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CBN Monetary Measures Were Tough

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By Demola Bakare

The Nigeria economy since 2023 when President Bola Tinubu assumed office has been characterised by significant structural reforms – notable is the petroleum subsidy removal and foreign exchange unification. Birthing a sluggish, and painful transition towards stability

The International Monetary Fund (IMF) and the World Bank had described the Nigerian economy to be in a critical transition phase, moving from a period of “limited reforms and muted growth” towards a “bold, necessary, but painful” market-oriented restructuring.

Ever since, the Bretton Woods institutions have generously applauded the Tinubu administration’s audacity for the removal of fuel subsidies and unification of the foreign exchange (FX) market, which hitherto was chaotic and opaque.
These actions, expectedly, worsened the cost-of-living crisis for Nigerians, particularly the poor.  But recently President Tinubu declared the economy out of the woods.

Specifically, he said Nigeria’s economy has transitioned from a period of ‘stabilization to acceleration’. This, he has spoken at many fora, locally and abroad, where he had expressed confidence that his bold but painful reforms are now fruitfully bearing dividends.

This underscores the monetary policy reforms undertaken by the governor, Central Bank of Nigeria, CBN, Olayemi Cardoso since 2023.  For his conservative orthodox central banking, he has repositioned the Nigeria financial landscape, making it a one-stop investment destination. But for space constraints his achievements already in the public domain would have been shared here.

However, the focus here is on the outcome of the just concluded 304th stanza of the Central Bank of Nigeria’s Monetary Policy Committee {MPC} meeting, the implications of the decisions taken on the economy, its consequences across national development, and mandate alignment.  

The Committee reduced the monetary policy rate {MPR} by 50 basis points to 26.5 per cent from 27.0, aimed to support economic expansion while maintaining price and financial stability.  Retained cash reserve ratio {CRR} at 45 percent for commercial banks and 16 percent for merchant banks; retained liquidity ratio {LR} at 30 per cent, and fixed Standing Facilities Corridor at +50/-450 basis points around the MPR.

These outcomes reflect CBN’s cautious but measured approach to monetary easing, considering inflation deceleration for the eleventh consecutive time, and improved macroeconomic pointers. Headline inflation dropped to 15.10 per cent in January 2026.

The decision received mixed reactions. The outcome was widely applauded as a positive signal by investors and the organized business community, who believed the ease will improve investor sentiment, and will gradually ease financing conditions of members, while some felt the outcome fell short of expectation.

Members of the Organised Private Sector {OPS} welcomed the 50-basis-point reduction as a cautious development set to signal a gradual shift toward supporting growth. Dr. Muda Lawal, Executive Director, Centre for the Promotion of Private Enterprise, commended the CBN for transitioning from aggressive tightening to a more balanced approach, viewing it as a “cautious optimism” signal for the economy.

Mrs. Elizabeth Bamidele, C.E.O Elimco Investment Ltd., sees the reduction in MPR as a necessary move to stimulate growth, support investment, and lower the high cost of borrowing for businesses.

While applauding the gesture, Mr. Olubayo Agbi, chartered accountant at Agbi & Partners, said the cut has been what the private sector had been clamouring for. He said a lower interest rate alone is not good enough. He urged the CBN and government to focus on tackling the root causes of inflation, specifically rising energy costs, transportation bottlenecks, insecurity and banditry, and food supply issues.

The outcome is refreshingly positive to investors and the businesses, capable of improving investor sentiment and gradual easing of financing conditions of operators. Some market operators received the rate cut news only as a cautious step by the CBN towards monetary easing, and balancing growth support with price stability. While few operators see the marginal rate cut as insufficient to significantly impact the economy. In fact, they expected a more aggressive cut.

The 50-basis point reduction is expected to support economic growth by making credit available and more accessible to businesses, particularly to the real sector, which include manufacturing, agriculture, and small and medium enterprises (SMEs). The high cash reserve ratio (CRR) at 45 percent for commercial banks may however hamper the effectiveness of this action, as it will ultimately restrict the amount of money available for lending.

