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Nigeria 2024: Key Moments That Shaped Nigeria Economically and Politically

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As 2024 draws to a close, it’s an opportune moment to reflect on the events that have significantly influenced Nigeria throughout the year.

From political shifts to economic developments and social challenges, this year has been marked by pivotal moments that have shaped the nation.

Political Landscape and Governance

The year commenced with the Ibadan explosion in January, which brought national attention to urban safety and regulation.

This incident showed the critical need for stringent safety measures in densely populated areas.

In the same month, the Ondo and Edo governorship elections were held, with the ruling party securing victories.

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In April, a significant development occurred when a schoolgirl abducted during the Chibok kidnapping in 2014 was rescued in Gwoza, Borno State, along with her three children.

Economic Developments

In December, Shell received approval from Nigeria’s oil minister for the sale of $2.4 billion worth of onshore and shallow-water assets to Renaissance Group.

This was Shell’s exit from nearly a century of onshore operations in Nigeria and was part of a larger withdrawal by Western energy companies, including Exxon Mobil, Eni, and Equinor.

The sale faced a block in October by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) due to concerns about Renaissance’s capacity to manage the assets, which are estimated to hold 6.73 billion barrels of oil and 56.27 trillion cubic feet of gas.

Social Challenges and Public Safety

Tragically, in December, at least 13 people, including four children, died in two separate stampede incidents at Christmas charity events in Abuja and Anambra state.

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These incidents occurred as large crowds gathered to receive food and clothing items during a severe cost of living.

There has also been a reoccurring incident of the National Grid collapse. The incident has caused blackouts in regions during the time of its collapse.

Security and Conflict

Throughout the year, Nigeria faced persistent security challenges.

In June, a strike by the Nigerian Labour Congress and the Trade Union Congress disrupted operations at Abuja and Lagos airports and caused nationwide power outages.

Additionally, the conflict with Boko Haram continued, with incidents such as the attack on a convoy in Shiroro, Niger State, in November, resulting in casualties among security forces.

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Sports and International Relations

In February, Nigeria’s national football team faced a setback by losing 2–1 against Ivory Coast in the 2023 Africa Cup of Nations final held in Abidjan.

This loss was a disappointment for fans and showed areas for improvement in the national team’s performance.

The year 2024 has been a period of significant events for Nigeria, which encompasses political shifts, economic changes, social challenges, and security concerns.

As the nation moves forward, these events will undoubtedly influence its development and the well-being of its citizens.


 

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Fuel Prices in the Philippines Increases Again

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Starting April 29, 2025, fuel prices in the Philippines have gone up for the second consecutive week, affecting everyone from drivers to businesses that depend on transportation.

Effective April 29, these are the new fuel prices:

  • Gasoline: ₱1.35 more per liter
  • Diesel: ₱0.80 more per liter
  • Kerosene: ₱0.70 more per liter

These price hikes are expected to hit household budgets, particularly for those who rely on private vehicles or depend on public transport for their daily commute.

Why Are Prices Going Up?

The recent increase in fuel prices comes down to a few key factors:

1. Global Oil Price Fluctuations: The cost of crude oil in the international market plays a major role in local fuel pricing. When global prices rise, local prices tend to follow.

2. Exchange Rate Movements: The strength of the Philippine peso against the US dollar also influences fuel prices, as most of the country’s oil is imported in dollars.

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3. Supply Chain Issues: Disruptions in the supply of oil or transportation difficulties can further drive up costs.

These factors combined are making fuel more expensive for everyone, especially in recent weeks.

The rise in fuel prices will have a ripple effect on daily life:

1. Transportation Costs: With higher fuel prices, public transport operators may increase fares, impacting commuters.

2. Rising Prices for Goods: Since transportation costs are tied to the delivery of goods, this price hike may eventually lead to higher prices on groceries, retail items, and services.

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3. Impact on Households: Families who use private cars will feel the pinch as they’ll need to spend more on fuel each month.

While there’s no clear indication of when fuel prices might go down, it’s important to stay updated on changes in the global oil market and keep an eye on government measures that could affect future price adjustments.


 

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Keyamo Says 2027 Coalition Can’t Unseat Tinubu

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Festus Keyamo, the Minister of Aviation and Aerospace Development, believes it’s nearly impossible to remove President Bola Tinubu from power through a coalition in the 2027 elections. Speaking on a live TV program, he dismissed recent coalition talks by some political figures as nothing more than noise, saying they don’t pose any real threat to the ruling All Progressives Congress (APC).

According to him, those pushing the idea of a coalition are underestimating the deep-rooted structure and support base of the APC. “There’s no political tsunami on the way,” he said. “I’ve been part of presidential campaigns. I understand Nigeria’s political landscape. A coalition strong enough to unseat Tinubu just isn’t possible right now.”

His comments were in response to remarks by key opposition voices like Yusuf Datti Baba-Ahmed, Atiku Abubakar, and Nasir El-Rufai, who have been suggesting a united front against Tinubu ahead of 2027. Baba-Ahmed had criticized the current administration for poor governance and urged voters to seek change.

Rumors have also been swirling about a possible merger within the PDP, though many of the party’s governors have denied any involvement. Former Ekiti State Governor Ayo Fayose even described the whole idea as pointless and dead on arrival.

Keyamo made it clear that forming a strong political merger takes time, recalling how long it took for Tinubu and Buhari to build the APC after the 2011 elections. He said those planning a coalition now are either confused about what they want or have already missed the train.

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Okonkwo Accuses INEC of Manipulating 2023 Election Results

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Kenneth Okonkwo, a former spokesperson for the Labour Party’s presidential campaign, has accused the Independent National Electoral Commission (INEC) of manipulating the 2023 election results, claiming that the results Peter Obi received were “written” and allocated to him by the commission.

Speaking on Channels Television’s Sunday Politics, Okonkwo criticized INEC for failing to upload the polling unit results to its portals, as required by law, over two years after the election. He argued that while Obi allegedly won over a million votes in Lagos State, INEC reduced his total, and he claimed that the results from Rivers State were altered to favor the All Progressives Congress (APC).

“There’s no explanation for it until today,” he said. “The results were written and allocated to Obi. Go to Rivers State and check.”

When reminded that the Supreme Court ruling declared Bola Tinubu and the APC as the legitimate winners, Okonkwo dismissed the ruling, explaining that the court only found insufficient evidence to support claims of fraud. “The court is not telling you they didn’t write the results,” he said. “It’s telling you that there was no evidence to prove they did.”

Okonkwo also defended his party’s inability to place polling agents at every polling unit, acknowledging that the law does not expect every party to have the resources for such an extensive operation. He emphasized, however, that if INEC were truly impartial, there would be no need for agents in every unit. “INEC received 400 billion naira to organize the election in Nigeria,” he pointed out.

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