China’s imports from Nigeria jump $2.3bn in six months — Envoy

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August 15, 2026

Key points

President Bola Tinubu has urged Nigerians living abroad to shift from sending remittances home to making long-term investments in Nigeria.
He spoke at the inaugural Nigeria Diaspora Economic Conference (NIDEC) 2026 in Toronto, Canada.
Tinubu said Diaspora Nigerians possess capital, expertise and global networks that can help accelerate Nigeria’s economic transformation.
He called for professionally managed investment clubs, sector funds, co-investment vehicles and venture networks.
Priority sectors identified include agriculture, healthcare, technology, energy, housing, logistics, mining, education, creative industries and export manufacturing.
The President said Nigeria was working to create a more predictable regulatory environment and stronger safeguards for investors.
He cited recent economic indicators as evidence that government reforms were improving macroeconomic stability.
NiDCOM said the conference was designed to convert Diaspora engagement from dialogue into actual capital deployment.
The push comes as Nigeria seeks to attract more foreign and Diaspora capital to support job creation, enterprise expansion and economic growth.

Main Story

President Bola Tinubu has stepped up efforts to attract Diaspora capital into Nigeria, urging Nigerians living abroad to move beyond supporting families through remittances and take strategic positions in businesses and investment opportunities capable of creating jobs and expanding the economy.

Tinubu made the call at the inaugural Nigeria Diaspora Economic Conference (NIDEC) 2026 in Toronto, Canada, where he told Nigerians abroad that the country was increasingly positioning itself as an investment destination.

Represented by his Chief of Staff, Femi Gbajabiamila, the President said Nigeria’s estimated Diaspora community possessed three critical assets — capital, expertise and international networks — that could be deployed more strategically to accelerate national development.

The three-day conference, organised by the Nigerians in Diaspora Commission (NiDCOM) under the theme “Thrive Abroad, Invest in Nigeria,” brought together government officials, investors, business leaders and Nigerians living abroad.

“Nigeria sees you. Nigeria values you. Nigeria needs you,” Tinubu told participants.

The President acknowledged the importance of remittances to Nigerian households, noting that money sent home by Nigerians abroad supports education, healthcare, household expenses and small businesses.

He, however, argued that remittances should serve as the starting point rather than the end goal of Diaspora economic participation.

“Remittances must now become the floor of Diaspora engagement rather than its ceiling.”

From Remittances to Investment

Tinubu’s central message was that Nigeria needs to transform the relationship between the country and its Diaspora from one primarily based on family support to productive investment.

He urged Nigerians abroad to consider opportunities in agro-processing, healthcare, technology, energy, housing, logistics, mining, education, creative industries and export-oriented manufacturing.

The President also encouraged collective investment rather than scattered individual transactions.

He proposed professionally managed investment clubs, sector-specific funds, co-investment vehicles and venture networks through which Diaspora investors could pool their resources and demand proper corporate governance.

Such structures, he said, would allow investors to insist on audited accounts, conduct due diligence and reduce the risks associated with informal or personality-driven investments.

The Investment Confidence Question

One of the biggest challenges to attracting Diaspora capital remains investor confidence.

Tinubu acknowledged that Nigerians abroad would only commit significant capital if they were confident that Nigeria’s regulatory and financial environment could protect their investments.

He said the Federal Government was therefore working towards predictable regulations, transparent project pipelines, more efficient consular services and stronger safeguards against fraud.

The administration is also seeking to make participation in Nigeria’s financial system easier for Nigerians living overseas through instruments including the Non-Resident Nigerian Ordinary Account, Non-Resident Nigerian Investment Account and Non-Resident Bank Verification Number.

Tinubu Makes Economic Case

Seeking to strengthen his administration’s investment pitch, Tinubu highlighted recent economic indicators which he said demonstrated improving macroeconomic stability.

He said Nigeria’s economy grew by 3.89 per cent in real terms in Q1 2026, while manufacturing expanded by 3.29 per cent.

He also cited an inflation rate of 15.91 per cent and foreign reserves of $45.4 billion at the end of 2025.

Tinubu said the International Monetary Fund had projected Nigeria’s economy to grow by 4.1 per cent in 2026, arguing that the indicators reflected the impact of reforms introduced since his administration came into office.

He also referenced the World Bank’s assessment of progress in macroeconomic stability, the external sector and fiscal position.

According to the President, the new tax architecture is designed to simplify compliance while reducing pressure on low-income earners and small businesses.

He further disclosed that the Bank of Industry disbursed N636 billion to businesses in 2025, describing the figure as the institution’s highest annual financing volume.

Infrastructure as Investment Catalyst

Tinubu said the Federal Government was simultaneously investing in infrastructure required to make Nigeria more attractive to private capital.

The areas highlighted include:

Roads and rail;
Ports;
Electricity;
Digital infrastructure;
Healthcare;
Housing;
Agriculture and agro-processing.

The administration’s argument is that better infrastructure will reduce the cost of doing business and create conditions for investors to operate profitably.

For Diaspora investors, the availability of infrastructure could be particularly important because many potential investors remain familiar with Nigeria but operate from countries with more predictable business environments.

What’s Being Said

NiDCOM Chairman/CEO Abike Dabiri-Erewa said the conference was designed to move Diaspora engagement beyond discussions and harness Nigerians abroad as a source of expertise, capital and international connections.

She urged Nigerians in the Diaspora to view Nigeria not only as home but also as an investment destination.

Minister of Industry, Trade and Investment Jumoke Oduwole similarly called for a shift from investment conversations to actual capital deployment.

“The best time for investment is now.”

Anambra State Governor Charles Soludo commended the Federal Government’s economic reforms, saying they could help Nigeria attract global capital and compete more effectively in the international investment market.

Zamfara State Governor Dauda Lawal said the conference offered an opportunity for his administration to position the state to attract fresh investments.

The Issues

While the Federal Government’s investment pitch may resonate with Nigerians abroad, converting interest into actual capital will depend on whether investors see improvements in several areas.

Key issues include exchange-rate stability, taxation, infrastructure, security, regulatory consistency, contract enforcement and protection against fraud.

Diaspora investors may also require greater transparency around government-backed investment opportunities, particularly where public institutions or state governments are involved.

Another challenge is ensuring that Diaspora investment produces productive economic activity rather than simply financing consumption or speculative assets.

For Nigeria to derive maximum value, capital should increasingly flow into enterprises that produce goods, generate employment, expand exports and deepen domestic value chains.

Diaspora Capital and Political Participation

Tinubu also linked the growing economic influence of Nigerians abroad to their potential political influence.

He suggested that increased economic participation could strengthen the Diaspora’s voice in national conversations, including the longstanding debate over Diaspora voting.

However, with the 2027 general election approaching, he urged Nigerians to protect national cohesion and ensure political competition does not undermine Nigeria’s stability.

What’s Next

The major test for NIDEC 2026 will be whether discussions in Toronto translate into actual investment commitments.

Government agencies will need to provide credible project pipelines, clear investment structures and reliable information to prospective investors.

NiDCOM and the relevant economic agencies will also need to maintain engagement with Diaspora investors beyond the conference through investment facilitation, project tracking and aftercare.

For Diaspora Nigerians, the next step is similarly clear: moving from interest to due diligence, partnerships and measurable capital deployment.

Bottom Line

Tinubu’s message in Toronto represents a deliberate attempt to reposition Nigerians abroad from remittance providers to economic partners and investors.

The opportunity is significant. Diaspora Nigerians possess capital, professional expertise and access to international markets that could help Nigeria finance businesses, create jobs and expand its productive capacity.

But the investment pitch will ultimately be judged by the business environment.

If Nigeria can combine economic reforms with predictable regulation, stronger institutions, infrastructure and investor protection, Diaspora capital could become a much more powerful engine of growth.

The real test now is whether “Thrive Abroad, Invest in Nigeria” moves from a conference slogan to billions of naira and dollars committed to productive Nigerian businesses and projects.

