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CBN Briefs Reps on New Policies to Address Inflation, Strengthen Economy

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By Ubong Ukpong, Abuja

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso on Tuesday, outlined the apex bank’s plans to address the spiralling inflation in the country and strengthen the economy.This was as he said that the Bank’s recapitalization policy has prompted banks to strengthen their financial positions, a process expected to result in a more robust and resilient banking sector by March 2026.

The exercise, Cardoso said, was expected to support the realisation of US$1 trillion economy by 2030.He said these while addressing the House of Representatives Committee on banking regulations, on policy measures and strategies to address domestic macroeconomic challenges.
On the macroeconomic performance in 2024, he said projections indicate a growth rate of 3.2% and 3.3% for 2024 and 2025 respectively.He added that Nigeria is projected to maintain a more robust 4.3% growth rate.Cardoso said the non-oil sector maintained strong performance, contributing 94.30% to GDP with a steady 2.80% growth rate.He added that the oil sector’s growth rate has almost doubled to 10.15% in Q2, 2024 from 5.70% in Q1, 2024, due mainly to improved security surveillance which resulted in increased production of crude oil and natural gas.He said the Services sector continues to be the primary economic driver, contributing 58.76% to GDP with a robust growth rate of 3.79%.Similarly, he said the Industrial sector has shown remarkable improvement, with its growth rate surging to 3.53% from 0.31%.He pointed out that the contribution of agriculture to total GDP also increased. In addition, the growth rate of the sector rose to 1.41%, from a negative territory of -0.90%, indicating a substantial turnaround in productivity.He also said the foreign exchange reserves have grown significantly, with remittance flows currently representing 9.4 per cent of total external reserves.He said the reserves rose by 12.74% to US$39.12 billion as of October 11, 2024, from US$34.70 billion at end-June 2024, driven largely by foreign capital inflows, receipts from crude oil related taxes and third-party.In Q2 2024, we maintained a current account surplus and saw remarkable improvements in our trade balance, he said.Cardoso said the current external reserve position can finance over 12 months of import of goods and services, or 15 months of goods only.This is substantially higher than the prescribed international benchmark of 3.0 months, reflecting a robust buffer against external shocks, he said.He said inflation trended upward, driven largely by high food prices, cost of energy and legacy infrastructural challenges, but it commenced deceleration from 34.19% in June 2024 and to 33.40% in July 2024.He said the moderation in inflation became more pronounced in August 2024, as headline inflation further eased to 32.15%.This, he said, was largely attributed to monetary policy measures taken by the Bank.With aggressive monetary policy tightening coupled with robust monetary- fiscal policy coordination, inflation is expected to further trend downward in the near-to-medium term, Cardoso said.To combat inflation, he said they had fully reverted to orthodox monetary policy approach and implemented a comprehensive set of monetary policy measures.These include raising the policy rate by 850 basis points to 27.25%, increasing Cash Reserve Ratios and normalising Open Market Operations as our primary liquidity management tool.On banking supervision, he said the CBN has taken decisive actions to ensure the safety, soundness, and resilience of the banking industry.On Monetary and fiscal policy coordination, he said they had strengthened collaboration during the period under review.Cardoso said the Bank’s numerous policy initiatives are yielding significant results across various sectors of the economy.The CBN Governor also said the capital market has responded positively to their policies, with the All-Share Index and market capitalization sustaining positive gains, reflecting renewed investor confidence.On the outlook for the economy, Cardoso said he was confident as the country expects continued positive growth, especially in the non-oil, oil and industrial sectors.On the macroeconomic performance in 2024, he said although positive, these estimates remain below historical averages, suggesting moderate rather than robust expansion.He said they have embarked upon various initiatives to improve the remittance ecosystem.Some of these initiatives include the Expansion of IMTOS, strengthening compliance and improving transparency in the sector, finalizing the modalities for non-resident accounts with fewer requirements, following successful models in countries like India and Pakistan, and automating the reporting process for IMTOS through the Financial Institutions Foreign Exchange Reporting System (FIFX) platform to foster transparency and efficiency.He said these initiatives are part of a broader effort to enhance remittance inflows and strengthen the Nigerian economy.He said the banking industry comprised twenty-six commercial banks, four merchant banks, and four non-interest banks, and has remained safe, sound and resilient.

