Oyetola’s initiative empowers 1,000 women in four Osun LGAs with business grants

The initiative of the Minister of Marine and Blue Economy, Adegboyega Oyetola, has empowered 1,000 market women in four Local Government Areas of Osun State with business grants to tackle poverty and improve small-scale trading.

The initiative, tagged Ilerioluwa, which is sponsored by the Executive Director of Marine and Operations at the Nigerian Ports Authority (NPA), Olalekan Badmus, is the fifth edition in the series.

Badmus said, ‘For this fifth edition, over 1,000 women have benefited from Oyetola’s empowerment initiative. We have other strata of the empowerment scheme, which we target: admission seekers, youths, women, the aged, and the vulnerable in our society.

‘As one of the mentees of the Minister, I have learnt that he prioritises people’s welfare even when he was the governor of Osun State. He used to feed thousands of households monthly. From what he has taught us, I commenced the initiative after the government in his name.’

He explained that, ‘The major aim of this programme is to give back to society. It is organised for residents of Osun State across the federal constituency, which comprises four councils, to encourage women involved in small-scale businesses by providing grants to support their ventures.

‘This is the fifth edition, and over 1,000 individuals are benefiting from the initiative. Plans are underway to increase the number.’

The NPA boss, speaking, boasted that the unity of the All Progressives Congress (APC), Osun State, will not be threatened after the December 13th, 2025, governorship primary among the aspirants.

He said, ‘APC has its own mechanism to maintain the unity of the party. I am confident that the party leadership is working diligently to ensure that all gubernatorial aspirants are united before, during, and after the primary.’

The pioneer Field Commander of Osun State Amotekun, Comrade Amitolu Shittu, said, ‘Since Oyetola left government in 2022, his organisation, Ilerioluwa, is the only political group that attends to the needs and welfare of the people of the state individually.’

Gani Adams tasks Yoruba groups in South Africa on preservation of culture, economic empowerment

There is a need for unity among Yoruba groups in South Africa to foster cultural preservation, economic empowerment, social cohesion and national integration, the Aare Ona Kakanfo of Yoruba, Iba Gani Adams, has said.

Adams explained that such unity would also help with economic and political empowerment, as a united Yoruba community in South Africa can better advocate for its interests, access resources, and participate effectively in socio-political and economic activities both locally and in relation to Nigeria.

Adams made the call while speaking at the 10th anniversary celebration of the Oodua Progressive Union (OPU), South African chapter.

He stressed that unity among Yoruba groups in South Africa will help safeguard and promote Yoruba cultural practices, language, festivals, and traditions in the diaspora.

Such collective effort, he noted, will ensure that Yoruba heritage remained vibrant and is passed down to future generations despite being away from the homeland.

‘Unity fosters a strong sense of community and belonging among Yoruba people in South Africa. It facilitates mutual support, cooperation, and collective action in addressing social, economic, and cultural challenges faced by the diaspora community,’ Adams said.

Speaking on the essence of teaching children of Nigerians in the diaspora their indigenous language, Adams said the importance was multifaceted and deeply significant culturally and educationally. He encouraged the Yoruba communities in South Africa not to fail in this parental responsibility.

‘Teaching Yoruba to children of Nigerians abroad helps preserve their cultural identity and heritage. It connects them to their roots, traditions, values, and history, fostering a strong sense of belonging and pride in their Nigerian and Yoruba ancestry,’ he added.

In his address, the host and National Coordinator, Oodua Progressive Union (OPU) South Africa, Chief Kayode Orenisi, said the 10th year anniversary celebration of OPU South Africa was a celebration of a decade of impact, unity, and progress.

‘This is a celebration of 10 years of carrying the torch of Yoruba heritage, 10 years of promoting our values, and 10 years of standing together as one big family in the diaspora.

‘When we began this journey, our goal was simple but powerful: to preserve our culture, uplift one another, and represent the Yoruba nation with dignity and pride anywhere we find ourselves. Today, by God’s grace, we can proudly say we have stayed true to that vision,’ he added.

JUST IN: 50 pupils escape abductors, reunite with parents in Niger

The Bishop of the Catholic Diocese of Kontagora, Reverend Bulus Dauwa Yohanna, has confirmed that 50 pupils of St. Mary’s Catholic Primary and Secondary Schools in Papiri, Agwara Local Government Area, have escaped from their abductors and reunited with their parents.

