Nigeria has projected an oil price of about $64 per barrel and production of 1.84 million barrels per day. Analysts say those targets may be hard to reach. However, officials are more concerned about volatile global prices, which could come under pressure from a potential supply glut, particularly as the United States eases restrictions on Venezuelan oil sales.
Tuesday, January 20, 2026
Global oil price uncertainty cast shadow over Nigeria’s fiscal outlook
Nigeria has projected an oil price of about $64 per barrel and production of 1.84 million barrels per day. Analysts say those targets may be hard to reach. However, officials are more concerned about volatile global prices, which could come under pressure from a potential supply glut, particularly as the United States eases restrictions on Venezuelan oil sales.
NARD Warns Nigeria Could Lose More Doctors In Next Decade After Exit Of 15,000 Doctors
The National President of the Nigerian Association of Resident Doctors (NARD), Dr. Mohammad Suleiman, has warned that Nigeria’s health sector is approaching a critical breaking point, revealing that more than 15,000 doctors have left the country since 2014, with 4,700 exiting in 2024 alone.
Speaking on Monday at the opening of a five day training on effective policy-making and strategic leadership for NARD leaders at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Suleiman said the trend, if unchecked, could see Nigeria lose another 15,000 doctors within the next decade.
“Facts don’t lie. Figures don’t lie. In 2024, 4,700 doctors left the shores of Nigeria. Every year we produce 2,000 to 3,000 doctors, yet we lost far more than we produced. If this continues, Nigeria cannot survive it,” he argued.
Suleiman painted a stark picture of the country’s doctor to patient ratio, noting that Nigeria currently has fewer than 30,000 doctors serving an estimated 240 million people, a ratio of roughly one doctor to over 10,000 citizens.
“This is not sustainable,” he warned. “In 10 to 15 years, Nigerians will walk into hospitals and find no doctors to attend to them,” he said.
He added that the association’s recent engagements with the federal government were driven by the urgency of preventing a total collapse of the health system. “These decisions are not easy. They are tough. But we take them because we know what lies ahead if nothing changes,” he stressed.
Suleiman emphasised that NARD is not presenting new demands to the government, but simply asking for the implementation of previously agreed policies that require no additional financial burden.
“These are agreements that won’t cost the government a penny,” he said. “Issues like membership certificates, employment processes, workload management, and local training policies — these are measures that strengthen the system, not just resident doctors,” he explained.
He expressed optimism that the renewed commitment between NARD and the government could avert future strikes. “If the understanding we have now is sustained, I don’t foresee any strike in the near future.”
Earlier, the Director General of NIPSS, Prof. Ayo Omotayo, commended NARD for prioritising leadership development and policy literacy, describing their presence at the institute as a sign of foresight.
He said the training would equip young medical leaders with the tools needed to engage constructively with policymakers and address the complex challenges facing Nigeria’s health sector.
Nigeria suffering from medical brain drain
Speaking on Monday at the opening of a five day training on effective policy-making and strategic leadership for NARD leaders at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Suleiman said the trend, if unchecked, could see Nigeria lose another 15,000 doctors within the next decade.
“Facts don’t lie. Figures don’t lie. In 2024, 4,700 doctors left the shores of Nigeria. Every year we produce 2,000 to 3,000 doctors, yet we lost far more than we produced. If this continues, Nigeria cannot survive it,” he argued.
Suleiman painted a stark picture of the country’s doctor to patient ratio, noting that Nigeria currently has fewer than 30,000 doctors serving an estimated 240 million people, a ratio of roughly one doctor to over 10,000 citizens.
“This is not sustainable,” he warned. “In 10 to 15 years, Nigerians will walk into hospitals and find no doctors to attend to them,” he said.
He added that the association’s recent engagements with the federal government were driven by the urgency of preventing a total collapse of the health system. “These decisions are not easy. They are tough. But we take them because we know what lies ahead if nothing changes,” he stressed.
Suleiman emphasised that NARD is not presenting new demands to the government, but simply asking for the implementation of previously agreed policies that require no additional financial burden.
“These are agreements that won’t cost the government a penny,” he said. “Issues like membership certificates, employment processes, workload management, and local training policies — these are measures that strengthen the system, not just resident doctors,” he explained.
