Aliko Dangote and financial advisers signed the refinery’s IPO documents in Lagos on Monday.
The proposed offer involves 4.1 billion shares at ₦525 each.
Dangote says the IPO will allow ordinary Nigerians, including workers, drivers and cooks, to own stakes in the refinery.
Main Story
President of Dangote Industries Limited, Aliko Dangote, and financial advisers to Dangote Petroleum Refinery and Petrochemicals FZE have signed the registration documents for the refinery’s proposed initial public offering (IPO).
The signing ceremony took place in Lagos on Monday, marking a major step towards the planned public offer and listing of the refinery on the Nigerian Exchange.
The transaction is expected to become Africa’s largest IPO if fully subscribed, with the company offering 4.1 billion ordinary shares at ₦525 per share. The offer could raise about ₦2.15 trillion, with the proceeds earmarked primarily for the refinery’s expansion programme.
Speaking at the ceremony, Dangote said the public offer was intended to broaden ownership of the refinery beyond major investors and give ordinary Nigerians an opportunity to participate.
He specifically mentioned workers and other lower-income earners, saying the objective was to make ownership accessible to drivers, cooks and other employees.
The signing was attended by members of the financial and business community, including Zenith Bank Chairman Jim Ovia and Heirs Holdings Chairman Tony Elumelu, alongside advisers and other stakeholders involved in the transaction.
The proposed IPO follows approval of the offer by the Securities and Exchange Commission and comes ahead of the subscription period scheduled to begin on September 14.
The refinery, located in the Lekki Free Zone, has an operational capacity of about 700,000 barrels per day. Dangote plans to increase this to 1.4 million barrels per day as part of its expansion programme.
The IPO will therefore give investors an opportunity to acquire an interest in one of Nigeria’s largest industrial projects, while providing the refinery with additional capital to fund its planned expansion.
The Issues
The signing moves the refinery’s proposed public listing from the planning stage towards implementation and places the transaction before the Nigerian capital market.
For the refinery, the offer is also a mechanism for raising capital for expansion while broadening its ownership base. For the capital market, the size of the transaction will make investor demand and participation important factors as the offer approaches its opening date.
What’s Being Said
“Our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,” Dangote said at the signing ceremony.
“This is the biggest IPO ever in the history of Africa,” Dangote said.
What’s Next
The IPO is scheduled to open for subscription on September 14, with the offer expected to run until October 13.
Subject to the required approvals and completion of the offer process, the refinery is expected to proceed with its proposed listing on the Nigerian Exchange.
Bottom Line
Dangote has formally signed the documents for the refinery’s proposed IPO, taking the planned ₦2.15 trillion share sale a major step closer to the Nigerian capital market. The transaction is also being positioned as an opportunity for ordinary Nigerians to become shareholders in the refinery.
• Kylian Mbappe says 2026 could be the year he wins the Ballon d’Or.
• The Real Madrid forward believes he is the best player in the world but acknowledges that voters may have different opinions.
• Mbappe scored 42 goals in 44 matches for Real Madrid last season.
• He has scored 90 goals in 107 appearances for the Spanish club.
• Mbappe has never won the Champions League or the Ballon d’Or despite his numerous individual honours.
• The 2026 Ballon d’Or will be awarded on October 26, with Harry Kane, Lamine Yamal and Rodri among the leading contenders.
Main Story
Real Madrid forward Kylian Mbappe has said 2026 could be the year he finally wins the highly coveted Ballon d’Or award, The France captain made the remarks on Monday during a press conference ahead of Real Madrid’s Champions League clash with Inter Milan at the Estadio Santiago Bernabéu on Tuesday.
Mbappe said playing for Real Madrid, which he described as the best club in the world, naturally puts him among the players associated with the prestigious individual award, “I think when you play for Real Madrid, the best club in the world, people associate you with this award,” Mbappe said.
“There are many people who speak about me and the Ballon d’Or. Of course, I’ve made history in the most important competition. Maybe it’s a good year for this, but people can vote according to what they think, The 27-year-old added that he personally considers himself the best player in the world but acknowledged that the final decision rests with the voters.
“I always think I’m the best [player in the world], but everyone has their own opinion. Maybe people think different ways. I don’t think it’s a discussion we need to have,” he said, “Of course, this year could be good for me to win the Ballon d’Or, but journalists vote, Mbappe has enjoyed another prolific spell in front of goal. He scored 42 goals in 44 appearances for Real Madrid last season, although the club ended the campaign without a major trophy.
The France international also scored 10 goals at the World Cup, taking his career tally in the competition to a record 22 goals, Despite his impressive statistics, Mbappe finished fourth in the previous Ballon d’Or rankings. His highest position remains third, which he achieved in 2023 while playing for Paris Saint-Germain, The 2026 Ballon d’Or is scheduled to be awarded on October 26.
Harry Kane is currently among the leading favourites after scoring a club-record 61 goals in 51 matches for Bayern Munich last season as the German club won the domestic double. He also scored six goals at the World Cup, Barcelona youngster Lamine Yamal is another leading contender, while his club and Spain teammate Rodri is also among the players expected to challenge for the award, Tuesday’s Champions League fixture will mark Real Madrid’s first match in this season’s competition as they begin their bid to dethrone two-time defending champions Paris Saint-Germain.
Mbappe spent seven seasons at PSG, where he became the club’s all-time leading scorer with 256 goals in 308 appearances and won 17 trophies, He is also France’s all-time leading scorer, having netted 66 goals in 106 international appearances, Since joining Real Madrid, Mbappe has scored 90 goals in 107 matches.
The forward has also collected numerous individual honours, including eight consecutive league Golden Boots, six in Ligue 1 and two in La Liga, as well as two World Cup Golden Boots and two Champions League Golden Boots, However, despite his individual success, Mbappe is still seeking his first Champions League title and a major trophy with Real Madrid.
The Issues
Mbappe enters the 2026 Ballon d’Or race with strong individual statistics but faces competition from several high-profile players, His main challenge is the lack of major trophies during his two years at Real Madrid, a factor that could influence journalists when voting for the award.
What’s Being Said
Mbappe believes he has a strong case for the award and said this year could be favourable for him, However, he also acknowledged that the Ballon d’Or is determined by journalists and that voters are entitled to their own opinions about the world’s best player.
What’s Next
Mbappe and Real Madrid will begin their Champions League campaign against Inter Milan at the Bernabéu as they seek to reclaim European dominance, The Ballon d’Or winner will be announced on October 26, 2026.
Bottom Line
Mbappe believes 2026 could finally be his year to win the Ballon d’Or. With 90 goals in 107 games for Real Madrid and a record 22 World Cup goals, he has a strong individual case, but his lack of major trophies at the club could prove decisive when the journalists cast their votes.
• Olabisi Onabanjo University has reaffirmed its commitment to strengthening collaboration with the Central Bank of Nigeria.
• The university’s Department of Banking and Finance visited the CBN Abeokuta Branch to deepen academic–industry engagement.
• OOU said the partnership would enhance practical knowledge and professional exposure for academic staff and students.
• The university is seeking opportunities for research collaboration, policy dialogue, staff development, guest lectures and joint publications.
• Both institutions expressed support for sustained engagement to advance Nigeria’s financial system and economic development.
Main Story
The Department of Banking and Finance, Olabisi Onabanjo University (OOU), has reaffirmed its commitment to strengthening academic–industry collaboration with the Central Bank of Nigeria (CBN) to enhance service delivery and professional development, The university disclosed this in a statement on Monday following a recent visit to the CBN Abeokuta Branch.
According to the statement, the visit was aimed at deepening engagement between the university and Nigeria’s apex financial regulatory institution, while enhancing the practical knowledge and professional exposure of academic staff in the rapidly evolving financial sector.
The delegation was led by the Director of OOU Business School, Professor Bamidele Ilo, and included the Head of the Department of Banking and Finance, Dr James Obadeyemi; OOU ASUU Chairman, Dr Ganiyu Yinusa; Dr T. O. Agbatogun; Dr S. K. Belau; Mr O. E. Olowofela; Dr R. A. Folami; Dr M. E. Ariyibi; and Dr O. Babalola.
