NEWS
Nigeria’s Inflation Bows to Oil Pressure by 15.93% – Report
The battle against inflation by the Nigerian government was hit by a wave of global energy disruptions which reversed headline inflation that was on an upward trajectory, and it bowed by 15.93 per cent in May 2026.
This revelation is according to the newly released Meristem 2026 Half-Year Outlook, tagged “Stability Meets Uncertainty, Reprising Risks, Sustaining Growth,” which was officially released by Meristem on Wednesday.
The sudden reversal has been heavily tied to “Operation Epic Fury,” a 38-day joint United States-Israeli military campaign against Iran that commenced on 28 February 2026. The military action led to the effective closure of the critical Strait of Hormuz, triggering a massive global energy shock that drove Brent crude prices above $110 per barrel at its peak.
“The global oil shock trickled down into higher domestic fuel and transportation costs,” market analysts noted in the report, highlighting the swift transmission of international energy volatility into the local Nigerian economy.
ALSO READ: DPRP, Congo National Oil Consider Strategic Partnership
The inflationary pressure comes despite a strong macroeconomic showing elsewhere in the country. Nigeria’s Gross Domestic Product (GDP) expanded 3.89 percent year-on-year in the first quarter of 2026, marking its fastest Q1 growth pace in a decade.
This expansion was predominantly driven by vibrant non-oil sectors, including telecommunications and financial services. Furthermore, a surging trade surplus and robust portfolio inflows propelled Nigeria’s foreign reserves across the $50bn milestone in June, for the first time since 2009.
However, the domestic oil sector has struggled to capitalise fully on the high global prices. Maintenance activities at major facilities, such as the Bonga field, kept first-half crude production at a crawl. While output gradually recovered to 1.70 million barrels per day in May, it remained safely below the Federal Government’s budgetary benchmark of 1.84mbpd.
The resurgence of inflation in Nigeria mirrors a broader global trend, as central banks worldwide have been forced to pivot. The era of monetary easing has faced abrupt interruptions, with the European Central Bank and the Bank of Japan delivering surprise 25-basis-point rate hikes to combat energy-driven price hikes.
With central banks shifting to a “higher for longer” interest rate stance to contain these reignited inflation fears, the report notes that Nigerian policymakers face the delicate task of balancing robust domestic growth against compounding, energy-induced living costs in the second half of the year.
NEWS
BREAKING: Court Sentences Three to Life Imprisonment Over Oyo School Kidnapping
A Federal High Court sitting in Abuja has sentenced three men to life imprisonment for their roles in the kidnapping of students and teachers from a school in Orire Local Government Area of Oyo State.
Justice Salim Ibrahim handed down the judgment on Thursday after the defendants—Abdulrazak Umar, also known as Abu Khalifa or Abu Khalid, Yunusa Musa (alias Yunusa bin Musa), and Shamsu Adamu Sani (alias Abu Itisar)—pleaded guilty to some of the charges brought against them by the Federal Government.
READ ALSO: Presidency Blasts Makinde Over UN Probe Call on Oyo School Abduction
The trio was arraigned on a 10-count charge bordering on terrorism, kidnapping, concealment of information, incitement, and illegal mining.
During the proceedings, the defendants admitted to concealing information about the masterminds behind the school kidnapping.
They also confessed to being members of Darul Salam, which prosecutors identified as an affiliate of Jamaatu Asarul Muslima Fi Bilandis Sudan (Ansaru), a proscribed terrorist organisation in Nigeria.
While all three defendants pleaded guilty to counts four and six, Umar additionally admitted guilt to counts seven, eight, nine and ten, which accused him of providing training and instructions to terrorists through a WhatsApp group titled “The Oneness of Allah is the Foundation of Peace.”
They, however, pleaded not guilty to the remaining counts.
Following the guilty pleas, the Director of Public Prosecution of the Federation, Rotimi Oyedepo (SAN), urged the court to convict and sentence the defendants on the counts to which they had admitted guilt.
Justice Ibrahim subsequently sentenced the three men to life imprisonment.
According to the prosecution, the convicts, all from Suleja Local Government Area of Niger State, conspired with other suspects between January and May 2026 to kidnap schoolchildren and teachers in Oyo State, contrary to the Terrorism (Prevention and Prohibition) Act, 2022.
The Federal Government further alleged that they aided the abduction, concealed information about the identities and activities of the alleged masterminds despite having prior knowledge of the plot, and admitted to belonging to a proscribed terrorist organisation.
The conviction marks another significant step in the Federal Government’s efforts to prosecute individuals linked to terrorism and school kidnappings across Nigeria.
