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ECOWAS warns climate change could displace 32 million by 2050

ECOWAS Imposes Penalties On Niger Military Junta's Supporters

KEY POINTS

• ECOWAS says climate change, environmental degradation and insecurity could push internal displacement in West Africa to 32 million by 2050.

• Women and children could account for about 80 per cent of those affected.

• ECOWAS says West Africa needs $294 billion to tackle climate change and strengthen resilience.

MAIN STORY

The Economic Community of West African States (ECOWAS) has warned that the combined effects of climate change, environmental degradation and insecurity could leave about 32 million people internally displaced across the sub region by 2050.

President of the ECOWAS Commission, Gen. Birame Diop, gave the projection on Tuesday at the Second 2026 Parliamentary Seminar of the ECOWAS Parliament in Accra, Ghana.

The week long seminar is focused on the theme, “Climate Change as A Driver of Environmental Degradation, Population Displacement and Rising Insecurity”.

Diop, who was represented by Prof. Nassirou Bako Arifari, ECOWAS Commissioner for Human Development and Social Affairs, said women and children could make up about 80 per cent of the projected displaced population, citing World Bank projections.

He said the scale of the challenge required regional action, noting that about two million West Africans were displaced by climate related natural disasters in 2024 alone.

More than seven million people were also affected by flooding during the year, with homes, roads, schools, health facilities, farms and other critical infrastructure destroyed.

Diop further disclosed that more than 12 million people were internally displaced across West and Central Africa between 2025 and 2026 due to the combined effects of climate change, insecurity and other vulnerabilities.

He identified climate financing as one of the major challenges facing the region, saying West Africa requires about $294 billion to respond to the climate crisis.

ECOWAS has been working since 2024 to establish a regional carbon market platform under Article 6 of the Paris Agreement as part of efforts to mobilise investment for climate action.

THE ISSUES

  1. Climate related displacement is increasingly linked with wider humanitarian and security pressures in West Africa. The projected rise in internally displaced people could place additional pressure on communities and public infrastructure already affected by environmental damage and insecurity.
  2. Flooding and other climate related disasters are already affecting essential infrastructure and livelihoods. Damage to homes, roads, schools, health facilities and farms can deepen economic and social vulnerabilities in affected communities.
  3. The financing gap remains a major obstacle to climate resilience. ECOWAS estimates that the sub region needs $294 billion to tackle the effects of climate change, making access to climate finance a central part of the regional response.
  4. The proposed regional carbon market is intended to help mobilise investment for climate action. ECOWAS has been pursuing the platform since 2024 under Article 6 of the Paris Agreement.

WHAT’S BEING SAID

“West Africa requires about 294 billion dollars to tackle the crisis of climate change.” – Gen. Birame Diop, President, ECOWAS Commission

“Climate change is not simply an environmental issue. It is a development issue, a humanitarian issue, a peace and security issue, and ultimately an issue of human survival and regional stability.” – Gen. Birame Diop, President, ECOWAS Commission

“We must be proactive and invest in resilience before crises occur. We must protect ecosystems, create livelihoods and address grievances before they escalate into conflict.” – Gen. Birame Diop, President, ECOWAS Commission

WHAT’S NEXT

Diop urged ECOWAS member states to adopt a comprehensive regional approach to climate resilience and human security rather than fragmented responses.

He called on regional parliamentarians to strengthen climate responsive legislation and oversight, while prioritising climate financing and improving early warning and early action systems.

He also urged governments to promote sustainable management of land, water, forests and fisheries, while giving greater attention to women and youths in climate resilience efforts.

BOTTOM LINE

ECOWAS says climate change, environmental degradation and insecurity could drive internal displacement to about 32 million people by 2050. The commission is calling for stronger regional coordination, increased climate financing and greater investment in resilience before climate related crises worsen.

Mahama calls for greater Global South control over development

KEY POINTS

• Ghanaian President John Dramani Mahama has called for a new global development bargain that gives Global South countries greater control over decisions affecting their development and health priorities.

• He linked the Accra Reset to stronger domestic production, financial resilience, accountable governance and reduced dependence on externally designed programmes.

• Mahama unveiled a report proposing reforms to the global health architecture and said the initiative was moving from design to implementation.

MAIN STORY

Ghanaian President John Dramani Mahama has called for a new global development arrangement that gives countries in the Global South greater control over how their health and development priorities are financed, designed and implemented.

Mahama made the call at the high level Accra Reset: Global Reset Dialogue held on the sidelines of the 81st United Nations General Assembly in New York.

He said countries could not take full ownership of development outcomes when key decisions remained outside their control.

“There can be no ownership without control,” Mahama said, linking the problem to the limited influence of developing countries over global systems governing trade, finance and health.

According to him, the Accra Reset was established around three interconnected challenges: geostrategic marginalisation, geopolitical vulnerability and donor dependence.

He said addressing these constraints would require countries in the Global South to strengthen the relationship between political authority, productive capacity and financial resilience.

Mahama urged countries to build the capacity to define, finance and sustain their own development priorities instead of relying heavily on external financing and programmes designed outside their countries.

He, however, said greater national control must come with accountability, responsible governance and fiscal discipline.

The Ghanaian president connected the global initiative with his administration’s Resetting Ghana Agenda, which he said promotes economic self reliance, local value addition, stronger public health infrastructure, transparent governance and the 24 Hour Economy initiative.

“A national reset without a global reset leaves us building on shifting sand,” he said.

In the health sector, Mahama advocated increased domestic pharmaceutical production, supported by predictable government procurement and access to regional markets.

He said Ghana’s health reset should not be limited to constructing medical facilities while depending on foreign partners for essential medicines and supplies.

“When we say we are resetting Ghana’s health sector, we do not mean simply building medical facilities and waiting for foreign donors to supply the essential vaccines or IV fluids,” he said.

Mahama said expanding local production would strengthen industrial capacity while improving access to essential health commodities in Ghana and across the region.

At the dialogue, he unveiled the High Level Panel report, “A Sovereign Future for Health”, which proposes changes to the global health architecture.

The report contains five political shifts and 10 recommendations focused on increasing national and regional capacity while retaining areas where international cooperation remains necessary.

Its recommendations include country led health compacts, sustainable financing transitions, stronger regional institutions, equitable health innovation, regional health manufacturing, improved procurement and commodity security.

The report also addresses protection of global public goods, humanitarian continuity, reform of global health institutions and independent accountability.

Mahama said the report marked the start of implementation rather than the end of the initiative.

“We are now moving from design to execution,” he said.

He said Ghana and the Accra Reset Presidential Council would work with governments, global health organisations, development finance institutions, philanthropic organisations and private sector stakeholders to translate the recommendations into country level agreements.

Mahama stressed that the initiative was not intended to promote isolation from international partners. Instead, he described its approach as “pragmatic interdependence”, involving cooperation among countries as equals while building stronger domestic and regional capabilities.

He argued that greater self reliance in the Global South should not be seen as a threat to countries in the Global North, saying stronger health systems and productive capacity would contribute to global health security.

Health was selected as the first major focus of the reset because its effects could be measured directly in human lives, Mahama said.

He identified maternal and child survival as an immediate measure of whether changes in financing and governance could produce tangible results.

He said the Mother Africa initiative and Business United for Mothers, Babies and Youth campaign would combine public policy with corporate responsibility to improve outcomes for women, newborns and children.

Mahama said Ghana’s maternal mortality remained above the Sustainable Development Goal target, making the initiatives an opportunity to test the proposed financing and governance model against measurable outcomes.

He also announced plans to take the Accra Reset into Africa’s collective policy framework when Ghana assumes the chairmanship of the African Union in 2027.

Ghana will also work with the Non Aligned Movement and the Group of 77 plus China to advance the initiative, he said.

THE ISSUES

  1. The proposed reset centres on who controls development decisions, particularly financing, programme design and implementation. Mahama’s argument is that greater ownership requires countries to have stronger influence over these areas.
  2. Health sovereignty is being linked to industrial capacity. The proposal for regional pharmaceutical manufacturing and stronger procurement systems is intended to reduce dependence on external supplies while supporting domestic production.
  3. The initiative also places responsibility on governments. Mahama said greater control must be accompanied by accountability, responsible governance and fiscal discipline.
  4. The proposed reforms extend beyond health to wider development cooperation, institutional reform, financing, skills, industrial capacity and shared prosperity.

WHAT’S BEING SAID

“There can be no ownership without control,” – John Dramani Mahama, President of Ghana

“A national reset without a global reset leaves us building on shifting sand,” – John Dramani Mahama, President of Ghana

“We are now moving from design to execution,” – John Dramani Mahama, President of Ghana

WHAT’S NEXT

Ghana and the Accra Reset Presidential Council are expected to engage governments, global health organisations, development finance institutions, philanthropic organisations and private sector stakeholders on country level implementation of the report’s recommendations.

Ghana also plans to advance the Accra Reset through the African Union, the Non Aligned Movement and the Group of 77 plus China.

BOTTOM LINE

Mahama is calling for a development model in which Global South countries have greater control over the decisions and resources shaping their priorities. The Accra Reset is now moving from policy design towards implementation, beginning with health.

Trump says US border is most secure in its history

KEY POINTS

• Trump says the US has recorded major declines in illegal immigration and violent crime since he took office.

• He claims the murder rate has fallen to its lowest level in 125 years.

• Trump says the US economy, military and technology sectors have reached record levels under his administration.

• He says the US has secured $21 trillion in new investment commitments.

MAIN STORY

US President Donald Trump has used his address to the 81st UN General Assembly to highlight what he described as major improvements in border security, public safety and the economy since taking office.

Speaking during the General Debate at the UN headquarters in New York, Trump said the United States now had the most secure border in its history, contrasting the situation with what he described as the condition of the border before his administration.

Trump said no one could enter the United States without an invitation or permission and claimed that no illegal immigrants had been admitted into the country during the previous 16 months.

“In the past 16 months, zero illegal aliens have been admitted to the United States.

“And that’s done by some very sophisticated people. It’s not done by the Trump administration,” he said.

The president also attributed a sharp reduction in violent crime to his administration’s actions, saying 2025 recorded the largest drop in violent crime ever recorded in the country.

He claimed that the murder rate had fallen to its lowest level in 125 years.

Trump cited crime reductions in Memphis, Tennessee, New Orleans, Louisiana, and Washington, D.C., where he said crime had fallen by 80 per cent, 80 per cent and 87 per cent respectively.

“Since the year 1900, I sent our crime busters into Memphis, Tennessee, and New Orleans, Louisiana, and crime in each place went down over 80 per cent and will go down still further.

