Economy
CBN’s Transition Promises Stability And Reform
CBN’s Transition Promises Stability And Reform....KINDLY READ THE FULL STORY HERE▶

In what could mark the potential end of Godwin Emefiele’s tumultuous nine-year tenure at the Central Bank of Nigeria (CBN), President Bola Ahmed Tinubu has nominated Dr. Olayemi Michael Cardoso as a candidate to succeed the embattled chief regulator. The nomination, subject to Senate confirmation, is for an initial term of five years, as announced by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.
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This nomination aligns with Section 8 (1) of the CBN Act (2007), which empowers the President to appoint the CBN governor. Four deputy governors were also nominated, ending speculation about the future roles of the current deputy governors. One of them, Folashodun Shonubi, has served as the acting head of the monetary authority since June.
Emefiele, along with two deputy governors, Dr. Kingsley Obiora and Aisha Ahmad, have faced scrutiny from the Department of State Security (DSS) in connection with their roles at the helm of the bank for varying periods.
Emefiele’s tenure as the second-longest-serving CBN governor has been marked by controversial foreign exchange (FX) policies, development financing issues, and the recent redesign of the naira, criticized by some as currency seizure. The naira redesign has had adverse effects on economic growth, significantly impacting the GDP in the first quarter of the year, according to economists.
Sources indicate that this nomination aims to facilitate the unimpeded prosecution of Emefiele and some of his implicated colleagues in alleged financial misconduct spanning nine years. Some top officials have already been questioned, raising concerns within the Presidency.
The speedy change in leadership was reportedly recommended by a team of special investigators led by former Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Jim Obazee, along with other government officials.
Recent investigations have uncovered alleged fraud totaling over N7 trillion linked to Emefiele, sparking tension in the financial system and concerns over possible invitations to more directors who served under the suspended apex bank boss.
President Tinubu was reportedly troubled by the implications of entrusting the CBN’s management to individuals who had been intermittently interrogated. This uncertainty negatively impacted market confidence, making a leadership change imperative.
In addition to Dr. Cardoso’s nomination, four new deputy governors—Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala Bello—have been nominated for five-year terms, pending Senate confirmation.
The President’s statement emphasized the expectations that these nominees will implement critical reforms at the CBN, instilling confidence among Nigerians and international partners as part of the restructuring efforts for sustainable economic growth and prosperity.
Dr. Olayemi Michael Cardoso, a former Citibank Nigeria chairman, boasts over 30 years of experience in various sectors, including finance and development. His reputation for principled and professional decision-making suggests competence and resilience in potentially reforming the financial system.
Bankers and financial stakeholders are now awaiting Cardoso’s tenure, hoping he can lead the much-needed reforms and address systemic issues within the financial sector.
Economy
WHO: Nearly 1 Billion People Living With Mental Health Conditions Worldwide
GENEVA (AP) — Nearly one billion people around the world are living with a mental health condition, the World Health Organization said Saturday, warning that many still lack access to treatment and support.....KINDLY READ THE FULL STORY HERE▶
The U.N. health agency said depression and anxiety are among the most common disorders. It added that the COVID-19 pandemic and global conflicts have made mental health challenges worse.
WHO officials said about one in eight people now face some form of mental illness. Despite the rising need, funding for mental health services remains low in many countries.
“Every person, in every community, deserves the right to mental health care,” said WHO Director-General Tedros Adhanom Ghebreyesus. “This is not a luxury. It is essential for well-being and development.”
The organization urged governments to expand services, train more mental health workers and reduce stigma.
Experts say untreated conditions often lead to poverty, unemployment and poor physical health. The WHO stressed that investment in mental health care can also boost economic growth and improve education outcomes.
The agency called for stronger global action ahead of World Mental Health Day next month, saying the issue affects families, workplaces and entire societies.
Economy
Expert Warns of Skills Gap Between Schools and Job Market
LAGOS, Nigeria (AP) — Many graduates struggle to find work because schools are not teaching the skills employers demand, a curriculum innovation expert said Saturday.....KINDLY READ THE FULL STORY HERE▶
Tope Salau, an education consultant, warned that there is a “mismatch between the skills that are needed in the marketplace and the skills that are being taught.”
