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Nigeria Central Bank Signals First Rate Cut Since COVID-19

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Central Bank of Nigeria has signaled its first move toward cutting interest rates since the COVID-19 pandemic, raising hopes of relief for businesses and households struggling under high borrowing costs.....KINDLY READ THE FULL STORY HERE▶

The bank’s Monetary Policy Committee (MPC), which sets the nation’s key interest rate, said this week that it is considering a policy shift after years of aggressive tightening aimed at fighting inflation.

For more than four years, Nigeria’s benchmark rate has climbed steadily, reaching historic highs as the central bank fought to stabilize the naira and contain rising prices. Inflation in Africa’s largest economy has remained stubbornly above 20% for much of 2023 and 2024, putting pressure on households already burdened by rising food and fuel costs.

But officials now suggest the tide may be turning. The MPC hinted that inflation is easing slightly and that economic growth needs more support. That combination could open the door for Nigeria’s first rate cut since the start of the global pandemic in 2020.

“The committee acknowledged that inflationary pressures are beginning to moderate, while high borrowing costs are weighing heavily on private sector growth,” a statement from the MPC said. “Members will continue to monitor developments, but there is room to consider gradual easing in the coming months.”

The announcement has fueled optimism among investors and businesses that have been calling for lower interest rates to stimulate growth. Commercial banks and manufacturers have warned that the current high cost of credit is choking productivity and limiting job creation.

Nigeria’s economy has faced multiple shocks in recent years. The COVID-19 pandemic, followed by a global slowdown, weakened oil prices — the country’s main export. More recently, reforms such as the removal of fuel subsidies and a currency devaluation have pushed inflation higher.

Still, the International Monetary Fund (IMF) and World Bank have urged Nigeria to prioritize growth as living standards decline. According to the National Bureau of Statistics, more than 60% of Nigerians live in poverty, with food inflation reaching record levels earlier this year.

Analysts say a carefully managed rate cut could provide some breathing space.

“Businesses are desperate for cheaper credit, but the central bank must balance that against the risk of inflation returning,” said Lagos-based economist Ifeoma Nwankwo. “Any move to ease policy will have to be gradual, cautious, and closely tied to actual inflation numbers.”

The central bank’s next policy meeting is scheduled for November, and markets are watching closely for a clear decision. A rate cut, even a small one, would mark a major shift after years of tight monetary policy.

Some experts caution that lowering rates too soon could reignite inflation, especially if food supply shocks or global oil price changes push costs upward again. But others argue that the risks of doing nothing are just as serious.

“High rates are hurting small businesses and keeping unemployment high,” said Adewale Adediran, a financial analyst in Abuja. “Nigeria needs growth, and that means encouraging investment. A rate cut would send a strong signal of confidence.”

The last time Nigeria cut its benchmark interest rate was in 2020, when the central bank acted to cushion the economy during the pandemic. Since then, the global trend has been toward tightening, with central banks worldwide trying to tame post-COVID inflation.

If the MPC follows through, Nigeria would join a growing list of emerging markets cautiously pivoting toward looser monetary policy as inflation shows signs of easing.

For millions of Nigerians, the real impact will depend on whether lower rates translate into cheaper loans, more jobs, and reduced prices.

“The average Nigerian is less concerned about monetary policy and more about the price of rice in the market,” said Nwankwo. “If easing can bring down inflation and boost incomes, then it will be welcomed.”

For now, all eyes are on the central bank’s next meeting. Whether or not a cut happens in November, the MPC’s latest signal marks the clearest sign yet of a potential policy shift — and the first serious talk of easing since COVID-19.

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‘We Drank Garri With Muddy Water’ – Kidnapped NYSC Member Recounts Ordeal.

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One of the prospective members of the National Youth Service Corps (NYSC) rescued from kidnappers in Imo State has recounted the horrifying conditions they endured in captivity, revealing that their abductors beat them and forced them to survive on dry garri and dirty water in a forest.....KINDLY READ THE FULL STORY HERE▶

Speaking in an interview with the BBC, the victim disclosed that the kidnappers monitored conversations between captives and their families, assaulting them whenever they were displeased with anything said during the calls.

She was among 20 prospective corps members and another passenger abducted on October 1, 2026, while travelling from Ibadan, Oyo State, to orientation camps in Abia and Akwa Ibom states.

According to her account, the kidnappers allowed the victims to contact their relatives using a phone but subjected them to physical punishment if their conversations provoked the abductors.

She said, “We are given a phone to call our family, and if any family say anything they don’t want to hear or any rubbish that would make them angry, we will be beaten.

“That person will be beaten, used the gun, wood. Sometimes they use their hands to punch them, mostly the guys.”

