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Lagos Blast: Death Toll Rises As Rescuers Recover Seven More Bodies

Seven more dead bodies have been recovered from the rubble of Sunday morning gas facility explosion which occurred at Abule-Ado, in Amuwo-Odofin area of Lagos.
This brings the number of death recorded so far to 23.
Most of the injured persons were admitted at the Nigerian Navy Reference Hospital, Navy Town, Ojo.
While two of the bodies were recovered at the wee hours of yesterday by search parties, the other three were recovered around 10am.
It was learnt that one of the victims, a lady, was still alive as at the time she was brought out from the debris.
This is even as parents and relations kept trooping to the scene to look for their children and loved ones.
The Public Relations Officer of the National Emergency Management Agency (NEMA) of the South-West Region, Ibrahim Farinloye, said three bodies were recovered, while a child was rescued alive.
Relative of one of the missing persons, Michael Abiye said he was still looking for his cousin who stays with him.
According to Abiye, “My cousin came two months ago; he told me he worships in one of the Pentecostal churches in the area. But I don’t know the particular church.
“But since the incident occurred, I have not seen him and his phone is switched off. I have gone to all the hospitals, including naval hospital, Ojo, but I couldn’t find him.
“I learnt that five more bodies were recovered today. But there is no information on where they took the bodies to.”
As at press time, the area has been cordoned off by police operatives and emergency workers.
A police officer said that the area was cordoned off to prevent street urchins from cashing in on the opportunity provided to loot victims’ properties.
But even with the measure, street urchins still defied police presence to steal electric sets under the pretence of helping victims to move their household equipment to safe ground.
Some people were also seen parking out en-mass from the area for fear of the likelihood of another explosion.
John Okon said that he was parking out of the area because he never knew they were sitting on a keg of gunpowder.
“As a trader at Trade Fair Complex, I moved into the area five years ago because of its proximity to my business place. However, I started entertaining fear when news of how vandals were destroying pipelines to scoop for fuel. At times, the air would be filled with tick odour of petrol from spillage.
“I am happy that I am moving out of the area with my family intact. Some people have w still looking for their children,” he said.
A woman, Kemi Kolaosho, said she rushed to the area when she heard of the explosion in search for her daughter.
She said she could not get any information regarding the whereabouts of the students, but was later told that they were moved to one of the Catholic churches in either Navy Town or Satellite Town.
She said: “We were told that the management of the school would address parents later today. But up till now, we are yet to hear from them.
“Around 10 am, someone came to tell us that the students have been relocated from the area owing to the damage done to the school building,” she added.
She said that she heard that about 40 students of Bethlehem Girl’s High School, Ojo were rushed to Navy Hospital, Ojo.
The Lagos State Police Public Relations Officer, Bala Elkana, said that a combined team of mobile and regular policemen have been deployed to provide adequate security
The Command Information Officer, Western Naval Command, Navy Commander Thomas Otuji, said that a total of 55 persons were rushed to the Nigerian Navy Reference Hospital, Ojo, by rescuers led by the Flag Officer Commanding (FOC) Western Naval Command.
He said that the hospital also received and attended to casualties from the explosion site.
He said that 55 persons were attended to by a medical team of the hospital.
“Those brought to the hospital are made up of 36 school children and 19 adults. One of the adults had about 35 per cent mixed degree burns with inhalation injuries and pulmonary oedema. He has been admitted into the Intensive Care Unit and connected to a ventilator.
“Seven other adults and two children are on admission in the wards. Two adults had Traumatic Brain Injury and were referred to LUTH for neurosurgical intervention. The remaining 43 have been treated and discharged. Three people were brought in dead, two females and a male.”
In its reaction, the Catholic Archbishop of Lagos Archdiocese, Most Rev. Alfred Adewale Martins, yesterday, on behalf of the proprietors of the Bethlehem Girls College, Abule Ado, confirmed the death of the school’s Administrator, Rev. Sister Henrietta Alokha in Sunday’s devastating explosion in Amuwo Odofin Local Government Area of Lagos State.
Lamenting the massive explosion which rocked Abule Ado area while the Bethlehem Girls College (owned by the Catholic Church) community were in church, with about 17 persons reportedly died and over 70 houses in the vicinity destroyed, the Archbishop said apart from the administrator, an unnamed female security guard died in the process of taking care that the students were safe.