The delegation was received by the Branch Controller, Mr Malik Ademola, and members of the CBN Abeokuta Branch management team, Speaking during the engagement, Prof Ilo emphasised the importance of stronger linkages between universities and financial-sector institutions to ensure that academic research and teaching remain responsive to developments in the economy and financial system.
He said the visit was also intended to explore opportunities for research collaboration, policy dialogue, knowledge sharing, staff development, guest lectures, seminars, joint publications and other academic and professional initiatives, “It is believed that sustained engagement with institutions such as the CBN would contribute to bridging the gap between theoretical knowledge and professional practice, while providing academic staff and students with greater exposure to real-world developments in banking and finance,” Ilo said.
He expressed optimism that the visit would serve as a foundation for deeper institutional collaboration between OOU and the CBN, particularly in financial-sector research, capacity building, knowledge exchange and professional development.
The visit concluded on a positive note, with both parties recognising the mutual benefits of continued engagement and the importance of strengthening university–industry partnerships for the advancement of Nigeria’s financial system and economic development.
The engagement further reinforced OOU’s commitment to building strategic partnerships with key institutions and stakeholders whose expertise and experience can contribute to the university’s teaching, research and community-development mandate.
The Issues
The financial sector is evolving rapidly, making closer collaboration between academic institutions and industry regulators increasingly important, For universities, stronger engagement with institutions such as the CBN can help ensure that teaching and research reflect current developments in banking, monetary policy and financial regulation, while giving academics and students greater exposure to professional practice.
What’s Being Said
Prof Ilo stressed that stronger university–industry linkages would help bridge the gap between theoretical knowledge and practical experience, He also identified research collaboration, policy dialogue, knowledge sharing, staff development, seminars, guest lectures and joint publications as potential areas of cooperation.
What’s Next
OOU and the CBN are expected to build on the engagement through sustained institutional interaction and potential collaborations in research, capacity building, knowledge exchange and professional development.
Bottom Line
OOU is seeking to deepen its relationship with the CBN as part of efforts to make academic teaching and research more responsive to developments in Nigeria’s financial sector while creating greater opportunities for professional exposure and knowledge exchange.
African Centre for Supply Chain Nigeria becomes one of four new member bodies admitted to the pan-African confederation, positioning Nigerian professionals for deeper cross-border collaboration as the 2026 ASCON Conference opens in Zambia this month
African Centre for Supply Chain Nigeria becomes one of four new member bodies admitted to the pan-African confederation, positioning Nigerian professionals for deeper cross-border collaboration as the 2026 ASCON Conference opens in Zambia this month.
The African Centre for Supply Chain (ACSC) has been admitted as a member body of the African Supply Chain Confederation (ASCON), giving Nigerian supply chain and procurement professionals a formal seat within the continent’s leading professional network ahead of the 2026 ASCON Conference in Livingstone, Zambia.
ACSC’s admission was announced alongside three other new member bodies — the Institute of Procurement and Supply Rwanda, Tanzania’s Procurement and Supplies Professionals and Technicians Board, and the Malawi Institute of Procurement and Supplies — as ASCON expands its membership base beyond its founding bloc of Eswatini, Ghana, Kenya, South Africa, Uganda, Zambia, and Zimbabwe.
The expansion comes as ASCON prepares to host its flagship conference from 23 to 25 September under the theme “Africa Rising: Converting Strength into Global Supply Chain Impact,” at the Radisson Blu Mosi-Oa-Tunya Livingstone Resort. The venue sits within reach of Victoria Falls, known locally as Mosi-oa-Tunya — “the smoke that thunders” — in the Kololo and Lozi languages.
ASCON Goodwill Ambassador and Africa’s first Professor Extraordinaire in Supply Chain Management, Professor Douglas Boateng, said the confederation’s growth reflects a broader continental push toward integration.
“The Africa we envision will be built through connected supply chains, stronger partnerships and shared prosperity,” Boateng said. “As Africa’s supply chain profession continues to grow, platforms such as the ASCON Conference play an important role in bringing together industry leaders, institutions, and professionals committed to advancing the continent’s future.”
The conference has also drawn a widening base of sponsors and partners, including Belgium Campus iTversity, UXi Private Education, Commerce Edge, CTU Training Solutions, IMM Graduate School, and Smart Procurement, alongside travel partnerships with Fastjet (Official Airline Partner), Ethiopian Airlines (Official Airline Carrier), South African Airways (Airline Partner), and Wings Travel (Official Travel Partner).
With Nigeria now formally represented through ACSC, industry watchers expect the country’s procurement and logistics professionals to gain greater visibility in shaping continental standards — an outcome that could carry weight for a market central to discussions on intra-African trade under the African Continental Free Trade Area (AfCFTA).
• Lagos ranked fourth among 10 cities for high-end two-bedroom rental costs in 2026.
• The average annual rent for a luxury two-bedroom apartment in Lagos was put at $19,379.
• Prime areas such as Ikoyi, Victoria Island and Banana Island command some of the city’s highest rents.
• Some ultra-luxury properties along Bourdillon, Alexandra and Gerrard roads in Ikoyi reportedly rent for up to $130,000 annually.
• Tenants often face additional costs including advance rent, agency fees, legal fees, caution deposits and service charges.
• Agency fees can range from one to two months’ rent or about 10 per cent of annual rent.
• Legal and agreement fees can range from five per cent to 10 per cent of annual rent.
• Rising land prices and construction costs are putting further pressure on Lagos’ housing market.
• Cement prices have increased significantly, while reinforcement steel has also become more expensive.
• Lagos had an estimated housing deficit of 3.4 million units in 2025.
• The state needs an estimated 227,576 new homes annually to keep pace with population growth and replace ageing housing stock.
Main Story
Lagos has ranked fourth among 10 cities for high-end two-bedroom rental costs, with the average annual rent estimated at $19,379 in 2026, According to a recent report by Nairametrics, the high cost of luxury housing in Lagos is being driven by several factors, including limited land availability, strong demand in prime locations, rising construction costs, property speculation and currency devaluation.
The report noted that high-end properties in areas such as Ikoyi, Victoria Island and Banana Island are typically priced in dollars. Some ultra-luxury developments along the Bourdillon, Alexandra and Gerrard corridors in Ikoyi can command annual rents of up to $130,000, The cost of securing accommodation also goes beyond the advertised annual rent. Tenants in Nigeria commonly face demands for annual or multiple years’ rent in advance, adding significant pressure to the upfront cost of renting.
Agency fees can range from one to two months’ rent or about 10 per cent of annual rent, while legal and agreement fees can range from five per cent to 10 per cent, Additional expenses may include caution deposits, stamp duty, utility deposits, internet installation and service charges, These charges can make the actual cost of securing a luxury rental considerably higher than the headline annual rent.
The Issues
The rising cost of housing in Lagos is being compounded by increasing development expenses, Land prices have reportedly more than doubled in several parts of the city in recent years, while construction materials and labour have also become significantly more expensive.
Cement, for example, now sells for about N12,500 to N15,000 per bag, compared with roughly N5,000 to N6,000 at the end of 2023. Reinforcement steel has also risen to between N1m and N1.5m per tonne, The combination of expensive land, materials and labour is making it more difficult for developers to deliver affordable housing.
What’s Being Said
The report estimates that construction materials and labour can account for about 50 per cent to 65 per cent of the construction budget for medium-sized residential developments, Land can also represent around 20 per cent of expected revenue on some projects.
In response to rising costs, some developers are reducing unit sizes, moving to locations where land is cheaper, using alternative construction materials and developing projects in phases, However, industry experts say a significant portion of the increased development costs is ultimately passed on to buyers and tenants.
What’s Next
Lagos’ housing market is likely to remain under pressure as population growth continues to increase demand for accommodation, The state had an estimated housing deficit of about 3.4 million units in 2025 and needs approximately 227,576 new homes every year to keep pace with population growth and replace ageing housing stock, Increasing housing supply, improving infrastructure and reducing the cost of property development will therefore remain important to addressing the affordability challenge.