He expressed optimism that the renewed commitment between NARD and the government could avert future strikes. “If the understanding we have now is sustained, I don’t foresee any strike in the near future.”
Earlier, the Director General of NIPSS, Prof. Ayo Omotayo, commended NARD for prioritising leadership development and policy literacy, describing their presence at the institute as a sign of foresight.
He said the training would equip young medical leaders with the tools needed to engage constructively with policymakers and address the complex challenges facing Nigeria’s health sector.
By Yemi Kosoko, Arise
Related story: Doctors are leaving Nigeria in droves
Africa’s largest plastic recycler plans $60m mega plant to process 100,000 tonnes of waste in Nigeria
The new plant, which will be developed in phases, is expected to begin operations by the end of March 2026, with full commissioning scheduled for July 2026.
Once completed, the facility will significantly scale up Nigeria’s capacity to process post-consumer plastic waste into high-quality recycled materials, including food-grade recycled polyethylene terephthalate (rPET).
The investment positions Polysmart among Africa’s most ambitious private-sector players in sustainable manufacturing, at a time when governments and multinational brands are under growing pressure to cut plastic pollution and carbon emissions.
According to the company, the facility will be equipped with world-class recycling technologies, including systems from Sorema and Tomra, as well as two Erema Vacunite units. These will enable the processing of multiple polymer streams, producing rPET resin and flakes that meet the standards of the European Food Safety Authority and the United States Food and Drug Administration, as well as non-food-grade HDPE, LDPE, and polypropylene materials.
“This is a transformative moment for Nigeria’s green economy,” said Wasiu Abolaji Balogun, managing director and chief executive of Polysmart Packaging Limited.
He described the $60 million investment as a commitment not only to infrastructure and technology but also to people, adding that the expansion is expected to generate thousands of direct and indirect jobs across waste collection, sorting, technical, and operational segments of the value chain.
At full capacity, the plant will process up to 100,000 tonnes of mixed plastics annually, making it the largest of its kind in the region.
Polysmart’s $60m investment could recycle 5.5 billion plastic bottles a year in Nigeria
Polysmart estimates that the expanded facilities could recover and recycle more than 5.5 billion PET bottles every year, diverting vast volumes of plastic waste from landfills, drainage systems, and waterways.
A major strategic goal of the project is import substitution. By producing certified food-grade rPET locally, Polysmart aims to supply a critical raw material to Nigeria’s food, beverage, and fast-moving consumer goods industries, reducing their reliance on imported virgin plastics and easing pressure on foreign exchange demand.
The company says the expansion will also contribute to a significant reduction in Nigeria’s dependence on virgin plastics derived from crude oil. By replacing them with high-quality recycled alternatives, Polysmart positions the project as a step towards a more sustainable manufacturing ecosystem.
From an environmental, social, and governance perspective, the new plant is projected to deliver carbon savings of up to 170,000 tonnes based on its planned capacity. These gains come from lower energy use, reduced emissions, and the reintegration of plastic waste into the production cycle.
Polysmart said it is working closely with federal and state environmental agencies to ensure the facility meets global safety and environmental protection standards.
Industry observers say the scale of the investment could strengthen Nigeria’s ambition to become a regional hub for green technology and sustainable manufacturing.
As plastic pollution continues to pose a growing challenge across Africa, projects of this scale are increasingly viewed as critical to balancing economic growth with environmental responsibility.
Polysmart estimates that the expanded facilities could recover and recycle more than 5.5 billion PET bottles every year, diverting vast volumes of plastic waste from landfills, drainage systems, and waterways.
A major strategic goal of the project is import substitution. By producing certified food-grade rPET locally, Polysmart aims to supply a critical raw material to Nigeria’s food, beverage, and fast-moving consumer goods industries, reducing their reliance on imported virgin plastics and easing pressure on foreign exchange demand.
The company says the expansion will also contribute to a significant reduction in Nigeria’s dependence on virgin plastics derived from crude oil. By replacing them with high-quality recycled alternatives, Polysmart positions the project as a step towards a more sustainable manufacturing ecosystem.