The CBN’s tight monetary position has no doubt been hugely effective in curbing inflation. The measure was so potent to have decelerated inflation for 11 consecutive months, berthing at 15.1 per cent in January 2026.

The eased MPR is generally believed to be a shift by the CBN towards a more accommodative monetary policy stance. Responding to this perception, the CBN governor said the measure was an expression of commitment to ensuring price stability. He pledged that the CBN will remain vigilant and cautious as it watches over the economy.

Olayemi Cardoso restated CBN’s conservative posture under his watch, recommitting to strict orthodox central banking, and operating within its mandate.  The CBN policy reforms became a reference template for other jurisdictions desirous of a virile and strong economy. World’s financial institutions and some globally reputed rating agencies rallied with the Bank in its onerous task of ensuring financial stability, transparency, and accountability in the nation’s financial ecosystem.

As of the month of February 2026, the governor confirmed 20 banks that have completed recapitalization, while 13 almost rounded up with their minimum capital requirement benchmark. Hopefully, he assured, they will beat the deadline.

The CBN’s volte-face from hitherto quasi-fiscal intervention policies to stay focused on its mandate is well aligned with the promotion of economic growth, and price stability. The foremost bank seems positioned in solidarity with President Tinubu’s $1 trillion economy ambition by 2030. The support, no doubt, is anchored on a strong, strategic, and robust banking institution equipped for the huge volume of transactions befitting such an economy.

Nevertheless, some economic agents have argued that the CBN can do more to support the real sector, and address structural challenges than it is currently doing. Cardoso concurred, and acknowledged that, “all of our monetary measures were tough, but have begun to pay off. Part of it is the monetary policy tightening, and if sustained, particularly in the foreign exchange market, we are definitely going to see a decrease in food inflation. The fiscal authority is also doing everything possible to balance things out to continue the disinflation pathway”.

Most importantly, Cardoso echoed, “all stakeholders just have to be disciplined to ensure that those gains achieved are sustained”, he admonished. 

Ademola Bakare, a financial analyst writes from Abuja.

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From Pain to Enterprise: How Chibok Mothers are Rebuilding through Farming

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By Joan Odafe

In the quiet farmlands of Chibok in northeastern Nigeria, the steady rhythm of women cracking groundnuts and sorting harvests now carries a meaning deeper than livelihood.

For the mothers whose daughters were abducted during the 2014 school attack by terrorists, the work has become both survival and healing.

What began as a response to grief has gradually grown into a small but meaningful enterprise, one rooted in farming, peanut processing and the determination of mothers to rebuild their lives and secure a future for their children.

Their story is documented in the film, ‘Mothers of Chibok’, by Nigerian filmmaker, Joel Kachi Benson, which moves beyond the moment of the abduction to focus on the everyday lives of the women who continue to live with its consequences.

In the film, the camera lingers on the rhythm of daily labour: women tending farms, negotiating land prices, planting corn and groundnuts, and later selling the groundnuts that have become central to their community enterprise.

One scene captures a mother negotiating to rent farmland. The landowner initially demands N100,000 but after persistent bargaining the woman brings the price down to N35,000, a small victory that reflects her determination to keep farming in spite of financial hardship.

Groundnuts have become the backbone of their livelihood. After harvest, the women sort, roast and process the peanuts, adding value before they are sold.

The enterprise not only sustains their farming activities but also provides income to support their families and pay school fees for their children.

Scenes in the documentary show women sitting together in courtyards and fields, cracking shells and drying harvests under the sun.

The work is demanding but it carries a quiet sense of solidarity among the mothers.

For many of them, motherhood remains the strongest source of motivation.

In one scene, a mother sits with her children during a home lesson, gently encouraging them through their reading.

“Myself well done. Try it another day. Mango and banana for Mau,” she sings as a reward for a lesson completed.

In spite of the trauma that reshaped their lives, education remains central in the community.

The mothers continue to send their children to school, determined that fear will not define the future of the next generation.

The film also captures moments that reveal the emotional weight many of the women still carry.

In one poignant sequence, a mother receives a phone call informing her that her daughter has been rescued and will soon return home.