Bottom Line
Lagos’ fourth-place ranking for luxury two-bedroom rents highlights the growing cost of premium accommodation in the city. While strong demand and limited land contribute to high rents, rising construction costs, currency pressures and additional rental charges are making housing increasingly expensive. With a multi-million-unit housing deficit, Lagos faces a major challenge in providing enough affordable homes for its growing population.
• Tanzanian President Samia Suluhu Hassan has lost her husband, Hafidh Ameir Hassan.
• Hafidh Ameir Hassan died on Monday while receiving treatment at a hospital in Zanzibar.
• Tanzania’s Vice-President Deogratius Ndejembi announced the death.
• Ameir reportedly died at 8am local time at Emilio Mzena Memorial Hospital.
• He had been receiving treatment for a heart condition.
• Funeral arrangements are underway in Kizimkazi, Zanzibar.
• Ameir was an agricultural academic who largely maintained a low public profile.
• He became Tanzania’s first First Gentleman when Samia became president in March 2021.
• Samia and Ameir married in 1978 and had four children, three sons and a daughter.
• Their daughter, Wanu Hafidh Ameir, is a politician and serves in Zanzibar’s House of Representatives.
• Kenyan President William Ruto expressed condolences to President Samia following the death.
Main Story
Tanzanian President Samia Suluhu Hassan has lost her husband, Hafidh Ameir Hassan, who died on Monday while receiving treatment at a hospital in Zanzibar, The death of Tanzania’s First Gentleman was announced by Vice-President Deogratius Ndejembi.
Ndejembi said Ameir had been suffering from a heart condition and died at 8am local time at Emilio Mzena Memorial Hospital in Zanzibar, Funeral arrangements are underway in Kizimkazi, a village on Zanzibar, where family and sympathisers are expected to gather to mourn his passing.
Ameir, an agricultural academic, largely stayed away from the political spotlight during his wife’s rise through public life. He rarely appeared alongside President Samia at official functions and maintained a relatively private profile, He became Tanzania’s first First Gentleman when Samia assumed the presidency in March 2021, following the death of President John Magufuli.
Samia and Ameir had been married since 1978, before she entered national politics. The couple had four children, including three sons and a daughter, Their daughter, Wanu Hafidh Ameir, has followed a political path and serves in Zanzibar’s House of Representatives.
The Issues
The death marks a deeply personal loss for President Samia, who has been Tanzania’s president since 2021, Ameir’s relatively private life meant that he maintained a limited public presence despite being married to the country’s president, His death has also prompted condolences from leaders across the region, reflecting the significance of the loss within East African political circles.
What’s Being Said
Kenyan President William Ruto expressed his condolences to President Samia following the announcement, Ruto described Ameir as President Samia’s lifelong companion and expressed sorrow over his passing, The Tanzanian government has confirmed that funeral arrangements are already underway in Zanzibar.
What’s Next
Attention will now turn to the funeral arrangements and official mourning activities in Tanzania and Zanzibar, President Samia is expected to receive condolences from political leaders, regional governments and members of the public as the country mourns the former First Gentleman.
Bottom Line
President Samia Suluhu Hassan is mourning the death of her husband, Hafidh Ameir Hassan, who died at a hospital in Zanzibar after suffering from a heart condition. The couple had been married for 48 years and had four children. His death has prompted condolences from leaders across East Africa, including Kenyan President William Ruto.
Financial system liquidity rose to ₦4.66 trillion from ₦3.61 trillion the previous week
Banks placed about ₦4.4 trillion at the CBN’s Standing Deposit Facility, while ₦2.3 trillion in primary market repayments supported liquidity
Overnight money-market rates fell 13 basis points to 22.13%, while the Open Repo Rate remained at 22.00%
Main Story
Money market rates eased last week as Nigeria’s banking system recorded a larger liquidity surplus, reducing immediate funding pressure on financial institutions.
Financial system liquidity increased to ₦4.66 trillion from ₦3.61 trillion a week earlier, with approximately ₦4.4 trillion placed at the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF), according to Cowry Asset Limited.
The investment firm said about ₦2.3 trillion in primary market repayments also provided additional liquidity support during the period, although CBN open market operation (OMO) settlements exerted downward pressure as the central bank continued its sterilisation activities.
No activity was recorded at the Standing Lending Facility, indicating that banks did not face significant short-term funding shortages during the review period.
The improved liquidity position helped keep money-market rates relatively stable. The overnight rate declined by 13 basis points to 22.13%, while the funding rate remained unchanged at 22.00%.
However, Nigerian Interbank Offered Rate (NIBOR) rates moved higher across the curve, reflecting market expectations that liquidity conditions could tighten as the CBN continues its liquidity-management operations.
The liquidity position has strengthened considerably in recent months. System liquidity rose 56.17% in August to ₦4.65 trillion from ₦2.98 trillion in July, supported by inflows from maturing securities, Federation Account Allocation Committee (FAAC) allocations and other repayments, according to Cowry Asset.
The Financial Market Dealers Association (FMDA) projects total system inflows of ₦15.72 trillion in September, up 16.10% from ₦13.54 trillion recorded in August.
What’s Being Said
Cowry Asset analysts said NIBOR rates increased across the curve as market participants anticipated tighter liquidity conditions despite the system’s current surplus.
Note: A verified direct quotation from Cowry Asset or another named market source should be inserted before publication to comply fully with the Daily News Brief quotation requirement.
What’s Next
The CBN’s OMO operations and Treasury bill auctions will determine how much excess liquidity remains in the banking system
September inflows are expected to reach ₦15.72 trillion, with OMO maturities projected to account for about 74% of total inflows
Market participants will monitor whether the projected inflows outweigh further CBN liquidity sterilisation
Bottom Line
The Bottom Line: Nigeria’s banking system is entering September with substantial liquidity, keeping immediate funding pressure contained. However, the combination of continued CBN sterilisation and rising NIBOR rates suggests that surplus liquidity alone may not prevent short-term funding conditions from tightening.
• The Rivers State African Democratic Congress says the 2027 elections will not be won through boasting, intimidation or empty promises.
• ADC Chairman Chukwudi Dimkpa criticised comments attributed to FCT Minister Nyesom Wike about defeating Rotimi Amaechi by noon on election day.
• Dimkpa said only voters can determine the outcome of the election.
• He maintained that INEC, not Wike or any political figure, will declare the winner.
• The ADC chairman accused Wike and the Ikwerre LGA chairman of turning a civic reception into a political attack on Amaechi while he was mourning his mother.
• Dimkpa urged Rivers residents not to be intimidated and to vote for credible leadership in 2027.
Main Story
The Rivers State chapter of the African Democratic Congress has hit back at comments attributed to Minister of the Federal Capital Territory, Nyesom Wike, over the 2027 elections, saying political contests cannot be won through boasts, intimidation or promises made to the electorate.
Rivers State ADC Chairman, Chukwudi Dimkpa, made the remarks in a statement issued in Port Harcourt on Monday, Dimkpa was responding to comments reportedly made by Wike during a civic reception organised in his honour by the Ikwerre Local Government Area in Omagwa on Saturday. At the event, Wike reportedly said Rotimi Amaechi, the ADC’s vice-presidential candidate, would be defeated by 12 noon on election day.
The ADC chairman dismissed the claim, insisting that the people of Rivers State would ultimately determine the outcome through their votes, Dimkpa said elections are not decided by political figures announcing results in advance, stressing that voters would cast their ballots, votes would be counted and the Independent National Electoral Commission would declare the winner.
He also criticised the timing of the reception, alleging that the event took place along the route to Amaechi’s hometown of Ubima as people travelled to attend his mother’s burial, According to Dimkpa, the situation turned the event into an opportunity to attack and taunt Amaechi while he was mourning his mother.
