Credit ratings agency Moody's upgraded Nigeria's rating by a notch to "B3" from "Caa1" on Friday, citing significant improvements in the country's external and fiscal positions.

Earlier this month, the World Bank said that Nigeria's economy achieved its fastest growth in about a decade in 2024, driven by a strong fourth quarter and an improved fiscal position. However, it warned that persistently high inflation remains a challenge.

"The recent overhaul of Nigeria's foreign exchange management framework ... has markedly improved the balance of payments and bolstered the CBN's (Central Bank of Nigeria) foreign exchange reserves," Moody's said in a statement.

According to Moody's, inflationary risks in Nigeria, driven by policy shifts, have diminished. Inflation and domestic borrowing costs are showing nascent signs of easing, bolstering confidence in the stability of these policy changes.

The agency revised Nigeria's outlook to "stable" from "positive", as it expects recent progress on external and fiscal fronts to continue, though at a slower pace, if oil prices fall.

"The stable outlook reflects our expectations that external and fiscal improvements will decelerate but will not reverse entirely," Moody's said.

Reuters

Nigerian troops have killed over 60 terrorists in Borno State during a series of operations, including the elimination of Abu Fatima, a top commander of the Islamic State West Africa Province (ISWAP). These military victories come as the nation grapples with a separate tragic attack that left 11 villagers dead in the Federal Capital Territory (FCT).

Major Victory Against Insurgents in Borno

In the early hours of Friday, troops of Operation Hadin Kai repelled a coordinated attack on their base in Bita, Gwoza Local Government Area of Borno State. According to a statement by the Nigerian Army, ground forces, supported by air raids, neutralized at least 60 insurgents in a fierce firefight that lasted until around 3:23 a.m.

The attackers, believed to be Boko Haram militants, had targeted troops attached to the 26 Task Force Brigade. This was the second attempted assault on a military base in Borno in one week, both of which were thwarted. However, recent weeks have seen more than three such attacks, prompting the military to adapt and reinforce its strategies.

National Security Adviser Nuhu Ribadu, speaking at an All Progressives Congress (APC) summit, revealed that counterinsurgency efforts have resulted in the death of over 13,000 terrorists in the past two years. Additionally, more than 120,000 insurgents and their families have surrendered to Nigerian forces.

ISWAP Commander Abu Fatima Eliminated

In a separate operation, Nigerian troops killed Abu Fatima, a senior ISWAP commander with a ₦100 million bounty on his head. He was reportedly captured alive in Aleru village, Kukawa LGA of Borno State, but later died from excessive bleeding. Two of his lieutenants were also killed in the mission.

Abu Fatima was known for orchestrating brutal attacks around the Baga axis in northern Borno. The operation also led to the recovery of motorcycles, rifles, and bomb-making materials. His death is seen as a significant blow to ISWAP and has been compared in impact to the killing of former Boko Haram leader Abubakar Shekau.

In the last 48 hours alone, over 60 insurgents from both Boko Haram and ISWAP were killed during a failed attempt to overrun the border town of Damasak, further weakening the terrorists’ operational capacity.

FCT Village Attack Leaves 11 Dead

While military successes are being recorded in the North-East, tragedy struck the Kuseki community in Abuja Municipal Area Council (AMAC) of the FCT, where 11 villagers were killed in a brutal midnight attack.

Eyewitness Danladi Usman recounted that the attackers, armed with guns and machetes, invaded homes around 10:47 p.m. last Friday, catching residents off guard. Usman said he survived by hiding in an outdoor toilet for 45 minutes, only to discover that two of his sons had been shot. Several residents fled into the surrounding bush for safety.

The attackers killed nine people on the spot and injured at least 10 others. Two more victims later died at a nearby clinic in Nasarawa State, bringing the death toll to 11. Among the dead was a local trader whose shop was looted.

Village chief Gomo Dankwali expressed shock over the attack, stating that the community had lived peacefully without conflict. He suspects the attackers may have been hired, especially as the assault occurred while the local vigilante group was away for a meeting in a nearby village. He called on security agencies to investigate and bring the perpetrators to justice.

The police have reportedly visited the community and taken statements, while families have buried the victims.

