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U.S., North Korea sign historic pact as Nigeria hails summit
United States President Donald Trump and North Korea Leader Kim Jong Un yesterday signed an agreement after talks in Singapore which marked the first time a sitting U.S. president had met a North Korean leader.
The two leaders, who in 2017 exchanged threats of war with one another – agreed to the “complete denuclearisation of the Korean Peninsula” in a joint agreement, with the U.S. promising to provide “security guarantees” to North Korea in return.
A joint statement signed at the end of the summit, gave few details on how either goal would be achieved but Trump fleshed out some details at a news conference.
“President Trump committed to provide security guarantees to the DPRK and Chairman Kim Jong Un reaffirmed his firm and unwavering commitment to complete denuclearisation of the Korean Peninsula,” they said.
Trump said he expected the denuclearisation process to start “very, very quickly”. U.S. Secretary of State Mike Pompeo and North Korean officials would hold follow-up negotiations “at the earliest possible date”, the statement said.
Trump told the news conference that the process would be verified, and that the verification “will involve having a lot of people in North Korea”.
He also said Kim had told him North Korea was destroying a major engine-testing site used for missiles, but maintained international sanctions on Pyongyang would stay in place for now.
Trump said joint military exercises with South Korea would be halted. He said the move would save Washington a tremendous amount of money and would not be revived “unless and until we see the future negotiation is not going along like it should”.
“Some things were agreed and not reflected in the agreement,” Trump said.
Kim earlier said the two leaders had a historic meeting “and decided to leave the past behind. The world will see a major change.”
However, several political analysts said the summit had yielded symbolic, rather than tangible, results.
“It is unclear if further negotiations will lead to the end goal of denuclearisation,” said Anthony Ruggiero, senior fellow of Washington’s Foundation for Defense of Democracies think tank. “This looks like a restatement of where we left negotiations more than 10 years ago and not a major step forward.”
The document made no mention of the sanctions and nor was there any reference to finally signing a peace treaty. North Korea and the United States were on opposite sides in the 1950 to 1853 Korean War and are technically still combatants, as the conflict, in which millions of people died, was concluded only with a truce.
But the joint statement did say the two sides had agreed to recover the remains of prisoners of war and those missing in action so that they could be repatriated.
China, the third party to the truce, said it hoped North Korea and the United States could reach a basic consensus on denuclearisation.
“At the same time, there needs to be a peace mechanism for the peninsula to resolve North Korea’s reasonable security concerns,” China’s top diplomat, state councillor Wang Yi, told reporters in Beijing.
Russia’s deputy foreign minister said the Kremlin had a positive assessment of the summit but “the devil is in the details”, the Tass news agency reported.
If the summit does lead to a lasting detente, it could fundamentally change the security landscape of Northeast Asia, just as former U.S. President Richard Nixon visit to China in 1972 led to the transformation of China.
But Li Nan, senior researcher at Pangoal, a Beijing-based Chinese public policy think tank, said the meeting had only symbolic significance.
“There is no concrete detail on the denuclearisation of the Korean peninsula and the provision of security guarantees by the United States,” Li said. “It is too early to call it a turning point in North Korea-U.S. relations.”
The dollar however jumped to a three-week top and Asian shares rose on news of the agreement.
Trump said he had formed a “very special bond” with Kim and that the relationship with North Korea would be very different in the future.
“People are going to be very impressed and people are going to be very happy and we are going to take care of a very dangerous problem for the world,” Trump said.
He called Kim “very smart” and a “very worthy, very hard negotiator.”
“I learned he’s a very talented man. I also learned that he loves his country very much.”
During a post-lunch stroll through the gardens of the Singapore hotel where the summit was held, Trump said the meeting had gone “better than anybody could have expected”.
Kim stood silently alongside, but the North Korean leader had earlier described their summit as a “a good prelude to peace”.
Both men walked to Trump’s bullet-proof limousine, nicknamed “The Beast”, and looked in at the rear seat, with Trump apparently showing Kim something inside.
They then resumed their walk.
They had appeared cautious and serious when they first arrived for the summit at the Capella hotel on Singapore’s Sentosa, a resort island with luxury hotels, a casino, manmade beaches and a Universal Studios theme park.
The Federal Government yesterday commended United States and North Korea for yesterday’s historic agreement.
In a statement yesterday, the government said Nigeria was optimistic that the two nations would uphold the commitments made during the landmark Summit.
