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  • ECOWAS Projects Nigeria as Potential 5th Largest Economy Globally Within 50 Years

    The Economic Community of West African States (ECOWAS) has projected that Nigeria could emerge as the world’s fifth-largest economy within the next 50 years if ongoing regional integration and economic reforms are sustained.

    The forecast was presented during the bloc’s 2026 parliamentary session in Abuja, where officials highlighted long-term growth prospects across West Africa’s major economies.

    West Africa’s Long-Term Economic Outlook

    Dr Kalilou Sylla, ECOWAS Commissioner for Economic Affairs and Agriculture, said the region is entering what he described as a major economic realignment driven by increased trade and cooperation.

    He noted that Nigeria, Ghana and Côte d’Ivoire are positioned to benefit significantly if regional integration continues to deepen over the coming decades.

    According to him, Ghana and Côte d’Ivoire could also rank among the world’s top 15 economies within 25 years, with Côte d’Ivoire potentially overtaking France in the long term.

    Nigeria’s Growth Tied to Regional Trade

    Sylla said Nigeria’s future economic expansion will depend more on strengthening West African markets than reliance on traditional Western trading partners.

    “It is not the American or English markets that will let the Nigerian market grow, but the sub-regional markets,” he told lawmakers during the session.

    He added that stronger intra-regional trade would play a key role in driving industrial growth and long-term economic stability across the bloc.

    Intra-Regional Trade on the Rise

    ECOWAS officials also pointed to increasing trade within West Africa as evidence of gradual economic integration despite ongoing challenges in the region.

    According to Sylla, intra-regional trade has doubled to about 40 percent in the last four years, even with political instability, border tensions, and currency pressures affecting member states.

    He noted that institutions within the bloc must now match the pace of private-sector and cross-border business activity already shaping the region’s economic landscape.

    Outlook for West Africa’s Economic Future

    The projections underscore growing optimism about West Africa’s long-term economic trajectory, with Nigeria identified as a central driver of regional growth.

    However, officials emphasized that sustained reforms, stronger institutions, and deeper regional cooperation will be critical to achieving the forecasted economic outcomes over the next few decades.

     

  • Dangote Targets London Listing as Cement Giant Plans Global Expansion

    Africa’s richest man, Aliko Dangote, has revealed plans to list Dangote Cement on the London Stock Exchange later this year as the company pushes for expansion and fresh international investment.

    The proposed move would see Dangote Cement secure a secondary listing in the United Kingdom, while also selling about 10 per cent of its shares to outside investors.

    Dangote confirms London plans

    Speaking to the Financial Times, Dangote said discussions around a dual listing had been ongoing for years but recent changes in the UK market made the move more attractive.

    “We want to do a dual listing. We’ve been thinking about it for seven to 10 years,” Dangote said.

    He added that London became a preferred option after the UK relaxed some of its listing requirements.

    “We ended up saying London is good as they have brought down the minimum listing requirements,” he stated.

    Dangote Cement currently has a market valuation of nearly $13 billion on the Nigerian Exchange.

    Banks reportedly selected

    According to reports, the cement company has already selected major financial institutions to advise on the planned listing.

    The banks reportedly include Citigroup, JPMorgan Chase and Standard Bank.

    The listing is expected to take place around September, depending on market conditions and investor interest.

    This would revive earlier attempts by Dangote Cement to enter the London market after previous plans failed to materialise.

    Expansion drive gathers pace

    Dangote also disclosed that the company plans to increase its annual cement production capacity from 60 million tonnes to 100 million tonnes by 2030.

    He said new plants are already being developed in Nigeria to support export operations.

    “In Nigeria, work had already started on a plant for 6 million tonnes, with another 6 million tonnes of capacity to follow,” he said.

    Dangote Cement currently operates in 11 African countries and remains Africa’s largest producer of building materials.

    The company’s shares have reportedly gained more than 70 per cent this year.

    Refinery boosts wealth

    Dangote’s growing fortune has also been linked to the performance of his refinery business in Lagos.

    Bloomberg recently estimated his net worth at $35.4 billion, making him the richest person in Africa and the only African on Forbes’ list of the world’s 100 richest people.

    The billionaire also revealed plans to sell up to a 15 per cent stake in the Dangote refinery through an initial public offering in Lagos later this year.

