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Nigeria Ranks Third Most Attractive African Country For Foreign Investments

Ask Nigerians about the attractiveness of doing business in Nigeria and they may feel very different, but according to the Absa Africa Financial Markets Index (AAFMI) 2021 report, the country may have more reason to be confident than may seem.

According to the report, Nigeria has retained its spot as the third most attractive country in Africa for foreign investment in 2021. After a survey of 23 African countries using six pillars to rank the country’s abilities in terms of attracting foreign investments – including their openness and attractiveness, the countries have been ranked in the report with South Africa, Mauritius, and Nigeria coming in the first three positions.

Furthermore, the report noted that:

“South Africa, Mauritius, and Nigeria maintain their lead in the index, despite having lower overall scores than last year’s. Nigeria continues to make strides in creating an enabling investment environment for foreign investors, with the necessary regulatory developments and policy initiatives.”

The ranking of Nigeria in the six pillars used in the survey are as follows:

  1. Market depth – 62
  2. Access to Foreign Exchange – 20
  3. Market transparency, tax, and regulatory environment – 86
  4. Capacity of local investors – 44
  5.  Macroeconomic opportunities – 69
  6. Enforceability of the standard master agreement – 100

The report tried to highlight the areas the made Nigeria retain its position as the third most attractive investment hub in Africa. It pointed out the country’s innovative strides in the financial markets and commended the governments’ effort in digital developments in terms of employing technology to help businesses understand regulations.

It read:  “Nigeria’s SEC launched FinPort, a fintech and innovation portal to assist fintech businesses to understand the regulatory requirements for the Nigerian capital market. The SEC will also be rolling out a regulatory incubator for fintech seeking to conduct capital market activities.”

However, the AAFMI report noted that Nigeria has continued to perform poorly in access to foreign exchange while it has imposed administrative controls that expanded the number of goods subject to import restrictions, enforcing existing export repatriation rules and restricting the supply of FX to certain windows.

“While these measures restricted capital outflows and helped keep reserves stable, market liquidity remained below pre-pandemic levels.

“Due to the control measures and global macroeconomic imbalances, foreign portfolio investors’ appetite remained subdued. The volatile FX market and the delays in the repatriation of foreign currency out of Nigeria caused further problems. Despite a rebound in oil prices and remittances, the FX shortage persists as imports recover faster than exports.”

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Asake Drops fourth studio album M$NEY, featuring DJ Snake, Tiakola Amongst Others

Four albums in, two Grammy nominations to his name, the most entries on the Billboard U.S. Afrobeats Songs chart, and the most-streamed artist on Spotify Nigeria, Asake drops M$NEY, his fourth studio album released on the 1st of May via GIRAN REPUBLIC and EMPIRE.

The 13-track project is Asake’s most sonically varied to date. It opens with a live choral performance (an unusual choice that immediately signals this is not going to be a straightforward Afrobeats record) and moves through orchestral arrangements, jazz-tinged strings, dance production, and amapiano before it is done.

Speaking on the album, Asake said: “M$NEY is a reflection of my spiritual and creative journey. Everything flows from a place of gratitude to God, and every moment that’s shaped me. I stay true to myself but also weave in new creative expressions from my life experiences and personal evolution.”

Fans got their first taste of the project as far back as February 2025 with ‘Why Love’, followed by ‘Badman Gangsta’ featuring French artist Tiakola, a track built around a reimagined sample of Amerie’s ‘1 Thing’ that turned out to be one of the more interesting sonic swings of his singles run.

Then came ‘Worship’ with DJ Snake, which pushed the project into full cross-continental territory.

The full album expands on all of that. Outside the previously released singles, the album includes ‘Gratitude’, ‘Forgiveness’, and ‘Asambe’, a collaboration with South African amapiano producer Kabza De Small. It’s a pairing that will likely draw attention, given both artists’ standing in their respective markets.

The album artwork was created by Iraqi-Dutch artist Arthar Jabar.

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Tinubu Names Bianca Ojukwu New Foreign Affairs Minister

In a major reform of his administration’s foreign policy team, President Bola Ahmed Tinubu has appointed Ambassador Bianca Odumegwu-Ojukwu as the official Minister of Foreign Affairs. The appointment, announced on Wednesday, April 29, 2026, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, follows the resignation of Ambassador Yusuf Tuggar.

Tuggar stepped down to pursue the All Progressives Congress (APC) governorship ticket in Bauchi State ahead of the 2027 general elections. As part of this move, the President also nominated Ambassador Sola Enikanolaiye as the new Minister of State for Foreign Affairs, pending confirmation by the Senate.

Yusuf Tuggar’s departure marks the first high-profile exit following the presidency’s March 31 deadline for political appointees with 2027 ambitions. Tuggar, who had led the ministry since August 2023, is shifting his focus to the Bauchi State Government House. His resignation paved the way for a reshuffle that moves Ojukwu from her previous role as minister of state to the head of Nigeria’s foreign policy system.

While many recognise her as a former Most Beautiful Girl in Nigeria (MBGN) and the widow of the late Biafran leader and statesman Chukwuemeka Odumegwu-Ojukwu, Bianca Ojukwu. She served as Nigeria’s Senior Special Assistant on Diaspora Affairs and held key postings as the country’s Ambassador to Ghana and the Kingdom of Spain. A trained lawyer with a degree from the University of Nigeria (UNN), she also holds a Master’s degree from Spain, specialising in international relations.

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Alarm Bells As Attorney General asks court to deregister ADC, 4 other political parties

Nigeria’s Attorney General has filed a court case seeking the deregistration of five political parties, including ADC and others, over alleged failure to meet constitutional electoral requirements, sparking concerns about electoral fairness and political freedom.
Concerns about Nigeria’s electoral system are growing after the Attorney General of the Federation, Lateef Fagbemi, asked a Federal High Court in Abuja to order the deregistration of five political parties, a move that critics say could reshape the country’s political landscape ahead of future elections.

The parties listed in the suit include the African Democratic Congress (ADC), Action Alliance (AA), Action Peoples Party (APP), Accord Party, and the Zenith Labour Party (ZLP). In court documents, Fagbemi argued that the continued existence of these parties violates constitutional provisions, insisting that the Independent National Electoral Commission (INEC) is failing in its duty by keeping them on the register.

According to the filing, INEC would “continue to act in breach of its constitutional duty” if the court does not step in.

The case, filed at the Federal High Court in Abuja and marked FHC/ABJ/CS/2637/2026, was brought by the Incorporated Trustees of the National Forum of Former Legislators. Both INEC and the Attorney General are listed as defendants.

The move is already stirring political controversy. Opposition figures have accused the administration of Bola Tinubu of trying to weaken alternative voices in the system.

Some parties allege a broader strategy to shrink the political space, including claims of interference in internal party affairs, though the government has not officially responded to those accusations in this case.

Nigeria currently operates a multi-party system, with over a dozen registered political parties. Analysts say enforcing deregistration rules could streamline the ballot and reduce voter confusion, but it could also limit political diversity if applied selectively.

The Supreme Court had previously ruled in 2020 that INEC has the constitutional authority to deregister parties that fail to meet requirements, leading to the removal of several parties at the time. However, legal debates continue over how strictly those provisions should be enforced.

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