Monday, April 27, 2026

Nigeria stocks hit fresh record as $107 billion market extends one of world’s top rallies

Nigeria’s stock market closed at another record on Friday, extending one of the world’s strongest equity rallies this year as gains in banking and industrial shares lifted the Nigerian Exchange Limited’s total value to N145.3 trillion ($107.2 billion).

The benchmark NGX All-Share Index rose 1.3% to 225,724.33 points, taking gains to 3.94% over the past week, 12.34% over the past month, and 45.05% year-to-date.

A total of 627.4 million shares worth N44.39 billion ($32.7 million) were traded in 55,081 deals. Compared with the previous session, turnover rose 17%, while trading volume fell 6%.

Nigeria has become one of the standout frontier markets of 2026, helped by stronger corporate earnings, bank recapitalisations, domestic pension-fund demand and investor bets that economic reforms will improve long-term growth.

Banking shares dominated volumes, with Access Holdings, United Bank for Africa, Wema Bank and Zenith Bank among the most actively traded stocks.

Investors are now watching whether the market can cross the N150 trillion ($110.6 billion) milestone in coming sessions.

By Ayodeji Adegboyega, Business Insider Africa

Despite US troops and killer drones, Islamic State terrorizing Nigeria

Earlier this month, the United States, citing heightened risk of terror attacks, pulled all non-essential staff and their families from its embassy in Nigeria’s political capital, Abuja.

Nigeria responded in a typical fashion, issuing a statement acknowledging that American concerns are well intentioned but do “not reflect the overall security situation” in the country. Yet within days, a confidential memo emerged from Nigeria’s border security which has proven Washington’s assessment to be true.

According to the leaked memo, sleeper cells linked to Islamic State West Africa Province (ISWAP) and Boko Haram are planning coordinated attacks targeting key facilities in the country’s capital. The list of targets reportedly includes a prison, a military detention centre and the Nnamdi Azikiwe International Airport. Caught flat-footed, Nigeria has neither confirmed nor denied the alert, but there are now noticeable security deployments and heavy fortifications at the respective target areas.

The significance of a possible terrorist attack on Abuja cannot be overstated. Apart from being the seat of government, Abuja is home to several diplomatic missions and corporate headquarters. As a result, it has a significant population of foreigners and members of the diplomatic community.

In 2011, Boko Haram detonated a car bomb at the office of the United Nations in Abuja, killing at least 18 people. Another suicide bombing at the headquarters of the Nigerian Police Force in June of the same year killed at least six people. Similar attacks continued in succeeding years, causing sustained anxiety within the diplomatic community even as foreign missions intensified security measures to protect staff and buildings. Indeed, the U.S. ordered a similar evacuation in October 2022 due to heightened risk of terror attacks on the capital.

Since 2009, Nigeria, Africa’s most populous country, has been battling a complex and overlapping security crisis characterized by widespread kidnappings, banditry, and terrorist attacks across the country’s north. The crisis caught the attention of President Donald Trump last year, prompting him to redesignate Nigeria a Country of Particular Concern (CPC) for tolerating the slaughter of Christians — an accusation Nigeria fervently rejected.

Trump also threatened military action if Nigeria’s government failed to act to protect Christians. On Christmas Day last year, he followed up on the threat by authorizing an airstrike against ISIS-affiliated targets in North Western Sokoto state.

The diplomatic row that ensued prompted Nigeria to launch a desperate public relations effort and hire Washington-based DCI Group for $9 million to manage its image on Capitol Hill. Also hired was Valcour Global Public Strategy, a Washington-based lobbying firm, for the “purpose of strengthening the bilateral relationship” between Nigeria and the U.S.

Tensions cooled in January when Washington began to tone down its harsh criticism, preferring instead to work jointly with Nigeria’s government to tackle the crisis. In February, Washington deployed 200 troops alongside multiple MQ-9 reaper drones to assist the country with training and intelligence gathering.

But neither the increased U.S. support nor the extensive PR on Capitol hill has stopped the killings — be it of Christians or Muslims. In early February, gunmen suspected to be members of Boko Haram or the ISIS-affiliated Lakurawa group attacked Woro and Nuku, two Muslim-majority villages in Kwara state, killing between 170 and 200 people.

