Nigerian Foreign Minister Ojukwu noted that the policy will not only significantly improve the lives of African people, but also effectively unlock the potential for intra-African trade and cultural exchange. This, in turn, will inject strong momentum into Africa’s economic integration and industrialization.
Tuesday, May 5, 2026
Zero tariffs policy between Nigeria and China to boost integration and industrialization
Nigerian Foreign Minister Ojukwu noted that the policy will not only significantly improve the lives of African people, but also effectively unlock the potential for intra-African trade and cultural exchange. This, in turn, will inject strong momentum into Africa’s economic integration and industrialization.
Nigeria evacuating 130 citizens from S. Africa after attacks
Nigeria has announced a "voluntary repatriation" program for its citizens in South Africa, following a series of xenophobic incidents in the continent's most industrialized nation.
Foreign Minister Bianca Odumegwu-Ojukwu said on Sunday that 130 people had already registered to return home.
"This figure is expected to rise," she wrote on social media, adding that "Nigerian lives and businesses in SA must not continue to be put at risk."
Two Nigerians were killed in incidents connected to South African security personnel last month, Odumegwu-Ojukwu said.
By Elizabeth Schumacher, DW
Foreign Minister Bianca Odumegwu-Ojukwu said on Sunday that 130 people had already registered to return home.
"This figure is expected to rise," she wrote on social media, adding that "Nigerian lives and businesses in SA must not continue to be put at risk."
Two Nigerians were killed in incidents connected to South African security personnel last month, Odumegwu-Ojukwu said.
Why are Nigerians leaving South Africa?
South Africa has seen an uptick in anti-immigrant rhetoric in recent months. There have been a series of protests led by groups claiming that irregular migration is hurting the country's economy.
A number of violent attacks have also been reported, mostly targeting Black Africans from other countries.
But experts have warned that immigrants are merely being scapegoated for South Africa's economic woes, and that the anti-migrant fervor is being driven by populist pundits online.
According to South Africa's national statistics agency, there are some 3 million immigrants living in the country, roughly 5% of the population, with the majority coming from the 16-member Southern African Development Community (SADC) bloc.
South Africa has seen an uptick in anti-immigrant rhetoric in recent months. There have been a series of protests led by groups claiming that irregular migration is hurting the country's economy.
A number of violent attacks have also been reported, mostly targeting Black Africans from other countries.
But experts have warned that immigrants are merely being scapegoated for South Africa's economic woes, and that the anti-migrant fervor is being driven by populist pundits online.
According to South Africa's national statistics agency, there are some 3 million immigrants living in the country, roughly 5% of the population, with the majority coming from the 16-member Southern African Development Community (SADC) bloc.
What did South Africa say about the anti-migrant violence?
South Africa's Foreign Minister Ronald Lamola told the press that he had spoken over the phone with Odumegwu-Ojukwu and "We reflected on the challenges posed by irregular migration and committed to working to address the root causes, find common and sustainable solutions to this shared concern."
The Nigerian Foreign Ministry said that South Africa's high commissioner in Abuja was set to hold talks with Nigerian representatives on Monday to discuss "documented instances of mistreatment of Nigerian citizens and attacks on their businesses."
South Africa is set to hold elections on November 4. Odumegwu-Ojukwu blamed anti-foreigner opposition parties for stoking "a repetitive wave" of xenophobic rhetoric "to garner votes."
Last week, Firoz Cachalia, South Africa's acting police minister, condemned the anti-migrant violence, saying: "Acts of xenophobia, violence, looting or intimidation will not be tolerated under any circumstances."
South Africa's Foreign Minister Ronald Lamola told the press that he had spoken over the phone with Odumegwu-Ojukwu and "We reflected on the challenges posed by irregular migration and committed to working to address the root causes, find common and sustainable solutions to this shared concern."
The Nigerian Foreign Ministry said that South Africa's high commissioner in Abuja was set to hold talks with Nigerian representatives on Monday to discuss "documented instances of mistreatment of Nigerian citizens and attacks on their businesses."
South Africa is set to hold elections on November 4. Odumegwu-Ojukwu blamed anti-foreigner opposition parties for stoking "a repetitive wave" of xenophobic rhetoric "to garner votes."