Deadly break-in at UN warehouse as aid trickles into Gaza

A United Nations warehouse in war-torn Gaza was broken into by "hordes of hungry people" on Wednesday as aid trickles into the Palestinian enclave on the brink of famine and the United States readies new terms for a possible truce between Israel and Hamas.

The World Food Programme said initial reports were that two people had died and several more were injured at the central Gaza warehouse. The U.N. agency appealed for an immediate scale-up of food aid "to reassure people that they will not starve."

Eyewitness video independently verified by Reuters shows large crowds of people pushing into the warehouse and removing bags and boxes as gunfire can be heard. It was not immediately clear how the people may have been killed or injured in the incident.

Under growing international pressure, Israel ended an 11-week long aid blockade on Gaza 10 days ago. It has allowed a limited amount of relief to be delivered via two avenues - the United Nations or the U.S.-backed Gaza Humanitarian Foundation.

U.N. Middle East envoy Sigrid Kaag told the Security Council that the amount of aid Israel had so far allowed the U.N. to deliver was "comparable to a lifeboat after the ship has sunk" when everyone in Gaza was facing the risk of famine.

The United States has been trying to broker a ceasefire. Israel - which resumed its military operation in Gaza in March after a brief truce - continued strikes on Wednesday, killing at least 30 people, Palestinian health officials said.

"We are on the precipice of sending out a new term sheet that hopefully will be delivered later on today," U.S. President Donald Trump's special envoy, Steve Witkoff, said on Wednesday. "The president is going to review it."

The war in Gaza was triggered on October 7, 2023, when Palestinian militants Hamas killed 1,200 people in southern Israel and took some 250 hostages, according to Israeli tallies. Since then, Israel's military campaign has killed more than 53,000 Palestinians, according to Gaza health authorities.

UN VS GHF

Israeli Prime Minister Benjamin Netanyahu saidon Wednesday that Israel's killing of Hamas Gaza chief Mohammad Sinwar marked a turn towards the "complete defeat of Hamas", adding that Israel was "taking control of food distribution" in Gaza.

Israel has accused Hamas of diverting and seizing aid supplies. Hamas has denied stealing aid.

At the United Nations, more than half the Security Council called on Wednesday for the 15-member body to act on Gaza. Slovenia's U.N. Ambassador Samuel Zbogar said some members are working on a draft resolution to demand unimpeded aid access.

"Remaining silent is not an option," he told the council.

Israel's U.N. Ambassador Danny Danon told the Security Council that Israel would allow aid deliveries "for the immediate future" via both the U.N. and the Gaza Humanitarian Foundation, which began aid deliveries on Monday.

However, Israel ultimately wants the U.N. to work through the GHF, which is using private U.S. security and logistics companies to transport aid into Gaza for distribution by civilian teams at so-called secure distribution sites.

"The U.N. should put their ego aside and cooperate with the new mechanism," Danon told reporters before the council meeting.

The U.N. and other international aid groups have refused to work with the GHF because they say the plan is not neutral.

"This new scheme is surveillance-based rationing that legitimizes a policy of deprivation by design," senior U.N. aid official for the occupied Palestinian territories, Jonathan Whittall, told reporters in Jerusalem on Wednesday.

"The U.N. has refused to participate in this scheme, warning that it is logistically unworkable and violates humanitarian principles by using aid as a tool in Israel's broader efforts to depopulate areas of Gaza," he said.

WARNING SHOTS

The U.S. ambassador to Israel, Mike Huckabee, told Reuters it was "sad and disgusting" that the U.N. and other groups would not work with the GHF, describing the foundation's aid distribution as "effective so far."

The Israeli military on Tuesday said it fired warning shots in the area outside a GHF distribution site, which was briefly rushed by people waiting for aid. Footage shared on social media showed fences broken down by crowds as private security contractors fell back before restoring order.

"I am a big man, but I couldn't hold back my tears when I saw the images of women, men and children racing for some food," said Rabah Rezik, 65, a father of seven from Gaza City.

The United Nations human rights office said on Wednesday that 47 people had been injured on Tuesday while seeking aid from the GHF, citing information from partners on the ground. It could not give a specific location of where people were injured. The GHF said no one was injured at the distribution site.