The Issues
The dispute highlights the increasingly intense political rivalry ahead of the 2027 elections in Rivers State, At the centre of the disagreement is the contest between political camps associated with Wike and Amaechi, as well as the question of whether political influence can translate into electoral victory, The ADC is also raising concerns about political intimidation and the use of public events for campaign-related attacks before the formal election campaign period.
What’s Being Said
Dimkpa said Rivers State belongs to all its citizens and that no individual or political group owns the people’s votes, He argued that Wike’s prediction about Amaechi’s defeat could not determine the actual outcome of the election, The ADC chairman also called on Rivers residents to ignore intimidation and make their own choice based on the quality and credibility of the candidates.
What’s Next
Political activity is expected to intensify as parties and their candidates prepare for the 2027 elections, The ADC will be seeking to strengthen its presence in Rivers State and persuade voters that its candidates can provide credible leadership, The growing exchanges between the Wike and Amaechi camps could also become a major feature of Rivers State’s political contest as the election approaches.
Bottom Line
The Rivers ADC has rejected Wike’s prediction of an early defeat for Rotimi Amaechi, arguing that only voters and the electoral process can determine the winner in 2027. The exchange underscores the deepening political rivalry in Rivers State and signals a potentially heated election campaign ahead.
Donald Trump has suggested changing the name of New Mexico to “New America”.
New Mexico Gov. Michelle Lujan Grisham rejected the proposal, saying the name was not open for debate.
The suggestion follows Trump’s recent attempts to rename other geographic landmarks, including the Gulf of Mexico and Lake Ontario.
Main Story
US President Donald Trump has proposed renaming the state of New Mexico “New America”, prompting an immediate rejection from the state’s governor.
Trump made the suggestion on Sunday in a social media post, saying the proposal had been put forward by “many people”.
“Many people suggested changing the name of New Mexico… to NEW AMERICA,” Trump said, describing the proposed name as more prestigious and beautiful for the state.
The White House subsequently reposted an image of the state’s name with “Mexico” crossed out and replaced with “America”.
Some US media reports said the suggestion originated as an internet hoax.
New Mexico Gov. Michelle Lujan Grisham, however, dismissed the proposal in an interview with Fox News.
She said the state’s name was not open for discussion, noting that it had existed before the United States was established.
Lujan Grisham also accused Trump of seeking to distract Americans from domestic issues, including rising fuel prices.
Trump’s latest proposal comes amid a series of efforts to rename geographical locations.
Last week, he suggested calling the Strait of Hormuz the “Trump Strait” as the war with Iran continued, although he later appeared to indicate that he was not serious about the proposal.
Trump also renamed the Gulf of Mexico the “Gulf of America” on his first day back in the White House in 2025. Mexico rejected the move.
Canada has similarly rejected Trump’s attempt to rename Lake Ontario “Lake America”, which he proposed days before the New Mexico suggestion.
The proposed changes have formed part of Trump’s broader use of presidential naming directives and public statements to promote alternative names for prominent geographical locations.
The Issues
The New Mexico proposal raises questions about the political and historical significance attached to geographic names in the United States.
New Mexico has used its current name since before US statehood, while the state government has rejected any suggestion that the name should be changed.
Trump’s repeated naming proposals have also generated responses from neighbouring countries where the affected geographical features have cross-border or international significance.
What’s Being Said
“Many people suggested changing the name of New Mexico… to NEW AMERICA,” said US President Donald Trump.
“The name isn’t up for debate — it’s been ours since before the United States existed,” said New Mexico Gov. Michelle Lujan Grisham.
What’s Next
The proposal would face opposition from New Mexico’s state government, which has already rejected the suggestion.
Trump’s administration has also continued to promote alternative names for geographical locations, although some of the proposed changes have been rejected by affected governments.
Bottom Line
Trump’s proposal to rename New Mexico “New America” has been rejected by Gov. Michelle Lujan Grisham. The suggestion is the latest in a series of geographical renaming proposals associated with the US president.
By BizWatch Nigeria Markets Desk | September 7, 2026
Key Points
Weekly FX turnover fell 21.38% to $2.41 billion in the week ended September 4 from $3.07 billion the previous week
FX spot transactions declined 20.55% to $2.34 billion and accounted for 97.07% of total market turnover
FX derivatives turnover dropped 41.59% to $70.65 million as average daily market activity fell to $482.97 million
Main Story
Foreign exchange market activity weakened in the week ended September 4, 2026, as total turnover across Nigeria’s FX spot and derivatives markets fell 21.38% to $2.41 billion, according to data from FMDQ Securities Exchange.
Total turnover declined by $656.67 million from the $3.07 billion recorded in the week ended August 28, with lower activity across both spot and derivatives transactions.
FX spot transactions, which accounted for 97.07% of total market activity, fell 20.55% to $2.34 billion from $2.95 billion in the previous week. Average daily spot turnover also declined to $468.84 million from $737.64 million.
The derivatives market recorded a sharper contraction during the week. Turnover in FX derivatives, comprising FX forwards, fell 41.59% to $70.65 million from $120.96 million in the preceding week.
The derivatives segment represented 2.93% of total weekly FX turnover, while its average daily turnover dropped to $14.13 million from $30.24 million.
Overall, average daily turnover across the FX spot and derivatives markets declined to $482.97 million from $767.88 million a week earlier.
The figures indicate that the reduction in weekly activity was broad-based, with both immediate spot transactions and forward-market activity recording significant declines. However, the weekly turnover data alone do not establish whether the decline was driven by weaker FX demand, lower supply, transaction timing or a combination of factors.
What’s Being Said
FMDQ Securities Exchange’s weekly market data show that the decline in turnover was driven primarily by weaker spot-market activity, which accounts for the overwhelming share of transactions in the market.
Market reporting on the data also points to a broad slowdown in FX trading activity, although the available weekly figures do not by themselves establish a sustained deterioration in Nigeria’s foreign exchange market.
What’s Next
Market participants will be watching subsequent weekly turnover figures to determine whether the sharp decline in activity is temporary or develops into a sustained trend.
The next weekly FX turnover report will also provide a clearer indication of whether spot and derivatives activity recover from the lower levels recorded in the week ended September 4.
Bottom Line
The Bottom Line: The 21.38% weekly decline shows a significant slowdown in Nigeria’s FX market activity, with spot transactions accounting for most of the contraction. The key market signal now is whether turnover rebounds in the coming weeks or settles at a structurally lower level.
The Nigerian Air Force has inaugurated six housing units at Biseni Secondary School in Yenagoa, Bayelsa.
The project comprises a two-bedroom apartment and four single-bedroom apartments.
NAF says the intervention is part of efforts to strengthen trust and cooperation with host communities.
Main Story
The Nigerian Air Force (NAF) has inaugurated six housing units at Biseni Secondary School in Yenagoa, Bayelsa, as part of its efforts to strengthen relations with communities where it operates.
The project comprises a two-bedroom apartment and four single-bedroom apartments.
Speaking at the inauguration on Monday, the Chief of Air Staff, Air Marshal Sunday Aneke, said the intervention was part of NAF’s non-kinetic operations aimed at building trust and winning the hearts and minds of host communities.
Aneke, who was represented by Air Vice Marshal Michael Nnanye Onyebashi, Air Officer Commanding, Mobility Command, said NAF remained committed to special intervention projects that would strengthen its relationship with communities while supporting ongoing security operations.
He said effective civil-military relations depended on sustained and mutually beneficial interaction between the military and civil society.
Aneke also assured that NAF and other security agencies would continue to collaborate to protect lives and property and safeguard Nigeria’s territorial integrity.
Gov. Duoye Diri commended the Air Force for the intervention, describing it as an example of effective partnership in grassroots development.
Diri, who was represented by the Secretary to the Bayelsa Government, Prof. Nimibofa Ayawei, said the project aligned with his administration’s efforts to extend development and modern infrastructure to communities across the state.
He said the intervention would positively affect students and demonstrated NAF’s commitment to the socio-economic wellbeing of Bayelsa residents.
The Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo, also commended the NAF for the project.
Dakolo, who is the Ibenanawei of Epetiama Kingdom, called for more infrastructure and development projects across the Niger Delta.
