Nigeria inflation rises to highest level in more than two decades

Nigeria’s monthly inflation rate jumped to the highest level in more than two decades, propelled by surging fuel prices stemming from the war in the Middle East.

Africa’s most populous nation had halved price increases from a peak of almost 30% in early 2025. The Iran war now threatens that progress, just as the country is looking to woo foreign investors. However, the energy crunch cuts both ways, boosting prices for what is also Africa’s biggest crude producer, Nigeria’s finance minister argued.

Though the shock has driven economists to slash forecasts for economic growth across the continent, some remain bullish: The head of Africa’s largest bank said at Semafor World Economy that its forecast for African growth remained unchanged.

By Jeronimo Gonzalez, Semafor

Jihadists plan to attack Nigerian capital – leaked memo

Jihadists are plotting attacks on Abuja airport and a prison on the outskirts of Nigeria‘s capital, according to an internal memo prepared by the Nigerian Customs Service (NCS) seen by AFP on Thursday.

The memo, dated 13 April, calls for an “enhanced level of security within the Federal Capital Territory and its environs”, after the NCS received a “credible report” that Boko Haram and its rival Islamic State West Africa Province splinter group were planning a “series of coordinated attacks”.

Potential targets include the Nnamdi Azikiwe International Airport and Kuje prison, both on the outskirts of Abuja, and the Wawa military prison in neighbouring Niger state, according to the memo.

Kuje prison was the site of a massive jailbreak orchestrated by ISWAP in 2022.

Earlier this month, the Kuje area council in Abuja had instituted a dusk-to-dawn curfew in at least four villages “following credible intelligence regarding a potential kinetic assault” on the prison, according to a separate report by the council seen by AFP.

Uptick in violence

Nigeria has been fighting a jihadist insurgency since 2009, though violence has ticked up in the last year.

Earlier in April, the US embassy in Abuja told “non-emergency” staff they could leave the country “due to the deteriorating security situation”.

Nigerian government officials insisted the capital was safe and was not under any imminent attack.

The country’s information minister dismissed the US government’s advice as a “precautionary measure based on internal protocols”.

According to the customs memo, “ISWAP operatives have already infiltrated the (Federal Capital territory) to facilitate the attacks”.

The Wawa attack is “reportedly being orchestrated” by Boko Haram’s Niger state cell, “in collaboration with elements of” the Nigerian jihadist group Ansaru and the Al-Qaeda-affiliated JNIM, which is active in the neighbouring Sahel.

The plot against the airport “reveals a concerning correlation between … recent large-scale attacks on aviation facilities in Niger”, including an attack claimed by the Islamic State Sahel Province on the airport in the capital Niamey, the memo said.

Hundreds of prisoners, including suspected IS and Boko Haram jihadists, escaped after ISWAP fighters attacked the Kuje prison in 2022.

It is located on the far outskirts of the capital, about 45 kilometres (28 miles) from Nigeria’s presidential villa.

Boko Haram and ISWAP have recently intensified attacks on bases in the country’s north-east as their 17-year campaign to establish a caliphate grinds on.

The conflict has killed more than 40,000 and displaced around two million, according to UN figures.

AFP

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

Nigeria’s decades-long fuel dependency ends as Dangote ramps up output

The latest figures on the Dangote Oil Refinery underscore how quickly the facility is transforming Nigeria's energy landscape, with production now significantly surpassing domestic demand.

In March 2026, the refinery exported around 434 million litres of Premium Motor Spirit (petrol), out of a total output of 1.49 billion litres, demonstrating its rising influence beyond Nigeria's borders, per the Punch’s assessment

This development follows within twenty-four hours of reports indicating that the Dangote Refinery has achieved the status of a net exporter of petrol.

According to figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), only 1.06 billion litres of total petrol generated during the month was used locally, leaving a significant excess for exports.

The refinery ran at an average capacity utilization of 93.62%, solidifying its position as the dominating player in Nigeria's downstream sector.

The refinery produced an average of 48.2 million litres of petrol per day, of which 34.2 million litres were delivered to the domestic market.

This growing disparity between production and local consumption is rapidly transforming Nigeria into a major supplier of refined petroleum products in Africa and beyond.

The impact of this increase in refining capacity is clearly seen.

Nigeria became a net exporter of gasoline in March 2026 for the first time in decades, marking a watershed moment for a country that had previously relied on imported fuel while being Africa's greatest oil producer.

