Nigeria News Postcards (June 2025) - By Yinka Oloòtọ́

Nigeria’s Economic Outlook Brightens—But Will the Gains Reach the People?

In a significant vote of confidence, credit ratings agency Moody’s upgraded Nigeria’s sovereign rating from “Caa1” to “B3” on Friday, citing marked improvements in the country’s external and fiscal positions . This upgrade signals growing optimism about Nigeria’s economic trajectory under President Bola Tinubu’s administration.

Back in May 2024, the World Bank reported that Nigeria had achieved its fastest economic growth in nearly a decade—driven by a robust fourth quarter and a strengthened fiscal framework . However, the Bank also flagged a persistent challenge: inflation remains stubbornly high, threatening to erode the gains felt by ordinary Nigerians.

Despite skepticism from political opponents and critics, the data suggests that Tinubu’s economic reforms are beginning to bear fruit. The question now is whether these macroeconomic improvements will translate into tangible benefits for everyday citizens. Can Tinubu shift public perception and prove he’s more than just another figure in Nigeria’s long history of political mistrust?

That remains to be seen. But one thing is clear: Nigeria’s economic outlook is improving. And in a time of global uncertainty, Africa’s most populous nation—its so-called “giant”—has a rare opportunity to rise, lead, and redefine its future.

The Pardoning of the Ogoni Nine

In a move that has stirred both national and international controversy, Nigerian President Bola Tinubu has posthumously pardoned the Ogoni Nine, including the iconic environmental activist Ken Saro-Wiwa. The announcement came during the “Return to Democracy” event, where Tinubu hailed the executed activists as “national heroes.”

Ken Saro-Wiwa, a prominent member of the Ogoni people, led a fierce, nonviolent campaign against the environmental destruction of his homeland in Rivers State . Multinational oil companies—most notably Royal Dutch Shell—had turned Ogoniland into a wasteland in their pursuit of crude oil, leaving behind poisoned water, devastated farmlands, and a legacy of suffering. Saro-Wiwa’s outspoken resistance against both Shell and Nigeria’s military regime made him a global symbol of environmental justice.

But the president’s gesture has not been welcomed by all. Civil society groups and local rights advocates have slammed the pardon as disingenuous and offensive.

“A pardon is granted to those who have committed a crime,” said Ken Henshaw, Executive Director of the rights group We The People. “The Ogoni Nine were never proven guilty. Their trial was a sham. For Tinubu to say he wants to pardon them is a misnomer—it’s misleading and insulting .”

The executions of the Ogoni Nine in 1995 sparked global outrage and led to Nigeria’s suspension from the Commonwealth. Today, nearly three decades later, the wounds remain fresh—and many argue that what’s needed is not a pardon, but justice, accountability, and a full exoneration.

Footnotes/Sources:
[1] Moody's upgrades Nigeria's rating to 'B3' on better external and fiscal positions | Reuters
[2] forbesafrica.com/current-affairs/2025/05/13/nigerias-economic-growth-hits-10-year-high-world-bank-urges-deeper-reforms-to-sustain-momentum/
[3]Ken Saro-Wiwa | Nigerian Author, Environmental Activist & Martyr | Britannica
[4] Ken Saro-Wiwa: Nigerian activist pardoned by president 30 years after execution - BBC News
[5]Nigerian leader's pardon of executed Ogoni activists draws criticisms

Disclaimer: we do not own the rights to this image - it is being used purely for educational/journalistic purposes. Link to image