The Central Bank of Nigeria (CBN) announces its 299th Monetary Policy Committee (MPC) meeting using four indigenous languages—Yoruba, Hausa, Igbo, and Pidgin—to reach a wider audience. The meeting, originally set for February 17–18, now takes place on February 18–19.
CBN Adopts Multilingual Communication
The apex bank shares the announcement on its official X handle, presenting the message in multiple languages to enhance accessibility:
- Hausa: “Sanarwa, kwamitin kudi na MPC zai gudanar da taro karo na ‘299’ #MPC”
- Yoruba: “Kere O, 299th MPC. Ipade kokan din loodunrun igbimo MPC yio waye ni”
- Igbo: “Okwa di oke mkpa 299th MPC, Ogbakọ komitii na afu maka atumatu ego #MPC”
- Pidgin: “Korret Informate, 299th MPC, Committee for Moni mata #MPC”
The MPC meeting remains a crucial event that shapes Nigeria’s economic policies, influencing key decisions on inflation, interest rates, and overall financial stability.
Economic Indicators Reflect Mixed Performance
A recent CBN report shows that Nigeria’s economic activities expand for the second consecutive month. The Purchasing Managers’ Index (PMI) for January 2025 stands at 50.2 points, signaling moderate economic growth.
Sectoral performance varies:
- Industry: Moves from stagnation in December 2024 to expansion in January 2025.
- Agriculture: Records six consecutive months of growth.
- Services: Shows contraction, indicating a slowdown in business activity.
Further insights from the report include:
- Output Growth: 50.9 index points
- New Orders: 50.2 index points
- Employment Levels: 50.2 index points
- Raw Material Stock: Declines to 49.8 index points
- Suppliers’ Delivery Time: Slows to 49.6 index points, suggesting supply chain delays
High Interest Rates Pose Challenges for Businesses
A recent survey finds that 75% of businesses identify high interest rates as their biggest challenge in January 2025. The Business Expectations Survey (BES), conducted between January 13 and 17, 2025, includes responses from 1,900 businesses across key sectors—Industry, Services, and Agriculture—achieving a 99.7% response rate.
Despite financial constraints, overall capacity utilization in the economy stands at 56.8% for January 2025. The Mining and Quarrying sector records the highest capacity utilization at 60.3%, demonstrating resilience amid economic pressures.
As the MPC meeting approaches, policymakers and economic stakeholders anticipate key decisions that could influence Nigeria’s financial landscape.
 announces its 299th Monetary Policy Committee (MPC) meeting using four indigenous languages—Yoruba, Hausa, Igbo, and Pidgin—to reach a wider audience. The meeting, originally set for February 17–18, now takes place on February 18–19.){kind=link}