The statement personally signed by Adewale Martins reads: “Yesterday, Sunday, 15th March, 2020, there was a massive explosion at the Abule Ado area of Lagos which led to the collapse of many structures in the affected areas.
“We do not have an official duly investigated explanation for the explosion yet. All we know is that a truck accident was involved; the pipeline going through the community was involved as well as a stack of gas cylinders. All these together by some series of cause and effect are said to be the cause of the devastating explosion which very badly affected our Bethlehem Girls College, Abule Ado as well as many other buildings in the vicinity.
“This sad incident occurred while the students and staff were at Sunday Mass. With the help of the first respondents, all the students were rescued and some that were injured were rushed to the hospitals. The other students have been released to their parents and gone to their different homes. We want to state that all students in the school were reported safe.
“Those who sustained injuries were promptly attended to in various hospitals within the environ. We are getting our Education Department along with the administrators of other Archdiocesan schools to see how the students of Bethlehem Girls College can be accommodated in the other schools so that their education is not disrupted.
“Unfortunately, the Administrator of the school, Dr. Henrietta Alokha and one female security guard died in the process of taking care that the students were safe. Henrietta Alokha and other staff that died have paid the supreme price in their bid to lead all her students to safety. May their souls rest in peace.
“It is important to confirm that no priest died during the incident. The priest who was celebrating the Mass helped in rescuing the students and he himself is safe,” the archbishop stated.
Unfortunately, Martins said the institution’s Staff Quarters, Administrative Building, the refectory and hostel buildings were levelled to the ground as a result of the impact of the explosion with no essential building standing except the convent housing the nuns in charge of the school.
He, however, commended the Lagos State Emergency Management Agency (LASEMA) Nigeria Emergency Management Agency (NEMA), the Red Cross, various security agencies for their prompt response which ensured that the situation did not get worse.
“We are grateful to the Governor of Lagos State, Mr. Babajide Sanwo-Olu for his call to express the sympathy of the Lagos State Government and for setting up a committee to investigate issues surrounding the explosion.
“We wish to commiserate with the families of all those who died in this sad incident. We pray for the repose of the souls of the departed and the quick healing of those who were injured.
“We pray the Lord to provide for the needs of all those who lost their properties, in the said event. Our prayer at this period is that the Good Lord will grant eternal rest to the faithful departed and strengthen all of us with the fortitude to bear the effect of this disaster,” the archbishop prayed.
Also speaking earlier, the school management of Bethlehem International Catholic School, Abule Ado has revealed that none of the students died in the explosion that claimed several lives on Sunday morning.
Speaking at the scene, yesterday morning, the Director for Education for Catholic Archdiocese of Lagos State, Monsignor Jerome Oduntan, said that there is no student that died during the explosion.
Oduntan noted that, “we have a population of 268 students, because of the stampede 50 of them sustained injuries, we took them to the hospital and they were treated and discharged and all the students are at home with their parents. But we still have two students that are undergoing treatment at the Naval Hospital and one at LASUTH.
“Three students are undergoing treatment at the moment. Not even a single student died. And no student is missing.
“However, I am still gathering information on the number of staffs that are yet to be accounted so I won’t be able to tell you how many we are looking for”.
“We have about 80 staff, including teaching and non-teaching staffs. I can only confirm two staffs that died, yesterday, the administrator, who is the principal, and a female security officer. Those are the ones I can confirm for now”.
Also, the school sectional head of the senior secondary school, Omonuwa Benjamin said, “at the moment we are looking for four staff who are still missing. We lost two staff who are in the mortuary; because it was on Sunday, we had domestic staff who were on duty”.
However, the Lagos State Governor, Babajide Sanwo-Olu, yesterday, announced the setting up of N2billion relief fund for victims of Sunday’s explosion at Abule Ado area of Lagos State.
Massive explosion rocked Abule Ado area on Sunday, with 17 people reportedly dead and over 70 houses destroyed.
Sanwo-Olu, who visited the scene of the tragedy, yesterday morning, said the state government would be committing N250million to the fund immediately, while corporate organisations and spirited individuals were expected to support with donations for the victims of the explosion.
He appealed to well meaning Nigerians and organisations to contribute to the fund.
“I have set up Abule Ado Emergency Relief Fund; it is a N2billion relief fund and the state government will immediately put in N250million to that fund and overnight, I have gotten three banks to open account for that fund and what that are we trying to achieve?