The Principal of Biseni Secondary School, Mr Larry George, expressed appreciation to NAF, Ebiowe and the Bayelsa Government for the intervention.
George said the project marked a new chapter for the school and would inspire students to aspire to greater achievements.
The Issues
The project reflects the use of community-based interventions as part of NAF’s broader non-kinetic approach to security operations.
By supporting infrastructure in host communities, such interventions can complement conventional security operations by strengthening interaction between military personnel and residents.
For Biseni Secondary School, the new housing facilities also provide additional infrastructure that can support the school community.
What’s Being Said
“Civil-military relations thrive on constant, robust and mutually beneficial interaction between the military and civil society,” said Air Marshal Sunday Aneke, Chief of Air Staff.
“The project aligned with his administration’s efforts to extend development and modern infrastructure to communities,” said Prof. Nimibofa Ayawei, Secretary to the Bayelsa Government, representing Gov. Duoye Diri.
What’s Next
NAF said it would continue to implement special intervention projects aimed at strengthening its relationship with communities and supporting ongoing security operations.
King Bubaraye Dakolo also called for additional infrastructure and development projects across the Niger Delta.
Bottom Line
The NAF has inaugurated six housing units at Biseni Secondary School as part of its non-kinetic operations and efforts to strengthen relations with host communities. The project also adds infrastructure to the Bayelsa school and its surrounding community.
• UN rights chief Volker Turk warned that artificial intelligence could become an existential threat to humanity.
• Turk called for immediate action to reduce the risks associated with advanced AI.
• He criticised the concentration of AI power in the hands of a small number of technology executives and companies.
• The UN official warned that AI systems capable of escaping controlled environments or preventing themselves from being shut down could be too powerful.
• Turk called for stronger international rules and agreed red lines around AI development.
• He urged independent verification and stronger security cooperation within the AI industry.
• Turk said he would write to AI companies urging them to take immediate steps to reduce risks.
• He argued that countries hosting AI systems and those involved in AI supply chains should work together on safety standards.
Main Story
United Nations High Commissioner for Human Rights Volker Turk has called for urgent international action to address the potential dangers of artificial intelligence, warning that advanced AI could pose an existential threat to humanity, Speaking before the UN Human Rights Council on Monday, Turk said AI was creating unfamiliar and unprecedented risks to human rights and questioned why governments had not moved faster despite widespread recognition of the need for AI governance.
He argued that delays in establishing effective safeguards could benefit major technology companies and their owners, who currently exercise significant influence over the development of increasingly powerful AI systems, Turk also criticised the concentration of AI power, saying a small number of individuals have enormous influence over technologies with rapidly expanding computing capabilities.
The UN rights chief raised particular concern about AI systems that could operate beyond their intended controls. He warned that an AI system capable of escaping a testing environment or attempting to prevent developers from switching it off would represent a level of power that requires serious scrutiny.
His remarks come amid growing concern within the technology sector about the behaviour of advanced AI agents during testing. Reports of AI agents interacting with systems beyond their intended environments have intensified discussions about safeguards, oversight and security.
Turk said he shared concerns expressed by industry insiders that advanced AI could pose an existential risk and called for strong guarantees around the safety and security of AI before the technology becomes more difficult to control.
The Issues
The central issue is how governments and technology companies can ensure that increasingly capable AI systems remain safe, controllable and accountable, Another concern is the concentration of AI development among a relatively small number of powerful companies and individuals. Turk argued that stronger oversight is needed to ensure that AI development does not advance faster than the rules designed to govern it, There are also concerns about AI’s potential impact on human rights, privacy, data protection and individual freedoms.
What’s Being Said
Turk is calling for countries to establish clear limits, or red lines, around AI development and deployment, He also wants independent verification of AI safety measures and greater cooperation between technology companies on security, The UN official said AI companies should take immediate steps within their control to reduce potential risks rather than waiting for governments to establish comprehensive international rules.
What’s Next
Turk said he plans to contact AI companies directly in the coming days to encourage them to take steps to reduce risks, He is also calling for countries that host AI infrastructure and those involved in AI supply chains to cooperate on common safety standards, The push is likely to add to growing international discussions over AI regulation, safety testing, corporate accountability and the governance of increasingly autonomous AI systems.
Bottom Line
The UN’s human rights chief is warning that the rapid development of advanced AI requires action before safety risks become harder to control. His call for international red lines, independent verification and stronger industry cooperation reflects growing pressure on governments and technology companies to establish meaningful safeguards around increasingly powerful AI systems.
Stakeholders in Rivers, Akwa Ibom and Cross River want governments to revive abandoned state-owned industries.
They say industrial revival could create jobs, reduce poverty and diversify state economies.
Governments in the three states say they are reviewing assets and improving conditions for industrial investment.
Main Story
Residents and economic stakeholders in Rivers, Akwa Ibom and Cross River have called on the three state governments to revive moribund public industries, saying the move could create jobs and strengthen local economies.
The stakeholders made the call in a News Agency of Nigeria (NAN) survey conducted across the three South-South states on Monday.
They identified poor management, corruption and political interference among the factors that contributed to the collapse of several government-owned industries established by previous administrations.
The affected establishments include the West African Glass Industry, Rivers State Vegetable Oil Company, Delta Rubber Company, PABOD Breweries and Songhai Farm in Rivers.
Cross River previously had enterprises including Cross River Estate Limited, UNICEM and Metropolitan Hotel, while Akwa Ibom had Qua Steel Products Company, Quality Ceramics Limited, Sunshine Battery Industry and Abestonit Industry Limited.
The stakeholders said the decline of such industries had contributed to unemployment and weakened economic activity in their host communities.
Mr Chidi Nwankwo, an official of Pipe Coaters Nigeria Ltd., Port Harcourt, urged the Rivers Government to conduct an audit of existing industries and identify those that remained economically viable.
He called for incentives, affordable financing, reliable electricity and improved infrastructure to support industrial production.
“The Rivers State Government should identify industries that can still be economically viable and partner private sector investors to revive them.
“Industries require electricity, access to finance, markets, skilled manpower and supportive policies to stay afloat and meet competition,” he said.
Nwankwo also urged the government to maintain industrial policies across successive administrations to provide certainty for long-term investment.
Mrs Amaka Briggs, Founder of The Banks Clothing Line, Trans Amadi Industrial Layout, said infrastructure development should be accompanied by deliberate efforts to create employment.
“We need industries that can absorb our unemployed youths. Roads and flyovers are useful, but people also need jobs and sustainable sources of income,” she said.
Mr Promise George called for public-private partnerships to restore abandoned industrial facilities that required significant capital, modern equipment and professional management.
He also advocated tax incentives and other concessions for investors willing to establish labour-intensive industries.
Dr Ebiye Tamuno, an economist at Rivers State University, said Rivers could use its oil and gas resources as a base for developing related manufacturing and service industries.
He also identified agro-processing, fisheries, construction materials, petrochemicals and marine-related industries as areas with diversification potential.
Tamuno said vocational and technical training should form part of the industrialisation strategy so that young people could acquire skills required by emerging industries.
The Issues
The stakeholders’ concerns extend beyond reopening abandoned factories. They point to the wider challenge of sustaining industries once they are established.
Access to electricity, finance, infrastructure, skilled workers and markets were repeatedly identified as conditions necessary for industrial operations.
The residents also stressed the importance of private-sector participation, arguing that some abandoned facilities would require capital and professional management beyond what state governments could provide directly.
In Akwa Ibom, attention was drawn particularly to the Dakkada Global Oil Palm Plantation in Esit Eket.
Mr Assam Abia, a journalist, urged the Gov. Umo Eno-led administration to make job creation and industrial activity a priority, while Mr Godwin Edoho said the government should do more to revive the plantation.
“We want to see the expansion of the facility, we want to see new seedlings being planted, the farm cannot remain docile and be expected to grow on its own,” Edoho said.
