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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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“You Can Still Have Subsidy Without Long Queues” — Rufai Oseni Speaks On Subsidy

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TV anchor Rufai Oseni makes headlines as he speaks on fuel subsidy in Nigeria. He shared that Nigeria can have fuel subsidy without the long queues at filling stations.

“When we were still paying subsidies, there were no long queues. We were subsidising. So you can still have a subsidy regime going on, and there will be no long queues because production was close by. Dangote had it. That’s just it. That argument also falls flat.

“The biggest beneficiaries of subsidy are not Nigerians. They are crony capitalists that have big infrastructure, and they do contracts. They have been the biggest beneficiaries of the subsidy,” he said.


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Sanwo-Olu Speaks on Lagos’ Power Challenges and the Need for Change

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Lagos State Governor, Sanwo-Olu, speaks to those in the electricity sector about the usual blackouts in the state.

He speaks on ways things can change in the state and how electricity can be provided.

“We need to drop corporate egos, abandon long-standing excuses, and confront the harsh realities obstructing progress in the power sector.”

“We, state governments, used to give excuses that everything is centralised, so the Federal Government has unbundled it now. What have we done in a year and a half?” Sanwo-Olu asked.

“We take two steps forward, we go five steps backward,” he said.

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Sanwo-Olu Declares August 20 Public Holiday in Lagos for Isese Festival

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Lagos State Governor Babajide Sanwo-Olu has declared Thursday, August 20, a work-free day for public servants in the state to mark the Isese Festival.

Speaking on the celebration, he said “Ìṣẹ̀ṣe is not a relic. It is a living expression of our traditions and a celebration of Yoruba spirituality as an important part of Nigeria’s cultural and religious landscape,” he said.

He added “When the drums sound in Lagos on Thursday, they answer drums in Havana, in Salvador, in Port of Spain. Fifty-five million people and counting. Lagos is not observing a local holiday. Lagos is standing at the centre of a global heritage,” Aregbe said.


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