“More importantly, when I arrived on January 20th of last year in Washington, D.C., it was riddled with crime. And now crime is down 87 per cent and we’re going for 100,” Trump said.

On the economy, Trump said the United States had become a major destination for investment and described its economy as the envy of the world.

He said more than one million private sector jobs had been created since he took office and claimed that more Americans were working than ever before.

Trump also said the US poverty rate had reached its lowest level in history and that 1.5 million Americans had been lifted out of poverty in 2025.

He said poverty rates among African American and Hispanic American populations were also at record lows.

“Real household incomes for Americans have soared to the highest level in history, 87,000 dollars on average, surpassing the prior record that I set in my first term,” he said.

Trump said his administration had removed regulations and other barriers to business and had enacted what he described as the largest tax cuts in American history.

He also said US stock markets had reached record highs over the previous 12 months.

“We’ve secured commitments for 21 trillion dollars in new investments from all over the planet, compared to less than 1 trillion dollars in four years in the previous administration,” Trump said.

On defence, Trump said the United States had invested more in its military over the previous 12 months than ever before, adding that military spending would reach $1.5 trillion during his current term.

He also described the United States as the world’s leading military and technology power and said its energy production was supplying global demand.

Trump used the address to welcome world leaders to the United States as the country prepares to mark 250 years of independence.

He said the United States had emerged stronger after two and a half centuries and described the country’s current period as a transformation from what he called a “Dark Age of America” into a “golden age”.

THE ISSUES

  1. Trump’s address placed border security and immigration at the centre of his account of domestic policy, with his administration’s record presented through claims about illegal immigration and border control.
  2. Crime was another major focus, with Trump linking his administration’s policies to reported reductions in violent crime in several US cities and making broader claims about national murder rates.
  3. Economic performance featured prominently in the speech, including claims about employment, household incomes, poverty, taxation, business regulation and investment commitments.
  4. Trump also presented military spending, technology and energy production as indicators of increased US power, while linking domestic economic strength to the country’s position internationally.

WHAT’S BEING SAID

“Two years ago, our country was dead, and now we have the hottest country anywhere in the world.” – Donald Trump, US President.

“We’ve invested more money in the United States military in the past 12 months than ever before and this term, it will be 1.5 trillion dollars.” – Donald Trump, US President.

“Our technology is second to none and we are leading in virtually everything. Our energy is fueling the planet. America is rising.” – Donald Trump, US President.

WHAT’S NEXT

Trump said his administration would continue its efforts to strengthen border security, reduce crime, expand investment and remove what it considers unnecessary barriers to business.

BOTTOM LINE

Trump used his UN General Assembly address to present his administration’s record through claims of stronger border security, lower crime, increased employment, higher incomes, record investment and expanded US military power.

Northwest governors seek investment to advance regional peace agenda

KEY POINTS

• Seven Northwest governors commit to a shared peace, security and development agenda for 2026 to 2030.

• Governors seek international partnerships, development finance and responsible private investment to implement the regional framework.

• Priority areas include agriculture, livestock, renewable energy, infrastructure, digital innovation, human capital and social services.

• UNDP says it will help develop investment ready opportunities and connect the region with potential partners and sources of capital.

MAIN STORY

The seven governors of Nigeria’s Northwest states have agreed to pursue a common regional development agenda aimed at strengthening peace, resilience and economic opportunity.

The commitment was made at a special event in New York organised by the Northwest Governors’ Forum (NWGF) in partnership with the United Nations Development Programme (UNDP) on the margins of the 81st Session of the UN General Assembly.

The governors called for stronger international partnerships, development finance and responsible investment to support implementation of the Northwest Peace, Security and Development Framework for 2026 to 2030.

The event brought together the seven governors, UN officials led by Deputy Secretary General Amina Mohammed, development partners, international financial institutions, private sector representatives, philanthropies and members of the diplomatic community.

The framework brings Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto and Zamfara under a common regional strategy for tackling insecurity and vulnerability while expanding jobs, livelihoods, essential services and economic opportunities.

The region, which is home to more than 60 million people, plays a major role in Nigeria’s agriculture, domestic commerce and regional trade. Its economic potential also includes livestock, industry, solid minerals, renewable energy and digital innovation, alongside commercial corridors linking communities and markets within Nigeria and neighbouring countries.

However, the governors are also confronting interconnected challenges including insecurity, climate shocks, poverty, unemployment, displacement, limited access to essential services and pressure on livelihoods and public institutions.

They argued that these challenges cut across state boundaries and therefore require a coordinated regional response rather than isolated interventions by individual states.

The Northwest Peace, Security and Development Framework, adopted by the seven governors in March 2026, provides a common roadmap for addressing drivers of fragility while supporting inclusive and resilient economic growth.

The framework was developed with technical support from UNDP Nigeria and funding from the German Government through the Northwest Prevention Facility Project.

The New York engagement focused on how government resources, development assistance, development finance, philanthropic funding and responsible private investment could be combined around priority interventions.

The objective is to develop investment ready portfolios capable of delivering measurable results in peace, resilience, employment and inclusive economic growth.

Governor Dauda Lawal of Zamfara said the regional approach was based on the need to connect security with economic investment.

“You cannot secure a region into prosperity. You have to invest in it.

“The Northwest Peace, Security and Development Framework gives the seven states a shared platform to connect peace, resilience and economic opportunity.

“This engagement at UNGA is about turning that commitment into partnerships, financing and action,” Lawal said.

UN Deputy Secretary General Amina Mohammed commended the governors for presenting a unified regional position through a common framework.

“Security operations are necessary, but they can only take us so far. There is no peace without development,” she said.

The framework builds on the inaugural Northwest Peace and Security Summit held in 2024 and subsequent efforts to strengthen the Northwest Governors’ Forum Secretariat as a platform for sustained cooperation among the seven states.

UNDP said it would support implementation by helping strengthen policy and institutional capacity, improve coordination across the states, develop investment ready opportunities and connect regional priorities with development partners, financial institutions and responsible private capital.

“Peace cannot be built on security alone. It is built when people have a stake in their future: when young people can find work, businesses can grow, communities can withstand shocks and institutions can deliver.

“UNDP is helping turn that political commitment into a pipeline of practical, investable solutions, and we are connecting Northwest Nigeria with the partners and capital needed to deliver on these commitments,” UNDP Associate Administrator Haoliang Xu said.

THE ISSUES

  1. The regional framework reflects a shift from treating insecurity primarily as a security problem to linking peace with economic opportunity, livelihoods, essential services and institutional capacity.
  2. The governors are seeking to combine different sources of financing rather than relying solely on government resources. The proposed approach brings together development assistance, development finance, philanthropy and responsible private investment around identified priorities.
  3. The Northwest’s economic potential is closely tied to sectors such as agriculture, livestock, renewable energy, trade and digital innovation. Investment in these areas is being presented as part of the wider effort to create jobs, strengthen resilience and reduce vulnerability.
  4. The regional approach also recognises that insecurity, displacement, climate shocks and pressure on public institutions can affect several states at the same time. Coordinating policies and investments across the seven states is therefore central to the framework.

WHAT’S BEING SAID

“This engagement at UNGA is about turning that commitment into partnerships, financing and action,” – Dauda Lawal, Governor of Zamfara.

“Security operations are necessary, but they can only take us so far. There is no peace without development,” – Amina Mohammed, UN Deputy Secretary General.

“Peace cannot be built on security alone. It is built when people have a stake in their future: when young people can find work, businesses can grow, communities can withstand shocks and institutions can deliver.” – Haoliang Xu, UNDP Associate Administrator.

WHAT’S NEXT

UNDP will support the seven states in strengthening institutional capacity and coordination, developing investment ready opportunities and connecting the regional priorities with development partners, financial institutions and responsible private capital.

BOTTOM LINE

The Northwest governors are seeking to turn their shared peace and development framework into funded projects that link security with jobs, resilience and economic opportunity.

FG seeks gas investment as Nigeria targets new export markets

KEY POINTS

• FG seeks investment, technology and strategic partnerships to expand Nigeria’s gas sector.

• Nigeria and Libya move towards a framework for a proposed gas pipeline to European markets.

• Seplat Energy targets gas production of up to two billion standard cubic feet per day.

• Bangladesh expresses interest in Nigerian LNG and crude oil.

MAIN STORY

The Federal Government is stepping up efforts to attract investment, technology and strategic partnerships into Nigeria’s gas industry while seeking additional export markets for the country’s gas resources.

The Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, disclosed this during high level engagements with energy companies, investors and government officials at Gastech 2026 in Bangkok, Thailand.

The discussions covered gas production, infrastructure, LNG expansion, industrial development, market diversification and international energy cooperation.

Ekpo said the engagements were aimed at converting Nigeria’s 215.19 trillion cubic feet of proven gas reserves into economic growth, industrial development and employment opportunities.

He said reforms and investor friendly policies under President Bola Tinubu had improved investor confidence and strengthened Nigeria’s position as an energy investment destination.

According to the minister, NNPC Ltd. would play a central role in turning government to government energy engagements into commercially viable projects, strategic investments and sustainable development.

“Nigeria is open for business. We have put in place the right fiscal policies and operating environment, and the security of investors and their investments is guaranteed,” Ekpo said.

One of the major areas of discussion was the proposed Nigeria Libya Gas Pipeline, which could create another route for Nigerian gas exports through North Africa to European markets.

Following discussions with Libya’s Minister of Oil and Gas, Dr Khalifa Abdulsadek, both countries agreed to advance the proposal towards a structured project framework.

The countries are expected to explore a Memorandum of Understanding and constitute a joint technical team, with NNPC Ltd. leading Nigeria’s participation.

The team will examine the proposed pipeline’s feasibility, financing, infrastructure requirements, security considerations and commercial viability.

The minister also held discussions with Nigerian gas producers and developers on plans to increase domestic production and build infrastructure around gas resources.

Seplat Energy Plc Chief Executive Officer, Mr Effiong Okon, said the company was pursuing projects that could increase its gas output to as much as two billion standard cubic feet per day from assets covering the ANOH project, western operations and offshore fields.

Okon also identified Oso Floating LNG, UTM FLNG and Ibom LNG among the company’s strategic gas infrastructure projects. He said financing partnerships and plans for an industrial park around the Qua Iboe Terminal corridor were also being developed to support gas based industries and manufacturing.

The Chief Executive Officer of Heirs Energies, Mr Osayande Igiehon, briefed Ekpo on efforts to increase gas production and improve asset performance.

He also highlighted the company’s support for the Nigerian Gas Flare Commercialisation Programme through the provision of flare sites for commercial development.

Discussions with Daewoo E&C Nigeria Country Chairman, Chief Joseph Penawou, focused on the Nigeria LNG Train 7 Project, including contractor payments, project timelines, safety performance and quality assurance.