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Ogbodo Seeks FG, Benue Intervention in Deplorable Otukpo–Obi–Oju Road

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By David Torough, Abuja

An illustrious son of the Igede nation, medical doctor, author and Medical Director of Lydia Memorial Hospital, Dr Mark A. C. Ogbodo, has appealed to President Bola Ahmed Tinubu, the Benue State Government, federal and state legislators, political leaders, philanthropists and other well-meaning Nigerians to urgently intervene in the deplorable condition of the Otukpo–Obi–Oju Road.

Dr Ogbodo described the road as a critical lifeline for the Igede people, warning that its deteriorating condition is severely restricting movement, undermining economic activities and threatening development across Obi and Oju Local Government Areas of Benue State.

The appeal follows his personal assessment of the road, during which he reportedly had to travel by motorcycle because his modest car could not navigate some sections of the badly deteriorated route.

According to him, the condition of the road has become a source of hardship for residents, particularly farmers, traders, patients, transport operators and prospective investors who depend on it for transportation and access to essential services.

A Lifeline for the Igede Nation

The Otukpo–Obi–Oju Road is a major transportation corridor connecting Otukpo, the headquarters of Benue South Senatorial District, with Obi and Oju, the two local government areas predominantly inhabited by the Igede people.

Dr Ogbodo lamented that the road’s deplorable condition has imposed unnecessary hardship on residents and hindered the movement of agricultural produce, goods and services. He noted that the situation also discourages industrialists and other investors who may wish to establish businesses in the area.

“An entire community should not be left struggling with such a critical infrastructure challenge in this day and age. The Igede people deserve safe, accessible and motorable roads that support their economic activities, education, healthcare delivery and overall development,” he said.

He called on President Tinubu to urgently direct the relevant federal authorities to assess the road and take immediate steps towards its comprehensive rehabilitation.

Dr Ogbodo stressed that the intervention would demonstrate the Federal Government’s commitment to equitable development and the welfare of communities whose livelihoods depend on essential public infrastructure.

Benue Government Urged to Act Without Delay

The medical doctor also appealed to the Benue State Government to take urgent and practical steps to rehabilitate the road rather than allow administrative and jurisdictional questions to prolong the suffering of residents.

He suggested that the state government could consider intervening with available state resources while engaging the Federal Government on the appropriate funding and reimbursement arrangements, should the road fall under federal jurisdiction.

According to him, the immediate priority should be to restore access and ease the burden on the people, while the relevant authorities resolve questions of ownership, responsibility and funding.

He emphasised that collaboration between the federal and state governments would provide a more effective response to the infrastructure crisis.

A Challenge to Political Parties and Candidates

In a direct appeal to political leaders, Dr Ogbodo urged all political parties, their flagbearers, elected representatives, aspirants and supporters to demonstrate their commitment to the Igede people through tangible contributions to the rehabilitation of the road.

He proposed that willing political stakeholders could adopt and rehabilitate designated sections of the road, subject to appropriate engineering standards, regulatory approvals and coordination with the responsible authorities.

As an example, he suggested that interested groups could consider taking responsibility for sections of up to 50 kilometres each, depending on their capacity and the actual length and condition of the road.

He maintained that such an approach would provide an opportunity for political actors to demonstrate practical leadership and community service beyond campaign speeches and electoral promises.

“Leadership must go beyond saying, ‘I will do it.’ The people need to see concrete action. Those who genuinely wish to serve should consider what they can contribute to solving the problems confronting the communities they seek to represent,” he stated.

He further encouraged elected representatives and political stakeholders to work collectively, irrespective of party affiliation, to mobilise resources and support for the project.