Spokesperson of Ministry of Foreign Affairs Dr. Tope Adeleye Elias-Fatile, said “The Federal Government of Nigeria congratulates Chairman Kim Jong Un of Democratic People’s Republic of Korea (DPRK) and President Donald Trump of the United States of America on the historic achievement made at the “Kim and Trump Summit,” held earlier today, Tuesday 12th June, 2018, in Singapore, leading to the joint signing of a Statement by the two leaders; emphasising the establishment of new relationship; building an enduring peace and stability; the denuclearisation efforts in the Korean Peninsula; as well as recovery and repatriation of Prisoners of War (POW)/Missing in Action (MIA).
“The success of the historic Summit is a demonstration of commitment by the relevant parties towards de-escalation of tension in the Korean Peninsula and a consolidation of the earlier achievement made during the Inter-Korean Summit of 27th April, 2018, resulting in the Panmunjom Declaration between the leaders of the Koreas.
“Nigeria commends the bold step taken by the DPRK to dismantle the nuclear launch site as an indication of the determination to this peace process.”
The International Monetary Fund has urged Nigeria to revise its ₦54.99 trillion 2025 budget downward in response to weakening oil revenues.
It also recommends continued tight monetary policy and high interest rates until inflation further slows.
These suggestions may appear sound within orthodox economic models, but for most Nigerians, they are a recipe for deeper suffering.
Yes, inflation has decelerated—from an average of 31% in 2024 to 22.97% by May 2025. But that improvement hasn’t reached the dinner table.
Food prices remain brutal. Over 33% of Nigerians are officially unemployed, and more than 130 million people live in multidimensional poverty.
Behind every number is a family skipping meals, a child pulled out of school, or a shopkeeper forced to shutter their store.
One of the most damaging constraints in today’s economy isn’t the lack of money—it’s the inability to access it. Most banks avoid lending to those who need credit most.
When they do, they slap on interest rates of 27% to 30% and demand collateral far exceeding the value of the loan. It’s a system that locks out the very people who could drive recovery.
Credit is the oxygen of an economy. Without it, farmers don’t plant, factories sit idle, and markets shrink.
Former U.S. Federal Reserve Chair Ben Bernanke—an expert on financial crises—once observed that the core problem isn’t always overspending, but when capable people can’t borrow. Nigeria is falling squarely into that trap.
There is a way out. By reallocating just 3% of the national budget—₦1.65 trillion—the government could establish a national loan guarantee fund.
This fund would cover the first ₦10 million in loan risk per borrower, giving commercial banks the confidence to extend credit to those who actually produce.
With an average loan size of ₦1 million, such a move could unlock financing for 1.65 million small-scale farmers, cooperatives, and traders. Even if just two-thirds of those efforts succeed, that’s over a million new jobs.
The revenue return is clear. Increased employment expands the tax base. New businesses generate more goods, services, and local demand. Social safety nets face less pressure. That ₦1.65 trillion doesn’t vanish—it circulates, stimulates, and ultimately strengthens the economy.
Meanwhile, the IMF’s warning about Nigeria’s fiscal deficit possibly rising from 4.1% to 4.7% of GDP amounts to a difference of roughly ₦660 billion. That figure is modest compared to the trillions lost annually to inefficiencies and leakages.
It’s also less than what a single thriving sector—such as agriculture, construction, or telecoms—can contribute if properly enabled.
If austerity deepens poverty and chokes productivity, then even those advocating restraint today will soon label the country “unstable” tomorrow. But the burden won’t fall on spreadsheets. It will fall on people.
Nigeria doesn’t need to blindly follow rigid templates drawn up in distant boardrooms. It needs a tailored approach that empowers its own citizens.
The economy cannot grow if credit is frozen. The people cannot thrive without opportunity. And the nation cannot progress on fiscal neatness alone.
We don’t need applause from global observers. We need access—for those ready to build, employ, feed, and innovate. Let’s open the gates, not seal them.
Abidemi Adebamiwa is the Managing Editor @ Newspot Nigeria
Transport
Enugu Air, CNG Buses, Transport Terminals Take off in May
… Govt set to develop tourist sites, reports SANDRA ANI
… Work starts on Nnamdi Azikiwe Stadium, Awgu Games Village in earnest
The Enugu Air, CNG Mass Transit Programme, and the ultramodern transport terminals all built from scratch by the Governor Peter Administration are to be launched for operation before the second anniversary of the government.
The government has also approved the development of the state’s tourism industry, while total transformation of the Nnamdi Azikiwe Stadium and Awgu Games Village will start in June to get them ready for the National Sports Festival to be hosted by the state in 2026.