#OsunDecides: Armed personnel reportedly surround speaker’s residence

#OsunDecides: Armed personnel reportedly surround speaker’s residence

By

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August 15, 2026

Armed Men Take 4 Turks Hostage in Kwara State

Key points

Armed security personnel have reportedly surrounded the residence of the Speaker of the Osun State House of Assembly, Adewale Egbedun, in Odo Otin Local Government Area.
The allegation was made by the Imole Campaign Council (TICC), which is supporting Governor Ademola Adeleke’s re-election bid.
TICC claimed the personnel arrived in more than 10 black Hilux vehicles and allegedly restricted movement around the residence.
The campaign council said it could not independently establish whether the deployment was for security purposes or another official assignment.
TICC called on security authorities to explain the deployment and clarify reports that people inside the residence were prevented from leaving.
The council said attempts to reach the Commissioner of Police, DIG Election and Police Situation Room were unsuccessful.
It urged security agencies to ensure that voters and political actors are protected from intimidation on election day.

Main Story

As voters across Osun State cast their ballots in the governorship election, concerns have emerged over an alleged security deployment around the residence of the Speaker of the Osun State House of Assembly, Rt. Hon. Adewale Egbedun, in Odo Otin Local Government Area.

The allegation was raised by the Imole Campaign Council (TICC), the campaign organisation supporting Governor Ademola Adeleke’s re-election.

In a statement signed by its spokesperson, Pelumi Olajengbesi, the council claimed that armed security personnel had surrounded the Speaker’s residence after arriving in more than 10 black Hilux vehicles.

TICC further alleged that the residence had effectively been sealed off and that people inside were prevented from leaving.

However, the campaign council acknowledged that it had not independently confirmed the purpose of the security deployment.

It said it was unclear whether the personnel were deployed to provide protection, conduct routine official duties or carry out another operation.

The uncertainty prompted the campaign council to demand an immediate explanation from the relevant security authorities.

The Issues

The alleged deployment has raised concerns about freedom of movement, political intimidation and the neutrality of security agencies during the election.

Election-day security deployments are necessary to protect voters, electoral officials and public infrastructure. However, unexplained deployments around the residences of political actors can create anxiety and raise questions about whether security operations are being conducted impartially.

The allegation is particularly sensitive because it involves the Speaker of the state legislature and comes on a day when voters are exercising their constitutional right to choose their governor.

At this stage, however, the claims remain allegations by the campaign council and have not been independently verified.

An official explanation from the security authorities would therefore be important in establishing the purpose and legality of the deployment.

What’s Being Said

TICC called for an election environment in which political actors and citizens could participate without intimidation.

The council said:

“Election should be free and fair such that individuals, irrespective of status, political and religious inclinations would not be subjected to intimidation and infringement on right to liberty.”

On the reported security presence, the campaign council said:

“We cannot independently confirm the purpose of their presence, whether they are there to provide security or are carrying out routine official duties.”

It consequently urged the relevant security agencies to clarify the situation.

The council also said its attempts to contact election-security officials were unsuccessful.

According to TICC, calls to the publicly available contact line of the Commissioner of Police for the election, the DIG Election contact line and the Police Situation Room did not yield a response.

Election-Day Tension

The development comes as Osun voters participate in the governorship election to determine who will lead the state for the next political term.

With political parties and candidates competing for votes, security agencies have a critical role in maintaining order while ensuring that their presence does not undermine public confidence in the electoral process.

The presence of armed personnel around a prominent political figure’s residence is therefore likely to attract heightened attention, particularly if movement is being restricted.

What’s Next

The immediate priority is for the relevant security authorities to clarify the purpose of the deployment and address the allegation of restricted movement.

Political parties and campaign organisations are also expected to continue monitoring security developments across the state as voting progresses.

Meanwhile, voters have been urged to remain peaceful and law-abiding and to exercise their franchise without fear or intimidation.

Bottom Line

The reported security presence around the Osun Assembly Speaker’s residence has introduced a fresh security concern into an already closely watched governorship election.

While the allegation has not been independently verified, the campaign council’s call for clarification underscores the importance of transparency, restraint and political neutrality in election-day security operations.

The credibility of #OsunDecides will depend not only on the conduct of voters and candidates, but also on whether security agencies can protect the electoral process while respecting the rights and freedoms of all participants.

NAICOM verifies seven more insurers for minimum capital compliance

Day 19 Live Updates: Relaxing is the order of the day – BBNaija

By

Annette Ikponmwonba

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August 14, 2026

Key Points

The Show Ya Sef housemates enjoyed a relatively relaxed Day 19 after winning their weekly wager.
Bluethopia and Chimsom Chuka continued to grow closer
Housemates discussed relationships, evictions and growing tensions involving Nomy and Cassi.
Biggie’s garden session gave the housemates another chance to rest, chat and have fun.

Main Story

Day 19 in the BBNaija house was largely about relaxation and bonding after the housemates secured a win in this week’s wager under HoH Neche’s leadership and Sultex’s guidance.

After days of rehearsals and preparations, the housemates took things at a slower pace, spending time talking, resting and getting to know one another better.

The day began with Bluethopia and Chimsom Chuka spending time together. Their growing closeness continued to attract attention when Chimsom asked Bluethopia to become the first female housemate to sleep in his bed.

Elsewhere, Barry, Bells and Yusuf discussed Bells’ experiences in school while other conversations focused on the relationship between Bluethopia and Chimsom. Barry even joked that he hoped the pair would get married soon so they would stop disturbing his peaceful garden naps.

The Issues

Relationships and house dynamics remained major talking points in the house.

Goddessa and Sheba discussed Nomy and Cassi, with Sheba claiming she had heard the two housemates talking about Goddessa. The conversation turned into an analysis of Nomy’s behaviour and her desire to have a close friend exclusively for herself.

The housemates also raised questions about evictions, showing that despite the relaxed mood, the pressure of competition remains in the background.

What’s Being Said

Chimsom Chuka’s request to Bluethopia suggested that their relationship may be becoming more intimate.

Barry’s comments about the pair getting married were delivered jokingly, while conversations among Goddessa and Sheba showed that Nomy’s relationships and behaviour are being closely watched by other housemates.

Eviction also remained part of the housemates’ conversations as they continued to navigate their relationships and alliances.

What’s Next

With the wager victory behind them, the housemates can focus on strengthening relationships, managing emerging tensions and preparing for the next stage of the competition.

Bluethopia and Chimsom’s growing closeness could also become a storyline to watch, particularly if their relationship begins to influence their interactions with other housemates.

Bottom Line

Day 19 offered the housemates a much-needed break after a demanding wager week. But beneath the relaxed atmosphere, relationships, friendships, eviction fears and house politics continued to develop—setting the stage for more drama in the days ahead.

NUATE says N25bn unremitted ticket charges threaten aviation operations

BBNaija Day 17 live update: housemates battle sleep as wager day draws closer

By

Annette Ikponmwonba

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August 14, 2026

Annette Ikponmwonba | August 14, 2026

Key Points

Housemates balance rehearsals, chores, and disagreements with limited time left
Sleep deprivation and interpersonal conflicts increase tension
Diary sessions reveal personal reflections and shifting alliances
Supa Komando task competition adds excitement and challenge to the day
Final wager rehearsals continue late into the night

Main Story
As wager day nears, housemates in the Show Ya Sef house face the challenge of balancing intense rehearsals, household chores, and growing frustrations.

The day started with a dance workout followed by a final opportunity to perfect their wager presentation, led by Sultex. However, tiredness and disagreements soon surfaced, with some housemates opting out of chores and others clashing over interruptions and roles in the presentation.

The Issues
Tiredness takes its toll as several housemates struggle to stay awake during rehearsals, while tensions flare between Tram and Abi over interruptions and role changes. Frustrations also emerge from kitchen messes and strained relationships, such as Ricky’s conflict with Nomy and Araga’s concerns about Goddessa’s interactions with Yusuf.

What’s Being Said
Housemates shared candid thoughts during diary sessions, revealing personal grievances and alliances. Keivo was surprised by a double eviction, Sheba reflected on her strategic moves, and Oyin voiced doubts about other housemates. Temi Nkem expressed emotional struggles in her relationships, particularly with Keivo, highlighting the emotional complexity in the house.

What’s Next
The day progressed with the introduction of a new Supa Komando-sponsored task, “Lock In, Fire On,” where housemates compete in a series of obstacle courses leading to a puzzle challenge. The competition added a fresh dynamic as housemates vied for the titles of Ultimate Supa Komando Man and Woman, with Barry and Sheba emerging as winners.

Bottom Line
With wager presentations scheduled for the next day, housemates continued rehearsing late into the evening, hoping to overcome exhaustion and interpersonal conflicts to secure a win. The day was marked by a mix of competitive spirit, emotional moments, and strategic gameplay as the pressure of the competition intensifies.