Survivors reported that the community was targeted because residents refused to join the jihadists or accept their extremist interpretation of Islam. Attackers reportedly bound victims' hands and executed them, while others were trapped and burned alive inside shops. Likewise on Palm Sunday, March 29, at least 20 people were killed during an attack by the Fulani militia on Angwan Rukuba, a Christian community in Nigeria’s North Central state of Plateau.

Nigeria’s President, Bola Ahmed Tinubu, promised grieving Nigerians in Jos, Plateau state, that “this experience will not repeat itself,” but in the meantime more than five other states notably Nasarawa, Zamfara, Borno, Benue and Kaduna have recorded fresh massacres of Christians, signaling a breakdown of public order.

At the same time, large-scale abductions are gradually becoming normalized across the country, with Amnesty International estimating over 1,100 people kidnapped between January and April this year. According to UNHCR, over 3.7 million Nigerians are internally displaced as of early 2026 because of the expanding violence.

The resurgence of jihadist operations in Nigeria fits into a regional pattern where groups such as Jama’at Nusrat al-Islam wal Muslimeen (JNIM) and the Islamic State in the Greater Sahara (ISGS) have carried out mass fatality attacks and laid siege on cities and towns across the Sahel, especially in Mali and Burkina Faso.

Indeed, the planned Jihadist attack in Abuja mimics a dramatic operation by the Islamic State Sahel Province earlier in January in neighboring Niger Republic. During that incident on January 30, militants armed with explosives launched a major attack on Diori Hamani International Airport and the adjacent Base 101 in Niamey injuring four soldiers while several passenger planes and military hangars were destroyed.

A similar attack on the Nnamdi Azikiwe International Airport, the only airport in Nigeria’s capital catering for between 3 and 5 million passengers annually, could be catastrophic.

But thwarting one single attack is not the same as decisively winning the war on terror. While the U.S. has poured about $1.8 billion in weapons sales into Nigeria over the last decade, the operational challenges of an overstretched army deployed across a region that is far larger than France remain unresolved. The immediate consequence is that, even when troops dislodge fighters and retake territory, they are often unable to hold it long enough to guarantee long-term success.

Meanwhile the fast-moving security crisis continues to deteriorate and expand rapidly, leaving the current counter-terrorism approach dangerously lagging behind. According to the Institute of Security Studies, the resilience of jihadist groups in Nigeria derives partly from the existence of vast ungoverned spaces that serve as ecosystems for them to regroup and re-arm.

For Nigeria to win the war on terror, military force must be combined with urgent governance reforms to expand state presence to every nook and cranny of the country through services and accountability. Only this can enhance local resilience and deny terrorists the vacuum they exploit for recruitment and control.

By Taiwo Hassan, Responsible Statecraft


US drones deployed to Nigeria alongside troops for intelligence, training

Boko Haram violence: Abuja buries senior army officers killed in attacks

Friday, April 24, 2026

President Tinubu seeks parliament's approval for $516 million highway loan

Nigerian President Bola Tinubu has asked parliament to approve a $516 ​million foreign loan to help finance the ‌first sections of a new national highway, a major transport corridor linking the country's northwest to ​its southwest.

In a letter read by ​the Senate's president during a plenary session ⁠on Thursday, Tinubu said the government was ​seeking approval for the syndicated financing facility from ​Deutsche Bank, adding the loan was part of the government's medium-term borrowing plan approved by lawmakers.

The loan ​would have a nine-year tenor, including up ​to three years' grace, Tinubu said in the letter.

The ‌roughly ⁠1,000-km (600-mile) highway will link Sokoto state, in Nigeria's northwest, through the central Niger and Kwara states to the coastal town of Badagry ​in Lagos, ​the commercial ⁠capital.

Tinubu said the highway would deepen north–south links, cut travel times ​and haulage costs, lift trade and ​food ⁠security, and bolster national integration.

Last year, Nigeria raised a $747 million syndicated loan, led by Deutsche ⁠Bank, ​to fund the first ​phase of a planned 700-km (435-mile) coastal highway.

