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Nigeria 2024: Key Moments That Shaped Nigeria Economically and Politically
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.
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.
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.
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.
President Bola Ahmed Tinubu has paid tribute to late Nigerian actor Olu Jacobs, recalling his contributions to the creative industry and his impact on Nigeria’s cultural identity.
In his tribute, Tinubu described Jacobs as a giant of the Nigerian creative industry and said “He was a giant of the Nigerian creative industry. His passing is a great loss to Nigeria, the African film industry and the global community of lovers of the performing arts. His remarkable body of work will continue to speak to generations yet unborn.
“The nation recognises the enormous contributions of Nigeria’s creative practitioners to the country’s cultural identity, global image and economic development. Olu Jacobs played a big role in creating this identity.”
Human rights lawyer and activist Deji Adeyanju has called on President Bola Ahmed Tinubu to declare a state of emergency over the proliferation of counterfeit and substandard drugs and consumer products in Nigeria.
Adeyanju also called for the removal of the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Professor Mojisola Adeyeye, as well as the heads of other regulatory agencies, including the Standards Organisation of Nigeria (SON).
“Nigerians are being exposed to dangerous products daily, from fake and substandard medicines to unsafe consumer goods, with reports of drugs being sold wholesale in the open under the hot sun. No responsible government should expose its citizens to such risks and expect mortality rates not to rise.”
Adeyanju also called out NAFDAC over what he described as failures in regulating the circulation of counterfeit and substandard products in the country.
It can be noted that various counterfeit products continue to circulate in Nigerian markets, while NAFDAC has also reported seizures and destruction of counterfeit, expired and substandard products.
Lagosians have lamented heavy traffic caused by ongoing construction work at Kara Bridge along the Lagos-Ibadan Expressway.
The Federal Government announced that repairs on the damaged expansion joints at Kara Bridge would begin on September 8, 2026. The project, initially scheduled to begin in August, was delayed to allow further traffic management planning due to concerns over its impact on motorists.
Since work began, traffic around the Kara area has become heavy, with Lagosians sharing updates on social media about spending two hours or more on the road.
Some commuters say the delays have made their 9-to-5 routines difficult, with several hours spent travelling to and from work.
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