Nigeria, US reaffirm commitment to deepen defence cooperation

UK sets 24-week target to expedite asylum appeal decisions

By

Annette Ikponmwonba

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August 14, 2026

Annette Ikponmwonba | August 14, 2026

Key Points

New 24 week target for asylum and immigration appeal decisions effective from August 12
Faster appeal decisions expected to accelerate removals and reduce costs
Immigration and Asylum Bill to introduce Independent Immigration Appeals Authority (IIAA) for faster appeals
Government committed to closing all asylum hotels by the end of the parliament

Main Story
The UK government has implemented a 24 week target for deciding asylum and immigration appeals to shorten long waiting times and hasten the removal of those without the right to stay in the country.

This target took effect on August 12 and applies specifically to new appeals submitted to the First-tier Tribunal involving non detained foreign national offenders and asylum support recipients. Currently, the average wait for a judicial decision is 67 weeks, which the government aims to reduce significantly under the new rule.

The Issues
The asylum and immigration appeal system has been burdened by lengthy delays, with over 150,000 appeals still pending despite judicial efforts. These delays increase costs, prolong taxpayer-funded accommodation use, and hinder the swift removal of individuals with no legal right to remain in the UK.

What’s Being Said
Anna Turley, Minister for Border Security and Asylum, emphasized that the new 24 week target will resolve cases faster, reduce taxpayer expenses, and accelerate removals. The government highlighted that the current system’s delays have been costly and inefficient.

What’s Next
The Immigration and Asylum Bill, recently passing its second reading, will establish the Independent Immigration Appeals Authority to provide a faster, simpler appeals process. This new body will work alongside the First-tier Tribunal before gradually taking on new cases and prioritizing urgent or high harm cases. Additionally, the government plans to increase tribunal sitting days by 19% this year to further speed up case hearings.

Bottom Line
The UK government’s 24 week target is a key part of a broader strategy to reduce backlogs, cut asylum costs which have already dropped by £1 billion since the 2024 election, and close all asylum hotels by the end of the current parliament. These measures aim to improve efficiency, save taxpayers an estimated £6.9 billion, and ensure quicker decisions on asylum appeals.

Nigeria, US reaffirm commitment to deepen defence cooperation

NAICOM verifies seven more insurers for minimum capital compliance

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August 14, 2026

Key Points

NAICOM verified seven additional insurance companies under NIIRA 2025.
The companies include four non-life and three life insurers.
The latest verification brings the number of compliant insurers to 48.
Two reinsurance companies have also been verified under the recapitalisation exercise.

Main Story

The National Insurance Commission (NAICOM) has verified seven additional insurance companies as having met the minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

NAICOM disclosed this in a statement issued by its management on Thursday in Abuja.

The newly verified companies are emPLE General Insurance Limited, emPLE Life Assurance Limited, Sovereign Trust Insurance Plc, Tangerine Life Insurance Limited, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc.

emPLE General Insurance Limited, Sovereign Trust Insurance Plc, Alliance & General Insurance Plc, Guinea Insurance Plc and Regency Alliance Insurance Plc were verified under the non-life category, while emPLE Life Assurance Limited and Tangerine Life Insurance Limited were verified under the life category.

The companies were assigned licence numbers LIC 042 to LIC 048 by the commission.

The latest verification brings the number of insurance companies confirmed and verified as compliant with the minimum capital requirements under NIIRA 2025 to 48.

Two reinsurance companies have also been confirmed and verified as compliant.

NAICOM said the verified companies were issued the applicable insurance laws and guidelines as part of the recapitalisation process.

The Issues

The verification forms part of NAICOM’s implementation of the minimum capital requirements introduced under NIIRA 2025 for insurance companies operating in Nigeria.

What’s Being Said

NAICOM said the latest verification brings the insurance industry recapitalisation exercise to a successful conclusion.

What’s Next

The verified insurers are expected to operate in line with the applicable insurance laws and regulatory guidelines issued by NAICOM.

Bottom Line

NAICOM has verified seven additional insurers under the new minimum capital requirements, bringing the number of compliant insurance companies to 48, alongside two verified reinsurance companies.

NUATE says N25bn unremitted ticket charges threaten aviation operations

NUATE says N25bn unremitted ticket charges threaten aviation operations

By

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August 14, 2026

Union Protest Termination Of 34 Aviation Workers At Lagos Int'l Airport

Key Points

NUATE says airlines have failed to remit about N25 billion in Ticket Sale Charges.
The union says the funds are needed for aviation agencies’ operations and workers’ welfare.
NUATE says workers’ rights and freedom of association also contributed to recent industrial action.
NCAA and FAAN have urged stakeholders to resolve the dispute through dialogue.

Main Story

The National Union of Air Transport Employees (NUATE) has raised concerns over the alleged non-remittance of about N25 billion in Ticket Sale Charges (TSC), saying the shortfall is affecting the operations and welfare responsibilities of aviation agencies.

NUATE Chairman in the Federal Capital Territory, Ahmed Yusuf, disclosed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

Yusuf said the funds represented the five per cent TSC collected from passengers for distribution among relevant aviation agencies.

He said the failure of airline operators to remit the charges had denied the agencies revenue required to meet operational expenses and provide adequate welfare for their employees.

Yusuf questioned how the aviation sector could remain financially sustainable if funds meant for agencies were not remitted.

He said the affected agencies relied on the revenue to provide services, meet running costs and sustain their workforce.

The NUATE chairman also linked the recent industrial action by aviation unions to unresolved issues involving workers and airline operators.

He said the action, jointly undertaken by NUATE and the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), disrupted flight operations before it was suspended following discussions aimed at resolving the dispute.

The unions had shut terminal entrances at some airports, leading to flight cancellations by affected airlines.

Yusuf said the dispute also involved the alleged refusal of Air Peace to allow its employees to unionise, stressing that the unions were defending workers’ rights to freedom of association and collective representation.

He cited Section 40 of the 1999 Constitution, as amended, which guarantees freedom of association.

According to him, airline operators have established platforms to advance their collective interests and workers should similarly be allowed to organise.

Meanwhile, the Nigeria Civil Aviation Authority (NCAA) had appealed to the aviation unions to suspend their industrial action.

The NCAA Director-General, Capt. Chris Najomo, said the Minister of Aviation and Aerospace Development, Festus Keyamo, was working to resolve the issues.

Najomo said the authority was concerned about the impact of the dispute on passengers and other aviation stakeholders.

He disclosed that a meeting convened by the minister could not hold because airline operators failed to attend.

The NCAA assured passengers that flight safety remained unaffected and that it continued to carry out its statutory safety oversight responsibilities.

The authority also urged the parties to pursue dialogue and cooperation to resolve the dispute and restore normal operations.

The Federal Airports Authority of Nigeria (FAAN) similarly assured passengers that airport operations would continue despite the industrial action.

FAAN said it was monitoring the labour dispute and working with stakeholders to limit its impact on airport operations.

The authority said it supported efforts by Keyamo and other stakeholders to resolve the issues and was collaborating with aviation agencies, airlines, security agencies and other stakeholders to maintain uninterrupted airport operations.

The Issues

The dispute centres on the alleged non-remittance of about N25 billion in TSC and unresolved labour issues involving aviation workers and airline operators. NUATE says both issues have implications for agency funding, workers’ welfare and the stability of aviation operations.

What’s Being Said

NUATE says the unremitted charges are needed by aviation agencies to meet operational responsibilities and workers’ welfare, while the NCAA and FAAN have called for dialogue to resolve the wider dispute.

What’s Next

Stakeholders are expected to continue discussions aimed at resolving the issues between aviation unions and airline operators, while aviation authorities work to minimise disruptions to passengers and airport operations.

Bottom Line

NUATE says about N25 billion in unremitted Ticket Sale Charges is putting pressure on aviation agencies, while a separate dispute over workers’ unionisation rights has contributed to industrial action. Aviation authorities are pushing for dialogue to restore normal operations.

Nigeria, US reaffirm commitment to deepen defence cooperation

Nigeria, US reaffirm commitment to deepen defence cooperation

By

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August 14, 2026

Key Points

Nigeria and the US reviewed defence and security cooperation in Washington.
Talks focused on military relations, intelligence sharing and counter-terrorism.
Officials also reviewed progress under the Nigeria-US Joint Working Group.
Both countries pledged continued dialogue and cooperation against regional and global threats.