    Arsenal dream postponed

    Dangote also revisited his long-standing interest in buying English football club Arsenal.

    According to him, he had to choose between completing his refinery project and pursuing ownership of the London club.

    “I asked myself, do I want to complete these projects or do I want to go and buy Arsenal?” he said.

    “I realised that, look, I have missed the boat.”

  • IMF Raises Alarm as Hunger Risks Deepen Across Nigeria, Africa

    The International Monetary Fund has warned that food insecurity risks are rising across Nigeria and other African countries, with conflict, climate shocks and shrinking aid threatening recent economic gains.

    IMF flags growing risks despite recent growth

    In a new outlook, the IMF said Sub-Saharan Africa entered 2026 on relatively stable footing after recording 4.5 per cent growth in 2025.

    However, the Fund warned that this progress is now under pressure due to global disruptions, including rising commodity prices and fragile fiscal conditions.

    Abebe Aemro Selassie, Director of the IMF’s African Department, said prolonged conflict could weaken growth, push inflation higher and force difficult fiscal adjustments across vulnerable economies.

    Food insecurity expected to worsen

    The IMF stressed that the human impact could be severe, particularly as food prices continue to rise.

    It warned that a 20 per cent increase in global food prices could push over 20 million people into food insecurity, while leaving millions of children at risk of acute malnutrition.

    Nigeria is among countries expected to face a sharp rise, with projections showing an additional 4.1 million people could experience acute hunger in 2026.

    Global hunger remains at critical levels

    Findings from the 2026 Global Report on Food Crises show that 266 million people across 47 countries faced high levels of food insecurity in 2025.

    The report also revealed that 35.5 million children were acutely malnourished, with nearly 10 million suffering severe conditions.

    Experts warned that hunger is no longer driven by short-term shocks but by persistent crises including conflict, inflation and climate change.

    Aid cuts and debt pressures worsen outlook

    The IMF also highlighted a sharp decline in foreign aid, particularly in fragile states, noting that 2025 marked a major drop in support for vulnerable economies.

    At the same time, rising debt levels and higher interest payments are limiting governments’ ability to respond effectively.

    More than one-third of countries in the region are now at high risk of debt distress, with fiscal pressures crowding out essential spending.

    Call for reforms and regional integration

    To address the challenges, the IMF urged African governments to accelerate structural reforms, improve governance and deepen regional trade.

    It noted that stronger integration under the African Continental Free Trade Area could help improve supply chains and boost resilience against future shocks.

    The Fund maintained that without urgent action, the combined impact of conflict, climate pressures and declining aid could further destabilise already vulnerable economies.

  • Iran Tightens Grip On Strait Of Hormuz Amid Standoff With US Over Port Blockade

    Iran’s elite military force, the Islamic Revolutionary Guard Corps, has announced renewed control over the Strait of Hormuz, escalating tensions with the United States amid an ongoing dispute over port blockades.

    The development comes despite earlier signals of a partial reopening, creating fresh uncertainty around one of the world’s most critical oil shipping routes.

    What happened

    Iranian state media reported on Saturday that control of the Strait of Hormuz had “returned to its previous state,” with the Revolutionary Guard insisting it would determine which vessels are allowed to pass.

    This follows conflicting messages from Iranian officials, after the country’s foreign minister had earlier indicated that the strait would remain open to commercial shipping during a ceasefire window.

    US position remains firm

    US President Donald Trump said the naval blockade on Iranian ports would continue until negotiations between both countries are fully concluded.

    He maintained that the strait was “open and ready for business,” but made it clear that pressure on Iran would not ease until a final agreement is reached.

    Conflicting signals from Iran

    The situation has exposed apparent divisions within Iran’s leadership, with the government signalling openness while the military adopts a more assertive stance.

    The Revolutionary Guard’s position suggests tighter control over maritime access, raising concerns about potential disruptions to global oil supply.

    Talks and regional tensions

    Trump downplayed differences between both countries, expressing optimism about a possible deal, including cooperation on Iran’s enriched uranium programme, a claim Tehran has rejected.

    He also indicated that fresh talks could take place soon, with reports suggesting a possible meeting in Pakistan, although Iranian officials have cast doubt on the likelihood of progress.

    Meanwhile, developments in Lebanon appear to have stabilised, with Trump stating that Israel would halt further strikes, a condition previously linked to Iran’s willingness to re-engage in negotiations.