Earlier in the film, she had been shown carefully arranging her daughter’s clothes, preserving them as if preparing for the day she will come back.

Elsewhere, another mother breaks down after learning that her daughter was not among those rescued.

Through these moments, the documentary presents the mothers not as symbols of tragedy but as women navigating grief, hope and everyday survival.

Benson said the film took about three years to complete, allowing the production team to build trust within the community and document realities that rarely make headlines.

“When you spend time, you see things,” he said.

The producer explained that the intention of the film was to shift attention toward the strength and resilience of the women rather than presenting them solely through the lens of tragedy.

“The idea was to show them as strong, resilient women who are rebuilding their lives and supporting their families,” he said.

Beyond the film, the mothers’ groundnut enterprise is gradually reaching wider markets.

Their products are now available at a few outlets, including ‘The Gather House’, a concept store that showcases women-owned African brands and products with strong community stories.

By connecting the Chibok women’s produce to urban consumers, the initiative is helping transform their small-scale processing into a sustainable livelihood.

For the mothers, every bag of processed peanuts sold represents more than income. It reflects their determination to rebuild stability for their families and create economic security for their children.

Their story carries particular resonance during moments such as International Women’s Day and Mother’s Day, occasions that celebrate women’s strength and the enduring power of motherhood.

In Chibok, those ideals are lived daily in the fields and courtyards where the women work.

Through farming, enterprise and collective resilience, the Mothers of Chibok are gradually transforming a painful chapter of history into a story of dignity, survival and hope. (NAN)

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Jesse Jackson and the Architecture of Hope: Why Nigeria Needs Movements, Not Moments

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By Ebuka Ukoh

If Nigeria is serious about reform, it must study not only who the late Right Reverend

Jesse Jackson was, but also how he operated. He did not merely protest injustice; he built lasting institutions to sustain his quest for justice.

Born in 1941, Jackson emerged from the civil rights movement under the leadership of Dr Martin Luther King, Jr.

He marched in Selma.
He organised in Chicago. He founded Operation PUSH and later the Rainbow Coalition. In 1984 and 1988, he ran for President of the United States, becoming the first African American to mount a serious national campaign and win millions of votes across racial lines.

He did not win the presidency.

But he definitely expanded the imagination of who could lead. And sometimes that is how structural change begins.

Jackson understood something that Nigeria is still struggling to internalise. Protest without structure is noisemaking. Structure without moral vision is empty. A nation requires both structure and vision.

Architecture of Moral Language

Jackson brought moral language into the centre of political discourse. He spoke of dignity, economic justice, inclusion, and accountability. He challenged corporate

America and government policy with the vocabulary of conscience.

Nigeria is deeply religious. Churches and mosques overflow. Sermons are powerful. Yet our politics often lacks moral restraint. We speak the language of faith but operate the mechanics of patronage. We invoke God but rarely demand ethical clarity from those in office.

Jackson’s example forces a question. What would Nigerian politics look like if leaders were pressed not only on strategy and tribe but on justice and responsibility? What if we evaluated leadership not just by who benefits, but by who is protected?

Coalitions Across Difference

Jackson’s Rainbow Coalition was not a slogan. It was a deliberate attempt to unite

Black Americans, Latinos, labour unions, farmers, and low-income communities under a shared platform of economic and social justice. It required negotiation. It required compromise. It required maturity.

Nigeria is a federation of identities – ethnic, religious, and regional. Yet our coalitions are often temporary arrangements built for elections, not for transformation. They dissolve after victory. They fracture under pressure. We have ethnic champions. We have party loyalists and chieftains. We have influencers…but we lack bridge builders who can gather citizens around shared interests rather than shared enemies.

Jackson’s campaigns proved that diversity is not a weakness. It becomes a weakness only when leaders exploit it instead of organising it. Jackson understood something many movements forget: protest is emotional energy, but institutions are stored power.

Nigeria has seen this before. The resistance that followed the annulment of the June 12, 1993, election did not survive on outrage alone. It survived because labour unions, pro-democracy coalitions, student movements, journalists, religious leaders, and civil society groups worked in uneasy alignment. The pro-democracy movement of the 1990s was not a hashtag. It was infrastructure. It was a coalition. It was architecture.

