fueled by demand from the US, China, and Europe.

• Business Optimism: The Institute of Directors reported that business confidence jumped to -48 (up from -66 in December). While still in negative territory, it is the highest level since May 2025, suggesting that Chancellor Rachel Reeves’ fiscal policies have provided more stability than initially feared.

3. Japan: Banking Sector Records

Mizuho Financial Group, Japan’s third-largest lender, reported a 14% rise in Q3 net profit to ¥329.9 billion ($2.13 billion).

• The “Rates” Effect: Rising interest rates and the definitive end of deflation in Japan have transformed the banking sector into a profit engine.

• Shareholder Returns: On the back of reaching 90% of its annual profit target in just nine months, Mizuho increased its share buyback program to ¥300 billion.

4. Poland: Watchdog Bites Back

In a win for consumer rights, Poland’s regulator, UOKiK, fined Orange Polska over 34 million zlotys ($9.6m).

• The Violation: The telecom giant was found to have illegally charged customers for “inactivity” (maintaining numbers without usage) between 2022 and 2024.

• The Precedent: The ruling reinforces a strict stance against unilateral contract changes that penalize passive users.

Global Economic Snapshot (February 2026)