NEWS
CBN Briefs Reps on New Policies to Address Inflation, Strengthen Economy
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.NEWS
Street Named After Business Mogul, Sam Maduka Onyishi Unveiled in Asokoro
By David Torough, Abuja
Authorities in the Federal Capital Territory on Saturday honoured renowned entrepreneur and philanthropist, Chief Dr. Sam Maduka Onyishi, with the unveiling of a street named after him in Asokoro, Abuja.
Speaking at the event, the representative of the Abuja Metropolitan Management Council’s Department of Street Naming, Mr.
Charles Adikwu, said the honour was in recognition of Onyishi’s remarkable contributions to national development, job creation, and community upliftment.Adikwu described the Peace Mass Transit founder as “a businessman who built his enterprises from scratch to the top,” noting that Onyishi has grown into one of Nigeria’s most influential private-sector employers.
The honouree is the Chairman of Globus Bank, Peace Microfinance Bank, Peace Oil & Gas, Peace Mass Transit, and the Chancellor of Sam Maduka University, Akwegbo, Enugu. According to Adikwu, Onyishi’s businesses have collectively provided employment to over 150,000 Nigerians, making him “one of the highest employers of labour in the country.”
Adikwu added that naming streets after distinguished Nigerians also enhances security and navigation within Abuja communities.
“If anything happens along this route, it can now be easily identified as taking place at No. 7 Sam Maduka Onyishi Street,” he said. “Before now, locating places involved unnecessary descriptions that sometimes complicated emergency responses.”
Also speaking, the Regional Manager of Peace Mass Transit (Northern Region), Mr. Ngwu Jude Chinweike, said the gesture reflects government’s increasing willingness to recognise individuals who positively impact society.
He expressed delight that his principal was among those honoured, describing the development as a morale boost for communities and a reminder that meaningful contributions do not go unnoticed.
“The public will now understand that when you make positive impact in your community, government has a way of recognising your efforts,” he said.
Chinweike noted that the newly named street is already attracting interest from businesses and institutions, including security agencies, and assured that Peace Mass Transit and Onyishi’s other subsidiaries would support efforts to enhance the area’s outlook.
“Since the street bears his name, we will keep our eyes here and contribute to ensuring it looks good,” he added.
Chief Dr. Sam Maduka Onyishi, widely regarded for his philanthropy and transformative investment footprint, continues to maintain an active presence in transportation, finance, energy, and education sectors across the country.
NEWS
Experts Task Government on Increase in Domestic Funding
By Laide Akinboade, Abuja
Experts in the health sector, at the weekend agreed that even though foreign grants and aid remain highly valuable, it is imperative for the three tiers of government to increase domestic funding in Nigeria.
They agreed that it is only through the above the nation can build a resilient, domestically financed health system.
This was agreed at the 9th annual health conference organized by the Association of Nigeria Health Journalists (ANHeJ) in Abuja.
The theme of this year conference is ‘Domestic Resource Mobilization in the Face of Dwindling Foreign Grants and Aids’ .
Among those who spoke at the occasion, include, Special Adviser to President on Health, Dr.
Salma Ibrahim Anas, .Minister of State for Health and Social Welfare, Dr. Kunle Salako, representative from National Agency for Food and Drug Administration and Control, (NAFDAC), Dr. Matins Illuyomade,Salako who was represented by his Special Adviser, Dr. Babatunde Akinyemi, said Nigeria has benefited from substantial foreign health assistance, including over $6 billion from PEPFAR, $2.5 billion from the Global Fund, $1.5 billion from the World Bank, $1.2 billion from Gavi, and $1.6 billion from the Bill & Melinda Gates Foundation.
He stressed, that government initiatives under the Renewed Hope Agenda and the Nigeria Health Sector Renewal Investment Initiative (NHSRII), including the Basic Health Care Provision Fund (BHCPF), which has disbursed over N260 billion to states and the Federal Capital Territory since 2018, and the National Health Insurance Authority (NHIA) Act, mandating health insurance for all Nigerians.
He said, “The United States government, through PEPFAR, has invested over $6 billion in Nigeria’s HIV/AIDS response since 2004, with annual allocations averaging $400-450 million in recent years. In fiscal year 2023 alone, USAID (Now DoS) allocated approximately $535 million for health programs in Nigeria, covering HIV/AIDS, malaria, tuberculosis, and maternal and child health initiatives.
“The Global Fund to Fight AIDS, Tuberculosis, and Malaria has disbursed over $2.5 billion to Nigeria since 2003, making us one of the largest recipients globally. The World Bank currently supports our health sector with approximately $1.5 billion through various projects, including the $500 million Nigeria COVID-19 Action Recovery and Economic Stimulus Program and the $820 million International Development Association credit for primary healthcare strengthening. Similarly, Gavi, the Vaccine Alliance, has committed over $1.2 billion to Nigeria since 2001 for immunization programs, while the Bill and Melinda Gates Foundation has invested approximately $1.6 billion across various health interventions in Nigeria over the past two decades.