As mentioned earlier, Nigeria became a net exporter of fuel in March, exporting nearly 44,000 barrels per day (bpd) of gasoline, slightly exceeding imports and leaving a net surplus of approximately 3,000 bpd.

“Data from market intelligence firm Kpler showed that gasoline imports into the country dropped sharply to 41,000 barrels per day (b/d) during the month, the lowest level on record,” the refinery revealed via a statement.

“At the same time, crude supply to the Dangote facility rose to about 565,000 b/d, the second-highest intake since the 650,000 b/d refinery commenced operations in late 2023, indicating strong processing rates and increased product yield,” it added.

Due to inefficient state refineries, Nigeria has historically been heavily dependent on fuel imports.

This system depleted foreign exchange and left the country vulnerable to supply shocks from around the world.

Now, that dynamic is shifting.

By Chinedu Okafor, Business Insider Africa

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

Nigeria’s defence minister has attended the funeral of several senior military officers killed in a surge of Boko Haram attacks in the northeast. The officers were laid to rest in Maiduguri, as armed groups intensify violence across the region. On Monday, Boko Haram fighters stormed an army base in Monguno, north of Maiduguri, killing a commander and six soldiers.

Al Jazeera

Related story: Up to 200 civilians killed in Nigeria after air force 'misfire' on market

Nigeria Drops Terror Charges Against Former Justice Minister

 

The Federal Government, on Wednesday, withdrew the terrorism financing charge it filed against the immediate past Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, and his son, Abdulaziz.

The FG, through its team of lawyers led by Mr. Akinlolu Kehinde, SAN, applied to substitute the charge with an amended one concerning the defendants’ alleged illegal possession of arms and ammunition.

It told the court that the arms and live cartridges were found in Malami’s residence in Birnin Kebbi.

Following the development, Malami — who served as Justice Minister from November 11, 2015, to May 29, 2023, under former President Muhammadu Buhari’s administration — and his son took fresh pleas of not guilty to the five-count amended charge.

The defence lawyer, Mr. Shuaibu Arua, SAN, who did not oppose the withdrawal and substitution of the initial charge, persuaded the court, however, to allow the defendants to retain the bail that was initially granted to them.

The application for the defendant’s bail was not challenged by prosecution counsel.

Consequently, trial Justice Joyce Abdulmalik held that the bail the court granted the defendants on February 27, as well as all the conditions already fulfilled, would subsist.

The court subsequently fixed May 26 and June 15 for trial.

It will be recalled that the Department of State Services (DSS) arraigned Malami and his son before the court on February 3.

The former Justice Minister was initially accused of knowingly abetting terrorism financing by refusing to prosecute terrorism financiers whose case files had been brought to his office as AGF.

Both Malami and his son were jointly accused of unlawful possession of firearms, offences punishable under the Terrorism (Prevention and Prohibition) Act, 2022, and the Firearms Act, 2004.

In the charge marked FHC/ABJ/CR/63/2026, Malami and Abdulaziz were accused of storing firearms at their residence in Gesse Phase II, Birnin Kebbi LGA, Kebbi State, without lawful authority.

The defendants pleaded not guilty to the allegations and were granted bail in the sum of N200 million each, with two sureties each in like sum.

Some of the counts in the charge, read: “That you Abubakar Malami, Adult, Male, and Abdulaziz Abubakar Malami, Adult, Male, sometime in December, 2025, at Geeze Phase II Area, Birnin Kebbi LGA, Kebbi State, within the jurisdiction of this Honourable Court, did engage in preparation to commit acts of terrorism by having in your possession and without license, a Sturm Magnum 17 – 0101 firearm, Sixteen (16) Redstar AAA 5’20 live rounds of Cartridges and Twenty-Seven (27) expended Redstar and thereby committed an offence contrary to and punishable under Section 29 of the Terrorism (Prevention and Prohibition) Act, 2022.

“That you, Abubakar Malami, Adult, Male, and Abdulaziz Abubakar Malami, Adult, Male, sometime in December, 2025, at Geeze Phase II Area, Birnin Kebbi LGA, Kebbi State within the jurisdiction of this Honourable Court, without a license, did have in your possession Twenty-Seven (27) expended Redstar AAA 5’20 live rounds of Cartridges and thereby committed an offence contrary to Section 8 (1) (b) (ii) of the Firearms Act, CAP F28, Laws of the Federation of Nigeria, 2004 and punishable under Section 27 (1) (a) (i) of the Firearms Act, CAP F28, Laws of the Federation of Nigeria, 2004.”

By Ikechukwu Nnochiri, Vanguard