She said universities and training centers often focus on theory while businesses need practical, hands-on abilities. As a result, young people leave school without the tools to succeed in the workforce.
The problem is not limited to Nigeria. The International Labour Organization has reported that skill gaps affect both developing and developed economies, slowing growth and innovation.
Experts have urged schools to partner with industries to design programs that match market needs. They also call for investment in vocational training, digital skills, and entrepreneurship.
“Students are willing to learn, but the system must give them the right foundation,” Salau said.
Education analysts say bridging the gap will require policy reforms, stronger industry-academia collaboration, and modern teaching methods. Without change, the unemployment crisis among graduates is likely to continue.
Economy
Nigeria Inflation Drops to 20.12% in August but Prices Remain High
Nigeria inflation rate fell to 20.12% in August 2025, marking the fifth month in a row that the country has seen a decline in inflation, according to new data from the National Bureau of Statistics (NBS).....KINDLY READ THE FULL STORY HERE▶
The latest report also showed that food inflation, which directly affects the daily lives of millions of Nigerians, dropped to 21.87% from 22.74% in July. This decline was welcomed as a sign of progress, but many households say the relief has not been felt in local markets.
Why Inflation Is Dropping
Analysts link the downward trend to a more stable naira, improved supply conditions, and ongoing monetary policies by the Central Bank of Nigeria (CBN). A stronger naira helps reduce the cost of imported goods, while tighter financial policies aim to control money supply in the economy.
Economist Tunde Adebayo explained:
“The numbers show that inflation is cooling, but Nigerians are still struggling. What matters to people is the price they pay for rice, bread, and transport. Until those prices come down, the average citizen won’t feel the impact.”
Food Inflation Still a Major Concern
Even though food inflation declined slightly, it remains above 21%, which is high compared to global standards. The cost of rice, garri, beans, and vegetables continues to put pressure on household budgets.
A market survey in Lagos revealed that a 50kg bag of rice still sells for between ₦55,000 and ₦60,000, only a little lower than prices recorded earlier in the year. Similarly, bread prices have not dropped despite the fall in flour import costs.
For families earning low wages, these high prices mean cutting back on meals or choosing cheaper substitutes.
Mixed Reactions From Nigerians
While government officials celebrate the inflation numbers as a positive sign, many Nigerians disagree. On social media, users argued that the figures do not reflect the reality on the ground.
One resident in Abuja said:
“They keep saying inflation is falling, but when I go to the market, everything is still expensive. Tomatoes, onions, and oil are not cheaper.”
This frustration shows a gap between official statistics and lived experiences.
Impact on Businesses and Jobs
Businesses are also watching the inflation trend closely. For small businesses, especially in food and retail, the high cost of goods continues to affect profits. Many shop owners report that customers are buying less, which slows sales and weakens growth.
On the other hand, some manufacturers say the recent currency stability has reduced import costs for raw materials. If this trend continues, it could support job creation and production in the coming months.
Government and CBN’s Role
The government has promised to continue policies aimed at bringing inflation under control. The Central Bank of Nigeria is expected to maintain tight monetary measures while supporting programs that increase food production and stabilize supply chains.
Economic experts suggest that investments in agriculture and local manufacturing will be key to lowering food inflation further. If farmers can produce more locally, reliance on imports will drop, reducing the pressure on foreign exchange and consumer prices.
What Nigerians Can Expect Next
Although the inflation rate has dropped for five months straight, it is still above 20%, which is very high compared to other African economies like Ghana and Kenya. Experts warn that without consistent policy actions, inflation could rise again.
For now, Nigerians will likely continue to feel the pressure of high food and transport costs, even if official statistics show improvement.
The fall in Nigeria’s inflation rate to 20.12% in August is a positive step, but for many citizens, the real impact is yet to be seen. Prices in markets remain high, and families are still struggling with daily expenses.
Until the government addresses food supply, production costs, and wages, the numbers on paper will not match the economic reality in households across Nigeria.
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