Nigeria News Today

1. Oil Sector Momentum: Output Surges Amid Global Challenges

Nigeria’s oil production rose to over 1.8 million barrels per day in July 2025, with the average output holding steady at 1.78 million barrels. This uptick is vital, considering oil accounts for roughly two-thirds of government revenue and over 80% of foreign exchange earnings. Still, persistent obstacles such as oil theft and chronic underinvestment continue to undermine long-term sector stability.

Building on this momentum, ExxonMobil has announced a $1.5 billion investment in the Usan deepwater oilfield, aiming to ramp up production through to 2027. The final investment decision is expected by late Q3 2025, contingent on regulatory approvals. This initiative aligns with Nigeria’s “Project 1 Million Barrels” target to boost daily output to 2.4 million barrels by 2026.

Complementing domestic output gains, India’s IOC recently purchased 1 million barrels of Nigeria’s Agbami crude for September delivery. The large consignment, mediated through Trafigura via ICE tender, underscores Nigeria’s continued relevance in global crude markets.

2. Energy Sector in Crisis: Power Companies in Receivership

Nigeria’s energy sector faces mounting pressure: a court has placed Ikeja Electric and KEPCO Energy Resources under receivership, freezing their accounts and appointing a Receiver/Manager. This move reflects a broader systemic crisis—six out of 11 electricity distribution companies are now under court supervision, with the sector battling a staggering ₦2 trillion ($1.31 billion) cash shortfall. The instability raises urgent questions about future private investment, grid upgrades, and prospects for renewable energy.

3. IMF Signals Economic Strain, Urges Budget Recalibration

The International Monetary Fund (IMF) has cautioned Nigeria to recalibrate its 2025 budget calculations in light of a lower-than-expected oil price—currently around $68 per barrel, down from the $75 assumption underpinning fiscal planning. Although growth projections of 3.4% for 2025 and 3.2% for 2026 are positive, they fall short in per-capita terms amid persistently high inflation. To mitigate risks, the IMF recommends building buffers, expanding cash-transfer programs, and maintaining tight monetary policy with positive real interest rates. IMF also commended reforms narrowing the gap between official and parallel exchange rates, bolstering investor confidence.

4. Wildlife Enforcement: Major Trafficking Bust at Lagos Airport

In a significant crackdown on wildlife trafficking, Nigerian customs seized over 1,600 parrots and canaries, including protected species, at Lagos International Airport. Destined for Kuwait without proper CITES documentation, the forced intervention marks one of Nigeria’s largest recent seizures of illicit bird trade. Measures are now underway to rehabilitate and release the birds, while enforcement agencies intensify investigations.

5. Fashion on the Global Stage: Iamisigo Debuts at Copenhagen

Iamisigo, Nigeria’s avant-garde fashion label founded by Bubu Ogisi, is set to showcase at Copenhagen Fashion Week Spring/Summer 2026 after winning Zalando’s Visionary Award, which includes €50,000 in funding and €35,000 for production support. The brand, recognized for its wearable art and decolonial approach, merges traditional African craftsmanship with theatrical display. This opportunity marks a pivotal moment in Nigeria’s cultural expansion on the international fashion stage.

6. Sports Glory: Nigeria’s Women’s Team Triumphs Again

Nigeria’s D’Tigress captured a historic fifth consecutive AfroBasket Women’s title at the 2025 tournament held in Abidjan, Côte d’Ivoire, defeating Mali in the final. Amy Okonkwo earned MVP honors, and the team was rewarded with $100,000. This win extends Nigeria’s dominance in African women’s basketball and secures qualification for the 2026 FIBA Women’s Basketball World Cup, with Mali, South Sudan, and Senegal advancing to the World Cup Qualifiers.

7. Grand Prix Ambitions: F1 Eyes Nigeria’s National Race

Former Premier League star Marvin Sordell is spearheading a bold bid to host a Formula 1 Grand Prix in Abuja, via Opus Race Promotions. The proposal includes building a karting track, hotels, a motorsport museum, and tech hub. The concept has received support from Nigerian officials and is currently under negotiation with Formula 1 and the FIA. With Africa’s return to F1 limited—despite interest from Rwanda and South Africa—Nigeria hopes this race could boost its global profile and infrastructure development.

8. From Tragedy to Resilience: Suleja Explosion, Mokwa Flood, Edo Massacre

Suleja Fuel Tanker Explosion (January 18, 2025): A tragic accident in Niger State claimed over 100 lives, with more than 69 injured. Locals collecting leaked fuel were caught in a catastrophic blast exacerbated by nearby generator use. First Lady Remi Tinubu responded with a ₦100 million donation and relief support.
Mokwa Flood Disaster (May 28–29, 2025): Niger State’s Mokwa town suffered devastating floods when heavy rains caused dam collapse and infrastructure failure. The disaster resulted in over 500 deaths, 600 missing, more than 200 injured, and thousands of homes destroyed. The federal response included deployment of emergency response teams and relief from Senator Sani Musa.
Edo State Mob Violence (March 28, 2025): Sixteen Hausa hunters were brutally killed by a mob in Uromi, Edo State, following false kidnapping suspicions and weapons discovered in their vehicle. The incident sparked national outrage and highlighted ongoing issues around communal tension, vigilantism, and mob justice.

9. Key Developments in National Infrastructure & Social Policy

Highways & Connectivity: The monumental Lagos-Calabar Coastal Highway, linking Lagos to Calabar over 700 km, saw its first 30 km segment officially commissioned in May 2025. Construction is expected to continue through 2031, though critics argue the celebration was premature given limited completed work.
Lagos Arena: A 12,000-capacity indoor arena under construction in Lekki is slated to open in December 2025, promising a state-of-the-art venue for sports and entertainment—financed by public-private investment including the Nigeria Sovereign Investment Authority.
Pension and Healthcare Directives: President Tinubu directed the prompt implementation of pension increases and a minimum pension guarantee, as well as accelerating a free healthcare initiative for low-income retirees under the Contributory Pension Scheme.
Population Census & Constitutional Reform: Preparations for a long-awaited national census gained traction in 2025, though no official date has been set. Meanwhile, constitutional amendments—including possible state police creation and state reorganization—are slated for completion by 2026.

Nigeria News Today