“This is beyond what the state government can achieve on its own. This is beyond what a government, nation or state level can undertake on its own, I am aware that some of my fellow governors have called, and have also received phone calls from the private sector, so what this fund will do is to give everybody the opportunity to be part of it and to be able to donate into it.
“Of course, the utilisation of this fund, which will also be headed by the deputy governor will also be part of the responsibility the committee will be saddled with. Just to know we are serious and are committed to it. I have three account numbers already: I have the Polaris Bank, with the account number-4030017510 account name is Abule Ado Emergency Relief Fund,” he said.
“Other account numbers are: Zenith Bank, with account number-10171845716 and GTB, with account number-0568615688”.
Sanwo-Olu also inaugurated a fact-finding committee to investigate the cause of the incident, saying that the committee was expected to submit its report in two weeks time.
He governor told the residents that his administration was working with the Nigerian National Petroleum Corporation and the National Emergency Management Agency {NEMA] to make life easier for the victims.
According to him, “we are working with NEMA, NNPC and other agencies to make life easier to everyone affected in the tragic incident at Abule Ado, which claimed lives and caused extensive property damage. I offer my condolences to everyone affected.
Meanwhile, the Nigerian National Petroleum Corporation said, yesterday, that the residual fire of a gas explosion in Lagos on Sunday evoked another pipeline fire in the Abule-Ado area in Amuwo Odofin Local Government Area of Lagos State.
No fewer than 23 persons have been confirmed dead and 60 others injured with more than 70 buildings impacted while several vehicles parked in the area were destroyed in the first explosion on Sunday.
The NNPC Group Managing Director, Mele Kyari, said the pipeline fire reignited at 05:10 am, yesterday.
Kyari, however, said a combined team from the NNPC, the Lagos State Government as well as other first responders have effectively controlled the fire.
He added that steps have been taken to prevent a reignition.
Reacting to the incident, the People’s Democratic Party (PDP) has called for a rejig of the nation’s emergency response in a manner that will educate Nigerians on how to prevent disasters.
The party said the overhaul of the emergency management must be geared towards strengthening response to disasters by the relevant agencies of government and volunteer groups.
In a statement, yesterday by the spokesman for the PDP, Kola Ologbondiyan, the party insisted that drastic measures must be adopted to check recurring disasters in the country.
The PDP expressed shock and grief at Sunday’s devastating explosion in Abule-Ado, Lagos State in which no fewer than 23 persons died and many others were injured.
Also, property worth billions of Naira got destroyed as many were rendered homeless in a gas explosion fire that ravaged the community.
The statement said, “The PDP is particularly worried about the spate of explosions and other avoidable disasters, particularly in Lagos and other strategic states, which raises grave public safety concerns in our nation’s commercial nerve centres.
“The party recalls that only in January, a pipeline explosion rocked Abule-Egba in Lagos State in which compatriots were killed in an inferno that razed valuables and brought anguish to many families.
“Explosion has again brought sorrow, anguish and pain to families who are now suffering bereavement, injuries, and homelessness, loss of property and means of livelihood.
“The PDP is grieved by the traumatising effect of the explosion on a school, which killed the school principal, Revd Sister Henrietta Alokha, and injured many of the students.
“Our party notes the heroic service rendered by Revd Sister Alokha in saving no fewer than 300 students and losing her own life at the end.
“The PDP, therefore, urges the Federal Government to confer a worthy posthumous recognition in honour of Revd Sister Alokha.
“The PDP deeply commiserates with the victims of the explosion and urged relevant authorities as well as public spirited individuals, groups and establishments to come to their aid.
“Our party calls on all Nigerians to remain vigilant and continue to pray for divine intervention on our nation at this trying time.”
Also reacting, the Trade Union Congress (TUC), yesterday urged the Lagos State government to carry out a thorough investigation into the explosion that rocked Abule-Ado in Amuwo Odofin local government area of the state on Sunday.
The TUC President and Secretary-General, Messrs Quadri Olaleye and Musa-Lawal Ozigi, made the appeal in a joint statement issued in Lagos.
The union urged Governor Babatunde Sanwo-Olu to do everything possible to forestall any future occurrence similar to the recent Lagos explosion.
It expressed concern that pipelines and gas plant explosions were becoming too frequent in the state.
