News about Nigeria

Columnist Tope Fasoranti argues that the Central Bank of Nigeria's (CBN) 350-basis-point cut in the Monetary Policy Rate, from 26.5% to 23% on September 22, 2026, was a decisive and well-timed call. The standing deposit facility rate fell by 200 basis points to 20%, and the overnight rate closed the week to September 25 at 20.77% according to Cordros Research, so the rest of the cut mainly realigns the official signal with prevailing market rates. Real rates remain higher than a year ago: with headline inflation at 15.39%, the 23% MPR implies a real rate of about 7.6 points, versus about 4.4 points in August 2025. Applying the Taylor rule gives an illustrative range of roughly 17% to 24%, with the new rate toward the cautious end, as core inflation has moderated for three consecutive months from 16.82% in May to 13.29% in August.

Nigeria’s Finance Minister Taiwo Oyedele said at the 2026 IMF-World Bank Meetings in Bangkok that the government is aiming for 7 per cent annual growth, well above IMF projections for the next two years. He credited a tax framework rewritten within two years and efforts to cut food, energy and logistics costs as key to lowering inflation and borrowing costs. He argued that bringing inflation down to low single digits could allow single-digit interest rates, noting that prime lending is close to 30 per cent, which weighs on businesses. He also said improved foreign exchange performance has helped the inflation outlook, although food, energy and logistics pressures remain. He defended the “Nigeria Rising” narrative as a way to correct international perceptions that, in the government’s view, do not reflect the country’s progress.

Net placements by Nigerian banks at the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF) rose above 6 trillion naira for three consecutive days after the CBN repaid 2.41 trillion naira in maturing Open Market Operations (OMO) securities on October 13. Net SDF placements increased from about 3.86 trillion naira on October 13 to 6.08 trillion naira on October 16, a rise of 2.22 trillion naira or 57.65%. Treasury bill sales absorbed only 269.06 billion naira, and about 74% of bids were unallotted. The article suggests banks are holding surplus liquidity rather than deploying it, but notes that high SDF placements alone do not prove deliberate credit restriction, since borrower demand, risk, capital requirements and interest rates also shape lending.

Labour leaders and pro-democracy activists, including the NLC and lawyer Femi Falana, urged Nigerians to unite against rising petrol prices, accusing the government of impoverishing workers while enriching a privileged few. The NLC said a bag of rice has risen from about ₦30,000 to over ₦80,000 and a loaf of bread from about ₦500 to ₦1,500, while the ₦70,000 minimum wage set in July 2024 is now a “cruel joke”. When that wage was set, petrol sold for about ₦668.30 per litre, but it now exceeds ₦1,400 per litre in many areas. The NLC issued a two-week ultimatum on October 9 demanding an immediate cut in petrol prices, and also called for steps to stabilise the naira, reduce inflation and strengthen domestic refining.

The article argues that President Tinubu is building a lasting legacy by combining the strengths of earlier Nigerian leaders with democratic and economic reform. It cites his role in forming the coalition that became the APC, which achieved Nigeria's first federal transfer of power from a governing party to an opposition party, and the Supreme Court's affirmation of the 2023 election result despite legal challenges. It also notes that he congratulated Governor Ademola Adeleke after the opposition Accord Party defeated the APC in Osun's August 2026 election, while acknowledging the controversy over the suspension of Rivers State's elected government. On the economy, the article credits the removal of petrol subsidies, unification of foreign-exchange windows and four 2025 tax laws, as real GDP growth rose from 3.38% in 2024 to 4.43% in Q2 2026. According to the IMF, gross reserves increased from about $40 billion to $46 billion during 2025.

Nigeria spent $1.19 billion on food imports in the first half of 2026, up $121.52 million or 11.41% from the same period of 2025, according to an analysis of the Central Bank of Nigeria's quarterly bulletin. Forex spending on food imports rose in most months, and in the second quarter it climbed 26.38% to $650 million, offsetting a 2.57% decline in the first quarter. Industry figures blame insecurity, which has forced farmers off their land, and low adoption of modern farming technology for weak local output. Emir of Kano Muhammadu Sanusi II warned that open import policies, including rice from Thailand, have weakened local rice mills and left banks with bad loans, and urged support for poor households that does not harm domestic farmers.

Authorities in Ghana and Nigeria arrested 28 people in a crackdown on West African scam networks, including cryptocurrency investment fraud, according to the U.S. Department of Justice. Private-sector partners flagged $11 million in funds that could be frozen, a figure not yet confirmed as recovered, while some crypto seizures were reported without values. Coinbase and Binance joined blockchain analytics firms Chainalysis, Elliptic and TRM Labs, and Coinbase said it prevented more than $415,000 in potential losses. Meta removed more than 3.7 million Facebook and Instagram accounts, pages and groups, and participants provided leads on more than 30 suspected scam centers. The operation, hosted by the UK's National Crime Agency, was the first joint effort focused on West Africa, and 117 trafficking victims in Ghana were awaiting repatriation to Nigeria.