Main Story

Nigeria and the United States have reaffirmed their commitment to strengthening defence and security cooperation following high-level bilateral talks in Washington, D.C.

The discussions focused on military-to-military relations, intelligence cooperation, counter-terrorism and greater coordination between the two countries, according to a statement issued on Thursday by the Special Adviser to the Minister of Defence, Leah Katung-Babatunde.

The Minister of Defence, Gen. Christopher Musa, led the Nigerian delegation, which included the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Chief of Defence Staff, Gen. Olufemi Oluyede.

Also on the delegation were the Chief of Defence Intelligence, Lt.-Gen. Parker Udiandeye, and other senior officers of the Armed Forces of Nigeria.

The Nigerian officials met senior representatives of the U.S. Department of Defence led by Julia Sokol, Acting Principal Deputy Assistant Secretary of Defence for International Security Affairs.

The meeting formed part of the Nigeria-US Joint Working Group Defence Bilateral Talks, with both sides examining areas of cooperation in security architecture, intelligence sharing and military operations.

The engagement coincided with the second meeting of the US-Nigeria Joint Working Group, led by National Security Adviser Nuhu Ribadu.

Ribadu co-chaired the meeting with the U.S. Under Secretary of State for Political Affairs, Allison Hooker.

The meeting reviewed progress on agreed actions and strategic frameworks following Nigeria’s designation as a Country of Particular Concern.

The two countries reaffirmed their commitment to sustained engagement, mutual respect and closer strategic cooperation in addressing security threats affecting Nigeria, the region and the wider international community.

The Issues

The talks come amid efforts by Nigeria and the US to strengthen coordination on defence, intelligence and counter-terrorism, with both countries seeking closer military and security cooperation.

What’s Next

Nigeria and the US are expected to continue engagements through the Joint Working Group and other bilateral security channels, with emphasis on implementing agreed areas of cooperation.

Bottom Line

Nigeria and the US are seeking deeper defence and security cooperation through closer military relations, intelligence sharing and coordinated efforts against terrorism and other security threats.

NGX sheds 0.39% as investors lose ₦613bn in market value

FG urges China, Africa to deepen sustainable health cooperation

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August 14, 2026

Key Points

FG wants China-Africa health partnerships to focus on capacity development.
Salako identifies technology transfer, training and local manufacturing as priorities.
Nigeria seeks stronger cooperation in medical technology, diagnostics and digital health.
Minister urges partners to move from exhibitions to practical implementation.

Main Story

The Federal Government has called for deeper health cooperation between China and African countries, with greater emphasis on building sustainable capacity rather than supplying medical equipment alone.

The Minister of State for Health and Social Welfare, Dr Iziaq Salako, made the call at China-Hospeq 2026, the China International Medical Equipment Exhibition and Scientific Conference, in Beijing.

Salako said investments in equipment would have limited impact without trained health workers, maintenance systems, quality assurance and technologies suited to local health needs.

He said Nigeria was interested in expanding cooperation with China in medical equipment, hospital development, clinical engineering, laboratory medicine, diagnostics, digital health and artificial intelligence.

Other areas identified by the minister included research and innovation, health workforce development, technology transfer, knowledge exchange and local manufacturing.

He also called for stronger partnerships in health value-chain development, emergency preparedness and global health security.

Salako said Nigeria welcomed the growing focus on China-Africa health cooperation, particularly initiatives that promote direct collaboration between healthcare institutions.

He identified the China-Africa Hospital Collaborative Development initiative as an opportunity for institutions to work together on strengthening health systems.

According to him, the China-Africa Hospitals Alliance and its network of joint working groups could support long-term institutional cooperation when partnerships are built around local needs and capacity development.

The minister said Nigeria-China health cooperation had expanded into areas including hospital development, medical technology, diagnostics, digital health, research and health workforce development.

He added that joint ventures in pharmaceutical manufacturing, medical equipment procurement and maintenance, as well as specialised training, were creating further opportunities for collaboration.

Salako said Nigeria was implementing health sector reforms under President Bola Tinubu’s Renewed Hope Agenda, with priorities including stronger primary healthcare, wider access to affordable services, improved diagnostics and specialised care.

He said the government was also pursuing digital health transformation, health workforce development and increased local production of medicines, medical devices and diagnostics.

Salako said these reforms would require increased investment, stronger institutions, sustainable financing, skilled personnel and strategic international partnerships.

He described China-Hospeq as an opportunity for Nigeria to identify technologies that were affordable, scalable and suited to the country’s health system.

The minister also said international cooperation was becoming increasingly important as countries confronted shared health challenges, including pandemics, antimicrobial resistance, emerging infectious diseases, non-communicable diseases and climate-related health threats.

He urged participants at the exhibition to develop partnerships capable of producing practical results after the event.

The Issues

Nigeria’s health system faces the challenge of ensuring that investments in medical technology translate into sustainable improvements in healthcare delivery. Salako said equipment supply must therefore be accompanied by training, maintenance, quality assurance, technology transfer and institutional capacity.

What’s Being Said

“Let us move from exhibition to implementation, from innovation to impact, and from partnership to sustainable capacity,” Salako said.

What’s Next

The Federal Government plans to deepen health cooperation with China in areas including medical technology, diagnostics, digital health, research, workforce development and local manufacturing, while pursuing stronger institution-to-institution partnerships.

Bottom Line

Nigeria wants China-Africa health cooperation to move beyond equipment supply towards partnerships that build local skills, technology capacity, manufacturing and stronger health institutions. China-Hospeq 2026 runs from Thursday to Saturday in Beijing.

CBN allots ₦2.6trn as OMO demand hits ₦4.65trn

Nollywood film ‘Black Market’ targets Guinness World Record

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August 14, 2026

Key Points

‘Black Market’ will premiere on Sept. 26 at Tafawa Balewa Square, Lagos.
Organisers are targeting 50,000 viewers for the premiere.
The film follows five market women involved in cross-border smuggling.
The crime drama features Lateef Adedimeji, Linda Ejiofor-Suleiman and Uzor Arukwe.

Main Story

Nollywood film, ‘Black Market’, is set to premiere on Sept. 26 at Tafawa Balewa Square, Lagos, with its producers targeting a Guinness World Record for the largest audience at a film screening.

Rixelstudios, the production company, announced the planned premiere on its Instagram page, saying it expected 50,000 people to attend the screening.

The film, directed by Fatimah Gimsay, follows five market women who turn to cross-border smuggling as they struggle with fuel scarcity and economic pressure.

Their operation takes a dangerous turn when a rival kidnaps the daughter of one of the women, forcing the group to risk their lives to secure her release.

Written by Gimsay and Abdul Tijani-Ahmed, the film explores crime, survival and the bond among the women.

‘Black Market’ was produced by Rixelstudios in collaboration with FilmOne Studios, Signet Ring Studios and Switch Visuals Production.

The cast includes Lateef Adedimeji, Linda Ejiofor-Suleiman, Itele D Icon, Scarlet Gomez, Omowunmi Dada, Teniola Aladese, Susan Pwajok and Uzor Arukwe.

The Issues

The planned screening is built around an attempt to attract 50,000 viewers at a single premiere, with the organisers seeking to establish a Guinness World Record.

What’s Being Said

Rixelstudios urged movie lovers to attend the Sept. 26 screening at Tafawa Balewa Square, describing the event as an opportunity to “break & set a new Guinness World Record”.

What’s Next

The film will premiere on Sept. 26 at Tafawa Balewa Square, where organisers are targeting an audience of 50,000 people.

Bottom Line

‘Black Market’ combines crime, drama and action with a large-scale premiere that its producers hope will secure a Guinness World Record.

Naira extends rally as corporate demand for Dollars falls

Yuan strengthens to 6.7878 against dollar

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August 14, 2026

Key Points

Yuan’s central parity rate strengthened by 10 pips against the dollar.
The rate stood at 6.7878 per dollar on Friday.
The rate is determined from prices offered by market makers.
The Yuan can trade within a two per cent range of the central parity rate.

Main Story

The central parity rate of the Chinese Yuan strengthened by 10 pips to 6.7878 against the U.S. dollar on Friday, according to the China Foreign Exchange Trade System.