From an environmental, social, and governance perspective, the new plant is projected to deliver carbon savings of up to 170,000 tonnes based on its planned capacity. These gains come from lower energy use, reduced emissions, and the reintegration of plastic waste into the production cycle.
Polysmart said it is working closely with federal and state environmental agencies to ensure the facility meets global safety and environmental protection standards.
Industry observers say the scale of the investment could strengthen Nigeria’s ambition to become a regional hub for green technology and sustainable manufacturing.
As plastic pollution continues to pose a growing challenge across Africa, projects of this scale are increasingly viewed as critical to balancing economic growth with environmental responsibility.
By Segun Adeyemi, Business Insider Africa
Nigeria police deny reports of mass church abductions in north
Police in northern Nigeria say reports that worshippers were abducted on Sunday from churches in Kaduna state were false.
In a joint statement with local government officials on Monday, Kaduna state police commissioner Alhaji Muhammad Rabiu described the information as "mere falsehood which is being peddled by conflict entrepreneurs who want to cause chaos".
Earlier, a local official in Kurmin Wali had told the BBC that gunmen had kidnapped dozens of people attending different churches.
There has been a series of mass kidnapping in Nigeria, where both Christians and Muslims have been targeted. Gangs frequently carry out such attacks to get ransom payments.
But referring to Sunday's alleged abductions Kaduna's police commissioner challenged "anyone to list the names of the kidnapped victims and other particulars".
The chairman of Kajuru local government area, Dauda Madaki, said security forces were sent to Kurmin Wali after reports of an attack, but found "no evidence of the attack. I asked the village head, Mai Dan Zaria, and he said that there was no such attack."
Police also quoted the state's commissioner for internal security and home affairs saying religious leaders visited the area.
''They found out that what was pushed out to the public sphere was completely false,'' he reportedly said.
However, a community leader in Kurmin Wali, Ishaku Dan'azumi Sarkin, had earlier told the BBC that armed men attacked the area on Sunday and kidnapped 177 people from three churches.
He said 11 people escaped, several others were injured, and no deaths were reported.
In November, more than 300 students and teachers were seized from a Catholic school. They were later released in two successive groups. It was among a spate of kidnappings that made international headlines.
Nigeria is facing numerous security challenges - including kidnappings for ransom by criminal gangs, an Islamist insurgency in the north-east, separatist violence in the south-east, and a battle between herders and farmers in the centre over access to land and water.
Experts say corruption, poor intelligence sharing and underfunded local policing have hampered efforts to tackle the various crises.
Nigeria's defence minister resigned last month at the height of the kidnapping crisis, officially for health reasons, according to the president's office.
The US has recently become militarily involved in Nigeria - launching airstrikes on Christmas Day on two camps run by an Islamist militant group in north-western Nigeria.
Earlier this month, US President Donald Trump warned of more strikes if Christians continued to be killed in the West African nation.
There are more than 250 ethnic groups in Nigeria, which is roughly divided into a mainly Muslim north, a largely Christian south, with intermingling in the middle - and the government says people of all faiths have been victims of attacks.
A Nigerian foreign ministry spokesman responded to Trump's warning by saying that Nigeria would continue to engage constructively with partners such as the US.
''Nigeria remains committed to protecting all citizens, Christians and Muslims alike, without discrimination,'' Alkasim Abdulkadir said.
By Makuochi Okafor, BBC
In a joint statement with local government officials on Monday, Kaduna state police commissioner Alhaji Muhammad Rabiu described the information as "mere falsehood which is being peddled by conflict entrepreneurs who want to cause chaos".
Earlier, a local official in Kurmin Wali had told the BBC that gunmen had kidnapped dozens of people attending different churches.
There has been a series of mass kidnapping in Nigeria, where both Christians and Muslims have been targeted. Gangs frequently carry out such attacks to get ransom payments.
But referring to Sunday's alleged abductions Kaduna's police commissioner challenged "anyone to list the names of the kidnapped victims and other particulars".
The chairman of Kajuru local government area, Dauda Madaki, said security forces were sent to Kurmin Wali after reports of an attack, but found "no evidence of the attack. I asked the village head, Mai Dan Zaria, and he said that there was no such attack."
Police also quoted the state's commissioner for internal security and home affairs saying religious leaders visited the area.
