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2026

Business

Global Tensions Create Industrialization Opportunity For Nigeria: Okonjo-Iweala

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The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has urged Nigeria to take advantage of changing global trade patterns by implementing reforms that will attract investment, boost industrialisation and strengthen its position in global value chains. Speaking during a fireside chat with Central Bank of Nigeria Governor Olayemi Cardoso at the seventh Africa Emerging Markets Forum in Abuja, Okonjo-Iweala said increasing geopolitical tensions and the restructuring of global supply chains present significant opportunities for Nigeria and other African countries. She acknowledged that the global economy is experiencing trade fragmentation and uncertainty but stressed that such challenges also create opportunities for countries willing to improve their competitiveness. According to her, multinational companies are seeking to diversify their manufacturing and sourcing operations following lessons from the COVID-19 pandemic and ongoing geopolitical tensions. She said Africa should position itself as an attractive destination for these investments instead of allowing them to continue flowing mainly to Asia and Latin America. Okonjo-Iweala also highlighted West Africa’s abundant critical mineral resources, noting that the region could build integrated supply chains for renewable energy technologies and electric vehicle batteries through greater regional cooperation. She argued that African countries should work together on processing and manufacturing rather than pursuing isolated national strategies. Despite the opportunities, the WTO chief questioned whether Nigeria is prepared to undertake the governance, infrastructure and regulatory reforms needed to attract long-term investors. She called for the removal of bureaucratic obstacles that discourage businesses and urged policymakers to prioritise efficient leadership and a more investment-friendly environment. On the Federal Government’s economic reforms, Okonjo-Iweala said their success would ultimately depend on whether Nigerians experience tangible improvements in their daily lives. While commending reforms introduced by the Central Bank of Nigeria, she stressed that macroeconomic stability must translate into job creation, business growth and improved living standards to earn public confidence. She also advocated stronger implementation of the African Continental Free Trade Area (AfCFTA), saying increased trade among African countries would reduce dependence on external markets and stimulate regional economic growth. According to her, Africa’s growing middle class and youthful population could become major drivers of development if governments invest in skills development and employment opportunities. Addressing concerns over recent United States tariff measures affecting Nigerian exports, Okonjo-Iweala said the country should focus less on tariff rates and more on expanding and diversifying its export base through value addition and increased production. She further encouraged Nigeria to mobilise domestic capital rather than relying heavily on foreign investment, noting that global financial flows are becoming more constrained. She added that building investor confidence at home is essential, as domestic investment often serves as a signal that attracts international investors. Okonjo-Iweala concluded that Nigeria has the resources and potential to achieve sustained economic growth but emphasised that success will depend on consistent reforms, stronger institutions and policies that encourage investment, industrialisation and regional trade.

Politics

Tinubu Explains Arrest of Families Linked to Oyo Kidnappers

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President Bola Tinubu has revealed that the Federal Government refused to negotiate with or pay ransom to the kidnappers who abducted schoolchildren and teachers in Oriire, Oyo State, in May 2026. Instead, security agencies tracked members of the kidnappers’ families and communities as part of efforts that eventually led to the victims’ rescue. Speaking while receiving the Olubadan of Ibadanland, Oba Rashidi Ladoja, and other Oyo traditional rulers at the Presidential Villa in Abuja, Tinubu said the abductors demanded money and the release of detained gang members, but the government rejected the conditions. He noted that the rescue operation, which lasted 56 days, was intelligence-driven and completed without paying ransom. The President explained that the incident prompted his administration to strengthen the country’s security architecture. According to him, the decision to expand the Nigerian Army from eight to 12 divisions was aimed at improving response times and increasing the military’s operational reach against terrorism and banditry. He also reiterated plans to establish state police with safeguards against abuse and to retrain forest guards into frontline security personnel. Tinubu stressed that the government would not bargain with criminals, saying security agencies relied on intelligence and knowledge of the terrain to secure the victims’ release. He praised the armed forces for the successful operation and urged Nigerians to appreciate their efforts. He further called on traditional rulers to encourage residents to remain vigilant and report suspicious activities in their communities, describing intelligence gathering as critical to tackling insecurity. The President also urged state governments to invest more in road infrastructure to improve access for security agencies to remote areas. Speaking on behalf of the delegation, Oba Ladoja thanked the President and the armed forces for securing the release of the abducted pupils and teachers. He also commended the Federal Government’s efforts to rehabilitate major roads across Oyo State, noting that improved infrastructure would enhance development and security. The Oriire abduction occurred on May 15, 2026, when armed men attacked three schools in Oyo State, abducting about 39 pupils and seven teachers. Mathematics teacher Michael Oyedokun was killed during the attack. The victims regained their freedom on July 10 after spending 56 days in captivity, while security forces arrested eight suspects and neutralised others during the operation.