Beyond production and infrastructure, the engagements also opened discussions on potential new markets and international energy partnerships.

Bangladesh’s Minister for Power, Energy and Mineral Resources, Mr Iqbal Mahmood, expressed interest in Nigerian LNG and crude oil, with both countries discussing broader opportunities for energy cooperation.

In talks with United States Deputy Secretary of Energy, Mr James Danly, Ekpo discussed bilateral energy cooperation, gas sector investment, technology deployment and energy security.

The meeting also considered clean cooking initiatives intended to improve energy access, reduce dependence on traditional fuels and support sustainable development.

Senegal’s Minister of Energy and Petroleum, Dr El Hadji Diouf, expressed interest in Nigeria’s experience in gas development, local content implementation and institutional capacity building.

THE ISSUES

  1. Nigeria’s gas strategy is being pursued on two fronts: increasing production and infrastructure while creating additional routes and markets for exports. The proposed Nigeria Libya pipeline is part of the effort to develop another pathway into the European market.
  2. Increased gas production could provide more feedstock for LNG projects and gas based industries, while planned infrastructure around production assets is intended to support manufacturing and other economic activities.
  3. The proposed pipeline remains at the framework and assessment stage. The planned technical team is expected to examine feasibility, financing, infrastructure, security and commercial viability before further decisions are taken.
  4. The discussions with Bangladesh, the United States and Senegal show that the government is also using international engagements to pursue energy trade, technology cooperation and knowledge sharing alongside direct investment.

WHAT’S BEING SAID

“Nigeria is open for business. We have put in place the right fiscal policies and operating environment, and the security of investors and their investments is guaranteed,” – Mr Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas).

WHAT’S NEXT

Nigeria and Libya are expected to explore an MoU and establish a joint technical team to assess the proposed gas pipeline. NNPC Ltd. is expected to lead Nigeria’s participation, while the government continues discussions around gas investment, infrastructure, export markets and international energy cooperation.

BOTTOM LINE

The Federal Government is combining efforts to increase gas production and infrastructure with initiatives to attract investment and develop new export markets. The proposed Nigeria Libya pipeline and ongoing discussions with international partners form part of that strategy.

MAN urges FG to turn industrial policy into measurable outcomes

KEY POINTS

• Manufacturers want the Federal Government to translate the Nigeria Industrial Policy 2025 into measurable improvements in industrial performance.

• MAN says implementation should improve competitiveness, local supply chains, investment, productivity and access to domestic and export markets.

• The association will centre its 54th Annual General Meeting on using industrial policy to position Nigeria as an African industrial hub.

MAIN STORY

The Manufacturers Association of Nigeria has called for stronger implementation of the Nigeria Industrial Policy 2025, saying the framework must translate into measurable improvements in the country’s productive capacity and manufacturing competitiveness.

The President of MAN, Otunba Francis Meshioye, made the position known ahead of the association’s 54th Annual General Meeting scheduled for Oct. 5 to 7 at the Lagos Oriental Hotel, Victoria Island, Lagos.

Meshioye said the question facing Nigeria was no longer limited to managing the immediate pressures confronting manufacturers, but how to build an industrial economy capable of competing within Africa and the global marketplace.

The Federal Government formally launched the Nigeria Industrial Policy 2025 in February 2026 as a framework for strengthening the country’s industrial base, deepening domestic value chains and placing production, competitiveness and job creation at the centre of economic strategy.

The policy covers key conditions required for industrialisation, including energy, infrastructure, finance, skills, trade and innovation.

MAN participated in the stakeholder consultations that preceded the policy and provided manufacturers’ perspectives and practical experiences. The association welcomed the renewed emphasis on industrialisation and indigenous entrepreneurship but stressed that implementation should remain the priority.

Meshioye said Nigeria had previously introduced industrial development frameworks, but gaps in implementation, policy inconsistency and weak coordination had limited their impact.

For manufacturers, he said successful implementation should be evident in more competitive factories, stronger local supply chains, increased investment, higher productivity, sustainable employment and greater access to domestic and export markets.

The position comes as manufacturers continue to contend with high production and energy costs, limited access to affordable finance, infrastructure deficits, inflation and exchange rate pressures.

MAN has also been advocating for macroeconomic stability, improved infrastructure, affordable long term financing, a stable foreign exchange environment and predictable regulation.

On taxation, the association said it had continued discussions with government and other organised private sector groups over implementation of Nigeria’s evolving tax framework, with emphasis on clarity, consistency and legal certainty.

Meshioye said the association’s 54th AGM would therefore focus on how industrial policy could move from an aspiration to measurable industrial outcomes.

The theme of the AGM is “Leveraging National Industrial Policy to Position Nigeria as Africa’s Industrial Hub.”

He said Nigeria’s large market, natural resources, entrepreneurial capacity and human capital provided a foundation for building an economy that produces more of what it consumes, adds greater value to its resources and competes across African and global markets.

THE ISSUES

  1. The effectiveness of the industrial policy will depend on implementation across several areas rather than on the policy document alone. MAN identifies energy, infrastructure, finance, skills, trade and innovation as critical enablers of industrialisation.
  2. Manufacturers are seeking outcomes that can be measured at the factory and business level. These include stronger local supply chains, increased investment, improved productivity, sustainable jobs and greater access to markets.
  3. Policy consistency remains important because manufacturers make investment decisions over longer periods. MAN says previous industrial frameworks have been weakened by implementation gaps, policy inconsistency and poor coordination.
  4. Nigeria’s industrial competitiveness is also tied to its ability to participate more effectively in African value chains. MAN says the policy’s focus on domestic value addition and regional market opportunities could support that objective if implementation is effective.

WHAT’S BEING SAID

“Beyond responding to these immediate challenges, we must address a more fundamental question: How do we build an industrial economy that is productive, competitive and capable of positioning Nigeria strongly within Africa and the global marketplace?” – Francis Meshioye

“MAN was actively engaged in the stakeholder consultation process leading to the policy, providing the perspectives and practical experiences of manufacturers.” – Francis Meshioye

“But, ladies and gentlemen, a policy is ultimately as effective as its implementation.” – Francis Meshioye

WHAT’S NEXT

MAN’s 54th AGM will examine how the Nigeria Industrial Policy can be translated into practical industrial outcomes.

The three day programme will include the Made in Nigeria Exhibition, the 6th Adeola Odutola Lecture and a public policy session on the AGM theme. The association will also hold a session on bridging industrial skill gaps through smart and additive manufacturing.

BOTTOM LINE

MAN says Nigeria’s industrial policy will only deliver its intended impact if implementation improves the conditions under which manufacturers operate. The association’s AGM will focus on how the policy can translate into stronger production, value addition, competitiveness and jobs.

NBS, ILO seek stronger social protection data coordination

Domestic Airfares Increased As Transportation Fare Reduced - NBS

KEY POINTS

• NBS, ILO and EU call for better coordination of social protection data to strengthen policy planning and service delivery.

• NBS is working with partners to harmonise data and develop a Social Protection Management Information System.

• Four states, Abia, Benue, Oyo and Sokoto, are participating in the ILO supported SUSE programme.

• NBS proposes a ward level social protection data layer to provide more detailed information for development planning.

MAIN STORY

The National Bureau of Statistics (NBS), International Labour Organisation (ILO) and European Union (EU) have called for stronger coordination of social protection data to support better policy planning and delivery of interventions in Nigeria.

The stakeholders made the call on Tuesday in Abuja at the National Social Protection Statistics Dialogue and Data Collection Engagement organised by the ILO in collaboration with NBS, EU and UNICEF.

Mr Semiu Adeniran, Statistician General of the Federation, said the engagement was coming at a time when Nigeria’s social protection system was undergoing significant changes.

He said government was taking steps to strengthen national ownership, coordination, financing and delivery of social protection and poverty reduction programmes.

According to Adeniran, the Federal Ministry of Humanitarian Affairs and Poverty Reduction is also pursuing a more integrated approach through its “One Humanitarian, One Poverty Response System”, aimed at reducing fragmentation and creating a more coordinated national social protection architecture.

He said the NBS had a responsibility to ensure that such reforms and programmes were supported by reliable, timely, comparable and disaggregated statistics.

“Our role at NBS is to help ensure that as Nigeria strengthens its social protection architecture, we also strengthen the evidence architecture.

“This will enable government to know what is working, who is being reached, where the gaps are and how the system is performing over time,” he said.

Adeniran said collaboration with the ILO and EU had strengthened NBS technical capacity, supported efforts to harmonise social protection data and improved engagement with institutions responsible for implementing social protection programmes.

He added that work was ongoing to establish a Social Protection Management Information System (SPMIS), which would bring together data currently held by different institutions.

The system, he said, would make the information available in a coordinated and harmonised form for statistical production at both national and sub national levels.

Adeniran identified Abia, Benue, Oyo and Sokoto as the four states participating in the ILO supported SUSE programme.

He said Nigeria needed to move away from treating social protection statistics as occasional reporting and instead establish sustainable systems, standards, institutional arrangements and data flows for regular statistical production.

The Statistician General said the dialogue should also provide a clearer picture of existing data gaps, the institutions holding relevant information and the practical measures required to address those gaps.

He called for improved coordination of social protection data at the sub national level, particularly at the ward level.

Adeniran said the NBS’s recent ward demarcation exercise had provided a statistical foundation for obtaining more detailed information on development conditions.

“If development planning is increasingly taking place at the ward level, our social protection statistics must also start to tell us what is happening at the ward level,” he said.

He, however, said this would not require the creation of a new large scale survey for every social protection programme in every ward.

Instead, he said NBS would explore developing a ward level social protection data layer by combining information from existing government systems with targeted statistical data collection.

Dr Vanessa Phala, Country Director of the ILO, described the engagement as a milestone in efforts to build reliable and resilient data systems for evidence based social protection interventions.

Phala said policy decisions could not be effectively based on assumptions and stressed the importance of reliable statistics in designing interventions and tracking their progress.

She also described social protection as a fundamental human right and a pillar of decent work and social justice.

Mr Ben Mathew, Head of Section, Human Development, represented by Chioma Osuji, said the EU regarded the engagement as part of an ongoing process rather than a one off exercise.

Mathew commended the ILO and NBS for organising the dialogue at a time when stronger social protection systems were becoming increasingly important to inclusive development, social cohesion and resilience.

He said effective social protection depended not only on policy commitment but also on strong institutions and credible data.