The central parity rate is determined using a weighted average of prices quoted by market makers before the opening of China’s interbank foreign exchange market each business day.

In the country’s spot foreign exchange market, the Yuan is permitted to appreciate or depreciate by up to two per cent from the central parity rate during each trading day.

The Issues

The central parity rate serves as the reference point for daily trading of the Yuan against the dollar in China’s spot foreign exchange market.

What’s Next

The Yuan will continue to trade within the permitted two per cent daily band around the central parity rate.

Bottom Line

The Yuan recorded a marginal strengthening against the dollar on Friday, with its central parity rate rising 10 pips to 6.7878.

Super Falcons miss 2027 World Cup after South Africa’s defeat

Super Falcons miss 2027 World Cup after South Africa’s defeat

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August 14, 2026

By Boluwatife Oshadiya| August 14, 2026

Key Points

Super Falcons lose 2-1 to South Africa in Casablanca to miss the 2027 FIFA Women’s World Cup
Nigeria’s defeat ends its record of appearing at every Women’s World Cup since 1991
South Africa advances to the inter-confederation playoffs for another route to Brazil 2027

Main Story

Nigeria’s Super Falcons have missed the 2027 FIFA Women’s World Cup after losing 2-1 to South Africa’s Banyana Banyana in the continental playoff in Casablanca on Thursday.

The defeat ends Nigeria’s uninterrupted participation at every edition of the Women’s World Cup since the competition began in 1991 and leaves South Africa with a place in the inter-confederation playoffs.

The Super Falcons entered the playoff after losing 1-0 to Cameroon in the quarter-finals of the 2026 Women’s Africa Cup of Nations (WAFCON), while South Africa had suffered a 2-1 defeat to hosts Morocco.

Nigeria created opportunities in the first half through counter-attacking moves involving Asisat Oshoala and Francisca Ordega. Michelle Alozie also came close to opening the scoring but dragged her effort narrowly wide.

South Africa took the lead in the 56th minute when Thembi Kgatlana converted an opportunity following a quick attack. Refiloe Jane doubled the advantage in the 77th minute after a rebound deflected off substitute Christy Ucheibe.

Nigeria were handed a late opportunity when Jane handled Alozie’s goal-bound header inside the penalty area. Following a Video Assistant Referee (VAR) review, Nigeria were awarded a penalty and Jane was sent off after receiving a second yellow card.

Ucheibe converted the spot-kick in added time, but Nigeria could not find an equaliser before the final whistle.

What’s Being Said

“We came, did the best that we could, but our best was not good enough. We take full responsibility for everything that happened,” said Justine Madugu, Super Falcons head coach.

Madugu also identified poor finishing and defensive errors as major factors in the defeat, saying South Africa were more clinical with the opportunities they created.

What’s Next

South Africa will advance to the inter-confederation playoffs for one of the remaining places at the 2027 Women’s World Cup
Nigeria’s World Cup qualification campaign ends with no further route to the tournament
The defeat leaves the Super Falcons with a four-year gap before the next opportunity to qualify for the competition

The Bottom Line:

Nigeria’s failure to convert chances and prevent decisive defensive errors has ended a 35-year run of World Cup appearances. The result is not only a qualification setback but a significant break in the continuity of the country’s most successful women’s football programme.

China announces ¥200m grant to Nigeria for development projects

Naira extends rally as corporate demand for Dollars falls

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August 14, 2026

By Boluwatife Oshadiya | August 14, 2026

Key Points

Naira strengthens 0.22% to ₦1,357.65 per dollar at the Nigerian Foreign Exchange Market
Interbank FX turnover falls 53% to $79.097 million as completed deals drop to 98
Improved FX liquidity and weaker dollar demand support the naira despite renewed oil-market uncertainty

Main Story

The naira strengthened 0.22% to ₦1,357.65 per US dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday as reduced corporate demand and improved FX liquidity eased pressure on the local currency.

Data from the Central Bank of Nigeria (CBN) showed that transactions at the interbank FX market fell sharply, with turnover declining to $79.097 million from $168.758 million recorded on Wednesday.

The number of completed FX deals also dropped to 98 from 190 a day earlier, indicating weaker demand for US dollars among banks and their customers. Intraday transactions were executed between ₦1,356 and ₦1,359.50 per dollar.

The naira’s latest gain also reflected improved FX receipts and a more favourable external environment, including elevated oil prices and weakness in the US dollar.

The dollar’s decline was linked to reduced demand for safe-haven assets and differing expectations over the timing of the US Federal Reserve’s next interest-rate decision.

Oil-market developments, however, remain a potential source of pressure for Nigeria’s external position. US West Texas Intermediate crude fell 2.4% on Thursday to $81.25 per barrel, while Brent crude declined about 2% to $87.07.

The International Energy Agency (IEA) expects global oil demand to fall by 1.6 million barrels per day in 2026, while supply disruptions linked to renewed conflict in the Gulf have continued to affect global markets.

What’s Being Said

“Many private businesses undercount the number of ships leaving the Strait of Hormuz due to ships moving covertly through the waterway,” said Chris Wright, US Energy Secretary.

The CBN’s latest transaction data points to weaker dollar demand at the interbank market, while the decline in oil prices highlights the continued sensitivity of Nigeria’s FX outlook to developments in global energy markets.

What’s Next

Market participants will monitor whether lower corporate FX demand persists in coming sessions
The naira’s performance will remain sensitive to oil prices, foreign-exchange inflows and movements in the US dollar
Traders will also watch developments around the Strait of Hormuz and their potential effect on global crude supply

The Bottom Line:

The naira’s latest gain is being supported by reduced dollar demand and improved liquidity rather than a broad surge in FX transactions. Sustaining the rally will therefore depend on whether foreign-exchange inflows remain strong enough to offset weaker oil-market conditions and external volatility.

China announces ¥200m grant to Nigeria for development projects

CBN allots ₦2.6trn as OMO demand hits ₦4.65trn

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August 14, 2026

By Boluwatife Oshadiya | August 14, 2026

Key Points

CBN allots ₦2.603 trillion from ₦4.649 trillion in total demand for two OMO maturities
Investors submit ₦1.268 trillion for the 103-day bill and ₦3.657 trillion for the 138-day bill
Strong demand reflects continued investor interest in naira fixed-income assets amid elevated market yields

Main Story

The Central Bank of Nigeria (CBN) allotted ₦2.603 trillion at its latest Open Market Operations (OMO) auction after investors submitted ₦4.649 trillion in bids for ₦600 billion of bills.

According to the auction results reviewed in the supplied market report, the CBN offered ₦300 billion each of 103-day and 138-day OMO bills as it moved to absorb excess liquidity from the financial system.

The auction attracted significantly more demand than the amount offered, with investors submitting ₦1.268 trillion for the 103-day instrument. The CBN allotted ₦449.740 billion at a spot rate of 20.39%.

Demand was considerably stronger for the longer-dated instrument. Investors submitted ₦3.657 trillion for the 138-day OMO bill against the ₦300 billion offer, while the CBN allotted ₦2.154 trillion at a spot rate of 20.01%.

The combined ₦2.603 trillion allotment represents about 56% of total subscriptions received at the auction, leaving approximately ₦2.046 trillion of submitted bids unallotted based on the auction figures.

The strong subscription was attributed in the supplied market commentary to continued demand for naira-denominated fixed-income assets, particularly as elevated yields make money-market instruments attractive to banks and foreign portfolio investors.

The auction also forms part of the CBN’s liquidity-management operations, with excess liquidity in the banking system reported at about ₦7 trillion in the supplied material.

What’s Being Said

The supplied market commentary indicates that banks and foreign portfolio investors have increased their participation in OMO bills as higher yields continue to support demand for naira assets.

No direct quotation from the CBN or a named independent market analyst was provided in the source material.

What’s Next

The ₦2.603 trillion allotment is expected to be settled against the financial system’s credit balance
Investors will monitor subsequent CBN liquidity operations for changes in OMO supply, yields and allotment patterns
Market participants will continue to assess whether elevated fixed-income yields sustain demand for naira assets

The Bottom Line:

The auction demonstrates that investor demand for naira fixed-income instruments remains substantially above the amount initially offered by the CBN. The preference for the longer 138-day bill also suggests that investors are willing to lock in funds for longer periods at attractive yields.