Politics

Osun SSG Regains Freedom After Police Release

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The Osun State Police Command has released the Secretary to the Osun State Government (SSG), Teslim Igbalaiye, following his arrest during a police operation in Osogbo. The development was announced on Thursday by Pelumi Olajengbesi, spokesperson for the Imole Campaign Council, which is leading Governor Ademola Adeleke’s re-election campaign. In a statement shared on Facebook, Olajengbesi thanked the Inspector General of Police and the Osun State Commissioner of Police for responding to public concerns and releasing the SSG. He described the arrest as unlawful and praised the police for upholding justice and the rule of law. Olajengbesi also commended Igbalaiye for what he described as his courage and dedication to the people of Osun State. The spokesperson for the Osun State Police Command, Abiodun Ojelabi, also confirmed Igbalaiye’s release. Igbalaiye and five others were arrested on Wednesday after police raided his residence in Osogbo. According to the police, the operation was based on intelligence indicating that suspected criminals were hiding at the location. During the raid, officers reportedly arrested a man identified as Oladele Abiodun, who was said to be on the police watchlist. Other individuals arrested include Akande Taiwo, Adeyemo Lukman, Olaoye Muftau and Aderemi Musliu. Police also recovered ₦4.81 million in cash, two Permanent Voter Cards, a voter register covering Wards 1 to 15, a Dynabook laptop, a photocopy machine and a printer. The items have been taken into police custody for forensic examination and further investigation. Ojelabi stated that the recovered cash and voter register raised concerns about possible electoral offences. He said investigators were examining allegations that could include vote buying under Section 121 of the Electoral Act 2022, criminal conspiracy, harbouring a wanted suspect and any other offences that may emerge during the investigation. Before the SSG’s release, Speaker of the Osun State House of Assembly, Adewale Egbedun, alleged that the arrest was politically motivated. He claimed the Commissioner of Police ordered Igbalaiye’s arrest after an incident at an Independent National Electoral Commission stakeholders’ meeting where the commissioner was reportedly booed by attendees and noticed the SSG laughing. Egbedun further alleged that Igbalaiye was informed that police officers were waiting outside his residence before the raid. The police, however, maintained that the operation was intelligence-driven and conducted as part of an ongoing investigation into alleged criminal activities and possible electoral offences.