THE ISSUES

  1. Fragmented social protection data can make it difficult to establish who is receiving support, where gaps remain and how interventions are performing over time. The proposed harmonisation of information is intended to address this challenge.
  2. The push for more disaggregated data reflects the need to understand social protection conditions below the national level. Ward level information could give policymakers a more detailed picture of development and vulnerability in different communities.
  3. The proposed SPMIS could provide a common structure for information currently held by different institutions, reducing the separation of data and supporting statistical production across national and sub national levels.
  4. The focus on sustainable data systems also shifts attention from producing statistics for individual reporting exercises to establishing regular processes, standards and institutional arrangements that can support long term policy planning.

WHAT’S BEING SAID

“This will enable government to know what is working, who is being reached, where the gaps are and how the system is performing over time,” – Mr Semiu Adeniran, NBS.

“If development planning is increasingly taking place at the ward level, our social protection statistics must also start to tell us what is happening at the ward level,” – Mr Semiu Adeniran, NBS.

“If we want to reduce poverty and do not know how many people are poor, or the level of their vulnerability, we cannot initiate programmes that will address poverty,” – Mr Ben Mathew, EU.

WHAT’S NEXT

The NBS is expected to continue work on the Social Protection Management Information System and explore a ward level social protection data layer that combines information from government systems with targeted statistical data collection.

BOTTOM LINE

The stakeholders want Nigeria’s expanding social protection architecture to be supported by coordinated, reliable and detailed data that can guide policy decisions and measure whether interventions are reaching the people who need them.

RMAFC prepares China oil and gas forum to attract investors

KEY POINTS

• RMAFC has inaugurated a committee to coordinate preparations for an oil and gas investment forum in China.

• The forum, scheduled for later in 2026, will present investment opportunities across Nigeria’s oil and gas value chain.

• Business to business engagements, investment matchmaking, technical presentations and policy dialogue are planned.

• NUPRC, NMDPRA, NIPC and other government and industry bodies are represented on the planning committee.

MAIN STORY

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has begun preparations for an oil and gas investment forum in China as part of efforts to attract investment into Nigeria’s petroleum sector.

The commission’s Chairman, Dr Mohammed Shehu, announced the initiative on Tuesday in Abuja while inaugurating a committee responsible for organising the forum.

Shehu, represented by RMAFC Commissioner for Anambra and Chairman of its Investment Monitoring Committee, Mr Ekene Enefe, said the event was expected to hold towards the end of 2026.

He said the committee’s inauguration was intended to establish a coordinated approach to preparations for the China forum and ensure that relevant investment opportunities were properly identified and presented.

According to him, the event will showcase opportunities across Nigeria’s oil and gas value chain and create a platform for engagement between Nigerian institutions and potential investors.

The forum will include business to business meetings, investment matchmaking, technical presentations and policy discussions.

“The forum will as well feature business-to-business engagements, investment matchmaking, technical presentations and policy dialogue.

“It also expected to promote Nigeria’s investment opportunities in the international oil and gas market,” he said.

Shehu directed the committee to develop a comprehensive framework for the forum, identify priority investment opportunities and coordinate the participation of relevant stakeholders.

He said the committee would also facilitate strategic discussions with prospective investors and partners in China.

“The committee is expected to coordinate relevant stakeholders and activities toward ensuring effective participation and investment engagements at the forum,” he said.

The chairman said the initiative was intended to support sustainable partnerships and deepen cooperation between Nigeria and China in the oil and gas sector.

He also reaffirmed RMAFC’s commitment to working with relevant institutions and stakeholders within its constitutional mandate.

“Such collaboration will support initiatives designed to strengthen investment, improve revenue generation and promote sustainable economic development,” he said.

THE ISSUES

  1. The forum is being structured around specific investment opportunities in Nigeria’s oil and gas value chain rather than a general investment outreach. This places the identification and presentation of priority opportunities at the centre of the planning process.
  2. The planned business to business meetings and investment matchmaking could provide a direct platform for prospective investors and Nigerian stakeholders to discuss potential partnerships, while technical presentations and policy dialogue are expected to provide additional sector context.
  3. The involvement of petroleum regulators, investment promotion agencies and other government and industry bodies gives the planning committee representation across different parts of the sector and investment process.
  4. The initiative also links investment attraction with revenue generation and broader economic development, reflecting RMAFC’s stated objective of using collaboration with relevant institutions to support these areas.

WHAT’S BEING SAID

“The forum will as well feature business-to-business engagements, investment matchmaking, technical presentations and policy dialogue.” – Dr Mohammed Shehu, RMAFC.

“The committee is expected to coordinate relevant stakeholders and activities toward ensuring effective participation and investment engagements at the forum.” – Dr Mohammed Shehu, RMAFC.

“Such collaboration will support initiatives designed to strengthen investment, improve revenue generation and promote sustainable economic development.” – Dr Mohammed Shehu, RMAFC.

WHAT’S NEXT

The planning committee is expected to develop the framework for the forum, identify priority investment opportunities and coordinate stakeholders’ participation ahead of the event scheduled for later in 2026.

BOTTOM LINE

RMAFC is positioning the China forum as a platform to present Nigeria’s oil and gas investment opportunities and connect prospective investors with relevant stakeholders.

EFInA survey says 94.2 million Nigerian adults use financial services

KEY POINTS

• 79 per cent of Nigerian adults, about 94.2 million people, use financial products or services.

• Formal financial inclusion rose to 73 per cent, above the 70 per cent target under the National Financial Inclusion Strategy.

• Digital financial services reached 64.4 per cent of adults, up from 45 per cent in 2023.

• EFInA says the next phase of financial inclusion should focus on meaningful usage, financial health and access to credit, protection and investment.

MAIN STORY

About 94.2 million Nigerian adults now use financial products or services, representing 79 per cent of the adult population, according to the Enhancing Financial Inclusion and Advancement (EFInA).

The figure was contained in EFInA’s 9th Access to Financial Services in Nigeria (A2F) Survey, made available to the News Agency of Nigeria (NAN) on Tuesday in Abuja.

The survey showed that formal financial inclusion had risen to 73 per cent, surpassing the 70 per cent target set under the National Financial Inclusion Strategy.

Dr Agnes Martins, Board Chairman of EFInA, said the survey provided insights that administrative data could not fully capture.

She explained that while administrative records showed accounts, transactions, infrastructure and financial service providers, the A2F survey provided information about the people using or excluded from those services.

Martins warned against designing financial services solely around national averages, saying financial needs varied according to income, gender, location, age and economic activity.

Dr Aisha Isa Olatinwo, Director of Consumer Protection and Financial Inclusion at the Central Bank of Nigeria, said the survey evidence was important for policy design, market development, consumer protection and the targeting of financial sector reforms.

She said the findings showed that financial inclusion policy needed to move beyond simply expanding access to financial services.

“The policy challenge before us is therefore no longer simply to open accounts or expand access points.

“It is to ensure meaningful usage, affordability, reliability, safety, trust and measurable improvement in financial health,” Isa Olatinwo said.

The survey also recorded growth in pension participation, with coverage rising from eight per cent of adults in 2023 to 9.1 per cent.

Ms Omolola Oloworaran, Director General of the National Pension Commission, said the increase remained insufficient, noting that most Nigerians were still without pension coverage.

She urged EFInA to collaborate with the commission on a dedicated pension inclusion model, stressing that having an account alone did not amount to pension inclusion if the account was not funded.

Digital financial services recorded a stronger increase, reaching 64.4 per cent of adults, compared with 45 per cent in 2023 and 34 per cent in 2020.

Ms Foyinsolami Akinjayeju, Chief Executive Officer of EFInA, said the growth in digital financial services was the largest movement recorded in the survey and was associated with improved financial outcomes.

According to her, 33 per cent of digital financial service users were financially healthy, compared with 9.1 per cent among non users.

Akinjayeju called for national financial inclusion targets to measure impact alongside access to and use of financial services.

THE ISSUES

  1. The rise in formal financial inclusion above the national target indicates that the challenge is increasingly shifting from bringing people into the formal financial system to ensuring that they can use financial services effectively and safely.
  2. The survey highlights differences in financial needs across income groups, genders, locations, ages and economic activities. This means broad national averages may not adequately reflect the barriers faced by particular groups.
  3. Pension participation remains low despite its increase from 2023. The survey and comments from PenCom indicate that account ownership must be accompanied by actual funding and sustained participation if it is to provide financial security in retirement.
  4. The expansion of digital financial services creates opportunities for wider access, but the reported difference in financial health between digital users and non users also points to the need to focus on the quality and outcomes of usage.
  5. EFInA says existing financial relationships should increasingly become pathways to credit, protection, investment and financial security, linking financial inclusion to people’s resilience and economic opportunities.

WHAT’S BEING SAID

“The policy challenge before us is therefore no longer simply to open accounts or expand access points.

“It is to ensure meaningful usage, affordability, reliability, safety, trust and measurable improvement in financial health,” – Dr Aisha Isa Olatinwo, CBN.

“Roughly nine out of every 10 Nigerians are not covered for the day they can no longer work,” – Ms Omolola Oloworaran, PenCom.

“We now have the evidence; the priority is to use it to focus on action where it can make the greatest difference,” – Dr Oluwatomi Eromosele, EFInA.

WHAT’S NEXT

EFInA is calling for national targets that measure the impact of financial services alongside access and usage. It also wants existing financial relationships developed into pathways to credit, protection, investment and financial security, with greater attention to people and locations where financial inclusion gaps remain.

BOTTOM LINE

Nigeria has moved beyond its formal financial inclusion target, but EFInA says the next challenge is ensuring that access translates into meaningful usage, financial health and greater economic resilience.

Super eagles welcome 20 players to camp ahead of 2027 AFCON qualifiers

See Full List Of Super Eagles AFCON Qualifiers Team

By Annette Ikponmwonba | September 22, 2026

Key Points

· Twenty players have arrived at the Super Eagles’ camp in Ikot Ekpene, Akwa Ibom State, ahead of the 2027 AFCON qualifiers

· Head coach Éric Chelle and his backroom staff were among the early arrivals as camp opened on Monday

· Captain Wilfred Ndidi, Samuel Chukwueze and goalkeeper Stanley Nwabali are expected to join the squad shortly

· The team will hold its first training session at the Godswill Akpabio International Stadium in Uyo, with the first 15 minutes open to media and the public

· Nigeria hosts Madagascar on Friday, September 25, before travelling to face Guinea-Bissau the following Tuesday

Main Story

Twenty players have arrived at the Super Eagles of Nigeria’s camp in Ikot Ekpene, Akwa Ibom State, as Nigeria begins preparations for its 2027 Africa Cup of Nations qualifying matches against Madagascar and Guinea-Bissau. The Super Eagles opened camp on Monday at the Four Points by Sheraton Hotel in Ikot Ekpene, with head coach Éric Chelle, his assistants and other members of the backroom staff among the early arrivals.