''They found out that what was pushed out to the public sphere was completely false,'' he reportedly said.
However, a community leader in Kurmin Wali, Ishaku Dan'azumi Sarkin, had earlier told the BBC that armed men attacked the area on Sunday and kidnapped 177 people from three churches.
He said 11 people escaped, several others were injured, and no deaths were reported.
In November, more than 300 students and teachers were seized from a Catholic school. They were later released in two successive groups. It was among a spate of kidnappings that made international headlines.
Nigeria is facing numerous security challenges - including kidnappings for ransom by criminal gangs, an Islamist insurgency in the north-east, separatist violence in the south-east, and a battle between herders and farmers in the centre over access to land and water.
Experts say corruption, poor intelligence sharing and underfunded local policing have hampered efforts to tackle the various crises.
Nigeria's defence minister resigned last month at the height of the kidnapping crisis, officially for health reasons, according to the president's office.
The US has recently become militarily involved in Nigeria - launching airstrikes on Christmas Day on two camps run by an Islamist militant group in north-western Nigeria.
Earlier this month, US President Donald Trump warned of more strikes if Christians continued to be killed in the West African nation.
There are more than 250 ethnic groups in Nigeria, which is roughly divided into a mainly Muslim north, a largely Christian south, with intermingling in the middle - and the government says people of all faiths have been victims of attacks.
A Nigerian foreign ministry spokesman responded to Trump's warning by saying that Nigeria would continue to engage constructively with partners such as the US.
''Nigeria remains committed to protecting all citizens, Christians and Muslims alike, without discrimination,'' Alkasim Abdulkadir said.
Monday, January 19, 2026
Nigeria aims to court investors at Davos as global capital pulls back
Nigeria will use this year’s World Economic Forum in Davos to press its case as a stable, reforming economy at a time when global investors are pulling back from emerging markets and geopolitical tensions are reshaping capital flows.
Led by Vice President Kashim Shettima, Nigeria’s delegation to the January 19–23 meetings includes Wale Edun, the finance minister and coordinating minister of the economy, who is attending as a VIP participant, according to a statement signed by Ogho Okiti, special adviser to the minister of finance, on Monday.
The forum’s theme, The Spirit of Dialogue, aligns with Nigeria’s strategy of pairing macroeconomic reforms with sustained engagement with investors, development partners, and global policymakers.
“At a time of heightened uncertainty, the world is looking to Nigeria as a pillar of economic stability in Africa — not only because of its size, but because of the reform choices it has made,” the finance ministry said.
“This positioning places Nigeria firmly within the global dialogue on how emerging markets can navigate volatility while sustaining reform momentum.”
According to the ministry, Nigeria’s message in Davos is straightforward: the country intends to stay the course on market-oriented reforms, maintain macroeconomic discipline, and protect institutional credibility, including the operational independence of the Central Bank of Nigeria, as a foundation for price stability and investor confidence.
That positioning comes as emerging markets face tightening financial conditions, weaker multilateral cooperation, and rising debt pressures. Nigeria is seeking to distinguish itself by arguing that reforms introduced since May 2023 are beginning to yield tangible results.
Africa’s most populous economy embarked on some market reforms nearly three years ago, including eliminating costly fuel subsidies and floating its currency — the twin policies that have now stabilised the economy and placed it on a more fiscal footing.
According to the finance ministry, Nigeria will use the forum to report progress rather than make new promises. Officials point to more predictable macroeconomic conditions, improving growth performance, moderating inflation trends, stronger external buffers, and renewed international confidence, including Nigeria’s removal from major global financial grey lists.
Beyond signalling reform credibility, Edun’s meetings in Davos will focus on deepening dialogue with global investors, development finance institutions, credit ratings agencies, and multinational companies. The aim is to address lingering concerns around policy consistency, foreign-exchange stability, inflation, and fiscal sustainability, while reinforcing Nigeria’s ambition to act as a reform anchor in Africa’s largest economy.
The government says this engagement builds on renewed investor interest, particularly from Europe and the UK, and Nigeria’s gradual reintegration into global financial markets after years of capital controls and policy uncertainty.
