Nigeria Risks Perpetual Economic Stagnation Without Reliable Power, Adesina Warns Calls for bold reforms in infrastructure, industrialisation, governance
Nume Ekeghe President of African Development
Bank (AfDB), Dr. Akinwumi Adesina, has issued a sobering warning on Nigeria’s economic trajectory, cau-
tioning the country risks long-term stagnation unless it confronts its chronic infrastructure and power
deficits head-on. In his keynote address delivered at the 20th Anniversary Dinner of
Chapel Hill Denham in Lagos, Adesina painted the picture of a country full of potential but hampered by policy
inaction and weak execution. Continued on page 31
SEC Raises the Alarm against Another Suspected Illegal Investment Platform... Page 6
Friday 2 May, 2025 Vol 30. No 10981. Price: N400
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Falana: Labour Unions Must Mobilise Now to Enforce Nigeria’s Welfare Laws... Page 5
Oil Posts Steepest Monthly Fall Since 2021, Dangote Says ‘Okay’ with Trump’s Tariff on Urea
Emmanuel Addeh in Abuja
Oil prices have recorded the largest monthly drop in almost four
years after Saudi Arabia signaled a move toward producing more and expanding its market share. Nigeria’s benchmark, Brent crude
futures were selling for $61.86 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped to $58.21, about the lowest
settlement since March 2021. Oil prices have experienced a significant decline over the past month, attributed to a combina-
tion of factors, including increased supply, weakening demand, and strategic decisions by major oil producers such as Saudi Arabia.
The decline represents a stark contrast to the market’s performance Continued on page 31
In May Day Speech, Tinubu Pledges to Address High Living Cost, Fight Corruption Recommits to workers’ welfare, says they’re engine of nation’s economy, secret to her growth First Lady declares workers nation’s backbone Govs, Barau, Abbas, others hail workers, as labour seeks fresh salary adjustment Story on page 31
SANWO-OLU CELEBRATES WORKERS’ DAY...
Governor of Lagos State, Mr. Babajide Sanwo-Olu (third right), salutes workers alongside the state’s Head of Service, Mr. Olabode Agoro (right); Chairman, Lagos State Chapter of the Nigeria Labour Congress (NLC), Comrade Agnes Sessi (second right); Chairman, State Chapter of the Trade Union Congress (TUC), Comrade Gbenga Ekundayo (second left); and Chairman, Association of Senior Civil Servants of Nigeria (ASCSN), Lagos Branch, Comrade Olusegun Balogun (left), during the May Day celebration at the Mobolaji Johnson Arena, Onikan, Lagos, yesterday