According to the statement, over 85 percent of such accidents are preventable, if safety standards are observed.
“At every opportunity, including this one, people take advantage of the system.
“The contractors and materials that will be used for the repairs of the pipelines that are affected by the Lagos explosion have to be closely monitored to ensure that substandard materials are not used; it is also a contributory factor,” the union leaders said.
TUC described the attempt to rescue the pupils of Bethlehem Girls College by the Principal, Henrietta Alokha, who died in the Lagos explosion as a huge sacrifice.
It said: “It is possible she could have escaped but she thought of the children in her care and decided to assist.
“Our leaders at all levels must emulate the feat of the deceased; leadership is a call to service and not for personal aggrandizement.”
Also, the Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), asked the Federal Government to carry out forensic investigation of the immediate and remote cause of the Abule Ado explosion on March 15, 2020, which killed scores and led to devastation of epic proportions.
The group in a statement in Lagos, also called on the Lagos State Governor, Mr Babajide Sanwo-Olu to immediately set up a special task force on pipelines security with the purpose of preventing ceaseless pipeline accidents in the state.
The Sunday morning blast occurred near the popular ASPAMDA market and mechanic village in Abule Ado, Amuwo Odofin Local Government Area, Lagos.
Vibrations from the blast shook many parts of the state and were felt as far as Iba, Okokomaiko, Agege, Alimosho and Surulere, among others.
The Lagos government had earlier stated the incident was not in any way linked to pipeline vandalism but could not provide details on the cause of the incident but the Nigerian National Petroleum Corporation (NNPC), insisted it was caused by a truck that hit some cylinders stacked in a gas processing plant located near the corporations’ system 2B Pipeline right of way.
Among the casualties of the explosion were a Reverend Sister Henrietta Alokha, who is also the Principal of Bethlehem High School, Abule Ado, and some students of the school she was trying to rescue.
A family of four that were on their way to church also died, as well as a newly-wed couple who were said to be expecting a child.
Many are still unaccounted for and suspected to be under rubble in collapsed houses at the time of preparing this statement.
ERA/FoEN, however, cautioned the Federal Government not to be too casual to conclude that that the incident was an accident, noting that the accounts of the NNPC on the real cause of the blast is unconvincing and raises some questions.
ERA/FoEN Deputy Executive Director, Akinbode Oluwafemi said: “There is something suspiciously different about this explosion. The scale of destruction is nothing like any of the pipeline explosions we have monitored and documented for several decades.
“The Sunday incident’s scale of destruction could only be likened to military grade explosions or aerial bombardment. We can’t treat this casually as an accident caused by a truck.
“With the current security challenges facing this country, it is extremely premature to draw conclusions without conducting forensic investigation on this particular blast. Not even the accidental detonation of bombs at the Ikeja Cantonment caused this scale of destruction and ruins. Government must conduct comprehensive investigation to establish if this was a crime or an accident.
“And there are questions begging for answers: Who drove the truck? What is the truck doing on a pipeline on Sunday morning? Was the gas plant opened on a Sunday? Was the content of the truck weaponized?
“And for the NNPC that has admitted some level of culpability by confirming that the primary explosion came from its gas truck, it should immediately initiate the process of providing remediation for the affected families and businesses while its officials found to have through negligence orchestrated this massive destruction should be made to face the law.”
ERA/FoEN commiserated with the families of the dead and those that lost properties and businesses.
The group, however, urged Governor Sanwo-Olu to immediately set up a task force on pipeline security.
“It is unfortunate that the federal agencies saddled with the protection and security of pipelines has failed woefully. The governor as the chief security officer of the state needs to act in a way that will put an end to these perennial deaths and destruction, since Lagos sits on a web of oil and gas pipelines,” ERA/FoEN quipped.
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Tinubu Orders Security Chiefs To Restore Peace In Plateau, Benue, Borno

President Bola Tinubu has ordered a security outreach to the hotbeds of recent killings in Plateau, Benue and Borno States, to restore peace to areas wracked by mass killings and bomb attacks.
National Security Adviser, Nuhu Ribadu, disclosed this to State House correspondents after a four-hour security briefing with the President at the Aso Rock Villa, Abuja on Wednesday.
“We listened and we took instructions from him. We got new directives…to go meet with the political authorities there,” Ribadu told reporters, adding that Tinubu directed them to engage state-level authorities in the worst-hit regions.