Without that web of organised actors, military rule might have endured longer.

Even the fuel subsidy protests years later revealed the same pattern. When labour federations coordinated action, the nation listened. When the organisation fractured, momentum faded. History keeps teaching the same lesson. Energy without structure exhausts itself. That is the lesson Nigeria must not ignore.

From Protest to Policy

The civil rights movement did not end with marches. It produced legislation. The Civil

Rights Act of 1964. The Voting Rights Act of 1965. Structural outcomes followed sustained pressure.

Nigeria trends outrage quickly, hashtags rise, emotions flare. Then the moment fades.

What often does not follow is institutional design, policy literacy, electoral strategy, budget scrutiny, and local organising.

Jackson moved from the streets to the ballot. He did not see activism and governance as enemies. He saw them as stages of the same struggle. Nigeria does not need fewer passionate voices. It needs more disciplined movements. It needs citizens who understand that democracy is not event-based. It is process-based.

What made Jesse Jackson’s life particularly instructive was not merely his charisma. It was the ecosystem that produced him.

He emerged from a dense network of Black institutions in America that did not operate in isolation. The African Methodist Episcopal Church laid spiritual and organizational foundations. Prince Hall Freemasons built mutual aid networks and leadership pipelines. Historically Black Colleges and Universities trained generations of professionals. The Divine Nine fraternities and sororities cultivated bonds of service and activism. The NAACP reshaped legal strategy. The Urban League advanced economic mobility.

These were not parallel stories. They were interdependent systems. Leadership moved between them. Resources circulated among them. Victories in one strengthened the others. Remove one pillar, and the structure weakens. This is precisely the argument of our joint bookwork, Built By The Ancestors. Most historical accounts treat such institutions as separate chapters. They are not. They are ecosystems. The durability of a people rests not on one hero but on coordinated pillars of faith, education, economics, law, and civic action.

Jackson was not an accident. He was the architecture itself. Nigeria must ask itself an uncomfortable question: Where is our architecture?

Economic Justice as Stability

Jackson consistently linked race and poverty to economic exclusion. He argued that political rights without economic access produce fragile democracies.

Nigeria is learning that lesson the hard way. Youth unemployment, insecurity, inflation, and regional instability are not isolated crises. They are symptoms of exclusion. When large segments of the population feel economically locked out, frustration becomes combustible. Economic justice is not charity. It is national security.

Hope as Strategy

Perhaps Jackson’s most enduring contribution was not a policy but a posture. He believed in what he called the “architecture of hope.” Not optimism detached from reality. Not a denial of hardship. But structured belief that systems can be changed when people organise deliberately.

Nigeria often oscillates between two extremes: Cynicism and magical thinking. Either nothing will ever change, or change will come through a single election or saviour.

History suggests something different. Change requires sustained effort. It requires a coalition. It requires moral clarity paired with institutional work.

Movements, Not Moments

Jesse Jackson’s presidential campaigns did not end racism. But they shifted representation. They expanded political possibilities. They prepared the ground for future breakthroughs.

Nigeria must learn this lesson. Not every attempt at reform will succeed immediately.

Not every campaign will win. But disciplined participation builds capacity. Capacity builds influence, and Influence builds reform.

We cannot afford to be a country of moments only. Moments trend, but movements transform.

If Nigeria desires a different future, it must cultivate leaders who can speak with moral courage and organise with strategic patience. It must nurture citizens who understand that democracy demands more than applause or outrage. It demands structure.

Before we ask why the system does not work, we must ask whether we are building systems strong enough to hold our hopes.

Jackson’s life offers Nigeria a mirror. A nation does not change because it feels injustice. It changes because it organises against it. And that work begins long before the next election cycle. We have voices. We have anger. We have talent. What we have not consistently built is a system strong enough to outlive any one leader.

Jackson’s life reminds us that movements mature when they become institutions. And institutions endure when they are interdependent.

Before we ask whether Nigeria will produce another charismatic reformer, we must ask whether Nigeria is building the pillars that can sustain one. Nations do not rise on moments. They rise on structures. And without structure, even the loudest cry fades into silence.