Business, Economy

2026 BUDGET: AGENCIES SET ASIDE N400BN FOR MOSQUES, PALACES, HALLS

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At least 78 Ministries, Departments and Agencies (MDAs) of the Federal Government have allocated nearly ₦400 billion in the 2026 budget for the construction and rehabilitation of community halls, mosques, traditional rulers’ palaces, village market squares and civic centres. An analysis of the budget shows that more than half of the allocation is earmarked for projects considered non-developmental, including the distribution of grains, motorcycles and tricycles, sponsorship of community thrift societies, and the construction of museums and mini-stadia. The affected MDAs include the Defence Headquarters, Nigerian Air Force, Nigerian Defence Academy, Technical Aid Corps, Federal Ministry of Information and National Orientation, Federal Ministry of Industry, Trade and Investment, Office of the Auditor-General for the Federation, National Building and Road Research Institute (NBRRI), National Productivity Centre and several research institutions. Economic analysts have criticised the spending pattern, arguing that the projects do not reflect Nigeria’s most pressing development priorities given the country’s current fiscal challenges. They contend that allocating hundreds of billions of naira to numerous small-scale projects reduces funding available for critical sectors such as healthcare, education, security, roads, power and other infrastructure capable of delivering broader economic benefits. The experts also warned that many of the projects have little connection to the statutory responsibilities of the agencies executing them, raising concerns about transparency, accountability and fiscal discipline. For example, the National Building and Road Research Institute’s 2026 budget includes the construction of village halls in Anambra State, an international market in Jigawa State, traditional rulers’ palaces in Rivers and Kogi states, market stalls in Borno State, a multipurpose hall in Kaduna State and the renovation of mosques in Kebbi, Ekiti and Jigawa states. The combined value of these projects exceeds ₦4 billion, despite having no direct link to the institute’s mandate. Similarly, the National Productivity Centre’s budget provides for projects such as support for Ijaw musicians, the construction of an Emir’s palace in Yobe State, an econometrics laboratory in Ekiti State, the refurbishment of traditional rulers’ palaces in Ogun State and the construction of an abattoir in Gombe State. The National Mathematical Centre is also expected to finance the construction of a Sociology Department building at Ahmadu Bello University, Zaria, a project many observers say falls outside its core responsibilities. Consultant economist and former central banker Chukwunonso Ihuma blamed the situation on weak legislative oversight, alleging that lawmakers often insert projects into agency budgets that have little developmental value. He called for a return to zero-based budgeting, where every expenditure must be justified from scratch, and urged the Budget Office of the Federation to reject projects that do not align with national priorities or the mandates of the affected agencies. According to Ihuma, projects such as markets, traditional rulers’ palaces and civic centres are typically the responsibility of state and local governments rather than federal agencies. President Bola Tinubu signed the ₦68.32 trillion 2026 Appropriation Act into law in April and also extended the implementation period for the 2025 budget to June 30, 2026. The Senate later approved a further extension of the capital component to September 30, 2026, to allow ongoing projects to be completed. The Nigerian Institute of Social and Economic Research (NISER) said effective implementation of the budget would require stronger fiscal coordination, improved revenue generation and structural reforms to address inflation, exchange rate volatility and economic inequality. Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the government’s decision to discontinue reliance on the Central Bank’s Ways and Means financing had created additional fiscal pressure, making revenue generation more challenging. He also questioned the realism of the 2026 budget assumptions, which project ₦36.87 trillion in revenue, oil production of 1.84 million barrels per day, an oil benchmark of $75 per barrel, GDP growth of between 4.28 and 4.68 per cent, and ₦15.81 trillion for debt servicing. Media strategist Umar Sani noted that while lawmakers sometimes include constituency projects in the budget, the executive does not always implement them, leading to disagreements over budget execution. He added that previous administrations had rejected appropriation bills containing projects they considered unnecessary, stressing the need for more disciplined budgeting that prioritises national development.

Foreign Affairs

34 Workers Die in Pakistan Coal Mine Blast

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At least 34 workers have been confirmed dead following a methane gas explosion at a coal mine in Pakistan’s southwestern Balochistan province, authorities said. The blast occurred on Thursday at a mine near the provincial capital, triggering a rescue operation that continued into the night. In a statement issued early Friday, the Balochistan Provincial Disaster Management Authority said rescue teams had recovered 34 bodies from the site. “According to information received from the deployed teams, 34 dead bodies have been recovered,” the agency said. It added that rescue efforts were still ongoing to locate and recover other miners believed to be trapped underground, although officials did not disclose the total number of workers in the mine at the time of the explosion. Authorities said the explosion was caused by a buildup of methane gas, a common hazard in underground coal mining. Mining accidents are frequent in Pakistan, particularly in Balochistan, where poor safety standards and hazardous working conditions have contributed to recurring fatalities. Balochistan, Pakistan’s largest province by land area, remains the country’s least developed region, with persistent challenges in education, employment and economic development despite its abundant natural resources.

Sports

Amusan Wins Women’s 100m Hurdles Bronze at Commonwealth Games

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Nigeria’s Tobi Amusan secured the bronze medal in the women’s 100m hurdles at the 2026 Commonwealth Games in Glasgow, ending her reign as the event’s champion. Amusan, who won back-to-back gold medals at the Gold Coast 2018 and Birmingham 2022 Games, was aiming to become the first woman to win three consecutive Commonwealth titles in the event. The 29-year-old finished third in the final with a time of 12.60 seconds. The Bahamas’ Devynne Charlton claimed the gold medal after clocking 12.33 seconds, while Megan Simmonds of Jamaica won silver in 12.41 seconds. Earlier in the competition, Amusan had raised hopes of defending her title after producing an impressive performance in the heats, winning her race in a wind-assisted 12.19 seconds. Although the time was not eligible for record purposes because of excessive wind assistance, it was the fastest performance ever recorded at the Commonwealth Games under any conditions. Amusan, however, was unable to reproduce that form in the final as Charlton and Simmonds finished ahead of her. Despite missing out on a historic third consecutive Commonwealth Games title, the Nigerian sprint hurdler extended her remarkable record at the Games by securing a third straight podium finish in the women’s 100m hurdles.