The players already in camp include Simon Moses, Akor Adams, Taiwo Awoniyi, Isaac James, Emmanuel Fernandez, Benjamin Fredericks, Moses Usor, George Ilenikhena, Arthur Okonkwo, Alex Iwobi, Semi Ajayi, Calvin Bassey, Ola Aina, Ademola Lookman, Bright Osayi-Samuel, Chibuike Nwaiwu, Tolu Arokodare, Bruno Onyemaechi, Raphael Onyedika and Frank Onyeka.

Captain Wilfred Ndidi, Samuel Chukwueze and goalkeeper Stanley Nwabali were also expected to join the squad as the team continues its preparations for the qualifiers. The Super Eagles are scheduled to hold their first training session at the Godswill Akpabio International Stadium in Uyo, with the first 15 minutes open to members of the media and the public.

The Issues

The early assembly of a strong core squad reflects the seriousness with which Nigeria is approaching this qualifying campaign, particularly given the competitive stakes of AFCON qualification and the depth of talent the team is drawing from across Europe and other leagues. The presence of key figures like Ademola Lookman, Alex Iwobi and Taiwo Awoniyi in camp early signals a squad built around established performers, though the team will still need to integrate captain Wilfred Ndidi, Samuel Chukwueze and Stanley Nwabali once they arrive.

The choice to open the first 15 minutes of training to media and the public also reflects an effort to build public engagement and excitement around the campaign’s opening fixtures, particularly given that the matches will be played on home soil in Uyo before the team travels for the away leg against Guinea-Bissau.

What’s Being Said

The report does not include direct quotes from coach Éric Chelle or team officials regarding camp preparations, focusing instead on confirming the squad list and campaign schedule as preparations get underway.

What’s Next

The Super Eagles will host Madagascar’s Barea at 5pm on Friday, September 25, in their opening qualifying fixture, before travelling to Bissau to face Guinea-Bissau’s Djurtus the following Tuesday. Attention will now turn to how the squad settles into camp, how the remaining expected arrivals integrate with the group, and how the team performs across these two opening qualifiers as Nigeria begins its 2027 AFCON qualifying campaign.

Bottom Line

With a strong core squad already assembled in Ikot Ekpene and key players still to arrive, the Super Eagles are moving quickly to build cohesion ahead of a crucial opening qualifying double-header against Madagascar and Guinea-Bissau that will set the tone for Nigeria’s 2027 AFCON campaign.

CBN slashes benchmark rate to 23% as inflation cools, delivers biggest cut since easing cycle began

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) has cut the Monetary Policy Rate (MPR) by 350 basis points to 23 per cent, its sharpest reduction since the apex bank began easing its tightening stance, as moderating inflation gives policymakers room to loosen monetary conditions.

The decision was announced at the end of the Committee’s 307th meeting, held on September 21 and 22, 2026, marking the most aggressive rate cut of Governor Olayemi Cardoso’s tenure and a decisive break from the hold the Committee maintained through much of the year.

Other Policy Parameters

Alongside the rate cut, the Committee recalibrated the Standing Facilities Corridor around the MPR to +50/-300 basis points, narrowing the lower band from the +50/-450 basis points set at its previous meeting. The adjustment tightens the band within which banks borrow from or lend to the CBN’s standing facilities, a move that limits how cheaply banks can park excess liquidity with the apex bank even as the benchmark rate falls.

The Committee left the Cash Reserve Requirement (CRR) unchanged, retaining it at 45 per cent for deposit money banks, 16 per cent for merchant banks, and 75 per cent for non-TSA public sector deposits — levels that have stood since September 2025 and that continue to lock up a significant share of bank deposits at the central bank.

Context: A Cooling Inflation Picture

The rate cut follows two consecutive months of easing inflation. Headline inflation slowed to 15.39 per cent in August 2026, from 15.43 per cent in July, according to the National Bureau of Statistics, while food inflation eased to 19.57 per cent — its first decline in six months. Both readings were sharply lower than their year-earlier levels, reinforcing the disinflation trend that had been building since mid-year.

At its July meeting, the MPC held the MPR at 26.5 per cent for a second straight sitting, citing global uncertainty tied to renewed hostilities in the Middle East even as it acknowledged marginal disinflation at home. Analysts had widely expected that hold, but flagged that a wide gap between the policy rate and inflation — then above 11 percentage points — left room for the Committee to ease once subsequent inflation prints confirmed the trend was durable. August’s data appears to have done just that, clearing the way for the Committee’s decisive move.

What It Means

The 350-basis-point cut signals that the CBN now views its tightening cycle — which pushed the MPR as high as 27.5 per cent — as having run its course, and is shifting decisively toward supporting growth as price pressures recede. The narrower Standing Facilities Corridor, however, suggests the Committee wants to keep a tighter handle on short-term liquidity even as it loosens the headline rate, a signal that policymakers remain cautious about reversing gains made against inflation.

The MPC’s next meeting is scheduled for November 23 and 24, 2026, where the Committee will assess whether the disinflation trend has held before deciding on further policy adjustments.

MediaConsortium 4.0: How the empowered consumer is redefining the market

Femi Adeniba (2nd left), representative of guest speaker, Dr. Bolajoko Bayo-Ajayi; Femi Opadere, (3rd left) Head of Digital at Glo, flanked by Adetunji Faleye far left, Godwin Anyebe, far right and Ameachi Obiakpo, all conveners of MediaConsortium Conference and Awards, at the 4th edition on Friday, 18th September, 2026, at Lagos Chamber of Commerce and Industry, Alausa. Ikeja.

Marketing executives, media practitioners, corporate leaders, and brand custodians gathered in Lagos recently for the fourth edition of the MediaConsortium Conference and Awards (MediaConsortium 4.0).

Focused on the theme, “The Value Shift: Strategies for the New Market Reality in the Age of the Empowered Consumer,” the high-level industry gathering addressed the permanent structural realignment of market power from brands to buyers, offering actionable frameworks for businesses navigating complex economic dynamics across African markets.

Opening the conference, Godwin Anyebe, Co-Publisher of MediaConsortium Magazine, set the stage by highlighting the historic transformation taking place in trade, communication, and brand strategy.

“For decades, market power resided predominantly on the side of supply. Brands dictated narratives, set engagement terms, and controlled distribution channels,” he stated in his opening remarks.

According to him, “today information accessibility, digital connectivity, and heightened economic consciousness have flipped that historic model. Today’s consumer is informed, discerning, connected, and uncompromising. Navigating this new reality requires more than incremental adjustments—it demands bold, forward-looking strategies, deep cross-sector collaboration, and an unwavering commitment to customer-centric innovation.”

Delivering the Keynote Address titled “The Day the Customer Took the Wheel: The Value Shift: What Happens When the Consumer No Longer Needs the Marketer to Make the Choice?”, Dr. Bolajoko Bayo-Ajayi, President of the National Institute of Marketing of Nigeria (NIMN), represented by Oluwafemi Adeniba, asserted that traditional marketing control has effectively collapsed.

Adeniba described today’s modern consumer as “the most dangerous customer”, not because she is angry, but because she is fully informed, digitally empowered, and quietly takes her purchasing power elsewhere when brands fail to deliver genuine value.

He stressed that, “the rise of digital connectivity, fintech, e-commerce, the creator economy, and artificial intelligence has effectively dismantled traditional information asymmetry, transferring market power directly from brands to buyers. While companies retain control over their paid advertising, they no longer dictate the surrounding narrative or customer dialogue.”

Continuing, he pointed out that “in this transformed landscape, treating consumers as merely “price-sensitive” is a critical miscalculation; particularly in high-aspiration markets like Nigeria, buyers are inherently value-sensitive, constantly weighing the overall return against what they must give up under economic pressure.”

Complementing the keynote, Yinka Femi Opadere, Head of Digital at Glo, delivered a compelling presentation exploring the operational realities of the empowered consumer. Opadere emphasized that one-way broadcast messaging is dead, urging corporate leaders to redesign engagement models around transparency, agility, and authentic value delivery in fast-moving digital ecosystems.

According to him, “to survive this shift, marketers must fundamentally alter their core orientation, pivoting from asking “What are we selling?” to addressing “What problem are you solving for me?” True commercial success now relies on delivering real, verifiable outcomes across every customer touchpoint rather than relying on clever promises. Modern market value is built at the intersection of relevance, trust, seamless experience, and tangible results, the foundational elements required to win over today’s empowered consumer.

Moderated by Akonte Ekine, Chief Executive, BrandXchange & Convener, Consumers Value Awards, the conference papers were expertly debated during an interactive panel session featuring prominent industry figures, including Olusesan Ogunyooye (Head of Marketing at AXA Mansard), who shared insights on maintaining consumer trust and organizational resilience in financial services; Oke Umurhowho (Director of Marketing at StarTimes), provided practical perspectives on changing media consumption habits and digital content engagement; Olabisi Shonibare, Director – Partnership, Grants Management and Innovations, Lagos State Environmental Protection Agency explained efforts of the Lagos State Government to make the state habitable for all consumers.

Victor Okafor, National Marketing Coordinator, Oriflame Cosmetics Limited, also shared his thought on changing consumer experience and its effects on marketing, while Richard Salvador-Adebayo, MD, Digisplash Ltd, pointed that, we are now in an attention economy and brands must do everything to get the attention of the consumers and keep it, noting that it is not just about impressions anymore.

According to him, brands are now competing with everyone that can get the consumers’ attention, irrespective of the size of budget and how big the channels are, “all it takes is for one video to go viral, and it gets all the attention”, he noted.

The MediaConsortium Conference & Awards 4.0 concluded with a call to action for the marketing profession to adapt to the speed of the market, reinforcing that in an era where consumers hold the microphone, a brand’s ultimate competitive advantage is its ability to create something genuinely worth choosing.

Tinubu can order, direct and govern anywhere – presidency replies Atiku, Obi

President Bola Tinubu
President Bola Tinubu

By Annette Ikponmwonba | September 22, 2026

Key Points

· The Presidency says President Tinubu can continue governing Nigeria regardless of his physical location

· Special Adviser on Policy Communication Daniel Bwala made the clarification responding to Atiku Abubakar and Peter Obi

· The two opposition figures had questioned who was in charge while Tinubu is in Paris and Shettima is in the US for the UN General Assembly

· Bwala cited Section 5 of the 1999 Constitution as the legal basis for the President’s executive powers regardless of location

· He argued the President’s authority as Commander-in-Chief extends beyond Nigeria’s borders

· Bwala also criticised Atiku and Obi for not offering a clear alternative beyond what he called populist rhetoric

Main Story

The Presidency has said President Bola Tinubu can continue to govern Nigeria regardless of his physical location, following questions raised by opposition figures about who is effectively running the country during his current travels. Tinubu’s Special Adviser on Policy Communication, Daniel Bwala, made the clarification on Monday while responding to comments from former Vice President Atiku Abubakar and former Anambra State Governor Peter Obi.

