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Nigeria to Benefit from US$500 million Development Plan

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Nigeria to Benefit from US$500 million Development Plan

By: Michael Mike

Nigeria is one of the country to benefit from a Memorandum of Understanding (MoU) signed for the co-financing of up to US$500 million of debt transactions to facilitate long-term sustainable development across developing economies and low-income countries in Africa, Asia, and the Caribbean.

The MoU was signed between British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor with Amsterdam-based ILX Management (ILX), an SDG and Climate-Focused Emerging Market Private Debt Fund.

According to a statement jointly signed by Clare Murray of British International Investment and Simone Boes of ILX Management, BII and ILX will invest across a broad range of sectors including renewable energy, infrastructure, financial services, manufacturing and agribusiness to increase the flow of capital into impactful businesses and projects.

The statement added that this new partnership will enable both parties to leverage each other’s expertise and provide additional financial firepower across Africa, Asia and the Caribbean. ILX and BII will share information on prospective projects, emerging technologies, and financial innovation. They will also establish a roadmap to mobilise private sector capital, specifically focusing on providing institutional investors with greater access to high-impact private debt investment opportunities in scalable businesses driving productive, sustainable and inclusive growth.

CEO, BII, Nick O’Donohoe said: “This partnership has been driven by our shared view of the need to invest to meet the SDGs. It furthers our ambition to create new job opportunities in developing economies and will provide private credit to help bridge the finance gap faced by many businesses. This asset class remains nascent, comprising of just 3 per cent of private credit globally, and is the natural next step for allocators of global private credit.”

CEO, ILX Management B.V., Manfred Schepers, said “ILX has already received over US$1 billion in commitments from leading Dutch pension funds and is currently raising a successor fund for a targeted US$ 2 billion commitments from European pension funds. Working with BII, together we will increase financial capacity for project finance, financial services debt and private sector debt across Africa, Asia and the Caribbean. We have a strong track record of investing alongside the leading Multilateral Development Banks and other Development Finance Institutions in climate, and SDG-targeted projects across emerging economies globally and look forward to the opportunities this partnership will bring.”

UK Minister for Development and Africa, Andrew Mitchell, on his part said “This MoU with ILX is an example of British International Investment’s pioneering approach to mobilising the private finance needed to deliver the UN Sustainable Development Goals. I am proud that FCDO provided early-stage funding to ILX, which went on to secure over US$1 billion in commitments to its first investment fund.

This new partnership will mobilise up to US$500m of additional finance for low-income countries across Africa, Asia, and the Caribbean, improving access to renewable energy and quality infrastructure and helping businesses to thrive.”

Nigeria to Benefit from US$500 million Development Plan

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ECOWAS Leaders Warn Democracy Must Deliver and Peace Must Be Built as West Africa Faces Rising Instability

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ECOWAS Leaders Warn Democracy Must Deliver and Peace Must Be Built as West Africa Faces Rising Instability

By: Michael Mike

West African leaders have issued a joint warning that democracy in the region is under growing strain and must begin to produce visible results for citizens, while also stressing that peace cannot be imposed but must be deliberately built through dialogue and cooperation.

The concerns were raised at the opening of the 2026 First Ordinary Session of the ECOWAS Parliament held on Monday in Abuja, where regional lawmakers gathered amid rising insecurity, democratic reversals, and increasing public dissatisfaction across parts of West Africa.

Speaker of Nigeria’s House of Representatives, Tajudeen Abbas, warned that the survival of democratic governance in the sub-region now depends on its ability to deliver tangible outcomes in security, economic stability, and public welfare.

He said while citizens across West Africa continue to reject military rule, their patience with democratic systems is weakening due to poor governance outcomes and rising socio-economic hardship.

Abbas noted that declining voter trust, weak institutions, and recurring unconstitutional changes of government reflect deeper structural problems that democratic systems must urgently address.

“The issue is not whether democracy remains the preferred system, but whether it is delivering sufficiently to sustain that preference,” he said, warning that governance failures could further expand the space for instability.

The Nigerian Speaker also pushed for a stronger and more empowered ECOWAS Parliament, arguing that its current advisory status limits its ability to respond effectively to regional crises.