Reverend Yohanna, who is the Proprietor of the school, disclosed that the students escaped between Friday and Saturday but were unable to return to the school.

The development came to light when some parents informed the school of their children’s safe return, while school staff discovered others during visits to families.

Providing an update on the school’s population, Yohanna said the primary section has 430 pupils, including 377 boarders and 53 non-boarders.

The total number of secondary students is still being verified, as many records were destroyed during the abduction.

‘Currently, aside from the 50 pupils who escaped and returned home, 141 pupils were not taken. As it stands, 236 pupils remain in captivity, along with three children of staff, 14 secondary students, and 12 members of staff,’ Yohanna stated.

It was previously reported by the Principal, Rev. Sr. Felicia Gyang, that the bandits initially targeted the primary school dormitory. To protect other students, the principal and fellow sisters guided secondary school pupils into nearby bushes to evade the abductors.

Yohanna, who also serves as Niger State Chairman of the Christian Association of Nigeria (CAN), called for prayers for the safe and speedy release of the remaining abducted children and adults.

‘As much as we receive the return of these 50 children that escaped with some sigh of relief, I urge you all to continue in your prayers for the rescue and safe return of the remaining victims. I want to call on everyone to remain calm and prayerful as we will continue to actively collaborate with security operatives, community leaders, government, and relevant authorities for the safe and quick return of all abductees.’

However, in a related development, the Niger State Governor, Mohammed Umaru Bago, described the incident as more of a scare and of missing people rather than a kidnapping, stressing that it was quick to conclude that it was a case of abduction and for any figures to have been revealed.

‘Yes, there was a scare, sporadic gunshots, and the children ran because they were targeted. And from the Google imagery, there was no mass movement of people, but people running up and down’, he said.

He, however, confirmed that some of the children have been found and reunited with their families, adding that efforts are being intensified to find the rest soon.

Speaking on TVC News Live at 10 pm on Saturday, the Governor sought calm from all residents of the state over the incident, assuring that security agencies are not leaving any stone unturned to ensure the children are rescued unhurt.

He also stressed that the incident was avoidable, stating that it is not the time for a blame game but to correct all mistakes, get the children back, reunite them with their families, and forge ahead.

He again applauded the federal government for tremendous support, especially in terms of personnel and equipment to aid in surveillance and rescue operations.

WhyteCleon hosts 2025 ‘Cleon Health Walk’ to raise awareness on diabetes, hypertension

WhyteCleon Limited, a leading HR consulting and outsourcing firm, yesterday staged the Cleon Health Walk 2025, a major fitness and medical awareness campaign aimed at tackling the rising cases of diabetes and high blood pressure (HBP) among Nigerians.

The event featured free medical tests, a health lecture, aerobics sessions, and a community fitness walk that recorded an impressive turnout.

Speaking at the event, the company’s General Manager (Operations), Mr. Yakubu Wuyep, said the initiative was designed not only to promote healthy living but also to strengthen unity, encourage employee engagement, and raise public consciousness about preventable health challenges.

‘We aim to achieve a plethora of things with just this one event,’ Wuyep said. ‘We want to promote unity, networking, and most importantly, bring to public awareness the prevailing health issues. This year, from the medical records of our staff, diabetes and high blood pressure have emerged as common ailments. We want people to consciously live healthy lives so these ailments don’t take them by surprise.’

He explained that diabetes and hypertension were specifically selected for the campaign due to their growing frequency among the company’s workforce.

‘Many of our people have been visiting hospitals, and the results kept pointing to these two conditions. So we felt the need to create awareness, asking people to watch what they eat and be intentional about healthy living,’ he said.

More than 2,000 participants-including staff, partners, and friends of the company-took part in the awareness event.

On arrival, participants received free blood pressure and blood glucose checks before engaging in the fitness activities. The programme also featured a health talk by medical practitioner Dr. Kolade Faleke, who stressed the dangers of inactivity and the increasing prevalence of hypertension and diabetes in Nigeria.

‘Hypertension is highly prevalent in Nigeria,’ Dr. Faleke explained. ‘One major cause is inactivity. Many of us spend long hours at work with little physical exercise. Scientific studies have shown that exercise helps curb and manage both hypertension and diabetes. This walk is a good start, but the key is to make exercise a continuous lifestyle.’