Metro

Terrorists Threaten to Kill Most of 176 Woro Captives, Keep ‘Beautiful’ Women

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Families of at least 176 people abducted by suspected terrorists in Kaiama Local Government Area of Kwara State have renewed calls on the Federal Government and the Kwara State Government to secure the release of their loved ones, who have remained in captivity for nearly six months. The appeal comes amid claims that the abductors threatened to force some of the female captives into marriage while killing the remaining hostages. Speaking during an interview monitored on BBC Hausa, Abdul Ibrahim, a resident of Kaiama, said the kidnappers rejected more than ₦155 million raised through community contributions to secure the victims’ release. According to him, the abductors warned that they would marry the “beautiful” female captives and kill the others if their demands were not met. “We have done everything within our means. The money was raised, yet our people have not been released. Their suffering continues, and families are living in agony,” Ibrahim said. He appealed to the Federal Government, the Kwara State Government and security agencies to intensify rescue efforts, noting that the affected communities had exhausted virtually every available option, including peaceful protests, without success. Also speaking, the Dan Sardaukin Kaiama and Suleiman Bukata urged security agencies to replicate the operation that recently secured the rescue of kidnapped victims in Oyo State. Bukata said the successful rescue in Oyo had given families in Kaiama hope that similar efforts could be extended to those still being held by terrorists in Kwara State. He stressed that every additional day in captivity exposes the victims to greater danger and hardship, calling for urgent government intervention. Commenting on the broader security situation in northern Nigeria, Senator Adamu Aliero expressed concern over the persistent threat of terrorism but said the challenge was not due to inadequate funding. He noted that the National Assembly has consistently approved budgetary requests from security agencies to support counter-terrorism operations, arguing that the continued attacks reflect the complexity of the country’s security challenges. Aliero also reiterated his support for the creation of state police, saying governors should be constitutionally empowered to establish local policing structures capable of responding more effectively to security threats in their respective states.

Metro

MAKINDE LAUNCHES JUDICIAL INQUIRY INTO ORIIRE ABDUCTION

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Oyo State Governor, Seyi Makinde, has constituted a Judicial Commission of Inquiry to investigate the abduction of pupils and teachers from Esinele and Yawota communities in Oriire Local Government Area. The development was announced on Thursday by the Commissioner for Information and Civic Orientation, Dotun Oyelade, in a statement issued in Ibadan. According to Oyelade, the commission is expected to examine the circumstances surrounding the kidnapping, identify the factors that led to the security breach and recommend measures to prevent similar incidents in the future. He said the panel, which is scheduled to be inaugurated on Friday, will also assess the response of relevant authorities to the incident and propose ways to strengthen security in schools and communities across the state. “The commission will examine the events leading to the kidnapping, assess the response of relevant authorities, and recommend measures to improve security and safeguard schools and communities across the state,” Oyelade said. He added that the establishment of the commission reflects Governor Makinde’s commitment to ensuring a thorough, transparent and independent investigation into the incident. The abduction occurred on May 15, 2026, when pupils and teachers were kidnapped from the affected communities in Oriire Local Government Area. The victims were rescued after spending 56 days in captivity. The Judicial Commission of Inquiry is expected to submit findings and recommendations aimed at improving security and preventing a recurrence of similar attacks in Oyo State.