Last week, Firoz Cachalia, South Africa's acting police minister, condemned the anti-migrant violence, saying: "Acts of xenophobia, violence, looting or intimidation will not be tolerated under any circumstances."
Related story: Nigeria summons South Africa envoy over xenophobic incidents
A handful of companies now control over 90% of Nigeria’s $114 billion stock market
A small group of companies now controls more than 90% of Nigeria’s stock market, underscoring how a powerful rally is being driven by a narrow set of dominant firms.
By the end of April, large-cap stocks accounted for about $104 billion (N142.79 trillion) of the market’s total value of roughly $114 billion (N155.70 trillion).
This concentration shows a market where a relatively small number of companies shape overall performance, liquidity, and investor sentiment.
The surge has been driven by sustained investor demand for telecoms, industrial goods, energy, and banking stocks, sectors viewed as more resilient in an environment marked by inflation, currency volatility, and economic adjustment.
Market leaders such as MTN Nigeria, BUA Foods, and Dangote Cement remain central to the rally, supported by strong earnings, scale, and pricing power.
Energy companies have also benefited from higher oil prices and foreign exchange adjustments, while banks have attracted renewed interest on the back of rising interest income and recapitalisation expectations.
The trend has been reinforced by institutional and foreign investors, who typically favour large, liquid stocks when allocating capital in frontier markets.
Over the past year, the value of these dominant companies has more than doubled, reflecting a combination of price gains, earnings growth, and currency-driven valuation changes following the naira’s devaluation.
In April alone, the segment added about $20 billion (N27.39 trillion), highlighting the pace at which valuations have expanded.
This concentration has helped drive Nigeria’s broader market rally, pushing equities to record highs and making the country one of the best-performing markets globally this year.
But it also points to structural imbalances.
Smaller and mid-sized companies continue to attract limited investor attention, leaving market participation relatively shallow despite headline gains.
That imbalance means overall market performance is heavily influenced by a handful of stocks, increasing vulnerability to sector-specific shocks or shifts in investor sentiment.
The pattern mirrors global trends, where large-cap companies increasingly dominate returns, particularly in markets such as the United States, where a small group of technology firms has driven much of the equity rally.
For Nigeria, the near-term outlook remains positive. Strong earnings, ongoing reforms, and improved foreign exchange liquidity are expected to sustain investor interest in leading companies.
However, analysts say broader participation across smaller stocks will be critical for building a deeper and more balanced market over time.
By the end of April, large-cap stocks accounted for about $104 billion (N142.79 trillion) of the market’s total value of roughly $114 billion (N155.70 trillion).
This concentration shows a market where a relatively small number of companies shape overall performance, liquidity, and investor sentiment.
The surge has been driven by sustained investor demand for telecoms, industrial goods, energy, and banking stocks, sectors viewed as more resilient in an environment marked by inflation, currency volatility, and economic adjustment.
Market leaders such as MTN Nigeria, BUA Foods, and Dangote Cement remain central to the rally, supported by strong earnings, scale, and pricing power.
Energy companies have also benefited from higher oil prices and foreign exchange adjustments, while banks have attracted renewed interest on the back of rising interest income and recapitalisation expectations.
The trend has been reinforced by institutional and foreign investors, who typically favour large, liquid stocks when allocating capital in frontier markets.
Over the past year, the value of these dominant companies has more than doubled, reflecting a combination of price gains, earnings growth, and currency-driven valuation changes following the naira’s devaluation.
In April alone, the segment added about $20 billion (N27.39 trillion), highlighting the pace at which valuations have expanded.
This concentration has helped drive Nigeria’s broader market rally, pushing equities to record highs and making the country one of the best-performing markets globally this year.
But it also points to structural imbalances.
Smaller and mid-sized companies continue to attract limited investor attention, leaving market participation relatively shallow despite headline gains.
That imbalance means overall market performance is heavily influenced by a handful of stocks, increasing vulnerability to sector-specific shocks or shifts in investor sentiment.
The pattern mirrors global trends, where large-cap companies increasingly dominate returns, particularly in markets such as the United States, where a small group of technology firms has driven much of the equity rally.
For Nigeria, the near-term outlook remains positive. Strong earnings, ongoing reforms, and improved foreign exchange liquidity are expected to sustain investor interest in leading companies.
However, analysts say broader participation across smaller stocks will be critical for building a deeper and more balanced market over time.