The health walk commenced at 10:29 a.m. from Bendel Close, moving through Bishop Aboyade Street to Adetokunbo Ademola Street, Akin Adesola Street, Muri Okunola Park, Adeola Hopewell Street, Akinogun Savage Street, and back to Adetokunbo Ademola to finish at Bendel Close at 11:42 a.m.

Security was fully coordinated, with support from LASTMA and the Nigeria Police Force, ensuring crowd control, orderly movement, and safety throughout the walk.

Cleon Health Walk is a biannual initiative, and according to Wuyep, this year marks its third edition in the current biannual cycle. Whyte Cleon has hosted the event since 2015, further cementing the company’s commitment to corporate wellness and employee engagement.

‘We want people to network, bond, and realize that the company truly cares for them,’ Wuyep added. ‘This is also an employee engagement activity. After today, we hope people become more conscious about healthy diets, regular exercise, and general well-being.’

Wuyep also encouraged staff members who could not attend to make a strong effort to participate in future editions.

‘There will always be a few who can’t make it, but our advice is that they join next time to benefit from the essence of the programme.’

Kaduna govt denies El-Rufai’s claim of ?1bn payment to bandits

The Kaduna State Government has dismissed as false and politically driven the claim by former Governor Nasir Ahmad El-Rufai that the administration of Governor Uba Sani paid ?1 billion to bandits.

El-Rufai made the allegation during a Channels Television interview, but the government described it as baseless and intended to undermine the state’s ongoing security progress.

In a statement issued on Sunday, the Commissioner for Internal Security and Home Affairs, Hon. (Dr.) Sule Shu’aibu, SAN, said the claim was ‘a fabrication devoid of context, substance, or credibility,’ accusing the former governor of attempting to mislead the public.

The government criticised El-Rufai for ‘recklessly weaponising sensitive security matters for political grandstanding,’ saying such conduct is unbecoming of a former leader.

Shu’aibu stressed that Governor Uba Sani has never authorised, negotiated, or paid ransom to any criminal group.

‘Not one naira. Not one kobo,’ he stated, noting that the Governor has repeatedly clarified this in media engagements and stakeholder meetings.

The statement referenced the Office of the National Security Adviser (ONSA), which had previously dismissed similar claims by El-Rufai as unfounded and inconsistent with national security protocols. ONSA has maintained that neither the Federal Government nor state governments pay ransom to criminal elements.

Outlining its security strategy, the government said it is pursuing a community-focused model anchored on enhanced military operations, collaboration with legitimate community leaders, and improved access to education, healthcare, and economic opportunities.

‘The State engages communities, not bandits,’ the statement emphasised.

Grassroots organisations, including the Birnin-Gwari Vanguard for Security and Good Governance, also rejected El-Rufai’s claim, describing it as misleading and untrue. The group faced some of the state’s toughest security challenges during his tenure.

The government further pointed to past allegations raised by senior members of El-Rufai’s own administration suggesting he used public funds to appease certain groups, calling his current accusations ‘deeply paradoxical.’

Since assuming office, Governor Sani has focused on stabilising affected communities, reopening schools, markets, and farmlands, and rebuilding trust across ethnic and religious divides.

The statement challenged El-Rufai to present credible evidence-such as bank records, memos, or security correspondence-if he has any. It added that a similar allegation he made in September 2025 ‘collapsed under scrutiny’ after no proof was provided.

The government demanded that El-Rufai withdraw the claim and issue an unreserved public apology within one week, warning that failure to do so may compel the State to pursue legal action ‘to safeguard public order and institutional integrity.’

Reaffirming its commitment to transparency and responsible security management, the Kaduna State Government said it will not be distracted by ‘politics of bitterness, fearmongering, or orchestrated falsehoods.’

Somersault

Education Minister Maruf Tunji Alausa recently announced the scrapping of the National Language Policy (NLP) that mandated the use of indigenous languages as medium of instruction in the early stages of education. The policy, which had been in place since the 1970s and was last reinforced in 2022, sought to promote Nigeria’s indigenous languages – many of which are going extinct – and preserve the country’s cultural heritage, especially in the formative years of life.