Recounting the circumstances surrounding the abduction, the victim explained that their journey began at about 9 a.m., with the vehicle making several stops along the way.

She said the driver eventually stopped after reaching a stretch of road considered dangerous, and the passengers were advised to rest before continuing their journey.

The prospective corps member added that she had informed her family they would spend the night in a public place before going to sleep.

However, she said she woke up to find herself caught up in the abduction and could not understand how she had been taken to the forest where they were initially held.

“When I woke up, that was when the incident happened. I don’t know how we got to the forest where we were kept for some time,” she recounted.

The victim said the abductors later moved them further into the forest, where access to food and clean drinking water was severely limited.

Describing their living conditions, she revealed that the captives survived mainly on dry garri and muddy water, despite the poor quality of the water.

“What we are eating there is just garri. Like Igbo garri, dry garri with mud water. Very dirty water. I can’t even give my enemy that water. We don’t have a choice, we have to take it for survival,” she said.

She also described the emotional distress she experienced during captivity, explaining that the situation left her confused, frightened and unable to process what was happening.

“I can’t explain how I felt. I can’t even cry, I was just looking, I was lost. I don’t know what to do,” she said.

“It felt like it was a movie. I don’t believe that this is happening to me.”

The victim further disclosed that she feared she might not survive the ordeal before security operatives intervened.

She expressed gratitude to the government and security personnel, particularly operatives of the Department of State Services (DSS), whom she credited with helping to secure their release.

“The government, the DSS staff, we were rescued by them,” she stated.

The prospective corps members were abducted on October 1 when gunmen reportedly attacked two buses along the Owerri-Onitsha Road near Umunoha in Imo State.

They regained their freedom on October 7 following a coordinated security operation and were subsequently taken to a DSS medical facility in Owerri for treatment.

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‘I’m The Commander Of Field Operations’ – Wike Sends Strong Message Ahead Of 2027 Election

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared himself the commander of field operations for President Bola Tinubu’s re-election campaign in Abuja ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Wike made the declaration on Monday during a stakeholders’ meeting of the Rainbow Coalition in Abuja.

The meeting was attended by stakeholders from the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), including party chairmen, serving and former senators, National Assembly candidates, and political leaders from the FCT’s six area councils.

Speaking at the gathering, Wike announced plans for a joint mobilisation effort involving APC and PDP members to secure victory for Tinubu in the presidential election and support candidates of the ruling party contesting National Assembly seats in the FCT.

The minister urged participants to prioritise the coalition’s shared political objective over their individual party affiliations.

Wike said the stakeholders had reached a consensus on supporting Tinubu’s re-election bid, adding that he would coordinate political activities in both the FCT and Rivers State.

“For the presidency, all of us have agreed that it is Bola Ahmed Tinubu. I am going to coordinate the FCT and Rivers State. So you can imagine how important it is,” he said.

Emphasising his role in the FCT campaign, Wike added, “I am in charge of the FCT election. I am the commander of field operations as far as the FCT election is concerned.”

He further called on members of both parties to work together, insisting that political differences should not undermine their collective objective ahead of the polls.

“I want to let all of you know that we are going to work together. Nobody should say, ‘I am PDP’ or ‘I am APC.’ For the purpose of this election, we are together,” the minister stated.

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2027 Election: Pantami Reacts As INEC Removes His Name From Final Governorship List.

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Former Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, has appealed to his supporters to remain calm following the omission of his name from the Independent National Electoral Commission’s (INEC) final list of candidates for the 2027 Gombe State governorship election.....KINDLY READ THE FULL STORY HERE▶

Pantami, who defected from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP) in May, was absent from the list published by INEC on Saturday.

In a statement shared on his social media platforms, the former minister’s camp described the development as a temporary electoral setback, assuring supporters that efforts were being made to resolve the issue.

The statement, signed by Professor Suleiman Mohammed Gombe, acknowledged the concerns raised by PDP members and supporters of the Pantamiyya Movement both within and outside Gombe State.

According to the statement, Pantami’s legal and liaison teams are engaging relevant PDP organs and INEC to secure compliance with a court order and address the omission within the period allowed by law.

The camp urged supporters to remain optimistic, stressing that the publication of the final list did not bring the matter to a conclusion.

“We are aware of the people working behind the scenes to frustrate good and responsible leadership in Gombe State,” the statement said.

Expressing confidence that the issue would be resolved, the camp encouraged supporters to sustain their mobilisation efforts and remain committed to the movement’s goal of serving humanity.

It also reaffirmed the unity between the PDP and the Pantamiyya Movement, stating that both remained committed to advancing the political aspirations of their supporters in Gombe State.

“No distraction will derail our course, in sha Allah,” the statement added.

Clarify Pantami’s Current Electoral StatusTighten The Repeated Reassurances
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