The foundation said aid distribution continued on Wednesday without incident as it opened a second distribution hub. Across the two sites it has so far given out the equivalent of 840,262 meals. The GHF said it is working to open four sites and expand further in Gaza in the weeks ahead.

The United Nations said that since aid deliveries resumed last week Israel had approved about 800 truckloads of relief.

But U.N. spokesperson Stephane Dujarric said that fewer than 500 truckloads had made it to the Palestinian side of the Kerem Shalom crossing, "where we and our partners could collect just over 200 of them – limited by insecurity and restricted access."

Israel is under pressure over Gaza's dire humanitarian situation. France, Britain, Canadaand Germany have said they may take action if the military campaign is not halted. Italy on Wednesday said the offensive had become unacceptable.

Reuters

On Thursday, 29 May, Abdul Samad Rabiu, chairman of the BUA Group, wrote an article riddled with falsehood by accusing an unnamed former Managing Director of the Nigerian Ports Authority (NPA) of acting against the interest of his business organisation.

In the said article entitled, “Two years of President Tinubu: A business perspective,” he wrote: “We no longer worry about arbitrary shutdowns or politically motivated disruptions. Let me give a real example. We started a new business in Port Harcourt four or five years ago under BUA Foods, operating at the Rivers Ports under a concession with the Nigerian Ports Authority. It was going very well. One day, we woke up to a letter stating that the concession had been revoked, the terminal shut down, and the lease agreement terminated. There was no warning, no issue, no conflict.

“Later, we discovered that the Managing Director of NPA at the time decided to close the business simply because our operations were competing with those of her friend. She wanted to impress her friend. That was the only reason…”

Although the article otherwise stated factual and commendable efforts of the President Bola Tinubu’s administration to stabilise the business climate in Nigeria, his narration of the dispute between the Nigerian Ports Authority (NPA) and the BUA Group are, to say the least, shameful.

He claimed in his article that “we woke up to a letter stating that the concession had been revoked. There was no prior warning, no issue, no conflict….” This is a blatant lie. It is not just that the BUA Group received numerous notifications and warnings about its negligence of contractual responsibilities; some of these warnings preceded my tenure as managing director.

The facts of the matter are as follows:

• BUA Ports and Terminal Limited became concessionaires of Rivers Port Terminal B for a 20-year tenure through a concession agreement contract dated 11 May, 2006. The Terminal was handed over to them for use with effect from 10 August, 2006.
• As part of the terms of agreement for the concession, BUA Ports and Terminal Limited was required to commence full reconstruction of Berths 5-8 within 90 days of the handover of the facility.
• Ten years after taking possession of the terminal and operating it, BUA had not commenced the rehabilitation of the quays that it was required to commence in 90 days.
• A notice of default was issued to the company on 11 February 2016, which was before my appointment as MD of the Nigerian Ports Authority.
• The letter with the subject: ‘Non-compliance with the reconstruction of Berths 5-8 in line with your terminal development plan as contained in your lease agreement’, read in part: “We refer to the above subject matter and our earlier letters dated 19th May 2014 and 3rd February 2016. We observed that you had deliberately/and or refused to commence improvement on the reconstruction of Berths 5-8 in line with the laid down procedure in the approved development plan as contained in Appendix D of the executed agreement…”
• Despite receiving the letter, dated 11 February 2016, from NPA, the company refused to honour this fundamental and material term of the lease agreement, which compromised the integrity of the other adjoining berths in the ports.
• On 17 August 2016, the NPA, under my leadership, issued another notice of default drawing the attention of BUA to the failure to fulfil its obligations. Still, BUA did not commence the rehabilitation in line with the contractual obligation.
• Then, three months later, on 11 November 2016, the NPA issued them a three-month termination notice referring to the several default notices served on BUA in relation to the non-fulfilment of the obligations under the lease agreement.
• On receipt of the notice of termination, BUA Ports and Terminal sought and obtained a restraining order from the Federal High Court, Lagos, on 18 January 2018, barring the Authority from giving effect to the termination.
• In compliance with the restraining order of the Federal High Court, the NPA thereafter allowed BUA Ports and Terminal Limited full access to the premises for peaceful operation, without any interference whatsoever
• It is pertinent to note that the process for the default notices issued to BUA commenced in February 2016, before my appointment as managing director.
• However, I proceeded to implement the recommendations to safeguard the sanctity of the agreement and protect the Federal Government of Nigeria from a defaulting concessionaire seeking to take advantage of the government by using its facilities without making the due investment enshrined in the development plan of the concession agreement.
• While flaunting his access to former President Muhammadu Buhari, Rabiu refused to disclose that he abused this access to misinform the former president into reversing NPA’s decision, thereby issuing a directive that contradicted the existing contract and negating the country’s interests.
• It is, therefore, curious that the chairman of BUA Group has continued to push this false narrative aimed at distracting Nigerians from seeing his company’s flagrant disregard of the binding contractual agreement.
• The company and its chairman should refrain from cheap blackmail and commit to making the company a responsible corporate body that will make the country proud.