A central theme of Nigeria’s Davos strategy this year is shifting discussions from promotion to execution. Officials say Nigeria has opened multiple investment talks over the past two years across energy, infrastructure, manufacturing, agriculture, technology, and financial services. The focus in Davos will be on converting those discussions into firm commitments.
Rather than broad pitches, Edun is expected to push investors on what specific policy assurances, regulatory frameworks, or risk-mitigation tools are required to take projects to financial close. The approach reflects a broader attempt to unlock delayed capital and accelerate project execution in an environment where global funding has become more selective.
Nigeria’s message is shaped by wider global pressures. Trade rules are being rewritten, capital flows to developing economies have tightened sharply, and climate finance remains unevenly distributed. At the same time, rapid technological change is disrupting labour markets faster than new jobs are being created.
Against that backdrop, Nigeria is framing its reform agenda around domestic revenue mobilisation, private-sector-led growth and institutional credibility, with macroeconomic stability positioned as a prerequisite for inclusive development.
By Wasiu Alli, Business Day
Led by Vice President Kashim Shettima, Nigeria’s delegation to the January 19–23 meetings includes Wale Edun, the finance minister and coordinating minister of the economy, who is attending as a VIP participant, according to a statement signed by Ogho Okiti, special adviser to the minister of finance, on Monday.
The forum’s theme, The Spirit of Dialogue, aligns with Nigeria’s strategy of pairing macroeconomic reforms with sustained engagement with investors, development partners, and global policymakers.
“At a time of heightened uncertainty, the world is looking to Nigeria as a pillar of economic stability in Africa — not only because of its size, but because of the reform choices it has made,” the finance ministry said.
“This positioning places Nigeria firmly within the global dialogue on how emerging markets can navigate volatility while sustaining reform momentum.”
According to the ministry, Nigeria’s message in Davos is straightforward: the country intends to stay the course on market-oriented reforms, maintain macroeconomic discipline, and protect institutional credibility, including the operational independence of the Central Bank of Nigeria, as a foundation for price stability and investor confidence.
That positioning comes as emerging markets face tightening financial conditions, weaker multilateral cooperation, and rising debt pressures. Nigeria is seeking to distinguish itself by arguing that reforms introduced since May 2023 are beginning to yield tangible results.
Africa’s most populous economy embarked on some market reforms nearly three years ago, including eliminating costly fuel subsidies and floating its currency — the twin policies that have now stabilised the economy and placed it on a more fiscal footing.
According to the finance ministry, Nigeria will use the forum to report progress rather than make new promises. Officials point to more predictable macroeconomic conditions, improving growth performance, moderating inflation trends, stronger external buffers, and renewed international confidence, including Nigeria’s removal from major global financial grey lists.
Beyond signalling reform credibility, Edun’s meetings in Davos will focus on deepening dialogue with global investors, development finance institutions, credit ratings agencies, and multinational companies. The aim is to address lingering concerns around policy consistency, foreign-exchange stability, inflation, and fiscal sustainability, while reinforcing Nigeria’s ambition to act as a reform anchor in Africa’s largest economy.
The government says this engagement builds on renewed investor interest, particularly from Europe and the UK, and Nigeria’s gradual reintegration into global financial markets after years of capital controls and policy uncertainty.
A central theme of Nigeria’s Davos strategy this year is shifting discussions from promotion to execution. Officials say Nigeria has opened multiple investment talks over the past two years across energy, infrastructure, manufacturing, agriculture, technology, and financial services. The focus in Davos will be on converting those discussions into firm commitments.
Rather than broad pitches, Edun is expected to push investors on what specific policy assurances, regulatory frameworks, or risk-mitigation tools are required to take projects to financial close. The approach reflects a broader attempt to unlock delayed capital and accelerate project execution in an environment where global funding has become more selective.
Nigeria’s message is shaped by wider global pressures. Trade rules are being rewritten, capital flows to developing economies have tightened sharply, and climate finance remains unevenly distributed. At the same time, rapid technological change is disrupting labour markets faster than new jobs are being created.
Against that backdrop, Nigeria is framing its reform agenda around domestic revenue mobilisation, private-sector-led growth and institutional credibility, with macroeconomic stability positioned as a prerequisite for inclusive development.
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