Appeal to Philanthropists and the Private Sector

Dr Ogbodo also called on philanthropists, corporate organisations, community development associations, wealthy individuals and other well-meaning Nigerians to support efforts to restore the road.

He noted that strategic private-sector participation could complement government intervention, particularly if contributions were coordinated transparently and implemented under appropriate technical supervision.

He urged prospective investors to recognise the economic potential of the Igede area, explaining that improved road infrastructure would facilitate the movement of agricultural produce, reduce transportation difficulties and create a more favourable environment for businesses.

He added that better roads would improve access to healthcare facilities, schools, markets and other essential services, particularly for residents of rural communities.

Recognising the Potential of the Igede People

Describing the Igede people as a hardworking and industrious population, Dr Ogbodo highlighted their reputation for brilliance, hospitality, diligence and integrity. He noted that agriculture remains a major source of livelihood for many rural residents, whose productivity and earnings are affected by poor transportation infrastructure.

He expressed concern that the condition of the road could further limit economic opportunities, discourage investment and deepen the difficulties faced by farmers who need reliable access to markets.

According to him, the rehabilitation of the road would not merely be an infrastructure project but an investment in the people, their livelihoods and the future of the Igede nation.

He stressed that a functional road network would strengthen commercial links, encourage industrial development, improve emergency access to medical care and enhance the quality of life of residents across the affected communities.

A Call for Urgent and Collective Action

Dr Ogbodo appealed to all stakeholders to treat the rehabilitation of the Otukpo–Obi–Oju Road as an urgent development priority rather than a matter to be revisited only during political campaigns.

He called for a coordinated response involving the Federal Government, Benue State Government, legislators representing the affected constituencies, political parties, traditional institutions, community leaders, philanthropists and the private sector.

He expressed hope that the relevant authorities would undertake a proper technical assessment, establish a clear rehabilitation plan and ensure that the work is carried out to acceptable engineering standards.

The medical doctor concluded by expressing confidence that a united and practical response would significantly improve the living conditions of the Igede people and unlock the economic potential of Obi and Oju.

He said the people of the Igede nation would remain grateful to the governments, individuals, organisations and other stakeholders who respond positively to the appeal and help restore the road to a motorable condition.

For Dr Ogbodo, the message is clear: the Igede people need urgent action, not another round of promises. The rehabilitation of the Otukpo–Obi–Oju Road is a necessary step towards reconnecting communities, restoring economic opportunities and securing a better future for the people.

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Five Die in Niger Governor’s Convoy Crash

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From Dan Amasingha, Minna

A journey along the Minna–Bida Road ended in tragedy on Monday when five people reportedly lost their lives in a head-on collision involving a Hilux van in the convoy of Niger State Governor, Mohammed Umaru Bago, and a private Peugeot 206 car at Gidan Mangoro community.

Among the dead was a woman identified by eyewitnesses as Nafisat, reportedly a programme manager with the non-governmental organisation Labspace and founder of Wosh Mart Service Ltd.

What began as an ordinary journey turned into a scene of grief, leaving families to confront the devastating news that their loved ones would not return home.

The accident occurred at about 11:35am as the governor was returning from Bida, according to a resident of Gidan Mangoro, Abdullahi Musa, who spoke about the incident.

Musa said the occupants of the private car, believed to include postgraduate students of the Federal University of Technology, Minna, died in the crash, while those travelling in the government Hilux sustained serious injuries.

He alleged that the collision occurred when the Hilux attempted a wrongful overtaking manoeuvre, claiming that the Peugeot was travelling within its lane when the vehicles collided.The circumstances surrounding the crash had yet to be independently established.

At Minna General Hospital, an unnamed staff member initially confirmed three deaths, with two additional victims later reported dead from injuries sustained in the collision, bringing the reported death toll to five.

Some of the injured victims were subsequently referred to IBB Specialist Hospital for advanced medical treatment.