Politics

Adeleke Claims Police Relocated More Than 60 Accord Leaders to Abuja Custody

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Osun State Governor, Ademola Adeleke, has alleged that more than 60 leaders of the Accord Party were arrested by the police and transferred to correctional facilities in Abuja and Nasarawa State despite the availability of courts in Osun State. Adeleke made the allegation on Thursday while speaking at a peace summit in Osogbo ahead of the August 15 governorship election. In a statement shared on his X account, the governor claimed that his administration and supporters had been subjected to sustained attacks over the past three months, accusing former Osun State Governor and Minister of Marine and Blue Economy, Gboyega Oyetola, of orchestrating the violence. “I should have boycotted this peace meeting because of the violence unleashed on Osun State in the last few months, on the directive of Gboyega Oyetola,” Adeleke said. “Our gathering is to endorse peace, but my government and people are facing police-sanctioned violence and intimidation.” The governor also accused the Osun State Police Command of aiding attacks against his supporters. According to Adeleke, more than 60 Accord Party leaders, including the party’s House of Representatives candidate, Hon. Alaba, were arrested and moved to correctional facilities in Abuja and Nasarawa State. “Why Abuja? We have both the Federal High Court and State High Courts in Osun State, where anyone can be arraigned,” he said. Adeleke further alleged that the Secretary to the State Government, Teslim Igbalaye, was arrested on what he described as fabricated charges after police officers allegedly raided his residence without a court-authorised warrant. The governor claimed that eight members of his party had been killed and more than 20 others injured in recent attacks, alleging that none of the perpetrators had been prosecuted. “There is no single prosecution or active arrest till date. The perpetrators are known Osun APC thugs with crimes committed in the presence of the police,” he alleged. He appealed to the Inspector-General of Police to return those in custody to Osun State and prosecute them in courts within the state if there was evidence they had committed any offence. “Those remanded in prisons should be returned to Osun State and charged before courts in Osun State if the police can show they have committed any crime,” Adeleke said. The governor also called on President Bola Tinubu to caution Oyetola and the Osun State Commissioner of Police against what he described as further acts of intimidation and violence. The allegations come after the police arrested Igbalaye and five other individuals over alleged vote-buying. Police spokesperson Abiodun Ojelabi said officers recovered ₦4.8 million and other electoral materials from a residence linked to the Secretary to the State Government. Political tension has continued to rise in Osun State ahead of the August 15 governorship election, with the Accord Party and the All Progressives Congress (APC) trading accusations over recent incidents of violence and intimidation.

Politics

Council Chairmen Say APC Governors Are Implementing LG Autonomy

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The Forum of Local Government Chairmen of the All Progressives Congress (APC) has said governors elected on the party’s platform are committed to implementing the Supreme Court judgment granting financial autonomy to Nigeria’s 774 local government councils. Chairman of Chanchaga Local Government Area in Niger State and Chairman of the Progressives Local Government Chairmen Forum, Dr Mustafa Jibril Alheri, made the remarks while briefing journalists in Abuja after leading members of the forum to a meeting with the APC national leadership. Alheri dismissed claims that APC governors were resisting the implementation of local government autonomy, describing the process as gradual and noting that relations between council chairmen and their governors remain cordial. “I want to also use this opportunity to assure you that we have the support of our governors. My own governor, the Governor of Niger State, Farmer Mohammed Umar Bago, is a strong supporter of the President of the Federal Republic of Nigeria and one of the greatest leaders we have had regarding the issue of local government autonomy,” he said. According to him, several APC-controlled states are already implementing the Supreme Court ruling as part of a transition process. “The President has been pursuing this for a very long time, and a lot of our states, especially the progressive states, are enjoying full autonomy. It is a gradual transition process that has been going on for a long time. The APC, through the leadership of the President, is committed to ensuring complete local government autonomy,” Alheri added. The Supreme Court, in a landmark judgment delivered in July 2024, affirmed the financial autonomy of local governments and ruled that allocations from the Federation Account should be paid directly to local councils. In the unanimous judgment delivered by Justice Emmanuel Agim on behalf of a seven-member panel, the apex court held that it is unconstitutional for state governors to receive and withhold funds meant for local government areas. Despite the ruling, several states have yet to fully implement the decision, prompting President Bola Tinubu to warn at the APC National Executive Committee meeting in December that he could issue an Executive Order to enforce compliance. Responding to concerns over delays, Alheri maintained that the implementation process is progressing steadily. “In Niger State, we are receiving all the support we need from our governor, and most states under the Progressive Local Government leadership are also enjoying similar cooperation. We are working together with our governors, slowly but surely, toward complete autonomy,” he said. He added that local government chairmen are actively involved in decisions taken by their state governments and expressed confidence that full local government autonomy would eventually be achieved nationwide. Alheri also expressed optimism that more governors would embrace the policy, saying the APC remains committed to strengthening local government administration across the country.