These were made known by the Commissioner for Transportation, Dr. Obi Ozor; Commissioner for Culture and Tourism, Dame Ugochi Madueke; Commissioner for Works and Infrastructure, Engr. Gerald Otiji; and Commissioner for Youth and Sports Development, Barr. Lloyd Ekweremadu after the State Executive Council meeting at the Government House, Enugu, at the weekend.
Briefing Government House Correspondents, Ozor said, “We are starting off with the initial three aircraft and two of the aircraft are already on ground. The third one will be on ground by the end of this month. We are hoping to start the commercial operations before the second year anniversary of this administration.
“You have also seen buses for the mass transit programme across the state. 50 of them are already parked at Okpara Square, and an additional 50 will be joining that fleet in the next few weeks. The 100 of them will be going into commercial operations before the end of this month, which is the second year anniversary.
“Also, the bus terminals, two at Holy Ghost, one each at Gariki, Abakpa and Nsukka, will also be commissioned and go into commercial operations before the 29th of May, this year.”
He added that the government planned to bring in the electric and CNG automotive manufacturing plant into Enugu as well as launch in the next 150 days the Enugu Smart Transport Programme, which would see to the injection of over 2,000 electric vehicles.
Also briefing newsmen, Dame Madueke said funds would be invested in the tourism industry in phases.
“We are going to have it in phases. For the first phase, we are having Awhum Waterfall, Nsude Pyramid where we are going to have the first canopy walkway in the South East. It measures about 600 metres, which will actually be the longest in Nigeria.
“We also have Ngwo Pine Forest where we are having the first zipline in Nigeria. The zipline will measure about 300 metres. In the same Ngwo, we will have a big rotunda and a smaller rotunda. We have the Cross of Hope to be located at Okpatu. The Cross of Hope will be sitting 580 metres above sea level and the cross itself will measure about 50 metres, making it a total of about 630 metres above sea level. The cross will have about 15 floors with a lift.
“At Awhum Waterfalls, we are going to have another canopy walkway and a boardwalk to preserve the ecosystem.
“We equally have the Akwuke/Atakkwu Waterpark and Ovu Lake Golf and Resort at Akpawfu,” she stated.
She explained that all the tourist sites would have experience centres, food courts and renewable energy, adding that tour buses would soon arrive to ensure ease of movement of tourists.
Ahead of the 23rd edition of the National Sports Festival, Enugu 2026, Barr. Ekweremadu said the State Executive Council had equally directed the commencement of work both at the Nnamdi Azikiwe Stadium and Awgu Games Village not later than June.
“We also briefed the council on the progress made in establishing a Lab for Animation for young people in Enugu State, which His Excellency will be commissioning soon. The lab is ready.
“We are similarly working towards empowering over 2,100 young people across the state, who were trained around December last year. This empowerment will be coming up on the 12th of August, being the International Youth Day’” Ekweremadu concluded.
Energy
NNPC, Dangote Strengthen Strategic Partnership
Bot partners reaffirmed commitment to Healthy Competition Towards National Prosperity, reports SANDRA ANI
As part of ongoing efforts to promote mutually beneficial partnerships and foster healthy competition, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and Dangote Petroleum Refinery & Petrochemicals (DPRP) have pledged to deepen collaboration aimed at ensuring Nigeria’s energy security and advancing shared prosperity for Nigerians.
This commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Mr. Aliko Dangote, and his delegation to the Group CEO of NNPC Ltd., Mr. Bashir Bayo Ojulari, and members of the company’s Senior Management Team at the NNPC Towers, on Thursday.
During the visit, Dangote pledged to collaborate with the new NNPC Management to ensure energy security for Nigeria.
“There is no competition between us, we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business and we are also part of NNPC. This is an era of co-operation between the two organizations.” Dangote added.
While congratulating the GCEO and the Senior Management Team on their “well-deserved appointments,” Dangote acknowledged the enormity of the responsibility ahead, noting that the GCEO is shouldering a monumental task, which he expressed confidence that, with the capable hands at his disposal in NNPC, the task is surmountable.
In his remarks, the GCEO, Mr. Bashir Bayo Ojulari assured Dangote of a mutually beneficial partnership anchored on healthy competition and productive collaboration.
Ojulari highlighted the exceptional caliber of talent he met in NNPC Ltd., describing the workforce as a dedicated, highly skilled and hardworking professionals who are consistently keen on delivering value for Nigeria.
Expressing the company’s readiness to build a legacy of national prosperity through innovation and shared purpose, Ojulari said NNPC will sustain its collaboration with the Dangote Group especially where there is commercial advantage for Nigeria.
Both executives also committed to being the relationship managers for their respective organisations through sustained productive collaboration and healthy competition, thereby envisioning limitless opportunities for both organizations.
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