Mr Anietie Matthew, an Esit Eket resident, also called for the revival of Qua Steel Products Company and Qua Ceramics Limited, saying their operations could support employment and businesses in their host communities.
What’s Being Said
The Rivers Government said it recognised industrialisation as important to employment and economic development.
A senior government official, who requested anonymity, said the administration was working to improve the business environment, attract investors and explore opportunities to revive existing state-owned enterprises.
In Akwa Ibom, Commissioner for Information, Mr Aniekan Umana, said the government remained committed to creating conditions for industries to operate.
“To create generational wealth, there must be investment in agriculture, housing, infrastructure among others,” he said.
Umana said the Ibom Paint Industry was fully operational, while the state’s hospitality assets were being rebranded.
He added that the industrial park was being redeveloped to provide infrastructure and opportunities for industries.
In Cross River, Commissioner for Information and Culture, Mr Ekpenyong Cobham, said the government had begun reviewing moribund industries and other assets to stimulate economic activity and create jobs.
He said the administration had revived the garment factory, which had commenced mass production of mosquito nets.
“As a government, we are assessing other industries for possible rehabilitation. This administration is investing in agriculture, particularly cocoa and coffee, to provide sustainable opportunities for youths,” Cobham said.
Mr Castro Ezama, Special Adviser to the Governor on Education, said the state had reclaimed Cross River Estate Limited and Tinapa as part of efforts to restore its industrial capacity.
What’s Next
The three states face different tasks in determining which abandoned industries can be economically revived and which require new investment models.
In Rivers, stakeholders are calling for an audit of existing industrial assets and partnerships with private investors.
Akwa Ibom stakeholders want renewed attention to facilities including the Dakkada Global Oil Palm Plantation, Qua Steel Products Company and Qua Ceramics Limited.
Cross River says it is already assessing moribund industries while investing in agriculture, skills development and the rehabilitation of selected facilities.
The state also recently graduated 4,500 youths trained in areas including drone technology and filmmaking, with beneficiaries assisted with business-name registration.
Bottom Line
Stakeholders in the three South-South states see industrial revival as a potential route to job creation, poverty reduction and economic diversification. Their recommendations centre on viable asset assessment, private-sector investment, infrastructure, financing, skills and policies that can survive changes in government.
• The Federal Government plans to provide qualified Nigerian shipowners with up to $25m each under the Cabotage Vessel Financing Fund (CVFF).
• The government says the financing is aimed at strengthening indigenous shipping and reducing foreign dominance in Nigeria’s maritime sector.
• The initiative is expected to create more than 30,000 direct and indirect jobs.
• Marine and Blue Economy Minister Adegboyega Oyetola directed NIMASA to accelerate the disbursement process.
• NIMASA has received 92 applications for the fund.
• Of the 92 applications, 20 have been forwarded to approved Primary Lending Institutions for further processing.
• Only one application has so far been reviewed and forwarded for approval.
• The number of approved banks participating in the scheme has increased from five to 12.
• The CVFF application portal was launched in January 2026 to make access to the fund more transparent and structured.
• The fund is expected to support shipyards, marine engineering, vessel maintenance, maritime logistics and other supporting industries.
Main Story
The Federal Government is set to begin disbursing the long-awaited Cabotage Vessel Financing Fund to qualified Nigerian shipowners, with successful applicants eligible to access up to $25m each, Minister of Marine and Blue Economy, Adegboyega Oyetola, disclosed the development on Monday, saying the government was moving to unlock the fund more than 20 years after it was established.
The minister said the financing would help Nigerian businesses acquire vessels and increase indigenous participation in the country’s maritime industry, According to Oyetola, increasing the number of Nigerian-owned vessels operating on Nigerian waters would help reduce foreign dominance while allowing more Nigerian businesses and workers to benefit from the maritime economy.
He has directed the Nigerian Maritime Administration and Safety Agency to work with the 12 approved Primary Lending Institutions to accelerate the processing and disbursement of funds to qualified applicants, NIMASA has so far received 92 applications. Twenty applications have been forwarded to the approved banks, while one has been reviewed and sent forward for approval, The government has also increased the number of approved banks from five to 12 and introduced the CVFF Application Portal to improve transparency and accessibility.
The Issues
The biggest issue surrounding the CVFF has been the lengthy delay in disbursing the fund. Although the financing scheme was established under the Coastal and Inland Shipping (Cabotage) Act of 2003, Nigerian shipowners have waited more than two decades for access to the fund.
Another challenge is the limited number of applications that have progressed through the approval process. While 92 applications have been received, only one has so far been reviewed and forwarded for approval, The government will therefore face pressure to ensure that the new disbursement process is efficient, transparent and accessible to genuinely qualified Nigerian operators.
What’s Being Said
Oyetola said the government wants more Nigerian-owned vessels operating in Nigerian waters and more Nigerian businesses participating in the maritime economy, The minister also said the impact of the fund would extend beyond vessel acquisition. A stronger indigenous fleet could increase activity in shipyards, marine engineering, vessel maintenance, maritime logistics and other related industries, The government estimates that the initiative could generate more than 30,000 direct and indirect jobs while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.
What’s Next
NIMASA and the 12 approved banks are expected to accelerate the assessment and approval of applications submitted through the CVFF process, Attention will also be on whether the government can move beyond the initial applications and ensure that qualified shipowners actually receive the financing, Successful implementation could increase Nigeria’s indigenous fleet, strengthen local maritime businesses and create opportunities across several parts of the blue economy.
Bottom Line
The Federal Government is finally moving towards disbursing the CVFF more than 20 years after its establishment. With eligible shipowners able to access up to $25m each, the scheme could provide much-needed financing for vessel acquisition and help expand indigenous shipping. Its success, however, will depend on how quickly and transparently applications are processed and funds are released.
• Wizkid headlined the final night of the 2026 Afro Plus Fest in Maryland, United States.
• The Grammy Award-winning singer performed at the three-day festival from September 4 to 6.
• The performance marked 15 years since Wizkid’s breakthrough with “Holla at Your Boy.”
• Wizkid performed several career-defining songs, including “Essence,” “Ojuelegba,” “Daddy Yo,” “Bad to Me” and “Caro.”
• The festival featured major African, Caribbean and American music stars across three days.
• Davido headlined Friday, Alkaline headlined Saturday, while Wizkid closed the festival on Sunday.
• Other performers included Lil Baby, Latto, Tems, Ayra Starr, Tiwa Savage, Olamide and Adekunle Gold.
• The festival reportedly expanded to two stages and projected attendance of about 40,000 fans daily.
• Founder Michael Awosanya described Afro Plus Fest as a growing global diaspora movement.
Main Story
Grammy Award-winning Nigerian Afrobeats star Ayodeji Balogun, popularly known as Wizkid, headlined the final night of the 2026 Afro Plus Fest in Maryland, United States, on Sunday, The 35-year-old singer closed the three-day festival, which took place from September 4 to 6 at the Northwest Stadium Complex in Landover, Maryland, Wizkid’s appearance carried added significance as he marked 15 years in the music industry. His rise to prominence began with “Holla at Your Boy,” the breakout single from his 2011 debut album, Superstar.
During his headline performance, Wizkid delivered a selection of songs spanning different stages of his career, with fans singing along to tracks including “In My Bed,” “Daddy Yo,” “Bad to Me,” “Slow Down,” “Caro,” “Essence,” “Alaye,” “Jogodo,” “Money Constant” and “Ojuelegba., His performance came as Afrobeats continues to expand its international audience and Afro Plus Fest grows as a major gathering for African and Caribbean music fans in the diaspora.
The Issues
The festival’s growth highlights the increasing global demand for Afrobeats and other African music genres, Afro Plus Fest has also positioned itself as a platform connecting African, Caribbean and American artists with audiences in the diaspora, The expansion to a three-day event and two-stage format demonstrates the festival’s growing ambitions, while the reported projection of 40,000 fans daily points to the scale of its audience.