China announces ¥200m grant to Nigeria for development projects

NGX sheds 0.39% as investors lose ₦613bn in market value

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August 14, 2026

Stock Exchange Closes Trading Week With N30bn Gain

By Boluwatife Oshadiya | August 14, 2026

Key Points

NGX All-Share Index falls 0.39% to 243,017.38 as consumer goods and insurance stocks lead declines
Market capitalisation drops ₦613.08 billion to ₦156.88 trillion while year-to-date return moderates to 56.17%
Trading activity strengthens sharply, with volume rising to 4.24 billion shares and turnover reaching about ₦50.6 billion

Main Story

The Nigerian Exchange (NGX) closed lower on Thursday as selloffs across consumer goods, insurance, banking and oil and gas stocks pushed market capitalisation down by ₦613.08 billion.

The NGX All-Share Index fell 949.71 points, or 0.39%, to close at 243,017.38, according to data from the Nigerian Exchange trading platform. Market capitalisation consequently declined by the same percentage to ₦156.88 trillion.

The decline moderated the NGX year-to-date return to 56.17%, as the buying momentum associated with half-year earnings appeared to weaken.

Market breadth remained negative, with 42 stocks declining against 16 gainers. Intenegins led the gainers with a 10% increase, followed by Johnholt at 9.89% and Transexpr at 9.75%.

Unilever recorded the largest decline, falling 9.97%, while Chellaram and NIDF dropped 9.66% and 9.55%, respectively.

Trading activity, however, strengthened considerably despite the market’s negative close. Total volume increased to 4.24 billion shares, while turnover reached about ₦50.6 billion and deal count rose to more than 41,000 transactions.

The Nigerian Exchange data showed Cornerst dominating both volume and value rankings, with 3.64 billion units traded at a value of ₦18.37 billion.

Sector performance was broadly negative. Consumer Goods declined 1.22%, Insurance fell 0.55%, Banking lost 0.27%, and Oil & Gas declined 0.07%. Industrial and Commodity stocks ended flat.

What’s Being Said

Stockbrokers cited in the supplied market commentary expect the bearish trend to persist as investor sentiment becomes increasingly cautious. However, they also noted that portfolio rebalancing and strategic repositioning could provide support for a recovery.

No direct, named stockbroker quotation was provided in the source material.

What’s Next

Investors will monitor upcoming corporate earnings and other company disclosures for fresh valuation signals
Portfolio managers are expected to reassess positions following the moderation in post-earnings buying momentum
Further sessions will show whether the current selling pressure broadens or gives way to renewed buying interest

The Bottom Line:

The NGX’s decline signals a cooling in the aggressive buying that supported the market’s strong year-to-date performance. The sharp rise in trading activity suggests investors remain active, but the negative breadth indicates that repositioning is currently tilted toward risk reduction rather than broad-based accumulation.

China announces ¥200m grant to Nigeria for development projects

China announces ¥200m grant to Nigeria for development projects

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August 14, 2026

Key points

China has announced a ¥200 million (RMB 200 million) grant to Nigeria to support development projects jointly agreed by both governments.
The grant is valued at approximately N40.32 billion, based on the exchange rate referenced in the report.
The announcement was made during talks between Chinese Ambassador to Nigeria Yu Dunhai and Nigeria’s Permanent Secretary, Ministry of Foreign Affairs, Dr Dunoma Umar Ahmed.
China has not yet disclosed the specific projects that will receive funding.
Beijing said the grant forms part of efforts to deepen the China-Nigeria Comprehensive Strategic Partnership.
Nigeria pledged to ensure that the grant is effectively utilised for the agreed projects.
China remains Nigeria’s largest trading partner, with bilateral trade reaching N5.68 trillion in Q1 2026.
Despite the strength of the relationship, Nigeria recorded a N4.51 trillion trade deficit with China during the quarter.

Main Story

China has announced a ¥200 million grant to Nigeria to support the implementation of development projects agreed upon by both countries, in another indication of the deepening economic and diplomatic relationship between Abuja and Beijing.

The announcement was made during a meeting between Chinese Ambassador to Nigeria, Yu Dunhai, and the Permanent Secretary of Nigeria’s Ministry of Foreign Affairs, Dr Dunoma Umar Ahmed, in Abuja.

According to the Chinese Embassy, the grant will be used to support projects jointly agreed by the two governments as part of broader efforts to promote Nigeria’s economic development and strengthen bilateral cooperation.

However, Beijing did not disclose the specific projects that will be financed with the grant or when disbursement and implementation will begin.

The announcement comes as Nigeria and China seek to translate their longstanding diplomatic relationship into increased infrastructure, investment and development cooperation.

What’s Being Said

Chinese Ambassador Yu Dunhai said China and Nigeria had maintained strong relations for more than five decades, describing the partnership as an important component of China-Africa relations.

He said the relationship had entered a new phase under the leadership of Chinese President Xi Jinping and Nigerian President Bola Ahmed Tinubu.

“China will provide RMB 200 million in grant assistance to Nigeria for the implementation of projects agreed upon by the two governments.”

The ambassador said both countries had maintained close communication while working to implement agreements reached by their respective leaders.

He added that Beijing and Abuja were also working to implement the outcomes of the 2024 Forum on China-Africa Cooperation (FOCAC) Beijing Summit, with the objective of ensuring that bilateral cooperation produces tangible benefits for citizens.

On Nigeria’s part, Dunoma thanked China for its support and pledged that the grant would be effectively utilised.

The Permanent Secretary said the assistance demonstrated China’s commitment to Nigeria’s economic and social development and reflected the longstanding friendship between both countries.

The Issues

While the grant represents additional development financing for Nigeria, the absence of details about the projects means the immediate economic impact cannot yet be fully assessed.

The effectiveness of the intervention will ultimately depend on project selection, transparency, implementation and monitoring.

There is also a broader question surrounding Nigeria’s economic relationship with China.

Although China provides significant infrastructure financing, investment and development support, Nigeria’s trade relationship with the Asian economic giant remains heavily tilted in China’s favour.

The challenge for Nigeria is therefore to ensure that development assistance and investment translate into stronger domestic production, technology transfer, employment and export capacity rather than deepen dependence on imported goods.

Nigeria-China Economic Relationship

China’s relationship with Nigeria extends well beyond diplomatic ties.

Chinese companies have become major participants in Nigeria’s infrastructure, manufacturing, energy and construction sectors, while Chinese goods account for a substantial share of Nigeria’s imports.

In Q1 2026, Nigeria-China trade stood at approximately N5.68 trillion, according to data from the National Bureau of Statistics.

Nigeria imported goods worth about N5.10 trillion from China during the period, while exports to China amounted to approximately N582.20 billion.

That produced a trade deficit of about N4.51 trillion in China’s favour.

The figures demonstrate the enormous scale of the relationship, but they also highlight one of its most persistent challenges: Nigeria buys significantly more from China than it sells to the country.

China as Nigeria’s Major Trading Partner

China retained its position as Nigeria’s largest trading partner in Q1 2026, having moved up from second place in the corresponding quarter of 2025.

Chinese products imported into Nigeria include machinery, electronics, industrial equipment, chemicals and a wide range of manufactured goods.

Nigeria’s exports to China, meanwhile, remain more concentrated around mineral and energy-related commodities.

This structure creates an opportunity for Nigeria to use its relationship with China to expand its productive capacity and diversify exports.

The latest grant could contribute to that objective if the funded projects are strategically targeted at infrastructure, industrial development, human capital and productive sectors.

The Wider Investment Picture

China’s engagement with Nigeria also includes major construction and energy projects.

A 2025 assessment by China energy expert Christoph Nedopil estimated Nigeria’s Belt and Road Initiative construction contracts at about $24.6 billion during the year.

The figure represented a significant increase from the previous year and placed Nigeria among the largest destinations for Chinese BRI construction activity.

A substantial portion of the estimated commitments was linked to the proposed Ogidigben Gas Revolution Industrial Park in Delta State.

The 2,700-hectare industrial park is designed to accommodate gas-based industries including fertiliser, methanol, petrochemicals and aluminium production.

If fully implemented, the project is expected to generate substantial employment and deepen Nigeria’s industrial capacity.

The Development Assistance Dimension

The latest ¥200 million grant adds another layer to China’s growing engagement with Nigeria.

Unlike commercial loans, grants do not ordinarily carry the same repayment obligation, making them potentially valuable for development projects where direct financial returns may be limited.

