By David Torough, Abuja

The Minister of Information and National Orientation, Mohammed Idris, has said the Tinubu Administration recognises Nigeria’s advertising and creative industries as key drivers of economic growth, job creation and innovation, reaffirming the Federal Government’s commitment to policies that will help the sector thrive.

The Minister, who was represented by the Director-General of the Voice of Nigeria (VON), Jibrin Baba Ndace, made the statement on Thursday at the Advertising Industry Colloquium (AIC) 4.

“The Federal Government, under the leadership of President Bola Ahmed Tinubu, recognises the strategic importance of Nigeria’s creative and advertising ecosystem to national development. Our administration is implementing bold reforms to build a competitive digital economy capable of creating jobs, attracting investments and positioning Nigeria as Africa’s innovation hub,” Idris said.

He noted that Nigeria’s expanding digital economy, supported by over 170 million active telecommunications subscriptions and ongoing broadband infrastructure projects, has created new opportunities for advertisers, content creators and digital entrepreneurs.

The Minister described advertising as an industry that goes beyond promoting products, saying it shapes culture, drives economic activity, supports businesses and strengthens national development.

He stressed the need for a balance between innovation and regulation, noting that digital platforms and Artificial Intelligence must be supported by responsible governance.

“Effective regulation is not an obstacle to growth; it is the foundation for sustainable development. A transparent and forward-looking regulatory framework builds investor confidence, protects consumers and promotes fair competition,” he said.

Idris also urged industry stakeholders to embrace innovation while protecting creativity, ethics, and intellectual property, adding that the government would continue to work with ARCON and other stakeholders to position Nigeria as Africa’s leading hub for responsible advertising, creative excellence, and digital innovation.

The Nigerian Insurers Association (NIA) has commended the National Insurance Commission (NAICOM) for its fair, transparent and structured implementation of the industry’s recapitalisation exercise.

The Chairman of NIA, Ebelechukwu Nwachukwu, gave the commendation in a statement on Thursday in Lagos.

She said that the minimum capital requirements’ review was carried out under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Nwachukwu noted that the clear regulatory guidelines, systematic verification, defined timelines, and rigorous supervisory oversight provided operators with a credible framework to navigate the recapitalisation exercise successfully.

“The exercise underscores NAICOM’s commitment to regulatory fairness and orderly market development.

“This marks a pivotal milestone in bolstering the financial capacity, stability, and global competitiveness of the Nigerian insurance sector,” she said.

Nwachukwu assured the Apex regulator of the association’s unwavering support in leveraging the gains of the recapitalisation process.

She said this was to drive sustainable industry growth, enforce high market conduct and standards, elevate consumer trust and expand the sector’s contribution to the national economy.

The NIA chairman extended warm congratulations to the 43 insurance and reinsurance companies that had successfully met the prescribed Minimum Capital Requirements.

She commended their resilience, professional discipline, and proactive alignment with evolving regulatory standards.

“The successful outcome of this recapitalisation exercise is a major win not just for regulators and operators, but for policyholders, investors, and the wider Nigerian economy.

“A well-capitalised insurance sector is better equipped to honour obligations promptly, underwrite complex and large-scale risks and serve as a reliable pillar of national economic growth,” she said.

Nwachukwu expressed the association’s solidarity with the eight insurance companies currently undergoing final verification and regulatory review.

She encouraged them to remain confident as NAICOM concluded the exercise within the stipulated 14-day window.

Reaffirming the association’s commitment to its entire membership, Nwachukwu emphasised that the NIA would continue to serve as a robust platform for advocacy, collaboration and constructive engagement with regulatory authorities throughout the transition period.

She reassured the insuring public and business community that the Nigerian insurance industry would emerge from this exercise significantly stronger, more resilient, and fully prepared to drive financial stability across the country.

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining monetary and financial system stability, pledging to sustain policies aimed at curbing inflation, ensuring price stability and fostering long-term economic growth.

The assurance was given during a one-day stakeholders’ fair held in Bauchi, where the apex bank engaged the public on its policies, promoted financial inclusion and encouraged greater awareness of its services.

The Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, represented by the CBN Branch Controller in Bauchi, Michael Dalyop, said recent reforms introduced by the bank were beginning to deliver positive results.

According to her, the reforms have contributed to improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market.

She disclosed that Nigeria’s external reserves climbed above $52.5 billion as of July 17, 2026, marking the highest level in 17 years and surpassing the CBN’s annual target. The increase, she said, was driven by stronger foreign exchange inflows, renewed investor confidence and increased participation across asset classes.