“The United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), though reducing its overall aid budget, continues to invest significantly in Nigeria’s health system, particularly through the £210 million Health Systems Strengthening program. The European Union and its member states collectively provide approximately €100 million annually for health-related interventions, while the Government of Japan, through JICA, supports our health infrastructure development with grants averaging $30 million annually.
.Multilateral development banks and financial instruments have also remained vital partners; the World Bank in 2024 approved substantial concessional financing, including a major credit and complementary grant financing package that supports health outcomes and health system resilience across states and communities. Such financing is targeted not only at service delivery but at strengthening our ability to prevent, detect, and respond to emergencies”.
Salako noted, “Foreign grants and aid remain highly valuable and will continue to finance critical interventions for some time. But the future we must build is one where domestic resource mobilization, fiscal discipline, efficient spending, and innovative financing are the engines that sustain our national health priorities. The Government of Nigeria is already advancing legal and budgetary instruments, leaning on proven programme data, and working with partners to protect gains while we scale domestic financing.
“Our commitment is to ensure that no Nigerian is left behind during this transition, and that we convert a period of funding volatility into a long-term opportunity to build a resilient, domestically financed health system”.
The Minister of state also enumerated the innovative domestic financing efforts at the state and private sector levels.
“Lagos State allocates over 12% of its budget to health, Kaduna State’s contributory health scheme has enrolled 1.6 million residents, and Abia State has launched a diaspora health investment fund.
“The Private Sector Health Alliance of Nigeria and the Nigeria Sovereign Investment Authority contributed over N50 billion and $200 million, respectively, to health initiatives,” he said.
Dr. Salma, in her presentation, said, donor fatigue is real, and the inevitable graduation of Nigeria from various aid programs is approaching.
In his welcome address, ANHeJ President, Joseph Kadiri, said the conference theme, “Domestic Resource Mobilisation in the Face of Dwindling Foreign Grants and Aid,” underscores the urgent need to strengthen domestic financing, partnerships, and resilient health institutions.
Kadiri called on journalists to track government commitments, highlight gaps, and amplify the realities faced by Nigerian families.
NEWS
Bayelsa Urges NDDC to Complete Abandoned Akenfa Bridge Project
From Mike Tayese, Yenagoa
The Bayelsa State Government has called on the Niger Delta Development Commission (NDDC) to resume and complete the long abandoned Bridge Project in Akenfa Community, a suburb of the state capital city, Yenagoa
The Deputy Governor, Sen.
Lawrence Ewhrudjakpo, made the call while presiding over an enlarged meeting with representatives of the NDDC, community leaders of Akenfa Community and relevant government officials at his office in Government House, Yenagoa, on Thursday.The Deputy Governor has clarified that, although the state government decided to take over some neglected NDDC projects in the state, including the Polaku-Sabagreia Bridge, that of Akenfa was reverted back to the interventionist federal agency after a mutual discussion between the two parties.
Describing the Akenfa link-Bridge project as strategic and critical to pedestrians and vehicular movements in the oil-producing community, Senator Ewhrudjakpo informed that government officially communicated the re-handing over of the project to NDDC in a letter dated 10th March, 2025.
He empathized with the Akenfa community over the delay in the execution of the project, and urged the NDDC to expedite the process of completing it with a view to putting an end to commuting challenges facing the people.
His words: “The project has actually been sent back to the NDDC to handle. But the NDDC seems to be far away from the Akenfa Community. So they find it easier to come to us.
“We believe that the project has gone a long way. What is required to complete it may not be as much as what has gone in there.
“So, we felt that we should hàve this tripartite interaction to let the community know officially that the project is now in the hands of NDDC, and also to let the agency know that our community is agitated considering the long history of that project.”
Responding on behalf of the NDDC, the Bayelsa representative, Senator Deinyabofa Dimaro, said the Commission would review the entire project and have it captured in its 2026 budget for seamless execution.
Senator Dimaro, who promised to properly relate the issue to the Managing Director of the NDDC, Dr. Samuel Ogbuku, however, requested relevant documents from the State Government regarding the reversion of the project back to the NDDC.
Representatives of Akenfa Community who spoke at the meeting included, former Chief of Staff Government House, Yenagoa, Chief Dikivie Ikiogha, and a one-time paramount ruler of the community, Chief Isiya Albert.
Meanwhile, Senator Lawrence Ewhrudjakpo, has on behalf of the Governor constituted a tripartite contact committee involving the government, the NDDC and the Akenfa community to ensure the resumption and completion of the stalled Akenfa Bridge project.
Members of the committee include the state NDDC representative, Senator Deinyabofa Dimaro; the Commissioner for Special Duties (Central), Mandy Akpallo; and Chief Dikivie Ikiogha.
Others are the Technical Adviser to the Governor on NDDC Matters, Kuro Nyenye; Chief Isiya Albert; Secretary to the Akenfa Community, Wilson Mumeya, the Youth President, Moses Izibekiebo, as well as an engineer to be nominated by the Ministry of Works and Infrastructure.