By Camillus Eboh, Reuters

President Tinubu grants 30% debt relief to airlines, orders fuel price talks

Nigerian President Bola Tinubu has approved a 30% relief on debts owed by local airlines to aviation agencies and ordered talks involving fuel marketers, airlines, and regulators to reach a fair jet fuel price within 72 hours, Aviation Minister Festus Keyamo said on Thursday.

Domestic airlines warned they could no longer continue operations without raising ticket prices after jet fuel prices rose nearly 300%.

Representatives from government, airlines, fuel marketers, and regulators will meet within 48–72 hours to agree on what the minister described as “fair and reasonable” pricing for jet fuel, with any outcome to be made public.

Soaring jet fuel prices have upended the global aviation industry as a consequence of the Iran war, forcing airlines to raise fares, curb growth plans and rethink forecasts.


Kenyan leader sparks uproar after mocking Nigerians' spoken English

 

Kenyan President William Ruto has faced a social media backlash after publicly suggesting that Nigerian-accented English was incomprehensible and required a translator.

Addressing Kenyans living in Italy on Monday, Ruto said: "If you listen to a Nigerian speaking, you don't know what they are saying - you need a translator," while boasting that Kenyans spoke "some of the best English in the world".

His remarks drew fierce condemnation from Nigerians and other Africans online who accused the Kenyan leader of demeaning a fellow African nation.

"English is a colonial language, not a measure of intelligence, capability, or national progress," wrote Hopewell Chin'ono, a Zimbabwean journalist.

As former British colonies, both Kenya and Nigeria share English as an official language, but each country has developed distinct spoken varieties with different phonetic structures.

These differences reflect the influence of indigenous languages - Nigeria has more than 500 languages which shape its cadence and intonation, while Kenya's Bantu, Nilotic and Cushitic mix give rise to its own accents.

But in his address to the diaspora gathering, Ruto said Kenya's education system produced strong English proficiency and that it was difficult to understand Nigerians when they spoke English.

"Our education is good. Our English is good. We speak some of the best English in the world. If you listen to a Nigerian speaking, you don't know what they are saying. You need a translator even when they are speaking English," he said, sparking laughter in the room.

"We have some of the best human capital anywhere in the world. We just need to sharpen it with more training," Ruto added.

His remarks have led to widespread reactions on social media, with many users criticising the Kenyan leader for showcasing a "deep inferiority complex rooted in colonial conditioning".

"Ruto is mocking the English of the country with a Nobel Prize for literature winner.The Nation of Achebe and Chimamanda," former Nigerian senator Shehu Sani posted on X, referring to Wole Soyinka - the country's only Nobel Prize winner - along with acclaimed authors Chinua Achebe and Chimamanda Ngozi Adichie.

Other social media users urged Ruto to focus on addressing pressing issues facing his citizens - such as the cost of living and unemployment - rather than engaging in what they described as distractions.

Online barbs between Kenya and Nigeria are a frequent occurrence, often marked by intense, humorous and sometimes volatile cyber wars on platforms like X.

These exchanges typically revolve around economic comparisons, pop culture and sport and, more recently, political remarks.

Earlier this month, Nigerian President Bola Tinubu faced a backlash from Kenyans online after stating that Nigerians were "better off than those in Kenya and other African countries" despite rising fuel prices at home.

While Ruto did not make a direct reference to any specific comment, some online interpretations suggested his remarks may be in response to Tinubu's comments.


There has been no official response from Ruto's government, but some Kenyans have defended him online, arguing that critics have misunderstood the intent of his remarks and missed the humour.

Nigeria has more English speakers than any other country in Africa. Over time, the language has evolved locally into what is often described as "Nigerian English" - a distinct and widely recognised variety shaped by the country's history, cultures and everyday usage.

It continues to influence global English, with Nigerian expressions, such as "next tomorrow" (the day after tomorrow), increasingly appearing in mainstream dictionaries.

Nigeria's large and active diaspora, particularly in the UK, has also helped spread and shape these linguistic influences across borders.

By Wycliffe Muia, BBC