Mr Ukoh, an alumnus of the American University of Nigeria, Yola, and PhD student at Columbia University, writes from New York.

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Blood on Nigerian Roads: How Lucky Elohor’s Death Reveals Nigeria’s MRI Emergency

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By Jane Eze

Lucky Elohor was still conscious when they placed her in the ambulance.

The 29 year old founder of Digital Creator Chic had built her career connecting young Nigerians to digital opportunity. After a serious road accident in Ilorin, doctors suspected spinal cord and head injuries.

To know the full extent of the damage, they needed an MRI scan.

They did not have reliable access to one.

Ilorin, a major state capital, could not provide immediate, functional and accessible MRI imaging in that critical moment. The decision was made to stabilise her and transfer her to another city. She died before reaching definitive imaging.

Her death highlights a national problem that extends far beyond one tragedy.

A National Deficit

Nigeria has about 58 MRI machines for roughly 218 million people. That equals 0.3 scanners per one million citizens.

By comparison: Ghana has about 0.48 per million, The United States has nearly 39 per million and Japan has more than 50 per million

Even more troubling is distribution. Nearly all MRI machines are located in urban centres. Rural Nigeria has virtually none.

Within cities, access is unequal. Many scanners are in private facilities where a single scan costs between fifty thousand and two hundred thousand naira. In a country where most healthcare expenses are paid out of pocket, this cost alone delays or prevents care.

In public hospitals, unstable electricity is a major obstacle. The Nigerian Association of Resident Doctors has repeatedly warned that erratic power supply leaves many public hospital MRI machines non-functional. MRI systems require constant power and cooling. Voltage fluctuations damage sensitive components.

A machine on record is not the same as a machine that works in an emergency.

Geography Determines Survival

Advanced imaging in Nigeria is concentrated in a few cities such as Lagos, Abuja and Port Harcourt, with smaller numbers in other major urban centres. Patients from smaller states often travel hundreds of kilometres for scans.

For conditions such as stroke, traumatic brain injury, spinal cord damage and cancer staging, delay in imaging can mean permanent disability or death.

Studies show that more than seventy percent of cancer cases in Nigeria present at late stages. Limited access to diagnostic tools contributes to that delay. Tens of thousands of cancer related deaths occur annually, many with poorer outcomes because of late detection.

For families, the economic burden is severe. When public facilities cannot provide imaging, patients are forced into private centres. A single scan can equal months of income. Some delay testing. Others never receive it.

Why the Gap Persists

MRI machines require more than purchase funds. They demand uninterrupted power supply, specialised rooms with shielding, stable cooling systems, liquid helium, trained technologists and biomedical engineers.

A new 1.5 Tesla MRI machine can cost between two and three million dollars before installation. Even refurbished machines remain expensive. Without maintenance and stable electricity, they deteriorate quickly.

Policy choices have also shaped the crisis. Investment in advanced diagnostics has not matched population growth. Public private partnership models have concentrated high end imaging in profit driven centres, reinforcing inequality. This means hose who can pay are scanned. Those who cannot travel, wait or gamble with time.

What Must Be Done

Solutions are practical and achievable: Conduct a national audit to determine which of the 58 MRI machines are functional and which can be restored.

Stabilise power supply at designated MRI centres before purchasing additional machines.

Ensure every federal teaching hospital has at least one reliably functional MRI unit.

Mandate insurance coverage for medically indicated MRI scans to improve affordability.

Invest in local training for biomedical engineers and MRI technologists to reduce downtime.

Deploy mobile MRI units to underserved state capitals while permanent infrastructure is developed.

A Question of Priorities

Lucky Elohor’s story is not only about a road accident. It is about diagnostic distance. It is about a country where access to lifesaving imaging still depends on geography and income.

The MRI crisis is not a technical mystery. The machines can be bought. The expertise can be trained. The infrastructure can be built.

What remains uncertain is whether access to advanced diagnosis will be treated as a national priority or continue as a privilege.

Jane N Eze is a Research and Data Analyst.

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