NEWS
NLNG Celebrates Nnaji’s Contribution to Science, Innovation
The Nigeria LNG Limited (NLNG) has honoured former Minister of Power, Prof. Bart Nnaji, on the occasion of his 70th birthday, for his enduring contributions to science, innovation and the development of The Nigeria Prize for Science and Innovation.
At a colloquium organised in his honour, the company highlighted Nnaji’s more than two decades of involvement in the growth, governance and international recognition of the Prize, describing him as one of its earliest advocates and a key figure in its evolution.
Speaking at the event, the Managing Director and Chief Executive Officer of NLNG, Adeleye Falade, represented by the General Manager, External Relations and Sustainable Development, Sophia Horsfall, said Nnaji had remained a pillar of the initiative since its inception in 2004.
ALSO READ: NUPRC Gives Licencees 90-Day Deadline to Meet Conditions
According to Horsfall, the renowned engineer and academic has provided intellectual leadership, strategic direction and sustained advocacy that have helped shape the Prize’s vision, strengthen its credibility and advance its role in promoting scientific innovation and national development.
She recalled that Nnaji delivered the keynote address at the inaugural Grand Award Night held in Abuja on October 9, 2004, where he spoke on “Leapfrogging Science and Technology in Nigeria.” She noted that the address reinforced the founding objective of the Prize and helped raise awareness of the initiative among scientists, policymakers and other stakeholders.
NEWS
Sahara Group Drives Africa’s Energy Future with Asharami Square 3.0
Sahara Group is convening policymakers, industry leaders, investors, academia, and media professionals to advance practical solutions for Africa’s evolving energy landscape.
Scheduled for Wednesday, July 22, 2026, in Lagos, this year’s Asharami Square, a flagship thought leadership platform, is themed “Energising Africa’s Future: Legacy, Impact, and Transformation.”
The platform will spotlight the ideas, partnerships, and policy frameworks required to accelerate sustainable energy development across the continent.
ALSO READ: NUPRC Dangles 50 Oil, Gas Blocks Before 143 Investors at Bid Conference
Building on the success of previous editions, Asharami Square 3.0 will examine how collaboration across government, industry, finance, and the media can unlock investment, strengthen infrastructure, and expand access while supporting Africa’s energy transition.
According to Bethel Obioma, Head, Corporate Communications, Sahara Group, the platform reflects Sahara Group’s commitment to driving impactful conversations that translate into real outcomes.
“Africa’s energy future will be shaped by the strength of our partnerships and our ability to turn dialogue into action. Asharami Square continues to provide a platform for convening diverse perspectives, advancing informed discourse, and driving the decisions that will influence policy, investment, and long-term development across the continent.
As we look Beyond XXX, our focus remains on investing in the ideas, partnerships, and platforms that will help shape a sustainable energy future for Africa.”
Also speaking, Ejiro Gray, Director, Governance and Sustainability, Sahara Group, emphasised the importance of grounding energy conversations in context and practical realities.
“Africa’s energy transition must be defined by solutions that reflect our unique realities. Asharami Square plays a critical role in bridging technical expertise and public understanding, ensuring that conversations around energy, sustainability, and development are anchored in evidence, context, and impact.
Through initiatives like Asharami Square, we continue to advance our Beyond XXX philosophy by supporting credible dialogue and strengthening the ecosystems that drive sustainable progress.”
The event will feature a keynote address by Sadiq Wanka, Special Adviser to the President of Nigeria on Power Infrastructure, alongside a high-level panel including Professor Abigail Ndisika, Director, Institute of Continuing Education (ICE), University of Lagos; Temitope George, CEO, Lagos State Electricity Regulatory Commission (LASERC); Adebiyi Olusolape, Associate Editor, Africa, Argus Media; and Kemi Awodein, Managing Director, Investment Banking, Chapel Hill Denham.
A key highlight of this year’s programme will be the unveiling of the Asharami Square Energy Reporting Fellowship Judging Panel, reinforcing Sahara Group’s commitment to strengthening credible, solutions-focused journalism that deepens public understanding of Africa’s energy transition.
Since its maiden edition in 2024, Asharami Square has facilitated informed dialogue and effective media advocacy to enhance energy transition and sustainability in Africa.
Through the platform and the newly launched Asharami Energy Reporting Fellowship, Sahara Group continues to advance its Beyond XXX vision by investing in the ideas, people, and platforms that will help shape Africa’s energy future, while reinforcing its commitment to bringing energy to life responsibly.