Among the survivors was reportedly a former local government council chairman who sustained fractures to his legs. He was said to be alive as of the time this report was compiled.

The Niger State Sector Commander of the Federal Road Safety Corps, Aishat Sa’adu, confirmed the accident but explained that when her officers arrived at the scene, the victims had already been evacuated to the hospital.

Beyond the damaged vehicles and the emergency response, the crash has left a painful human story: families waiting for loved ones, colleagues mourning a professional, and survivors facing the consequences of a journey that took a tragic turn within moments.

For the families of the five reported victims, the loss is immeasurable. For those injured, the immediate struggle is recovery. And for other road users, the tragedy is a grim reminder of the potentially fatal consequences of dangerous overtaking and the need for strict adherence to road safety rules.

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CAN Condemns Threats killing Believers in Viral Video Online

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By Laide Akinboade Abuja

The Christian Association of Nigeria (CAN), on Tuesday, has condemned in the strongest terms a disturbing video circulating on social media in which a young man leads a group of boys in chants calling for AK-47 rifles to attack Christians in Enugu and Jos during Sunday worship.

The CAN boss lamented that the threat is chilling and unacceptable and therefore demand for urgent action and decisive action over the threats in the video

The statement reads in part, “The threats are chilling and utterly unacceptable.

No Nigerian should have to fear for their life because of their faith or face the prospect of violence simply for gathering to worship God. Such threats must not be dismissed as mere chants or treated as harmless displays of youthful exuberance. They demand urgent attention and decisive action.

“On behalf of CAN, I condemn this apparent incitement to religious violence. We are particularly alarmed by the apparent involvement of children and young persons in chants threatening the killing of innocent worshippers. The possibility that young people are being exposed to or encouraged to embrace such hatred raises serious concerns that must not be ignored.

“We call on the Department of State Services (DSS), the Nigeria Police Force and other relevant security agencies to launch an urgent and thorough investigation to establish when and where the video was recorded, identify those involved and determine who organised or facilitated the activity. Anyone found culpable must be held accountable in accordance with the law.

“We also urge the authorities to assess any credible security risks arising from the threats and take appropriate measures to protect Christian communities and places of worship in Enugu, Jos and elsewhere. Nigerians must be able to attend religious services without fear of attack or intimidation.

“We note the reported disavowal of the video by the leadership of Jama’atu Izalatil Bid’ah Wa Iqamatis Sunnah (JIBWIS). We recognise the importance of establishing the facts before drawing conclusions about institutional involvement. However, the denial of responsibility by any organisation cannot replace an independent investigation into the identities of those involved, the origin of the video and the circumstances surrounding the chants”.

He also urged the relevant government agency to identify those involved, “Beyond identifying those directly involved, the investigation should establish whether any individuals or groups encouraged, financed or facilitated the threats. Those responsible must face the full consequences of the law, without favour or discrimination.

“Religious leaders across Nigeria also have a responsibility to reject, unequivocally, any teaching, slogan or activity that promotes hatred or violence against people of another faith. Young people should be raised to respect human life and the dignity of others, not taught to regard fellow citizens as enemies to be eliminated because of their religious beliefs.

“Nigeria has endured too much violence, bloodshed and distrust to treat threats of this nature lightly. Allowing such conduct to go unchallenged would send a dangerous message that threats against citizens on religious grounds can be made without consequence. The government must demonstrate, through concrete action, that such intimidation will not be tolerated”.

He urged Christians to remain calm, vigilant and law-abiding while the authorities investigate the matter. We must not allow provocation to draw innocent people into retaliatory actions that could deepen divisions or endanger lives.

“CAN stands for justice, religious freedom and peaceful coexistence. We will continue to speak out against every threat to the lives and rights of Christians and other Nigerians, while insisting that every citizen, regardless of religious affiliation, is entitled to equal protection under the law.

“The government must act swiftly, investigate thoroughly and hold those responsible accountable. The safety of Nigerians and the freedom to worship must never be negotiable”.

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