** Hadiza Bala Usman is the Special Adviser on Policy Coordination to President of Nigeria.

Artifacts found at archeological sites in France and Spain along the Bay of Biscay shoreline show that humans have been crafting tools from whale bones since more than 20,000 years ago, illustrating anew the resourcefulness of prehistoric people.

The tools, primarily hunting implements such as projectile points, were fashioned from the bones of at least five species of large whales, the researchers said. Bones from sperm whales were the most abundant, followed by fin whales, gray whales, right or bowhead whales - two species indistinguishable with the analytical method used in the study - and blue whales.

With seafaring capabilities by humans not developing until thousands of years later, the Ice Age hunter-gatherers who made these implements would have been unable to actually hunt whales for their resources in the Bay of Biscay, a gulf of the Atlantic Ocean.

"These whales were likely opportunistically acquired from stranded animals or drifted carcasses, rather than actively hunted," said biomolecular archaeologist Krista McGrath of the Autonomous University of Barcelona, co-lead author of the study published in the journal Nature Communications.

"The majority of the bones were identified from offshore, deep-water species - such as sperm whale and fin whale - which would have been very difficult to hunt for these prehistoric groups. And there is no evidence from this time period that they had the level of technology that active hunting would have required, like seafaring boats," McGrath said.

The 71 whale bone artifacts analyzed by the researchers were found at 27 cave or rock shelter sites. The two oldest ones, both from the bones of fin whales, came from the Spanish Cantabrian sites of Rascaño, dating to about 20,500 years ago, and El Juyo, dating to about 19,800 years ago.

The rough age range of the artifacts was from 14,000 years old to more than 20,000 years old, but most were 16,000 to 17,500 years old.

The main raw material used to manufacture spear points at the time was antler from reindeer or red deer because it is less brittle and more pliable than land mammal bone. But whale bone offered some advantages, including its large dimensions, with some of the projectile points measuring more than 16 inches (40 cm) long, a size difficult to achieve using antler.

"They can be very long and thick, and were probably hafted on spear-style projectiles rather than arrows. They are usually found as fragments, many of which bear fractures related to use, and they were most likely used to hunt the main game animals of the time - reindeer and red deer, horse, bison and ibex," said archaeologist and study co-senior author Jean-Marc Pétillon of the French National Centre for Scientific Research.

Bone tools were used by members of the human evolutionary lineage dating back far before our species Homo sapiens emerged more than 300,000 years ago in Africa. The artifacts examined in this study pushed back the oldest-known use of whale bones for toolmaking by 1,000 to 2,000 years.

The objects were previously discovered at the various sites and kept in museum collections. The researchers used modern analytical techniques to determine the species from which the bones came and the age of the artifacts.

Humans living in this period of prehistory generally were inland hunters, obtaining most of their subsistence needs from the hunting of large hoofed mammals, Pétillon said. The new findings enhance the understanding of their exploitation of seashore resources, Pétillon added.

Previous research had shown that Ice Age people gathered seashells, hunted seabirds and fished for marine fishes as a complement to meat from terrestrial animals.

"The new findings tell us that these prehistoric groups were likely very well adapted to these coastal environments, and very likely had deep local ecological knowledge and understanding of their coastal habitats," McGrath said.