Ayodeji Adegboyega, Business Insider Africa
Monday, May 4, 2026
Peter Obi joins Nigeria Democratic Congress in major political shake-up
Peter Obi and Rabiu Kwankwaso, who finished third and fourth respectively in the 2023 presidential race, have both joined the Nigeria Democratic Congress (NDC), raising the prospect of a joint ticket to challenge President Bola Tinubu.
They were previously in the African Democratic Congress (ADC), along with former Vice-President Atiku Abubakar, who came second in the last election.
While this could be seen as a fragmentation of the opposition, supporters of Obi and Kwankwaso say it will give their alliance greater focus.
Both men are former governors and command significant grassroots followings.
Obi is hugely popular among young voters across the south, while Kwankwaso wields considerable influence in the north.
The move comes just nine months after Obi, Kwankwaso and Abubakar joined the ADC but that alliance quickly became mired in legal battles over party leadership - something Obi blamed on the government.
"The same Nigerian state and its agents that created unnecessary crises and hostility within the Labour Party that forced me to leave now appear to be finding their way into the ADC," Obi said on Sunday.
He was the Labour Party candidate in the 2023 election.
Allies of President Tinubu have denied that they have been trying to sabotage opposition parties.
Obi, 64, and Kwankwaso, 69, were formally received at the NDC's national headquarters in Abuja by the party's national leader, Senator Seriake Dickson, on Sunday.
Speaking afterwards, both men called for national unity, greater opportunities for young people, and an end to the infighting that has plagued Nigeria's opposition.
However, their decision risks upsetting allies within the coalition built around the ADC, which had been positioning itself as the main vehicle for opposition unity.
Some figures within the bloc have privately expressed a sense of betrayal, raising fresh doubts about whether Nigeria's fragmented opposition can sustain a coordinated challenge against President Tinubu, 74.
In a statement, the Nigerian presidency played down the significance of the defections, suggesting they reflected "the normal fluidity of democratic politics" rather than any fundamental shift.
A presidential spokesperson said the government remained focused on governance.
"Political alliances will come and go," the spokesperson said. "But our priority is delivering economic reforms, improving security and ensuring stability for all Nigerians."
Political analyst Bala Yusuf told the BBC the move could reshape Nigeria's electoral landscape.
"If the NDC fields Obi as its presidential candidate and Kwankwaso as vice-president, they will definitely give the ruling APC a run for their money at the polls," he said.
They have not yet said who the presidential candidate will be - an issue that has broken up several previous Nigerian political alliances.
Elections are scheduled for early January next year - they will be the country’s eighth since the end of military rule in 1999.
They were previously in the African Democratic Congress (ADC), along with former Vice-President Atiku Abubakar, who came second in the last election.
While this could be seen as a fragmentation of the opposition, supporters of Obi and Kwankwaso say it will give their alliance greater focus.
Both men are former governors and command significant grassroots followings.
Obi is hugely popular among young voters across the south, while Kwankwaso wields considerable influence in the north.
The move comes just nine months after Obi, Kwankwaso and Abubakar joined the ADC but that alliance quickly became mired in legal battles over party leadership - something Obi blamed on the government.
"The same Nigerian state and its agents that created unnecessary crises and hostility within the Labour Party that forced me to leave now appear to be finding their way into the ADC," Obi said on Sunday.
He was the Labour Party candidate in the 2023 election.
Allies of President Tinubu have denied that they have been trying to sabotage opposition parties.
Obi, 64, and Kwankwaso, 69, were formally received at the NDC's national headquarters in Abuja by the party's national leader, Senator Seriake Dickson, on Sunday.
Speaking afterwards, both men called for national unity, greater opportunities for young people, and an end to the infighting that has plagued Nigeria's opposition.
However, their decision risks upsetting allies within the coalition built around the ADC, which had been positioning itself as the main vehicle for opposition unity.
Some figures within the bloc have privately expressed a sense of betrayal, raising fresh doubts about whether Nigeria's fragmented opposition can sustain a coordinated challenge against President Tinubu, 74.
In a statement, the Nigerian presidency played down the significance of the defections, suggesting they reflected "the normal fluidity of democratic politics" rather than any fundamental shift.
A presidential spokesperson said the government remained focused on governance.