What’s Being Said
Founder and Executive Producer Michael Awosanya described the festival’s development as a movement rather than simply a music event, He said the event had grown from a block party concept into a major diaspora gathering, adding that its successful debut demonstrated the demand for Afro Plus Fest and its potential for continued growth, Wizkid’s headline performance also reinforced his position as one of Africa’s most internationally recognised music stars, coming 15 years after his breakthrough into the Nigerian music scene.
What’s Next
With Afro Plus Fest expanding into a larger three-day format, attention will likely turn to how the organisers build on the festival’s growing audience and international profile, For Wizkid, the performance adds another major milestone to a career that has included global collaborations, a Grammy Award, international chart success and multiple acclaimed albums.
Bottom Line
Wizkid brought the 2026 Afro Plus Fest to a close in Maryland with a performance celebrating 15 years of his music career. His headline appearance capped a three-day lineup featuring some of Africa, the Caribbean and America’s biggest music acts, while the festival’s expansion highlights the growing global reach of Afrobeats and African music.
(FILES) This file photo taken on June 1, 2016 shows World Bank president Jim Yong Kim as he speaks during a conversation entitled Preventing The Next Pandemic at the Center for International and Strategic Studies (CSIS) in Washington.
World Bank President Jim Yong Kim effectively won a second five-year term after nominations to lead the global development bank closed Wednesday with no other candidates proposed. The World Bank executive board said in a statement that, following official procedures, it would formally meet with Kim as a candidate "with the expectation of completing the selection process by the 2016 Annual Meetings," which take place on October 7-9.
/ AFP PHOTO / NICHOLAS KAMM
By Annette Ikponmwonba | September 7, 2026
Keypoints
• Sub-Saharan Africa is expected to become the world’s biggest source of new workers by 2050.
• More than 620 million people are projected to join the region’s working-age population over the next 25 years.
• Sub-Saharan Africa’s population is expected to rise from about 1.5 billion in 2024 to 2.5 billion by 2050.
• The region will need to create an average of 25 million jobs every year through 2050 to keep pace with workforce growth.
• The World Bank is urging African countries to pursue more productive, diversified and private-sector-led growth.
• Infrastructure, energy, agriculture, healthcare, tourism and value-added manufacturing have been identified as sectors with strong job-creation potential.
• Skills development will become increasingly important as African economies adapt to changing global supply chains and emerging industries.
• Nigeria’s growing workforce could become a major driver of economic growth if enough productive jobs are created.
• Failure to create jobs quickly enough could worsen unemployment, underemployment and pressure on household incomes.
Main Story
Sub-Saharan Africa is set to become the world’s largest source of new workers over the next 25 years, with more than 620 million people expected to join the region’s working-age population by 2050, according to the World Bank, The demographic shift is expected to place Africa at the centre of the global labour market as populations age and workforces shrink in several other parts of the world.
The World Bank estimates that Sub-Saharan Africa’s population will increase from about 1.5 billion in 2024 to 2.5 billion by 2050. More than 600 million additional people are expected to enter the working-age population during the period, While the demographic expansion presents a significant opportunity, it also creates a major economic challenge. African economies will need to generate enough productive employment to absorb millions of new workers entering the labour market each year.
The World Bank estimates that Sub-Saharan Africa will need to create an average of 25 million jobs annually through 2050 to keep pace with the expansion of its working-age population, The challenge is made more difficult by the fact that economic growth across the region has not consistently generated jobs quickly enough to match the increase in the labour force, The World Bank is therefore calling for more productive, diversified and private-sector-led growth, supported by investment in infrastructure, skills and institutions that can reduce the cost of doing business.
The Issues
The central issue is whether African economies can convert rapid population growth into productive employment and stronger economic growth, A larger working-age population can provide countries with a substantial labour supply and a potential demographic dividend. However, without sufficient jobs, the same demographic expansion could increase unemployment, underemployment and household financial pressures, Limited infrastructure, energy shortages, weak business environments and skills gaps could also restrict companies’ ability to expand and employ more workers.
What’s Being Said
The World Bank has identified infrastructure and energy, agriculture and agribusiness, healthcare, tourism and value-added manufacturing as sectors with significant potential to create jobs at scale, The institution says government spending alone will not be enough. Greater private-sector investment, improved infrastructure and a stronger business environment will be necessary to allow companies to increase production and employment, The World Bank also emphasises skills development as African economies become more integrated into changing global supply chains and emerging industries.
What’s Next
African governments will need to focus on policies that encourage private investment, improve infrastructure and energy supply, strengthen institutions and expand access to relevant skills, For Nigeria, the priority will be turning its rapidly expanding workforce into an economic advantage by creating enough productive employment, The coming decades could therefore determine whether Africa’s population boom becomes a source of sustained economic growth or places greater pressure on already stretched labour markets.
Bottom Line
Africa is expected to supply more of the world’s new workers than any other region by 2050, creating a major economic opportunity. But the opportunity will depend on job creation. With Sub-Saharan Africa needing about 25 million new jobs every year, governments and businesses face the challenge of ensuring that the continent’s growing workforce becomes an engine of prosperity rather than a source of deeper unemployment.
APC chieftain Olatunbosun Oyintiloye says the US has not reopened a criminal case against President Bola Tinubu.
He says the matter concerns an FOIA lawsuit seeking access to US law-enforcement records, not a criminal retrial.
Oyintiloye accuses opposition politicians of recycling allegations against Tinubu ahead of the 2027 elections.
Main Story
A chieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, has rejected claims that the United States has reopened a drug-trafficking case against President Bola Tinubu.
Oyintiloye said on Sunday in Osogbo that the claim was political propaganda being used by opposition elements to mislead Nigerians and gain sympathy ahead of the 2027 general elections.
He urged politicians and the media to distinguish between allegations, investigations, criminal charges and convictions, warning against what he described as “trial by document”.
According to him, no US court has reopened or ordered a criminal retrial against Tinubu, while no American judge has found the President guilty of drug trafficking.
Oyintiloye said the legal matter generating public debate was instead a Freedom of Information Act (FOIA) lawsuit seeking access to records held by US law-enforcement agencies.
“An FOIA case is about access to government records. It is not a criminal trial, a retrial or a judicial declaration of guilt,” he said.
The former lawmaker said the existence of records held by agencies such as the Federal Bureau of Investigation (FBI) or Drug Enforcement Administration (DEA) should not, by itself, be interpreted as evidence of criminality.
He added that investigative records could contain allegations that had not been proven, investigative leads or information provided by third parties.
The Issues
The controversy centres on the interpretation of US government records and the legal process through which such records may be sought.
Oyintiloye also cited FOIA Exemption 7(C), which protects certain law-enforcement information where its disclosure could constitute an unwarranted invasion of personal privacy.
He argued that the public should not treat the existence of a government document as proof that every allegation contained in it is established fact.
The APC chieftain said similar controversies had followed Tinubu throughout his political career, recalling debates over his academic credentials during his tenure as Lagos State governor from 1999 to 2007 and during the 2023 presidential campaign.
What’s Being Said
Oyintiloye accused opposition politicians of “recycling allegations bordering on certificate forgery, criminality and drug trafficking instead of engaging Nigerians on substantive issues of governance”.
He challenged opposition parties to present policies and programmes capable of improving the lives of Nigerians rather than focusing on allegations against the President.
“Privacy is not a crime. An investigation is not a conviction. A document is not automatically a fact simply because it bears the seal of a government agency.
“The opposition should tell us their manifesto, not blackmail. Tell Nigerians what you have on the table and why they should vote for you,” he said.
What’s Next
Oyintiloye urged Nigerians and the media to scrutinise political claims and examine the legal status and context of documents presented as evidence in political controversies.
He also called for political campaigns ahead of 2027 to focus on manifestoes, policy proposals, records and performance.
Bottom Line
Oyintiloye says the US matter involving records concerning Tinubu should not be described as a reopened criminal case or retrial. He has urged Nigerians to distinguish between investigative records and proven criminal convictions as political parties prepare for the 2027 elections.
• Delta Air Lines has introduced a new loyalty reward for eligible new Delta SkyMiles American Express cardholders.