"Whale bones would have been for more than just making tools. There is evidence for their use as fuel as well - the bones contain large amounts of oil - among other things. And the rest of the whale would also certainly have been used – teeth or baleen depending on the species, meat, skin. A single whale provides a lot of resources," McGrath said.

Reuters

President Bola Tinubu marked his second anniversary in office Wednesday with bold claims of economic progress, even as international bodies warn of persistent crises and new data reveals the true cost of his reforms on Nigeria's most vulnerable populations.

Economic Gains Questioned Amid Worsening Poverty

While Tinubu declared that "our economic reforms are working" and promised a "greater, more economically stable nation," the reality on the ground tells a starkly different story. His signature policies since 2023—removing petrol subsidies, cutting electricity price subsidies, and implementing two currency devaluations—have triggered what experts describe as the worst cost-of-living crisis in a generation, with inflation soaring beyond 23%.

The human cost of these reforms is becoming increasingly apparent. Nigeria already has 133 million people classified as multidimensionally poor—representing 63% of the population—and World Bank projections indicate that an additional 3.6 million Nigerians will join this devastating statistic by the end of 2025. This means that by year's end, nearly two-thirds of Africa's most populous nation will be trapped in multidimensional poverty, lacking access to basic healthcare, education, and living standards.

Tinubu attempted to justify his harsh measures by claiming they were necessary to prevent "runaway inflation, external debt default, and a plunging Naira and an economy in free-fall." He pointed to a narrowed fiscal deficit, from 5.4% of GDP in 2023 to 3.0% in 2024, and claimed inflation was beginning to ease—though this reduction is largely attributed to statistical rebasing rather than genuine economic improvement.

The World Bank acknowledged that while Nigeria's government reforms are "essential," they have "piled pressure on its people, more than half of whom live in poverty"—a diplomatic way of confirming that Tinubu's policies are causing immediate suffering for promised long-term gains.

Security Claims Contradicted by Mounting Violence

Tinubu's claims of improved security ring hollow against mounting evidence of escalating violence. The president boasted that banditry in Nigeria's northwest had been curbed, highways were safer, and farmers were "back tilling the land." However, over 1.3 million people were internally displaced in the Northcentral and Northwest regions by April 2024, up from nearly 1.1 million in December 2023.

The statistics are devastating. Amnesty International reported that at least 10,217 people have been killed in attacks by gunmen during Tinubu's two years in office. Between December 2023 and February 2024 alone, gunmen attacked communities in Plateau state, killing 1,333 people, including 260 children. These figures expose the hollow nature of Tinubu's security claims and highlight the government's inability to protect its citizens.

Human Rights Deterioration Under APC Rule

Nigeria's human rights situation continues to deteriorate under Tinubu's All Progressives Congress (APC) government. Security challenges, including insurgencies, kidnappings, and communal violence, threaten the human rights of millions of Nigerians, while military and law enforcement agencies often engage in extrajudicial killings, torture, and other abuses.

The government's response to criticism and dissent has become increasingly authoritarian. Anti-police brutality protests have been met with violent crackdowns, and allegations of forced abortions and infanticide in conflict zones remain uninvestigated. The pattern suggests a government more interested in suppressing dissent than addressing legitimate grievances.

Threat of One-Party Dominance

The APC's endorsement of Tinubu for a second and final term in the 2027 elections raises serious concerns about Nigeria's democratic trajectory. With the party's control over federal institutions, its ability to deploy state resources for electoral advantage, and its increasingly authoritarian tendencies, Nigeria faces the real prospect of entrenched one-party rule.

The combination of economic policies that impoverish the majority while enriching the few, systematic human rights violations, and the suppression of political opposition creates a dangerous cocktail that threatens Nigeria's democratic foundations. The APC's dominance, coupled with weak opposition parties and compromised electoral institutions, suggests Nigeria may be sliding toward authoritarian governance disguised as democracy.

A Nation at a Crossroads

As Tinubu celebrates his economic "achievements," Nigeria finds itself at a critical juncture. With nearly 140 million people expected to be in multidimensional poverty by year's end, escalating violence claiming thousands of lives, deteriorating human rights conditions, and the specter of one-party rule looming, the president's anniversary rhetoric stands in stark contrast to the lived reality of ordinary Nigerians.