"Political alliances will come and go," the spokesperson said. "But our priority is delivering economic reforms, improving security and ensuring stability for all Nigerians."
Political analyst Bala Yusuf told the BBC the move could reshape Nigeria's electoral landscape.
"If the NDC fields Obi as its presidential candidate and Kwankwaso as vice-president, they will definitely give the ruling APC a run for their money at the polls," he said.
They have not yet said who the presidential candidate will be - an issue that has broken up several previous Nigerian political alliances.
Elections are scheduled for early January next year - they will be the country’s eighth since the end of military rule in 1999.
President Tinubu Begins Three-Nation Tour With France Visit
President Bola Ahmed Tinubu is in France on the first leg of his three-nation tour, aimed at advancing Nigeria’s economic diplomacy and strengthening strategic international partnerships.
The President departed Abuja at about 2:00 p.m. on Sunday, accompanied to the Nnamdi Azikiwe International Airport by his Chief of Staff, Femi Gbajabiamila, alongside other top government officials.
The visit marks the commencement of engagements across France, Kenya, and Rwanda, where the Nigerian leader is expected to champion his administration’s reform agenda on global platforms.
By Temitope Mustapha, VON
The President departed Abuja at about 2:00 p.m. on Sunday, accompanied to the Nnamdi Azikiwe International Airport by his Chief of Staff, Femi Gbajabiamila, alongside other top government officials.
The visit marks the commencement of engagements across France, Kenya, and Rwanda, where the Nigerian leader is expected to champion his administration’s reform agenda on global platforms.
Deepening Cooperation
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, stated that the tour underscores Nigeria’s commitment to deepening cooperation with key international partners, particularly the French Republic and African nations, in areas of economic growth, innovation, and investment.
From France, President Tinubu will proceed to Nairobi for the Africa-France Summit scheduled for May 11 to 12, co-chaired by Emmanuel Macron and William Ruto.
The summit, themed “Africa Forward: Africa-France Partnerships for Innovation and Growth,” will focus on critical areas including energy transition, green industrialisation, digital transformation, global financing reforms, and climate action.
The summit will bring together African and French leaders to deliberate on key development priorities such as infrastructure, youth empowerment, peace-building, and economic transformation, providing a platform for enhanced bilateral and multilateral cooperation.
Thereafter, the President will head to Kigali, Rwanda, to participate in the Africa CEO Forum from May 14 to 15.
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, stated that the tour underscores Nigeria’s commitment to deepening cooperation with key international partners, particularly the French Republic and African nations, in areas of economic growth, innovation, and investment.
From France, President Tinubu will proceed to Nairobi for the Africa-France Summit scheduled for May 11 to 12, co-chaired by Emmanuel Macron and William Ruto.
The summit, themed “Africa Forward: Africa-France Partnerships for Innovation and Growth,” will focus on critical areas including energy transition, green industrialisation, digital transformation, global financing reforms, and climate action.
The summit will bring together African and French leaders to deliberate on key development priorities such as infrastructure, youth empowerment, peace-building, and economic transformation, providing a platform for enhanced bilateral and multilateral cooperation.
Thereafter, the President will head to Kigali, Rwanda, to participate in the Africa CEO Forum from May 14 to 15.
Explore Strategies
The forum, organised in partnership with the International Finance Corporation, is expected to attract over 2,000 business leaders, investors, and policymakers to explore strategies for economic transformation, regional integration, and cross-border investment under the theme “Scale or Fail.”
At both summits, President Tinubu is expected to deliver keynote statements highlighting his administration’s reforms and positioning Nigeria as a prime destination for investment and sustainable growth, while also holding high-level meetings with global and African business leaders.
The President is accompanied on the trip by selected ministers and senior aides and is expected to return to Nigeria after concluding engagements in Rwanda.
The forum, organised in partnership with the International Finance Corporation, is expected to attract over 2,000 business leaders, investors, and policymakers to explore strategies for economic transformation, regional integration, and cross-border investment under the theme “Scale or Fail.”
At both summits, President Tinubu is expected to deliver keynote statements highlighting his administration’s reforms and positioning Nigeria as a prime destination for investment and sustainable growth, while also holding high-level meetings with global and African business leaders.
The President is accompanied on the trip by selected ministers and senior aides and is expected to return to Nigeria after concluding engagements in Rwanda.
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