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Buhari’s Men Join Chorus, Criticise PMB for Economic Hardship

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Osibajo and Buhari
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Fund managers first expressed their concerns over President Muhammadu Buhari’s handling of Nigeria’s economic crisis by taking billions of dollars of funds from its markets.

Then, multinationals and local industry captains began voicing unease with his government’s policies.

Now Buhari’s senior officials and allies are joining the chorus of criticism, complaining of “paralysis” and a lack of urgency under his leadership in tackling the economic malaise.

 Even his wife, Aisha, has spoken up, saying that if things carry on as they are, she will not campaign for his re-election in 2019.

“The whimper is becoming a din — externally and [within government],” said one government minister.

“Naturally we should be quiet, because it’s our government and we want our president to succeed. But a sense of lack of urgency is getting in the way.”

The growing murmurs of discontent highlight the depth of the crisis in Nigeria, which is enduring its first recession since 1991, amid complaints that Buhari is exacerbating the situation rather than leading a revival.

n a speech this month, Mr Buhari acknowledged “how difficult things are” for Nigerians. He insisted he remained “resolutely committed” to good government, and to stopping “the stealing of Nigeria’s resources”.

But the first lady told the BBC that her husband “does not know 45 out of 50 of the people he appointed”.

“I don’t know them either, despite being his wife of 27 years,” Mrs Buhari said. “If things continue like this up to 2019, I will not go out and campaign again.”

The president sought to laugh off his wife’s comments.

“I don’t know which party my wife belongs to, but she belongs to my kitchen and my living room and the other room,” Mr Buhari said.

The fall in oil prices triggered the economic crisis in a nation that depends on petrodollars for 70 per cent of state revenues and 90 per cent of export earnings, and the slump in commodity prices has hit economies across Africa.

But in Nigeria, there are complaints that Mr Buhari has undermined his economic management team and created policy inconsistencies and sent conflicting signals to markets and the public.

As a result, the few major decisions that have been taken, such as the removal of fuel subsidies and relaxing the currency’s peg, have come months too late, officials say.

The former military ruler’s election last year spawned huge expectations in Africa’s top oil producer.

It was the first time an opposition candidate had unseated an incumbent at the ballot box and Mr Buhari, 73, pledged to crack down on rampant corruption and overhaul an inefficient state system.

But a senior presidential aide said optimism had given way to “paralysis”. “Where is the energy? Everyone is waiting for bold decisions,” said the aide.

Capital inflows dropped by 75 per cent in the second quarter, reflecting the negative sentiment of investors who say they cannot bring hard currency to the country because the foreign exchange market is not transparent.

When the central bank did ease the currency’s peg to the dollar in June, causing the naira to fall by 30 per cent, Mr Buhari said he was not convinced a devaluation would help the economy.

This was viewed by investors and bankers as a sign of interference in monetary policy, and added to perceptions that members of the president’s inner circle are giving instructions to the central bank governor Godwin Emefiele to prop up the naira at all costs.

“The governor is independent, so we are told,” said the minister. “The extent to which he is — and where he is taking his instructions from — remains to be seen.”

He said investor confidence would not be restored unless Mr Emefiele was replaced. “We need a shock therapy. The market needs to see some heads roll,” the minister said.

Other top officials, including Kemi Adeosun, finance minister, have complained that the central bank’s refusal to bring down the main interest rate from 14 per cent is choking the economy.

Audu Ogbeh, agriculture minister, said that high borrowing rates had made it impossible for farmers and agribusinesses to scale up production of rice, sugar, milk and other goods imported in huge quantities.

“We’re in trouble because we can’t produce and we can’t import,” he said. “The timing of policy and implementation has to be better organised.”

The presidential aide did cite military gains made against Boko Haram, the Islamist militant group, as a positive.

But he acknowledged that Buhari’s promise of “quick win” reforms, such as an overhaul of the notoriously corrupt state-owned oil company, have yet to happen.

“The key question is whether the president realises this and does the right thing by empowering the economic management team,” said the aide. If not, he said, “we will limp along from crisis to crisis”.


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UK–Nigeria Skills and Schools Trade Mission Concludes with Strong Foundations for Education Partnership

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A high-level UK delegation has concluded a week-long skills and schools trade mission to Nigeria, marking a significant step forward in education and skills cooperation between the two countries.

Running from 19-23 April 2026 across Abuja and Lagos State, the mission brought together leading UK private schools, skills providers, and education institutions with Nigerian partners, schools, and the Honourable Minister of Education Dr Tunji Alausa.

The mission follows the high profile and well received state visit to the UK in March, which also included education engagements.  Supported by the UK’s Department for Business and Trade (DBT), the mission forms part of its new International Education Strategy, under which Nigeria has been identified as one of five priority education markets, spearheaded by Professor Sir Steve Smith, who is looking forward to visiting the country again this year.

The mission focused on in-country delivery of education, the establishment of world-renowned UK schools in Nigeria, and the development of skills and Technical and Vocational Education and Training (TVET) systems aligned with industry demand.

In Abuja, the delegation met with Nigeria’s Honourable Minister of Education, Dr Tunji Alausa, securing strong political backing for UK–Nigeria education partnerships and set the groundwork for ongoing institutional collaboration across both schools and skills.

In Lagos, delegates engaged further with potential partners and investors. In both cities the delegation was thrilled to visit local British curriculum schools and colleges to further enable them to experience first-hand the teaching and learning environment.

British Deputy High Commissioner, Jonny Baxter, said: “The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers.

“This mission has demonstrated the strong appetite on both sides to deepen collaboration in education and skills.”

“By bringing together UK schools and skills providers with Nigerian partners and policymakers, we are laying the foundations for even more long-term partnerships that support Nigeria’s education priorities, strengthen skills aligned to industry needs, and create opportunities for sustainable, in-country delivery as well as positioning Nigeria as the regional hub for high quality education.”

DBT Head of International Education, Sarah Chidgey, said: “This mission is a perfect example of the International Education Strategy being put into action, building on multiple two-way visits and the UK and Nigeria’s warm relationship. It has been heartening to see all the progress in UK Nigeria education collaboration since my first visit to Nigeria, as part of a wider delegation, in 2022.”

DBT’s mission concluded with a strong pipeline of follow-up activity, including targeted one-to-one meetings, MoU discussions, and agreed next steps between UK and Nigerian counterparts.

 


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Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

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President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

Tinubu

 

In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.

The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.

Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.

The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.


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Karex, World’s Top Condom Maker to Hike Prices due to Iran war

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Karex, world’s largest condom maker, plans to raise prices by up to 30 percent due to supply disruptions linked to the Iran war.

Karex, World's Top Condom Maker to Hike Prices due to Iran war

This means that safe sex could get more expensive if the war continues to disrupt global supply chains, according to Goh Miah Kiat, CEO, Karex.

Kiat told old Reuters that rising freight costs and shipping delays have increased demand and forced the company to pass costs to customers.

Broader supply chain issues and higher oil prices could impact many everyday products that rely on petrochemicals.

“The situation is definitely very fragile, prices are expensive… We ​have no choice but to transfer the costs right now to ⁠the customers,” Goh told Reuters.

Karex joins a growing list of companies that are bracing for supply chain disruptions amid the ongoing war in Iran.

Based in Malaysia, Karex produces condoms, personal lubricants, gloves, medical catheters and probe covers.

The company manufactures male latex condoms including ONE, Trustex, Carex and Pasante, and it can produce over 5 billion condoms annually. Karex also exports to more than 130 countries, according to its website.

“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” Goh said.

 


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