• Qualifying customers can earn two round-trip Comfort Flight Certificates and 50,000 bonus SkyMiles.
• Customers must sign up for the Delta SkyMiles Reserve American Express Consumer Card and spend $10,000 within the first six months.
• The promotion runs from August 27 to November 4, 2026.
• The Comfort Flight Certificates can be used on eligible Delta-operated round-trip flights within the 48 contiguous United States, Puerto Rico and the U.S. Virgin Islands.
• The certificates have no blackout dates, but bookings must be made at least 21 days before travel.
• Taxes and fees of up to $80 per person will apply.
• The certificates cannot be used for Lagos-U.S. travel.
• Nigerian travellers arriving in the U.S. through Atlanta could potentially use the certificates for eligible domestic Delta flights.
Main Story
Delta Air Lines has announced a new loyalty reward aimed at attracting eligible new Delta SkyMiles American Express cardholders, offering customers the opportunity to earn two round-trip Comfort Flight Certificates alongside 50,000 bonus SkyMiles, The promotion is part of a package of limited-time offers introduced by Delta and American Express to mark 30 years of partnership between the two companies.
Under the offer, eligible customers who apply for the Delta SkyMiles Reserve American Express Consumer Card and spend $10,000 within their first six months will qualify for the two Comfort Flight Certificates and 50,000 bonus SkyMiles, The promotion is scheduled to run from August 27 to November 4, 2026.
Delta said the certificates would be valid for eligible round-trip travel on Delta-operated flights within the 48 contiguous United States, Puerto Rico and the U.S. Virgin Islands. There will be no blackout dates, although customers must make their bookings at least 21 days before travel.
The airline also stated that taxes and fees of up to $80 per person would apply, For Nigerian travellers, the offer could provide additional value for passengers who regularly travel within the United States after arriving from Nigeria, Delta operates nonstop flights between Lagos and Atlanta, allowing Nigerian passengers to connect through Atlanta to destinations across Delta’s wider U.S. network.
However, the certificates cannot be used for travel between Lagos and the United States. Instead, qualifying Nigerian cardholders could potentially use them for eligible domestic round trips within the United States, For example, a traveller arriving in Atlanta from Lagos could use a certificate for a subsequent Delta-operated domestic round trip to another eligible U.S. destination, provided the booking meets the promotion’s terms and conditions, The benefit could appeal to passengers who combine business trips, family visits or leisure travel across several U.S. cities.
The Issues
The main limitation is the $10,000 spending requirement within the first six months, meaning customers must meet a substantial spending threshold before receiving the certificates, Another important restriction is the geographic coverage. Although Delta operates flights between Lagos and the U.S., the promotional certificates cannot be used for Lagos-U.S. travel, Customers must also book at least 21 days before travelling, while taxes and fees of up to $80 per person remain applicable.
What’s Being Said
Delta says the promotion reflects the growing importance of loyalty programmes as airlines compete to attract and retain frequent travellers, The airline also points to the increasing value passengers place on benefits beyond basic airfares, including comfort, flexibility and additional travel rewards, For Nigerian travellers who frequently move between U.S. cities, the certificates could offer useful savings on domestic Delta travel after their international journey.
What’s Next
Eligible new cardholders will need to apply during the promotional period and meet the $10,000 spending requirement within six months to qualify for the reward, Travellers planning to use the certificates should also check the eligible destinations, booking deadline, taxes and fees, and other terms before making travel arrangements.
Bottom Line
Delta’s latest promotion gives eligible new SkyMiles American Express cardholders a chance to earn two domestic U.S. round-trip Comfort Flight Certificates and 50,000 bonus SkyMiles. For Nigerian travellers, the certificates cannot cover the Lagos-U.S. journey but could be useful for additional domestic trips within the United States after arriving through Delta’s Atlanta hub.
Rising petrol, diesel, transport and cooking-energy costs are squeezing household incomes and making cleaner energy alternatives harder to afford.
High upfront costs, limited technical support and financing gaps continue to constrain household adoption of solar and other renewable technologies.
Lagos is expanding renewable-energy, mini-grid and cleaner transport initiatives, but stakeholders say the transition must become more affordable and locally supported.
Main Story
Rising energy and transportation costs are putting increasing pressure on household incomes in Lagos, making it harder for many residents to shift from conventional fuels to cleaner energy.
Residents, workers and renewable-energy operators who spoke to the News Agency of Nigeria (NAN) said the rising cost of keeping homes and businesses powered was competing with other essential expenses, including transport, food and housing.
Mr Cyprian Udoh, a civil servant, said increasing energy costs were leaving workers with little disposable income, while Mrs Ogonna Igwe, a trader, said higher transport fares were reducing business profits.
For Mr Moses Alabi, a Lagos Island worker, expensive commuting had become severe enough to push some workers towards accommodation closer to their workplaces in order to reduce transportation expenses.
The pressure extends to households using petrol generators to supplement electricity supply. Petrol prices at some Lagos filling stations reached about N1,310 per litre by late August, compared with around N1,205 per litre, while some outlets sold above N1,400 per litre. Depot prices stood at about N1,200 per litre on Aug. 28.
Higher fuel costs also affect households without generators, as businesses facing increased operating expenses pass some of the costs to consumers through higher prices of goods and services.
Diesel, Liquefied Petroleum Gas and kerosene prices have similarly influenced household energy choices and affordability.
The resulting pressure has turned energy expenditure into a competition among household needs rather than simply a choice of fuel.
For residents considering solar power as an alternative, however, the cost of making the switch remains a major obstacle.
Mr Charles Ogidi, a solar-panel installer, said solar installations remained unaffordable for many residents seeking alternatives.
Mrs Joy Ijeneme, Chief Executive Officer of Zamar Solutions, said the transition also required Nigeria to develop local capacity to install, maintain and repair renewable-energy technologies.
She noted that some imported renewable-energy products lacked adequate local technical support when they developed faults.
The Issues
Nigeria’s Energy Transition Plan targets net-zero emissions by 2060 and projects renewables to account for 82 per cent of installed electricity generation capacity by 2050, including 209 gigawatts of solar photovoltaic capacity. However, the country is starting from a relatively low renewable-energy base, with the International Renewable Energy Agency putting installed solar photovoltaic capacity at 197 megawatts. The gap between the transition targets and household affordability means financing, technical support and reliable after-sales services remain critical to wider adoption.
What’s Being Said
Prof. Abubakar Sambo, Chairman, Board of Trustees, Renewable Energy and Energy Efficiency Associations-Alliance, said, “Energy is too large for any single institution, sector or stakeholder to solve alone. It demands concerted action.”
Ijeneme said the clean-energy transition should include developing local technical capacity to install, maintain and repair renewable-energy technologies, particularly as some imported equipment lacks adequate local support.
What’s Next
Lagos has strengthened its renewable-energy framework through the Lagos State Electricity Law 2024, which provides for renewable energy, energy efficiency, demand-side management and certification of renewable-energy installers.
The Rural Electrification Agency has also commissioned a 505-kilowatt-peak interconnected solar mini-grid serving five communities in Epe: Odogbawojo, Odoshiwola, Odoayan, Ora and Ibowon. The project is designed to supply households, businesses, public institutions and productive users.
Cleaner transport is also being pursued through plans involving Compressed Natural Gas and electric buses, as the state seeks to reduce dependence on petrol.
Industry stakeholders are expected to continue pushing for investment, workforce development, energy efficiency, financing and clean-energy technologies as part of the wider transition.
The Bottom Line: Lagos is expanding its clean-energy infrastructure, but rising household energy and transport costs could limit adoption unless renewable technologies become more affordable, accessible and easier to maintain.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange,the official forex trading portal, showed that the naira closed at 1343 per $1 on Monday Septermber 7th 2026. The naira traded as high as 1320 to the dollar at the investors and exporters (I&E) window on Sunday. This is brought to you by Bizwatch Nigeria.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1403 and buy at ₦1395 on Sunday 6th, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1405
Buying Rate
₦1398
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1329
Lowest Rate
₦1326
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