The two opposition figures had questioned who was effectively in charge of Nigeria while Tinubu is currently in Paris and Vice President Kashim Shettima is in the United States for the 81st United Nations General Assembly. Bwala pushed back directly, arguing that the President’s ability to exercise his constitutional powers does not depend on his physical presence within Nigeria.

According to Bwala, the Constitution grants the President authority to direct the affairs of the country and exercise his responsibilities as Commander-in-Chief of the Armed Forces even while outside Nigeria, citing Section 5 of the 1999 Constitution as the legal basis for these executive powers.

The Issues

The exchange highlights a recurring point of political contention in Nigeria around presidential travel and the perceived optics of governance continuity, particularly when both the President and Vice President are abroad simultaneously. While Bwala’s constitutional argument rests on established executive authority provisions, the underlying political debate often centers less on strict legal capacity and more on public perception of leadership visibility and accountability during periods of overseas travel.

This kind of exchange also reflects the broader dynamic between the ruling administration and opposition figures like Atiku and Obi, both of whom remain prominent voices ahead of the 2027 election cycle. Questions about governance during presidential absences can serve as a recurring point of political critique, regardless of their constitutional merit, particularly when used to draw attention to broader concerns about leadership accountability or transparency.

What’s Being Said

Bwala was direct and somewhat pointed in his response, framing the opposition’s questions as an unnecessary distraction rather than a legitimate governance concern. He wrote on social media, “It is funny how opposition candidates are asking the question who is in charge of Nigeria simply because the president and Vice President are out of the country.”

He went further to lay out the constitutional basis for his argument, stating plainly that the power of the president to govern Nigeria is not limited to geography, and that as Commander-in-Chief of the Armed Forces, the President can order, direct, delegate and administer the constitution of Nigeria anywhere in the world, Bwala also used the moment to level a broader political critique at Atiku and Obi, arguing that both have yet to articulate a clear alternative political vision beyond what he characterised as populist rhetoric.

What’s Next

It remains to be seen whether Atiku or Obi will respond further to Bwala’s constitutional clarification, or whether the exchange develops into a more sustained back and forth between the Presidency and opposition figures over governance and leadership questions.

Attention will also likely remain on when Tinubu and Shettima return to Nigeria following their respective engagements in Paris and at the UN General Assembly in New York, which may naturally settle the immediate controversy even as the broader political sparring between the parties continues.

Bottom Line

The Presidency’s response reflects a broader pattern of political sparring between the Tinubu administration and opposition figures like Atiku and Obi, with Bwala using constitutional grounding to dismiss questions about governance continuity while simultaneously using the moment to challenge the opposition’s own political credibility ahead of the 2027 election cycle.

Access bank appoints new executive director for risk management

By Annette Ikponmwonba | September 22, 2026

Key Points

· Access Bank has appointed Ifedayo Olaniyi Orimoloye as Executive Director, Risk Management, following CBN approval

· The appointment takes effect September 21, 2026

· Orimoloye brings over 25 years of risk management experience across institutions in Africa, Europe and the United States

· He was most recently Group Chief Risk Officer of the African Development Bank, overseeing a portfolio exceeding $40bn

· His previous roles include senior risk positions at Sterling Bank, Ecobank, Wells Fargo, HSBC and Citigroup

· Access Holdings Chairman Aigboje Aig-Imoukhuede says his international experience will strengthen the bank’s risk governance as it expands

Main Story

Access Bank Plc has appointed Ifedayo Olaniyi Orimoloye as Executive Director, Risk Management, following approval by the Central Bank of Nigeria. The appointment, announced by Access Holdings Plc on Friday, takes effect on September 21, 2026, Orimoloye joins Access Bank with more than 25 years of experience in risk management across financial institutions in Africa, Europe and the United States. He was most recently Group Chief Risk Officer of the African Development Bank, where he was responsible for a portfolio exceeding $40bn and contributed to the institution’s risk management framework and its continued AAA credit ratings from Moody’s Investors Service, S&P Global Ratings and Fitch Ratings.

His experience spans enterprise risk management, capital optimisation, credit governance, regulatory compliance and strategic transformation. Before joining the African Development Bank, Orimoloye held senior risk management positions at Sterling Bank Plc, Ecobank Transnational Incorporated, Wells Fargo Bank, HSBC and Citigroup.

The Issues

The appointment comes at a time when Nigerian banks are under increasing pressure to strengthen governance and risk oversight amid a challenging macroeconomic environment, including currency volatility, inflationary pressure and evolving regulatory expectations from the Central Bank of Nigeria. Bringing in an executive with deep experience managing large, complex risk portfolios at a multilateral institution like the African Development Bank suggests Access Bank is positioning itself to navigate these pressures with heightened institutional rigor.

Orimoloye’s background also reflects a broader trend among Nigerian financial institutions of recruiting senior risk and governance executives with international multilateral or global banking experience, a strategy that can help align local risk practices with international standards, particularly as Nigerian banks continue expanding their footprint across African and global markets.

His prior involvement in capital and securitisation transactions tied to expanding renewable energy access across Africa also points to a potential area of strategic relevance for Access Bank, given the increasing focus among African financial institutions on financing sustainable development and green energy initiatives.

What’s Being Said

Group Chairman of Access Holdings, Aigboje Aig-Imoukhuede, welcomed the appointment, framing it as a strengthening of the bank’s leadership capacity as it continues to expand its operations. “Mr. Orimoloye brings strong global risk management experience and strategic leadership to the Board of Access Bank Plc,” he said.

Access Holdings also described the appointment as reinforcing the bank’s broader commitment to governance, prudent risk management and sustainable stakeholder value, framing the move as consistent with the institution’s ongoing strategic priorities.

What’s Next

Attention will likely turn to how Orimoloye’s risk management approach shapes Access Bank’s strategic direction in the coming months, particularly as the bank continues its expansion across African and international markets. His experience with large scale portfolio management and regulatory compliance may also become especially relevant as the bank navigates ongoing shifts in Nigeria’s banking regulatory landscape.

Bottom Line

Access Bank’s appointment of Ifedayo Orimoloye brings substantial international risk management expertise to its leadership team, signaling the bank’s intent to reinforce governance and risk oversight as it continues to scale its operations across increasingly complex financial markets.

I was mocked — Sophia Momodu on having Davido’s child outside wedlock

Davido.

By Annette Ikponmwonba | September 22, 2026

Key Points

· Businesswoman Sophia Momodu has opened up about the criticism she faced after becoming pregnant for Davido out of wedlock

· She spoke on the experience while participating in the 81st United Nations General Assembly

· Momodu said being a pastor’s daughter made the situation especially taboo, attracting mockery from the public

· She said she felt she lacked a genuine voice despite her fame, as her story was drowned out by negativity

· Momodu and Davido were in a relationship in 2015, resulting in the birth of their daughter Imade on May 14, 2015

· Davido later confirmed through a DNA test that he is Imade’s biological father

Main Story

Businesswoman Sophia Momodu has opened up about her experience of becoming pregnant for Afrobeats star Davido, out of wedlock, and the public criticism that followed. Momodu spoke about the experience while participating in the 81st United Nations General Assembly.

She recalled that as the daughter of a pastor, having a child outside marriage attracted mockery and criticism, particularly because of the expectations placed on women from religious families. “It’s my life story. I have a pastor’s daughter who got pregnant out of wedlock by a global superstar. And I was mocked. I was… it was crazy,” she said.

According to her, although she was already famous, she felt she did not truly have a voice because her own story was often drowned out by the negative narratives surrounding her relationship with Davido. “And for the longest time, I didn’t have a voice. I was famous, I was popular, but I didn’t have a voice. It kept getting drowned out by whatever the negativity was around that story,” she said.

The Issues

Momodu’s reflections touch on a broader cultural tension in Nigeria around religious expectations and public judgment of women, particularly those from prominent religious families. Her comments highlight how deeply ingrained certain taboos remain, even for public figures with significant fame and visibility, suggesting that celebrity status does not necessarily shield individuals, especially women, from intense moral scrutiny tied to personal choices.

Her remarks also point to a recurring theme in conversations about public narrative control, where individuals directly involved in high profile personal stories often find themselves unable to shape how their own experiences are perceived, particularly when a more famous partner’s public image tends to dominate media coverage and public discourse. This dynamic, of having a personal story overshadowed or distorted by a more powerful public narrative, is a challenge that resonates beyond Momodu’s individual experience and speaks to broader gender dynamics in how relationships and parenthood outside marriage are publicly discussed in Nigeria.

What’s Being Said

Momodu was candid in describing just how culturally significant the stigma was, framing it in stark terms for anyone familiar with Nigerian social expectations. “If you’re Nigerian and you’re here, you know that it’s almost a taboo to be a daughter of a pastor and have a child out of wedlock,” she said.

What’s Next

As a reflective personal account rather than a developing news story, there is no immediate follow-up event tied to these remarks, though Momodu’s comments may continue to resonate in broader public conversations about religious expectations, motherhood outside marriage, and how women’s personal narratives are shaped by public perception in Nigeria.

Bottom Line

Sophia Momodu’s candid reflection on the mockery she faced as a pastor’s daughter who became pregnant outside marriage sheds light on the lasting weight of religious and cultural expectations placed on women in Nigeria, even for those who have achieved significant public visibility and fame.

Day 57, Keivo wins HoH as Barry sends the house to the finale – BBNaija

By Annette Ikponmwonba | September 22, 2026

Key Points

· Keivo won this week’s HoH title after finishing second the previous week, securing immunity and the Week Nine crown

· He chose Aikou as his Loft mate, while Oyin became the week’s Benchwarmer

· Barry was called to exercise his Ultimate Veto Power, choosing between Immunity For All or Immunity For None

· Barry selected Immunity For All, securing every remaining housemate a spot in the finale

· Biggie instructed Barry to keep his decision secret, warning that hinting at it could cost him his own immunity

· The decision officially locked in the Show Ya Sef Top 10 for the finale

Main Story

Keivo bounced back from finishing second in last week’s HoH games to claim the Week Nine crown and immunity, completing a four game obstacle course that tested the housemates’ determination, patience, resilience and focus. Points from each challenge were added together to determine the overall winner, with housemates given 15 minutes to complete the course.