Sidi-Ali also noted that inflation continued to moderate, with headline inflation falling from 15.93 per cent in May to 15.91 per cent in June 2026. Food and core inflation also declined, a trend she attributed to disciplined monetary tightening, exchange rate reforms and improved market transparency.

She added that the naira had continued to strengthen, with the gap between the official exchange rate and Bureau De Change rates narrowing to below two per cent, reflecting increased stability in the foreign exchange market.

The CBN highlighted several reforms implemented over the past 34 months, including the unification of the foreign exchange market, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number, the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management and reduce inflationary pressure.

The bank also announced its collaboration with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate, a transparent benchmark for short-term funding transactions aligned with international best practices.

Sidi-Ali said the stakeholders’ fair was designed to deepen financial inclusion, promote alternative payment channels and strengthen public engagement with the CBN. She encouraged participants to seek information on financial consumer protection, payment system innovations, microfinance, monetary policy and currency management.

She also reiterated the bank’s warning against the abuse of the naira, urging Nigerians to avoid spraying, hawking, mutilating or counterfeiting the national currency, while advising the public to rely only on verified CBN platforms for information.

Also speaking, Bauchi CBN Branch Controller Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the bank’s 2024–2028 strategy was focused on achieving monetary, price and financial system stability to drive inclusive economic growth.

He said reforms in the foreign exchange market had improved transparency, strengthened investor confidence and helped boost the country’s foreign reserves beyond $50 billion. He added that inflation was on a downward trend and that the successful recapitalisation of banks had strengthened the financial sector’s capacity to support businesses and economic development.

Dalyop urged Nigerians to take advantage of formal financial services by keeping their money in banks instead of at home and called on citizens to treat the naira with dignity and respect.

CBN Reaffirms Commitment to Monetary Stability, Economic Growth

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining monetary and financial system stability, pledging to sustain policies aimed at curbing inflation, ensuring price stability and fostering long-term economic growth.

The assurance was given during a one-day stakeholders’ fair held in Bauchi, where the apex bank engaged the public on its policies, promoted financial inclusion and encouraged greater awareness of its services.

The Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, represented by the CBN Branch Controller in Bauchi, Michael Dalyop, said recent reforms introduced by the bank were beginning to deliver positive results.

According to her, the reforms have contributed to improved macroeconomic stability, easing inflation and stronger confidence in the foreign exchange market.

She disclosed that Nigeria’s external reserves climbed above $52.5 billion as of July 17, 2026, marking the highest level in 17 years and surpassing the CBN’s annual target. The increase, she said, was driven by stronger foreign exchange inflows, renewed investor confidence and increased participation across asset classes.

Sidi-Ali also noted that inflation continued to moderate, with headline inflation falling from 15.93 per cent in May to 15.91 per cent in June 2026. Food and core inflation also declined, a trend she attributed to disciplined monetary tightening, exchange rate reforms and improved market transparency.

She added that the naira had continued to strengthen, with the gap between the official exchange rate and Bureau De Change rates narrowing to below two per cent, reflecting increased stability in the foreign exchange market.

The CBN highlighted several reforms implemented over the past 34 months, including the unification of the foreign exchange market, banking sector recapitalisation, the introduction of the Non-Resident Bank Verification Number, the B-Match foreign exchange trading platform, the Nigeria Payments System Vision 2028 and a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to improve liquidity management and reduce inflationary pressure.

The bank also announced its collaboration with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate, a transparent benchmark for short-term funding transactions aligned with international best practices.

Sidi-Ali said the stakeholders’ fair was designed to deepen financial inclusion, promote alternative payment channels and strengthen public engagement with the CBN. She encouraged participants to seek information on financial consumer protection, payment system innovations, microfinance, monetary policy and currency management.

She also reiterated the bank’s warning against the abuse of the naira, urging Nigerians to avoid spraying, hawking, mutilating or counterfeiting the national currency, while advising the public to rely only on verified CBN platforms for information.

Also speaking, Bauchi CBN Branch Controller Michael Dalyop, represented by Assistant Director Salahu Bello Mohammed, said the bank’s 2024–2028 strategy was focused on achieving monetary, price and financial system stability to drive inclusive economic growth.

He said reforms in the foreign exchange market had improved transparency, strengthened investor confidence and helped boost the country’s foreign reserves beyond $50 billion. He added that inflation was on a downward trend and that the successful recapitalisation of banks had strengthened the financial sector’s capacity to support businesses and economic development.

Dalyop urged Nigerians to take advantage of formal financial services by keeping their money in banks instead of at home and called on citizens to treat the naira with dignity and respect.