Director-General, National Intelligence Agency, Mohammed Mohammed; Chief Defence Intelligence of the Nigerian Army, Gen. Emmanuel Undianeye; Director-General, Department of State Services, Oluwatosin Ajayi and Chief of Staff to the President, Femi Gbajabiamila, appeared for the briefing.
The Tide’s source reports that in Plateau State, inter-communal violence between predominantly Christian farmers and nomadic herders spiralled into gory slaughter when gunmen stormed Zikke village in Bassa Local Government early on April 14, killing at least 51 people and razing homes in a single night.
In Benue, at least 56 people were killed in Logo and Gbagir after twin assaults blamed on armed herders.
Meanwhile, in Borno State, eight passengers perished and scores were injured when an improvised explosive device ripped through a bus on the Damboa–Maiduguri highway on April 12.
Ribadu explained that after an extensive briefing, intelligence chiefs received fresh instructions to restore peace, security and stability across Nigeria.
“In particular, Tinubu had ordered immediate outreach to the political authorities in Plateau, Benue and Borno States, and the defence team had gone round those States to carry out his directives and report back.
“We gave him an update on what has been the case and what is going on, and even when he was out there, before coming back, he was constantly in touch. He was giving directives. He was following developments, and we, in charge of the security, got the opportunity today to come and brief him properly for hours. And it was exhaustive.
“We listened and we took instructions from him. We got new directives. The fact is, Mr. President is insisting and working so hard to ensure that we have peace, security and stability in our country. We gave him an update on what is going on, and we also assured him that work is ongoing and continues.
“We also carried out his instructions. We went round, the chiefs were all out where we had these incidents of insecurity in Plateau State, Benue State, even Borno, these particular three states, and we gave him feedback, because he directed us to go meet with the political authorities there,” the NSA explained.
Ribadu described Tinubu as “worried and concerned,” and said he directed that all security arms be deployed around the clock.
The government, he added, believes these steps have already produced measurable improvements, even if the situation is not yet 100 per cent safe and secure.
“He’s so worried and concerned, he insisted that enough is enough, and we are working and to ensure that we restore peace and security and all of us are there. The armed forces are there, the Civil Police, intelligence communities, they are there.
“They are working there 24 hours, and we feel that we have done enough to believe that we are on the right course, and we’ll be able to be on top of things,” Ribadu stated.
The NSA emphasised that combating insecurity was not solely a Federal Government responsibility.
He stated, “The issue of insecurity often is not just for the government. It involves the subunits. They are the ones who are directly with the people, especially if some of the challenges are more or less bordering on community problems.
“Not entirely everything is that, but of course it also plays a significant role. You need to work with the communities, the local governments, and the governors, especially the governors.
“The President will continue to direct that. We should be doing that, and that’s what we are able to. We are very happy and very satisfied with the instructions and directives given by Mr. President this evening.”
In Borno State, the NSA noted that while violence had surged in recent months, the insurgents refused to accept defeat.
He warned that most recent casualties there resulted from improvised explosive devices—”cowardly” IED attacks targeting civilians—and from opportunistic raids that follow any lull in fighting.
“We are getting the cooperation of the leadership at the state level, and everybody. It’s not 100 per cent…but we are going there.
“When you are having peace and you are beginning to get used to it, if one bad incident happens, you forget the periods that you enjoyed peacefully,” he added.
He paid tribute to the “many who do not sleep, who walk throughout, who do not go for any break or holiday”—the soldiers, police and intelligence officers whose sacrifices have created the fragile calm Nigerians now experience.
“They will continue to be there,” he said, adding, “Things have changed in this country…we are on the right track and we will not relent. We will not sit down; we will not stop until we are able to achieve results.”
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FG Laments Low Patronage Of Made-In-Nigeria Products

A Federal Government agency – the National Agency for Science and Engineering Infrastructure, has decried the low patronage of Nigerian-made products by Nigerians.
The agency identified some challenges leading to the low patronage of the local products as affordability and public perception, among others.
Speaking during a stakeholders meeting organised by the agency in Akure, Ondo State capital, yesterday, the Deputy Director of Engineering at NASENI, Mr Joseph Alasoluyi, said Nigerians preferred buying foreign goods compared to local goods.
Alasoluyi, however disclosed that the agency had trained over 50 participants in the production of hand-made products, in a bid to ensure Nigeria-made products are patronised.