The final challenge, aptly titled Slow and Steady, required each housemate to build a stable stack and leave the platform without bringing it down. While several housemates struggled to keep their stacks standing, Keivo completed the challenge successfully and finished with the highest overall score, finally claiming the HoH crown after coming so close the week before. He chose Aikou as his Loft mate, while Oyin became the week’s Benchwarmer. Keivo’s HoH title also came with immunity, though he had no power over the night’s nomination process.

The bigger twist of the night came when Barry was called into the diary room to exercise his Ultimate Veto Power. Inside an envelope were two choices, Immunity For All or Immunity For None, with the second option stripping every housemate, including the HoH, of immunity entirely. After asking Biggie for clarification, Barry chose Immunity For All and confirmed his decision.

The Issues

Barry’s decision represents one of the most consequential moments of the season, given the scale of what was at stake. Choosing Immunity For All effectively neutralized the entire nomination process for the week, meaning no housemate faced eviction risk and the full remaining house secured a place in the finale as the Show Ya Sef Top 10. This kind of single point decision shifting the outcome for an entire cast underscores just how much power the Ultimate Veto Power has granted Barry over the course of these final weeks.

The secrecy imposed around the decision adds another layer of tension heading into the coming days. With Biggie warning that any hint of what happened could cost Barry his own immunity, the house will continue operating under the assumption that nominations proceeded normally, even though the outcome has already been determined behind the scenes. This creates a dramatic irony for viewers who now know something the housemates themselves do not, while also testing Barry’s ability to maintain composure and discretion under pressure.

There’s also a broader question about how this decision reshapes the competitive stakes going into the finale. With the full house locked in as the Top 10 regardless of the normal nomination and eviction process, the usual tension of weekly eviction risk has been removed for this cycle, potentially shifting focus toward how housemates position themselves strategically and socially for the final stretch rather than worrying about immediate elimination.

What’s Being Said

Biggie’s instructions to Barry were notably strict regarding secrecy, explicitly warning him that any attempt to hint at what had happened could cost him his own immunity, a directive that places significant pressure on Barry to manage his behavior carefully around the other housemates in the days ahead.

Back in the house, Biggie kept the housemates in the dark, simply announcing that the nomination process was complete and telling them their fate would be revealed on Sunday. He also reminded them they were not allowed to campaign or discuss perceived voters, maintaining the illusion of a normal, ongoing nomination cycle despite the outcome already being settled.

What’s Next

The housemates remain unaware that Barry’s decision has already secured their collective place in the finale, meaning the coming days will likely play out with continued uncertainty and tension among the cast, unaware that the usual eviction stakes for this week no longer apply. Attention will now turn to how the reveal unfolds on Sunday and how housemates react upon learning the true nature of what transpired.

With the full Top 10 locked in for the finale, focus will also likely shift toward how alliances, rivalries and personal dynamics within the house continue evolving now that immediate eviction pressure has been lifted for this cycle, potentially changing how housemates approach the final stretch of the season.

Bottom Line

Keivo’s hard fought HoH win was ultimately overshadowed by Barry’s quietly decisive choice to save the entire house, a move that locks in the Show Ya Sef finale lineup and sets up a tense wait for Sunday’s reveal, when housemates will finally learn just how much their fate has already been determined behind closed doors.

How MSMEs can build a culture of performance and accountability – Patience Ayanyemi

Patience Ayanyemi is a human resources executive, executive search consultant, and business leader with extensive experience in human capital management, executive recruitment, and organisational development. Her expertise covers executive search, recruitment, payroll management, contract staffing, coaching, and outplacement services. She leads one of the region’s foremost executive search and human capital consulting firms, serving organisations across the energy, maritime, logistics, fintech, construction, and other key sectors. In this interview, she discusses building performance cultures in MSMEs, accountability, succession planning, employee development, and the role of leadership in driving business growth.

Why does this conversation, performance culture in MSMEs, matter to you personally, beyond the professional interest?

There is a saying that “What gets measured gets done.” For an MSME to succeed, the business owner must be willing to drive and adopt a performance management culture, even when the company hires only two employees. Every business is established to achieve a set of objectives. The objectives must be clear, milestones must be set, and when the milestones are achieved, there must be a clear reward system and a process for feedback.

Large corporations build performance culture through systems. MSMEs often build it through personality. What are the risks of relying on the latter?

A small or medium size organization may not be able to invest in Performance Management tools; however, that does not mean that the small business is not able to drive or deploy a proper Performance culture and structures in the business. It is the understanding and will of the business owner that determines how much the company can achieve in managing people and driving a performance culture. It starts from when the first employee is hired into the business. A simple documented employment letter that shows the job description and Key Performance Indicators can be used for feedback and performance discussions; it means there must be performance discussions. So driving a proper performance culture in a business goes beyond the personality of the business owner.

What happens to performance standards the day a founder steps back from daily operations?

A business built on a proper structure and intentional succession planning in place should run with or without the owner or visioner. This is the reason we encourage every business owner to document their vision and the strategic intent of the business. Employees or managers working in the business must understand the objective(s) of the business, the mission statement, the core values and the key performance indicators that show success or poor performance of the business. Succession planning is key in every business.

Can family businesses hold people accountable in a culture built on friendship and trust, or does avoiding confrontation to protect relationships come at the cost of the business over time?

Yes, it is possible to hold people accountable only if the expectations are detailed and documented from the beginning of the relationship. It is good to maintain friendship and trust with employees and business stakeholders; however, the expectations must be clear and measurable to sustain the trust and friendship. The business owner brings people into his business to achieve certain objectives of business expansion, drive efficiency and profitability; therefore, he expects everyone in the business to be working towards achieving these sets of objectives and not otherwise. Anyone working otherwise will definitely be working against the business and an enemy of the business.

What does succession reveal about whether a performance culture ever existed in the first place?

A successor must have a proper understanding of the founder’s vision and the business strategic intent. The successor’s ability to drive the short-term and long-term goals of a business reveals the extent of his understanding of the business vision and intent. A successor may struggle to deliver value in the business without an existing performance culture and a clear structure.

Many MSMEs grow revenue without growing people’s capability. Why does that gap appear, and what does it lead to?

An organization that grows revenue without growing people is probably set to only run for a short time. MSMEs must be ready to invest in training and developing workers’ capabilities for their business sustainability. People come with training and work experience that they achieved from their academic fields and previous employment to work for a new organization, they also desire growth in knowledge and career advancement. Therefore, MSMEs must be ready to invest in developing people’s capabilities and training.

What decision does an MSME owner avoid the longest, even when they know it affects performance?

The decision to separate a non-performing employee with whom they have built a personal relationship for some time; however, this inaction can hamper driving a Performance culture in a small or medium-sized business. Business Owners must be fair and transparent when relating to employees; it must be the same standard without favouritism and nepotism.

How do you tell a founder that their leadership style, not their staff, is the reason performance is low?

Founders must be open to feedback. There is a saying, “Feedback is the breakfast of Champions” (Ken Blanchard). Responsibilities come down; feedback goes up. Leaders and business owners must be open to constructive feedback. This is one of the reasons companies do exit interviews when an employee is leaving an organization. It is generally believed that the Employee exiting an organization is more likely to speak up and give unbiased feedback. The use of a suggestion box should also be encouraged, while the founder should attend relevant workshop/seminar periodically where his/her flaws could easily be discovered.

If MSMEs make up the backbone of an economy, what does a weak performance culture across them cost a country, not just a business?

MSMEs account for 46.32% of Nigeria’s GDP and employ 87.9% of the workforce. It means MSMEs must drive efficiency, profitability and wealth sustainability through a performance-driven culture.

Akara festival targets food culture, women’s economic empowerment

KEY POINTS

• The maiden International Akara Day Festival was held in Abuja to promote Nigerian food culture and grassroots entrepreneurship.

• Organisers said the initiative would use akara and other indigenous foods to create economic opportunities, particularly for women and young entrepreneurs.

• The festival is planned as an annual event with ambitions to expand into an international celebration.

MAIN STORY

The organisers of the International Akara Day Festival have unveiled an initiative aimed at promoting Nigeria’s indigenous food culture while creating greater economic opportunities for women and grassroots entrepreneurs.

The maiden edition of the festival was held on Monday in Abuja, bringing together akara vendors, other local food sellers and consumers of indigenous cuisines.

The event featured cooking showcases, marketplace activities and programmes focused on women and youth entrepreneurship.

Mr Abiodun Macaulay, Co convener of the festival, said the initiative was created to give greater visibility to akara sellers and other petty traders whose businesses contribute to local economies but often receive limited recognition and support.

“These people you’re seeing over there, they’re doing good selling akara, but people don’t know. That is why we’re trying to showcase and empower them, and to appreciate the value of akara,” he said.

Macaulay said the initiative would extend beyond akara to include other vendors of indigenous delicacies, with the broader aim of supporting small scale businesses at the grassroots.

He said International Akara Day would be marked annually on Sept. 21, adding that the organisers hoped to eventually establish the celebration in different parts of the world through franchises.

Another Co convener, Patrick Onazi, said the festival was conceived partly in response to the growing popularity of foreign foods and the need to give Nigerian culinary traditions greater visibility.

“We need to celebrate our own culture, our own culinary. That is why we created this opportunity to come together to launch the international akara day festival today,” he said.

Onazi said akara could provide a viable source of income for people seeking to support themselves and their families while pursuing other economic opportunities.

He added that future editions would accommodate other indigenous culinary products and reflect Nigeria’s diversity in language, culture and religion.

A participant, Mrs Mary Good, said the festival could encourage more women to explore small scale businesses while helping younger Nigerians reconnect with traditional foods.

Good noted that akara had long been part of Nigerian households and said promoting indigenous foods could contribute to preserving cultural heritage among younger generations.

Mrs Mallam Habila, an akara vendor, said the festival had given the food greater recognition at a time when some young Nigerians showed less interest in traditional delicacies and preferred modern fast food.

THE ISSUES

  1. The festival places a familiar local food at the centre of a wider conversation about grassroots enterprise. Akara sellers and other petty traders often operate small businesses that provide income for households, making support and visibility relevant to local economic activity.
  2. Promoting indigenous foods also has a cultural dimension. Organisers and participants see greater visibility for local delicacies as a way to maintain connections with Nigerian culinary traditions, particularly among younger people.
  3. The initiative is designed to extend beyond akara vendors. By including other local food businesses, the organisers hope to create a broader platform for small scale entrepreneurs and indigenous food products.
  4. The organisers’ plan to hold the festival annually and establish franchises abroad would give the initiative a wider platform for promoting Nigerian food and cultural products.