He renewed calls for reforms including enhanced legislative authority, stronger oversight powers, and improved enforcement mechanisms for regional agreements.

According to him, previous proposals to strengthen the Parliament have yet to be fully implemented, but the present instability across the region makes such reforms more urgent.

“A Parliament with limited influence cannot adequately respond to democratic reversals, security pressures, and economic uncertainty,” Abbas said.

Abbas also defended Nigeria’s recent economic reforms, including fuel subsidy removal and exchange rate unification, describing them as difficult but necessary decisions taken within a democratic framework.

He said early results show increased fiscal inflows to subnational governments and improved capacity for infrastructure and social investment, while acknowledging that challenges persist.

He argued that Nigeria’s experience demonstrates that even tough reforms can be implemented without resorting to military intervention, warning against a growing tendency toward unconstitutional power shifts in parts of the region.

In a separate address, the Speaker of the ECOWAS Parliament, Hadja Mémounatou Ibrahima, stressed that peace in West Africa cannot be declared or imposed by authority, but must be carefully built over time.

She said the region is facing a period of heightened geopolitical uncertainty, adding that “no region is immune” to the global spread of instability and conflict.

“The message must be clear: peace cannot be decreed — it must be patiently built through dialogue, cooperation, and mutual respect,” she said, urging member states to deepen collaboration in addressing shared challenges.

Ibrahima also highlighted ongoing reforms within the regional bloc, noting that ECOWAS is undergoing a strategic reassessment of its future direction.

She announced that the upcoming ECOWAS Future Summit scheduled for 21 May in Lomé, Togo, will focus on accelerating the implementation of ECOWAS Vision 2050.

The summit is expected to explore how regional integration can be strengthened and adapted to emerging political, economic, and security realities across West Africa.

Both leaders, though speaking separately, converged on a central message: that West Africa is at a critical turning point where democratic legitimacy must be reinforced by effective governance, and peace must be actively constructed through cooperation rather than assumed.

They warned that without stronger institutions, improved governance delivery, and deeper regional collaboration, the region risks further democratic setbacks and prolonged instability.

The session continues as ECOWAS lawmakers deliberate on strategies to strengthen democratic resilience and regional integration amid mounting challenges across West Africa.

ECOWAS Leaders Warn Democracy Must Deliver and Peace Must Be Built as West Africa Faces Rising Instability

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Troops Arrest Suspected Terrorist Informant in Borno

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Troops Arrest Suspected Terrorist Informant in Borno

By Zagazola Makama

Troops of the Nigerian Army have arrested a suspected informant linked to ISWAP/JAS terrorist groups in Ngamdu, Kaga Local Government Area of Borno State.

Security sources said the suspect was apprehended at about 6:00 p.m. on May 3 by troops of 154 Battalion at Ngamdu market following sustained surveillance.

The sources disclosed that the suspect had been on a security watchlist prior to his arrest.

According to the sources, items recovered from him include a mobile phone, the sum of ₦1,150, and other sundry materials.

They added that the suspect is currently in military custody and undergoing interrogation.

The sources noted that further investigations are ongoing to establish his role and possible links within terrorist networks operating in the area.

Troops Arrest Suspected Terrorist Informant in Borno

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Troops Conduct Offensive Operation in Gwoza, Destroy Suspected Terrorist Structures

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Troops Conduct Offensive Operation in Gwoza, Destroy Suspected Terrorist Structures

By Zagazola Makama

Troops of the Nigerian Army have conducted an offensive operation in Gwoza Local Government Area of Borno State, targeting suspected terrorist hideouts and support structures.

Security sources said the operation was carried out at about 9:20 a.m. on May 1 by troops of 153 Task Force Battalion, operating alongside volunteer forces and hybrid troops deployed at Kirawa.

The sources disclosed that the joint team advanced to Gakara high ground and Ndova village during the operation.

According to the sources, no direct contact was made with terrorist elements during the mission.

They added, however, that troops destroyed several suspected terrorist logistics and life-support structures identified within the general area.

The sources noted that the operation is part of ongoing clearance efforts aimed at denying insurgents freedom of movement and operational bases within the Gwoza axis.

Troops Conduct Offensive Operation in Gwoza, Destroy Suspected Terrorist Structures

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