The question remains whether Nigeria's democratic institutions can withstand the pressures of economic hardship, security crises, and authoritarian drift, or whether the country will join the ranks of African nations where democracy exists only in name while real power is concentrated in the hands of a dominant party that has lost touch with the suffering of its people.

The World Bank may praise Nigeria's fiscal improvements, but for the 3.6 million Nigerians expected to join the ranks of the multidimensionally poor this year, such macroeconomic victories offer little comfort. Their reality—and that of the 133 million already trapped in poverty—tells the true story of Tinubu's first two years: economic policies that prioritize international creditors over domestic welfare, security strategies that fail to protect citizens, and a political trajectory that threatens to consolidate power at the expense of democratic accountability.

Nigeria's fashion sector is hemorrhaging billions of dollars annually due to overwhelming reliance on imported fabrics, particularly the iconic Ankara prints that have become synonymous with Nigerian style, according to a comprehensive new analysis.

The Consonance Investment report "Who is Dressing 220+ Million Nigerians?" reveals a stark reality: approximately 90% of Ankara fabrics consumed across Nigeria and the broader African continent originate from foreign manufacturers, predominantly in China and India. This dependency translates to an estimated $3 billion in annual value loss for Nigeria's domestic economy.

Cultural Significance Meets Economic Reality

Ankara fabric holds deep cultural significance in Nigerian society, frequently worn as Aso-Ebi—a Yoruba tradition where families and friends don matching fabrics at weddings, funerals, and celebrations to demonstrate unity. Despite this cultural importance and Nigerians' substantial fashion spending habits, ranging from ₦36,000 to over ₦20 million annually per individual, the economic benefits flow primarily to overseas producers.

The report highlights a troubling disconnect: while Nigerian consumers collectively spend between $2.5 billion and $6 billion on clothing each year, the domestic fashion industry contributes merely $129 million (₦205 billion) to the nation's GDP—representing just 0.47% of total economic output.

Structural Challenges Plague Domestic Production

Local fashion brands and textile manufacturers capture less than 15% of Nigeria's clothing supply market, hampered by insufficient investment in domestic production capabilities and retail infrastructure. The report emphasizes that over 85% of fashion supply chains bypass formal local industry channels entirely.

"Most local brands have to build their own infrastructure across the value chain, i.e., from design to distribution," the analysis notes, highlighting the burden facing domestic entrepreneurs who must construct entire operational frameworks without adequate institutional support.

Import-Export Imbalance Tells the Story

The numbers paint a vivid picture of Nigeria's fashion trade deficit. Annual apparel and textile imports reach $6 billion, with an additional estimated $1.2 billion in smuggled goods entering the market. In stark contrast, Nigeria's fashion exports remain below $100 million annually, creating a massive outflow of foreign currency.

Informal Markets Dominate Retail Landscape

Nigeria's fashion retail ecosystem is heavily concentrated in informal markets, with traditional trading hubs like Balogun Market in Lagos, Onitsha Main Market in Anambra, and Wuse Market in Abuja accounting for approximately 60% of all fashion retail activity. This informal structure, while providing employment and accessibility, limits the industry's ability to scale and formalize operations.

The report identifies significant employment in manufacturing clusters, particularly in Aba, where approximately 25,000 people work directly in garment and leather production, with many more engaged in supporting industries. Additionally, at least 10,000 Nigerian fashion vendors operate through Instagram, creating a substantial informal e-commerce ecosystem.

Financing Remains a Critical Gap

Access to structured capital represents another major constraint, with less than 15% of Nigeria's fashion market receiving formal financing from banks or government agencies. The vast majority of fashion brands rely on self-funding, limiting their ability to scale operations, invest in equipment, or develop supply chains.

Untapped Potential Amid Fragmentation

Despite these challenges, the report characterizes Nigeria's fashion industry as possessing enormous untapped potential. The combination of strong domestic demand, significant cultural influence, and a large consumer base creates opportunities for growth—if structural barriers can be addressed.

The analysis suggests that with appropriate investment in domestic production capabilities, improved access to financing, and better integration of formal and informal market channels, Nigeria could capture significantly more value from its fashion consumption and potentially become a regional manufacturing hub rather than remaining dependent on imports for its most culturally significant textiles.