China has also previously provided humanitarian assistance to Nigeria. In August 2025, the Chinese government donated $1 million to support communities affected by severe flooding.

The new grant, however, appears to be more closely tied to bilateral development priorities agreed by the two governments.

What’s Next

The immediate next step will be for Nigeria and China to identify and implement the projects covered by the grant.

The Nigerian government will need to ensure transparent project selection, effective monitoring and proper utilisation of the funds.

For Nigeria, the larger strategic objective should be to use its relationship with China to secure technology transfer, local manufacturing, infrastructure development and export opportunities.

For China, the grant reinforces its broader strategy of strengthening economic and diplomatic partnerships across Africa.

Bottom Line

The ¥200 million Chinese grant provides Nigeria with additional resources for development while reinforcing the increasingly strategic relationship between Abuja and Beijing.

But the bigger opportunity lies beyond the value of the grant itself.

With China accounting for a substantial share of Nigeria’s imports and remaining its largest trading partner, Nigeria must increasingly seek to convert the relationship from one dominated by imports and infrastructure projects into a more balanced partnership built around production, technology, investment and exports.

The success of the latest grant will therefore depend not merely on how much money is provided, but on what it builds, who benefits and whether it helps Nigeria expand its productive capacity.

Nigeria, US reaffirm defence and security partnership in Washington talks

Tinubu pledges profitable return of state refineries, orders economic reset after $2.9bn ehabilitation

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August 14, 2026

Key points

President Bola Tinubu has pledged that Nigeria’s state-owned refineries will return to operation, but stressed that production alone will not be enough without profitability and long-term viability.
The Port Harcourt, Warri and Kaduna refineries are expected to undergo a further “reset and structural reworking” of their economics.
The pledge comes after about $2.9 billion was approved under the previous administration for refinery rehabilitation, with the facilities failing to sustain production.
NNPCL has entered into a technical equity partnership arrangement aimed at rehabilitating, restarting and expanding the Port Harcourt and Warri refineries.
PENGASSAN recently argued that the state-owned refineries were shut partly because they were economically unprofitable, rather than simply because they could not operate.
Separately, the Federal Ministry of Finance has told the Senate that it lacks some records needed to answer queries raised in the NEITI 2021–2023 Oil and Gas Industry Audit Report.
NEITI flagged unresolved issues involving a $3 billion pre-export financing facility, $722.6 million in NLNG dividends and interest, and about N200 billion spent on refinery rehabilitation.
The Finance Ministry has engaged Arthur Andersen LLP to conduct a forensic audit and reconcile outstanding financial records, but lawmakers have questioned repeated extensions to the exercise.

Main Story

President Bola Tinubu has assured Nigerians that the country’s government-owned refineries will return to operation, but warned that simply restarting the facilities will not constitute success unless they can operate profitably and remain economically sustainable.

The President made the declaration in Abuja during a meeting with the leadership of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), where he acknowledged concerns over the performance of the state-owned refineries.

Tinubu said the Port Harcourt, Warri and Kaduna refineries would undergo what he described as a firm reset and structural reworking of their economics to ensure that they deliver sustainable value to Nigerians.

“The refineries you mentioned are going to come back to work. We are just building a very firm reset and structural reworking of the economics of it.”

The President said the mere sight of a functioning refinery was not sufficient evidence of success if the facility could not generate sustainable returns.

“Ordinary flame and smoke of a refinery doesn’t mean that it is working until it is profitable and yields the value for which it was built.”

His comments mark an important shift in the conversation around Nigeria’s state-owned refineries — from whether they can be restarted to whether they can operate as commercially viable assets.

Tinubu said he had accepted responsibility for the assets and liabilities inherited by his administration and would focus on making the facilities productive.

“No matter what has happened in the years past, it is my responsibility now as the president to fix it.”

The $2.9bn Rehabilitation Question

The President’s pledge comes after years of government expenditure on refinery rehabilitation with limited sustained results.

Under the administration of former President Muhammadu Buhari, approximately $2.9 billion was approved for rehabilitation of the country’s refineries.

Despite the substantial investment, the facilities struggled to achieve sustained production and were subsequently shut down again.

The development has raised fundamental questions about the cost, effectiveness and commercial viability of maintaining government ownership of the refineries.

The latest policy direction suggests that future interventions will have to go beyond mechanical repairs to address the economics of refinery operations, including production costs, crude supply, maintenance, management and profitability.

NNPCL’s New Approach

The Nigerian National Petroleum Company Limited (NNPCL) has also begun pursuing a different model for the rehabilitation of some of the facilities.

In May, NNPCL signed a Memorandum of Understanding with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.

The arrangement is intended to facilitate the rehabilitation, restart and expansion of the Port Harcourt and Warri refineries through a technical equity partnership model.

The partnership approach could reduce the reliance on government-funded rehabilitation alone while bringing external technical expertise and potentially stronger commercial discipline into refinery operations.

However, the success of the model will depend on the final structure of the partnership, financing arrangements, crude supply, operational efficiency and the ability of the facilities to compete in a changing domestic refining market.

The Profitability Problem

The latest debate has also been shaped by comments from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

PENGASSAN President, Festus Osifo, recently said the government-owned refineries were shut because they were losing money, rather than simply because they were incapable of functioning.

His position highlights a crucial issue in the refinery debate: technical functionality does not necessarily equal commercial viability.

A refinery can be mechanically capable of processing crude and still lose money if its operating costs are too high, crude supply is unreliable, production efficiency is low or its refined products cannot compete effectively in the market.

This appears to be the economic challenge Tinubu is seeking to address with his call for a “reset” of the refineries’ economics.

The Issues

The refinery question is no longer simply about infrastructure.

It encompasses commercial viability, transparency, crude supply, management efficiency, maintenance, financing and accountability.

Repeated rehabilitation without sustained output raises questions about whether Nigeria has adequately addressed the structural problems that caused the refineries to fail in the first place.

There is also the question of opportunity cost: billions of dollars and naira spent on rehabilitation must ultimately be justified by measurable improvements in domestic refining capacity, reduced dependence on imported petroleum products and stronger returns to the Nigerian state.

The latest government approach will therefore face a significant test: whether it can deliver reliable production without repeating the cycle of rehabilitation, commissioning and eventual shutdown.

NEITI Raises Fresh Financial Questions

While the President was pledging to make the refineries commercially viable, a separate development was raising fresh questions about the financial management of Nigeria’s oil sector.

The Federal Ministry of Finance has told the Senate that it has been unable to provide complete records needed to respond to several queries contained in the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021–2023 Oil and Gas Industry Audit Report.

The Permanent Secretary of the ministry, Raymond Omachi, made the disclosure before the Senate Committee on Public Accounts.

Omachi said the ministry was not directly involved in some of the transactions queried by NEITI and had experienced difficulties obtaining relevant records from agencies including the NNPCL and Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The $3bn Pre-Export Financing Query

One of the major issues identified by NEITI concerns a $3 billion pre-export financing facility obtained in 2012 to settle petroleum subsidy-related payments.

The audit questioned the manner in which the facility was recovered from monthly Federation revenue proceeds under the Pre-Export Financing and Project Eagle agreements.

The unresolved issue raises questions about how the facility was structured, repaid and reflected in government financial records.

The Finance Ministry says it requires additional records from the agencies involved to provide a comprehensive response.

The $722.6m NLNG Dividends

NEITI also queried $722.6 million in dividends and interest paid by Nigeria LNG Limited (NLNG) to the then Nigerian National Petroleum Corporation in 2021.

According to the audit, the funds belonged to the Federation but were not remitted to the Federation Account or adequately accounted for.

The issue is particularly significant because NLNG dividends constitute public-sector revenue, meaning that questions surrounding their custody, remittance and utilisation have direct implications for transparency in the management of Nigeria’s oil wealth.

N200bn Refinery Expenditure

NEITI also questioned approximately N200 billion spent on refinery rehabilitation.

The audit noted that none of the country’s refineries was operational in 2021 despite the substantial expenditure.

The finding adds another layer to the current refinery debate.

As the government seeks to make the facilities profitable and sustainable, unresolved questions surrounding previous rehabilitation expenditure continue to raise concerns about value for money and accountability.

Other Financial Queries

The NEITI audit also raised questions about approximately $221.283 million in overhead costs incurred by the National Petroleum Investment Management Services (NAPIMS) in 2021.

