Special Reports

Since President Bola Tinubu assumed office on May 29, 2023, Nigeria - according to Nigeria Security Report by Beacon Consulting, a firm that specialises in security risk management - has experienced a dramatic surge in violence. In just over a year, 13,346 people have been killed and 9,207 abducted across 667 local government areas, with deaths resulting from terrorism, banditry, farmer-herder clashes, and other forms of violence. This sharp rise in fatalities and kidnappings underscores the country’s deteriorating security situation and provides a grim context for understanding the entrenched socioeconomic and political crises that fuel this unrest. The worsening insecurity…
The Nigerian economy has entered a period of severe hardship, marked by rapidly increasing poverty and hunger. This is driven by a complex combination of domestic economic challenges, policy choices, and external factors. The country's transition into deeper multidimensional poverty—where 133 million Nigerians were classified as such by the National Bureau of Statistics (NBS) in 2022—has been further compounded by the Bola Tinubu administration's policies, which have exacerbated inflationary pressures and eroded purchasing power. A combination of economic mismanagement, external shocks, and poor governance has resulted in significant devaluation of the Naira, skyrocketing fuel prices, and surging inflation, all of…
The sustained rise in the prices of goods and services in Nigeria is driven by a complex interplay of domestic economic challenges, monetary policy decisions, and external factors. The trends identified by manufacturers, agricultural experts, and economic analysts reveal that inflationary pressures are likely to persist, affecting both the productive and service sectors. This analysis will explore the various underlying causes and how they are expected to shape price trends in Nigeria. 1. Monetary Policy and Rising Interest Rates The continuous increase in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), now at 27.25%, has had…
The surge in petrol prices in Nigeria, rising from N187 per litre when President Bola Tinubu took office last year to N1,000 per litre, reflects a complex blend of both domestic and international economic factors. The reasons why petrol prices are unlikely to decline soon, as outlined in the analysis below, offer a significant understanding of the issue. Key Reasons Why Petrol Prices Will Remain High: 1. Dollar Denominated Crude Sales and Depreciating Naira The sale of crude oil, the primary feedstock for refineries, is priced in U.S. dollars. While the federal government has proposed selling crude to local refineries…
Since President Bola Tinubu's inauguration on May 29, 2023, the Nigerian Naira has experienced a sharp and persistent decline in value. At the time of Tinubu's assumption of office, the official exchange rate stood around N465/$. However, after the decision to float the Naira and unify Nigeria’s multiple exchange rates, the currency has depreciated dramatically, losing over 70% of its value. As of recent, the Naira traded at about N1,700/$ in the parallel market, marking a massive devaluation that has exacerbated Nigeria's inflationary pressures and living costs. Several factors have contributed to this devaluation, with the following issues making it…
Charles Adewole Though NNPCL is not a saint, the conflict between the national oil company and Dangote Refinery is a typical Aliko Dangote strategy for muscling out competition Aliko Dangote, Africa’s richest man until August 2024, and Nigerian National Petroleum Corporation Limited, NNPCL, Nigeria’s state oil company, have many things in common. Both are business partners; both are avid monopolists; both leverage on government patronage to muscle out competition and both are passionately Nigerian, among other shared characteristics. Dangote is Nigeria’s top business icon. From an initial seed money of N500,000 loan from his uncle, he started business with in…
The Nigerian Economic Summit Group (NESG) has said the economic situation in Nigeria presently is scary. The private sector-led think tank group said the country needs to take bold and decisive steps to address the challenges. Chairman of the NESG, Niyi Yusuf, at a pre-summit news conference in Abuja on Friday, noted that one of Nigeria’s pressing concerns now is translating economic growth into improved lives and livelihoods for all its citizens. Recalling the numbers from the country’s second-quarter 2024 gross domestic product (GDP), Yusuf, who was represented by Ufot Udeme, said that in Q2-2024 Nigeria’s economy recorded a fast…
Families and operators of businesses in the country have continued to decry the recent hike in petrol prices as they grapple with the escalating cost of living amid widespread discontent in the country. The 50 percent increase in petrol price has rippled through the economy, driving up prices of essential goods and services, and exacerbating financial hardships for many. The price hike, which came into effect last week, has seen petrol prices soar to record highs of between N850/litre and N1,400 per litre depending on the area, adding to the already mounting pressure on household budgets. Owing to the hardship…
On Tuesday, Aliko Dangote showed off the new colourless petrol from his refinery — a stark contrast to the colour which Nigerians are used to, which is typically yellowish or reddish-pink. This made people question the quality of petrol in Nigeria. “You might think it looks different, but this is the real thing,” Dangote said,while pointing at the bottle. “You will now have good petrol and your car engines will last longer. You won’t have engine problems like we used to. It won’t happen at all. “The quality here is as good as anywhere in the world. We will make…
A building has collapsed in Nigeria’s megacity, Lagos, once every two weeks on average so far this year. Whereas the commercial cost can be calculated, a figure can never be put on the value of the lives lost underneath the rubble. The gaps among the buildings, replaced by piles of debris, represent a failure of governance as well as giving rise to allegations of contractors trying to cut corners to save money. There are regulations, there are maintenance schedules, there are inspectors – but the system does not work. Those responsible are never held to account, and so nothing ever…
April 30, 2025

NNPCL faces criticism as Warri Refinery fails to take off after $897m in repairs bill

The Nigerian National Petroleum Company Limited is under scrutiny after the Warri Refining and Petrochemical…
April 28, 2025

Natasha mocks Akpabio in scathing ‘apology’ over sexual harassment claim

Suspended Kogi Central Senator Natasha Akpoti-Uduaghan on Sunday delivered a blistering, sarcastic "apology" to Senate…
April 29, 2025

How African popes changed Christianity - and gave the world Valentine's Day

Now predominantly Muslim, North Africa was once a Christian heartland, producing Catholic popes who left…
April 26, 2025

Declassified CIA file about UFO aliens attacking soldiers released

A declassified document posted to the CIA’s website is raising eyebrows with claims of an…
April 29, 2025

At least 26 people killed as 2 vehicles run over bomb planted by Boko Haram…

At least 26 people were killed on Monday when two vehicles detonated an improvised explosive…
April 30, 2025

Here’s the latest as Israel-Hamas war enters Day 572

UN chief urges 'irreversible action' on Israel, Palestinian two-state solution United Nations Secretary-General Antonio Guterres…
April 27, 2025

Smartphone use could reduce dementia risk in older adults, study finds

The first generation that has been exposed consistently to digital technology has reached the age…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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