WHAT’S BEING SAID

“These people you’re seeing over there, they’re doing good selling akara, but people don’t know. That is why we’re trying to showcase and empower them, and to appreciate the value of akara.” – Abiodun Macaulay

“We need to celebrate our own culture, our own culinary. That is why we created this opportunity to come together to launch the international akara day festival today.” – Patrick Onazi

WHAT’S NEXT

The organisers plan to hold International Akara Day annually on Sept. 21 and expand the initiative to other parts of the world through franchises.

BOTTOM LINE

The International Akara Day Festival combines the promotion of Nigerian culinary heritage with support for grassroots food businesses. Organisers hope to turn the annual celebration into a wider platform for indigenous food products and entrepreneurship.

Expert projects 50 basis points MPR cut at next MPC meeting

CBN Increases Monetary Policy Rate To 18%

KEY POINTS

• Financial expert Uche Uwaleke expects the CBN to reduce the Monetary Policy Rate by 50 basis points at its 307th MPC meeting.

• He cited moderating inflation, exchange rate stability, improved foreign exchange liquidity and stronger external reserves as reasons for a possible cut.

• Uwaleke also called for fiscal and monetary policy coordination to be supported by a durable legal framework.

MAIN STORY

A financial expert, Prof. Uche Uwaleke, has projected that the Central Bank of Nigeria’s Monetary Policy Committee may reduce the Monetary Policy Rate by 50 basis points at its September meeting.

Uwaleke, Director of the Institute of Capital Market Studies and President of Capital Market Academics of Nigeria, made the projection in an interview with the News Agency of Nigeria in Abuja on Monday, ahead of the MPC’s 307th meeting scheduled for Monday and Tuesday.

The MPC had retained the benchmark rate at 26.5 per cent at its 306th meeting in July. It also maintained the Standing Facilities Corridor at +50 and -450 basis points around the MPR, while retaining the Cash Reserve Ratio at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks and 75 per cent for non Treasury Single Account public sector deposits.

Uwaleke said a 50 basis points reduction would be justified by the improvement in several macroeconomic indicators, including moderating inflation, relative exchange rate stability, better foreign exchange market liquidity and growth in external reserves.

“I also see a mild rate cut against the backdrop of the recently signed Memorandum of Understanding (MoU) between the Minister of Finance and the CBN governor on fiscal and monetary policies collaboration,” he said.

The expert said the formalisation of cooperation between the Federal Ministry of Finance and the CBN represented an important development for economic management, given the links between government spending, borrowing, liquidity, exchange rates, inflation and private sector credit.

He said the agreement could provide a structured basis for information sharing, common macroeconomic assumptions and the management of areas where fiscal and monetary policies could conflict.

“For an economy in which government spending, public borrowing, liquidity conditions, exchange-rate movements, inflation and private-sector credit are deeply interconnected, the institutionalisation of regular policy coordination is both timely and economically significant.

“The MoU provides a framework for cooperation that goes beyond personal relationships between the Minister of Finance and the Governor of the CBN.

“It establishes structured mechanisms for information-sharing, aligned macroeconomic assumptions and the resolution of areas where fiscal and monetary actions might otherwise work at cross-purposes,” Uwaleke said.

He said the next step should be to give fiscal and monetary coordination a more permanent institutional foundation rather than relying mainly on administrative arrangements.

According to him, the existing MoU could serve as a starting point, but coordination of such importance should eventually be supported by clear legislation.

“Nigeria could consider reviewing and, where appropriate, amending the relevant provisions of the CBN Act 2007 and other fiscal-governance legislation to establish a transparent framework for fiscal-monetary coordination.

“The framework should also clarify the respective responsibilities of the fiscal and monetary authorities, establish procedures for setting broad inflation objectives, and protect the CBN’s instrument and operational autonomy.

“Such legislation should not create a mechanism through which fiscal authorities can dictate monetary-policy decisions. Rather, it should codify the distinction between shared macroeconomic objectives and independent policy instruments,” he said.

Uwaleke said the fiscal authority should continue to oversee taxation, public expenditure and debt management, while the CBN should retain the independence required to conduct monetary policy.

He added that both institutions should exchange information, make relevant assumptions public and explain how their respective policies interact.

“The broader objective should be a coherent economic policy architecture in which monetary, fiscal, trade, financial and structural policies reinforce one another,” he said.

THE ISSUES

  1. A reduction in the MPR would lower the benchmark around which borrowing and other financial market rates are priced, although the extent to which this translates into cheaper credit would depend on broader market conditions and monetary policy transmission.
  2. Uwaleke’s projection is based on the combination of moderating inflation, exchange rate stability, improved foreign exchange liquidity and stronger external reserves. These factors form the basis of his expectation rather than a confirmed decision by the MPC.
  3. Fiscal and monetary policy coordination can affect how government borrowing, spending, liquidity management and interest rate decisions interact. Uwaleke argues that greater institutionalisation could reduce the risk of policies working against each other.
  4. The proposed legal framework would need to preserve the distinction between shared economic objectives and the independent instruments available to fiscal and monetary authorities. Uwaleke specifically argued against giving fiscal authorities control over monetary policy decisions.

WHAT’S BEING SAID

“I also see a mild rate cut against the backdrop of the recently signed Memorandum of Understanding (MoU) between the Minister of Finance and the CBN governor on fiscal and monetary policies collaboration.” – Uche Uwaleke

“The MoU provides a framework for cooperation that goes beyond personal relationships between the Minister of Finance and the Governor of the CBN.” – Uche Uwaleke

“Such legislation should not create a mechanism through which fiscal authorities can dictate monetary-policy decisions.” – Uche Uwaleke

WHAT’S NEXT

The 307th MPC meeting is scheduled for Monday and Tuesday, when the committee will consider monetary policy conditions and determine its next policy position.

Uwaleke also called for further work towards establishing a statutory framework for fiscal and monetary coordination, including clearer responsibilities, information sharing and protection of the CBN’s operational autonomy.

BOTTOM LINE

Uwaleke expects the MPC to cut the MPR by 50 basis points, citing improving macroeconomic conditions. He also argues that stronger institutional coordination between fiscal and monetary authorities could support more coherent economic policy.

ACCI urges FG to use trade surplus to diversify economy

ACCI President Urges FG To Address Rising Inflation

KEY POINTS

• Nigeria’s merchandise trade rose to N41.44 trillion in the second quarter of 2026, with a N12.60 trillion surplus.

• ACCI says the surplus could strengthen the naira and external reserves, but warns that its heavy reliance on mineral exports leaves the economy exposed.

• The chamber wants greater focus on manufactured goods, processed agricultural products and refined solid minerals to build productive capacity.

MAIN STORY

The Abuja Chamber of Commerce and Industry has urged the Federal Government to use Nigeria’s rising trade surplus as an opportunity to deepen economic diversification and expand domestic productive capacity.

Prof. Adesoji Adesugba, First Deputy President of the chamber, made the call in an interview with the News Agency of Nigeria in Abuja on Monday.

Adesugba said figures released by the National Bureau of Statistics showed that merchandise trade increased to N41.44 trillion in the second quarter of 2026, up 19.13 per cent from N34.79 trillion in the first quarter.

The quarter produced a trade surplus of N12.60 trillion, with exports valued at N27.02 trillion compared with imports of N14.42 trillion.

According to Adesugba, the surplus means Nigeria earned considerably more from international trade than it spent during the period and could provide short term support for the naira, external reserves and the balance of payments.

He, however, said the composition of the surplus was more important than its size because Nigeria remained heavily dependent on commodities, particularly crude oil.

Crude oil accounted for N12.91 trillion, or 47.79 per cent of total exports, while mineral products as a whole made up 87.04 per cent of exports.

Adesugba said such a structure leaves Nigeria vulnerable to changes in international commodity prices because a significant share of export earnings remains tied to products whose prices are determined largely outside the country.

He added that a substantial fall in global crude oil prices could weaken a trade surplus built largely on oil earnings, meaning the improvement in the external position did not necessarily indicate a fundamental shift in the country’s production structure.

The chamber official also drew attention to the 12.55 per cent year on year decline in imports. He said the fall could indicate increasing import substitution and weaker demand for foreign goods as domestic production and sourcing expand.

At the same time, he said the import composition offered a potentially positive signal, with machinery and transport equipment accounting for N5.46 trillion, representing 37.83 per cent of imports.

According to him, such imports could expand productive capacity by providing businesses with equipment needed for manufacturing and other economic activities.

Adesugba said the greater concern would arise if imports were concentrated on finished products and consumables that could otherwise be produced locally.

On the export side, he said non crude oil exports reached N14.11 trillion, accounting for 52.21 per cent of total exports, while non oil products contributed N3.73 trillion.

He nevertheless expressed concern about the sharp year on year decline in agricultural exports, saying the mixed performance reinforced the need for deliberate diversification.

He identified manufactured products, processed agricultural goods and refined solid minerals as areas where Nigeria could increase value addition and reduce its dependence on crude oil.

According to him, developing these sectors could also create employment opportunities as the country’s youth population expands.

THE ISSUES

  1. The N12.60 trillion trade surplus provides a stronger external position in the short term, but its durability depends partly on the composition of export earnings. With crude oil and other mineral products making up a large share of exports, Nigeria remains exposed to international commodity price movements.
  2. The decline in imports needs to be considered alongside what Nigeria is importing. Machinery and transport equipment accounted for more than a third of imports, which could support domestic productive capacity if businesses use the capital goods to expand production.
  3. Diversification requires moving beyond the export of raw commodities. Processing agricultural products, manufacturing goods and refining solid minerals would allow Nigeria to capture more value from resources produced within the country.
  4. The decline in agricultural exports shows that higher total exports do not automatically mean broad based diversification. Expanding non crude and non oil exports would require stronger performance across several productive sectors.

WHAT’S BEING SAID

“The surplus can strengthen the naira, support external reserves and ease pressure on the balance of payments,” – Adesoji Adesugba

“The trade surplus could support a stronger naira, healthier reserves and greater macroeconomic stability in the short term.” – Adesoji Adesugba

“The favourable trade balance should be viewed as an opportunity to accelerate reforms that will make economic growth less dependent on oil.” – Adesoji Adesugba

WHAT’S NEXT

Adesugba urged the government and private sector to channel the favourable trade position towards expanding productive, diversified and value adding capacity.

He said future trade surpluses should increasingly be driven by goods and services produced, grown, manufactured and refined in Nigeria rather than by the country’s extraction of raw resources.

BOTTOM LINE

Nigeria’s N12.60 trillion trade surplus offers stronger external earnings, but ACCI says its heavy reliance on mineral exports remains a vulnerability. The chamber wants the surplus used to expand domestic production and increase the share of value added exports.