The Finance Ministry was unable to provide complete explanations for all the transactions, citing the absence of records from agencies directly involved.

Omachi told the Senate:

“We don’t have direct involvement in all the issues raised, and the required financial records from the affected agencies, particularly NNPCL, NUPRC, etc., are not there.”

The ministry has subsequently engaged Arthur Andersen LLP to conduct a forensic audit of the transactions and reconcile outstanding financial records.

Senate Demands Answers

Members of the Senate Committee on Public Accounts questioned the repeated extensions granted for the completion of the forensic audit.

The committee, chaired by Senator Ibrahim Hassan Dankwambo, sought clarification on when the audit would be completed after the deadline was reportedly extended twice, from six months to one year.

Omachi assured the committee that the ministry was prepared to cooperate but urged the Senate to compel the NNPCL and NUPRC to appear alongside the ministry.

According to him, the outstanding questions cannot be fully resolved without the agencies that directly handled the transactions.

What’s Being Said

President Tinubu said his administration would focus on making the refineries productive rather than dwelling on the failures of previous administrations.

“I have accepted the assets and liabilities of my predecessors.”

He said the ultimate objective was to ensure that the facilities delivered value to Nigerians.

PENGASSAN President Festus Osifo, meanwhile, has highlighted the economic dimension of the problem, arguing that government refineries had struggled because they were losing money.

The Finance Ministry has also acknowledged difficulties in reconciling some historical oil-sector transactions because relevant records remain outstanding.

What’s Next

The immediate focus will be on the proposed restructuring and rehabilitation of the Port Harcourt and Warri refineries under NNPCL’s technical equity partnership model.

The government will also need to clarify the future of the Kaduna refinery and determine how all three state-owned facilities can operate within a commercially sustainable framework.

At the same time, the Finance Ministry’s forensic audit is expected to provide answers to the outstanding NEITI queries.

The Senate Committee on Public Accounts is likely to continue its scrutiny of the NNPCL, NUPRC and other relevant agencies until the financial records are reconciled.

The outcome of these processes could have significant implications for future government spending on the petroleum sector.

What You Should Know

Nigeria’s refinery debate is unfolding at a particularly important point in the country’s downstream petroleum sector.

The emergence of privately owned refining capacity, particularly the Dangote Refinery, has changed the competitive environment and raised expectations that domestic refining should become commercially viable rather than remain dependent on repeated government intervention.

This means the state-owned refineries will have to demonstrate not just technical functionality, but also efficiency, reliable crude supply, competitive operating costs and sustainable profitability.

At the same time, historical spending on the facilities remains subject to accountability questions.

The two developments — Tinubu’s renewed profitability pledge and the NEITI financial queries — therefore converge on one fundamental question:

Can Nigeria turn its refinery investments into productive commercial assets while also accounting transparently for the money already spent?

Bottom Line

President Tinubu’s pledge to restart Nigeria’s state-owned refineries represents a renewed attempt to end years of uncertainty surrounding the country’s strategic petroleum assets.

But the President’s emphasis on profitability rather than simply restarting the plants is significant. After billions of dollars and naira have been committed to rehabilitation with limited sustained results, Nigerians will expect the next intervention to deliver measurable and lasting value.

At the same time, the NEITI queries demonstrate that the refinery challenge is inseparable from the broader question of transparency and accountability in Nigeria’s oil sector.

The real test for the government will therefore be twofold: make the refineries work and make the economics work, while accounting for what happene

Nigeria, US reaffirm defence and security partnership in Washington talks

Nigeria, US reaffirm defence and security partnership in Washington talks

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August 14, 2026

Key points

Nigeria and the United States have reaffirmed their commitment to strengthening defence, intelligence and counter-terrorism cooperation following high-level talks in Washington, D.C.
Defence Minister Gen. Christopher Musa led a Nigerian delegation comprising senior military and economic officials.
The talks focused on strengthening military-to-military relations, intelligence collaboration and operational coordination.
The engagement formed part of the Nigeria–US Joint Working Group Defence Bilateral Talks.
National Security Adviser Nuhu Ribadu and US Under Secretary of State for Political Affairs Allison Hooker co-chaired the wider Joint Working Group meeting.
Discussions also reviewed progress and strategic responses following Nigeria’s designation as a Country of Particular Concern (CPC).
Both countries reaffirmed their commitment to sustained dialogue and cooperation in addressing regional and global security threats.

Main Story

Nigeria and the United States have reaffirmed their commitment to deepening defence and security cooperation following high-level bilateral engagements in Washington, D.C., as both countries seek to strengthen their response to terrorism and other emerging security threats.

The discussions brought together senior Nigerian defence, military, intelligence and economic officials and representatives of the US Department of Defence.

The Nigerian delegation was led by the Minister of Defence, Gen. Christopher Musa, and included the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Chief of Defence Staff, Gen. Olufemi Oluyede.

Also participating were the Chief of Defence Intelligence, Lt.-Gen. Parker Udiandeye, and other senior officers of the Armed Forces of Nigeria.

The delegation met senior officials of the US Department of Defence led by Julia Sokol, Acting Principal Deputy Assistant Secretary of Defence for International Security Affairs.

The engagement formed part of the continuing Nigeria–United States Joint Working Group Defence Bilateral Talks, with discussions centred on shared security priorities, intelligence cooperation and greater operational coordination between the two countries.

The Issues

Nigeria continues to face complex security threats, including terrorism, banditry, kidnapping and other forms of organised violence.

For the Nigerian military, stronger international partnerships can provide access to intelligence, training, technical expertise, equipment and operational support.

However, effective security cooperation requires more than the acquisition of military hardware. Intelligence sharing, joint planning, institutional coordination and the ability to translate intelligence into timely action remain critical.

The talks also come against the backdrop of increased international scrutiny of Nigeria’s handling of religious freedom, terrorism and human rights concerns following its designation by the United States as a Country of Particular Concern.

The designation has added a diplomatic dimension to the security relationship, making continued engagement and clear communication between both governments particularly important.

What’s Being Said

The Nigerian Ministry of Defence said the Washington engagement was aimed at strengthening military-to-military relations and counter-terrorism cooperation.

The two sides reaffirmed their commitment to sustained dialogue, mutual respect and strategic partnership in confronting regional and global security threats.

The engagement also reflected a broader effort to align Nigeria’s security priorities with international cooperation mechanisms while preserving the country’s strategic interests.

Joint Working Group

The wider diplomatic engagement was led by National Security Adviser Nuhu Ribadu, who headed the Nigerian mission for the second meeting of the US–Nigeria Joint Working Group.

Ribadu co-chaired the meeting with US Under Secretary of State for Political Affairs Allison Hooker.

The meeting reviewed progress on agreed areas of cooperation and considered strategic frameworks following Nigeria’s designation as a Country of Particular Concern.

The Joint Working Group provides a platform for both countries to examine security challenges, identify areas for cooperation and assess progress on commitments reached during previous engagements.

Defence and Economic Interests

The inclusion of Finance Minister Taiwo Oyedele in the Nigerian delegation highlights the increasingly broad nature of Nigeria’s engagement with the United States.

Security cooperation is closely connected to economic stability, investment confidence and development.

Persistent insecurity can disrupt agricultural production, trade, infrastructure development and investment, while improved security can create a more stable environment for economic activity.

For Nigeria, therefore, deeper security cooperation with the United States has implications beyond military operations.

What’s Next

The immediate focus will be on translating the outcomes of the Washington meetings into practical areas of cooperation.

This could include stronger intelligence-sharing mechanisms, improved military coordination, counter-terrorism support, capacity building and other forms of technical cooperation.

Both countries are also expected to maintain diplomatic engagement through the Joint Working Group as they address outstanding security and human rights concerns.

Nigeria will equally need to demonstrate measurable progress in addressing the security challenges that continue to affect communities across the country.

Bottom Line

The Washington talks reinforce the strategic importance of the Nigeria–US security relationship at a time when Nigeria faces increasingly complex security threats.

While the reaffirmation of cooperation is significant, the real test will be whether the renewed partnership produces stronger intelligence, better operational coordination and measurable improvements in Nigeria’s capacity to combat terrorism and other forms of insecurity.

For Washington and Abuja, sustained dialogue will remain essential to balancing security cooperation, national sovereignty, human rights and shared regional interests.

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