He explained that NASENI was set up to promote science, technology, and engineering as a foundation for Nigeria’s development and currently operates 12 institutes nationwide to achieve its objectives.
According to him, the aim of President Bola Tinubu, who is also the overall chairman of NASENI, was to ensure high production and patronage of “our local products thereby creating employment opportunities for many.”
He said, “The idea of this programme is to interface to ensure we produce products using our indigenous technology. This is what NASENI is out for, to ensure that homegrown technologies are encouraged.
“We are out there to ensure we integrate efforts to ensure that local technology is used to develop products within the resources we have.
“ The NASENI’s ‘3 Cs’ – Creation, Collaboration, and Commercialisation – that define NASENI’s strategic mandate: Creating innovations through research, Collaborating with partners to develop and refine products, and Commercialising these solutions to benefit the economy.
“Our achievements include the development of solar irrigation systems, CNG conversion centres, building machines capable of producing up to 1,000 blocks per hour, 10-inch tablets, locally made laptops, and electric tricycles (Keke Napep) set for market launch.”
In his remarks, the Deputy Vice Chancellor of the Federal University of Technology, Akure, Prof. Samuel Oluyamo, blamed the Federal Government for not properly funding research in the varsities, also noting that many research outputs were left halfway due to lack of funding and weak linkages between research institutions and industry.
Oluyamo also queried the Federal Government’s commitment to funding research and development, saying many academic innovations remained on the shelve due to a lack of support for commercialisation and poor infrastructure.
“Until we upscale research into mass production, technological growth will remain elusive. The government is not funding research in the universities enough. Thank God for TETfund that is trying in this regime. The major interest in beefing up research in universities and research institutions is really not there,” he said.
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Nigeria Seeks Return To JP Morgan Bond Index
The Director-General of the Debt Management Office, Patience Oniha, has said that Nigeria is in advanced discussions with JP Morgan to re-enter the Government Bond Index and renew investors’ confidence.
Oniha disclosed this on Wednesday at a Nigerian Investors’ Forum on the sidelines of the World Bank and International Monetary Fund Spring Meetings in Washington, D.C.
The DMO boss explained that Nigeria has enjoyed favourable credit assessment among rating agencies in recent times on the back of the sweeping reforms initiated by the Central Bank of Nigeria.
Fitch Ratings recently upgraded the Long-Term Issuer Default Ratings of seven Nigerian banks and two bank holding companies to ‘B’ from ‘B-‘, noting that the outlooks are Stable.
The affected issuers are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Limited, Guaranty Trust Holding Company Plc, First HoldCo Plc, First Bank of Nigeria Ltd, Fidelity Bank Plc and Bank of Industry Limited.
The upgrades of the Long-Term IDRs of the banks followed the recent sovereign upgrade and reflect Fitch’s view that Nigeria’s sovereign credit profile has become less of a constraint on the issuers’ standalone creditworthiness, the rating agency said.
Fitch also upgraded Nigeria’s Long-Term IDRs to ‘B’ from ‘B-‘ on 11 April, a decision that reflected increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening and steps to end deficit monetisation and remove fuel subsidies.
“These have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent domestic challenges and heightened external risks,” Fitch said.
Nigeria was removed from the JP Morgan index in 2015 ostensibly due to its deviation from orthodox monetary policies and influence of capital control in its management of foreign exchange.
Principally due to reduction in oil revenues at the time, Nigeria introduced currency restrictions to defend the naira after it failed to halt a dangerous slide with burning of dollar reserves. The bank had earlier warned Nigeria to restore liquidity to its currency market in a way that allowed foreign investors tracking the index to conduct transactions with minimal hurdles.
“Foreign investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” the bank said in a 2015 note.
Nigeria was listed in JP Morgan’s emerging government bond index in October 2012, after the Central Bank removed a requirement that foreign investors hold government bonds for a minimum of one year before exiting.
The JP Morgan Government Bond Index reflects investor confidence and opens doors to billions of investment flows, making Nigeria’s proposed re-entry a positive signal to the market and investors.
Oniha explained that talks with JP Morgan were ongoing and had gained momentum in recent times due to the stability created by the FX market reforms.
“With all the reforms that have taken place, particularly around FX, we have started engaging JP Morgan again to get back into the index. We think we are eligible now,” the DMO DG said.
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