In 2022, government approved the NLP, which stipulated that from early childhood education to primary six, the language of instruction should be in the mother tongue or language of the immediate community of the young learner, while English remained the official language used in latter stages of education and in formal settings. It was projected that this would improve early childhood learning outcomes.

The minister, however, said Nigerian children had been performing abysmally in public examinations as a result of being taught in their mother tongue. According to him, the decision to cancel the policy followed extensive data analysis and evidence showing that the use of mother tongue as the main medium of instruction had negatively affected learning outcomes in several parts of the country.

He unveiled this new thinking at the 2025 Language in Education International Conference organised by the British Council in Abuja, penultimate Wednesday.

Speaking at the conference, Alausa said English would now be the language of instruction in Nigerian schools, from primary to tertiary levels. ‘We have seen mass failure rate in WAEC, NECO and JAMB in certain geo-political zones of the country, and those are the ones that adopted this mother tongue in an over-subscribed manner. This is about evidence-based governance. The national policy on language has been cancelled. English now stands as the medium of instruction from the pre-primary, primary, junior secondary, senior secondary up to the tertiary education level,’ he said, adding: ‘Using the mother tongue language in Nigeria for the past 15 years has literally destroyed education in certain regions. We have to talk about evidence, not emotions.’

The minister argued that data gathered from schools across the country revealed that students taught primarily in indigenous languages recorded higher failure rate in national examinations and struggled with Basic English comprehension. ‘The national policy on language has been cancelled. English now stands as the medium of instruction across all levels of education,’ he affirmed, urging stakeholders with a different view to present verifiable data in support since government remained open to evidence-based dialogue that would strengthen the education sector.

Whatever may be the merit of the data referenced by the minister as basis for the policy backtrack, it sucks that he chose a forum organised by the British Council to make the announcement because of the neo-colonial ring of the whole scenario. We think it was insensitive to have made the announcement at that event.

Besides, the mother tongue policy did not come about in the first place without empirical and data evidence. One-time education minister and reputed scholar, the late Professor Babs Fafunwa, was a promoter of this policy and he pushed it on the strength of findings from a six-year Ile-Ife, Osun State, primary education study which showed that mother tongue as medium of educational instruction for the first 12 years of a child’s life aided learning outcomes. Research, according to him, showed that the Nigerian child was better suited to acquire skills and attitudes through the mother tongue.

Reports also cited studies by the United Nations Children Education Fund (UNICEF) and World Bank which showed that early grade learners achieve higher literacy and reading outcomes when taught in their first language, compared with those taught exclusively in English. Mother tongue learning is indeed a global best practice, and authorities have argued that scrapping that mode of education would not necessarily improve English proficiency among second language learners. ‘Many countries around the world use their local languages to educate their children; the Chinese use Mandarin, Pakistanis use Urdu, Indians use Hindi, and the Basotho use Sesotho. Nigeria should not be an exception,’ a scholar of Physical and Computational Chemistry at Kwara State University, Malete, Kwara State, Professor Sikiru Ahmed, recently told PUNCH newspaper.

We are of the view that the authorities did not do enough troubleshooting regarding what may have accounted for poor learning outcomes before coming to a sweeping and wrongheaded decision to kill the education by mother tongue initiative. The challenge has never been with the policy concept, but with its implementation owing to lack of adequate government investment in curriculum development and training of teachers to deliver the policy mandate. Educationists described the somersault as a setback to educational development, quest for national identity and cultural preservation – which other policies of government like the restoration of History as a taught subject in schools incidentally seek to reinforce.

‘The national language policy was about enhancing learning by teaching children in a language they understand from a young age. Various research studies have shown that teaching in the local language, alongside English, removes learning barriers. There is a popular saying that ‘the gateway to the human heart is his mother tongue.’ If implemented, the policy was capable of fostering national unity and cohesion among different ethnic groups,’ Professor Ahmed was reported saying.

Another scholar argued that the claim that mother tongue instruction promotes poor academic performance should have been subjected to empirical scrutiny before the policy backtrack. ‘Research has shown that pupils taught in their local language perform better, comprehend faster and can learn other languages easily. The ministry should have also examined the role of English as a language of instruction, mainly in elite schools, before concluding. I believe the government should have engaged educationists and university researchers before making such a sweeping reversal,’ Professor Oyesoji Aremu of the Department of Guidance and Counselling at the University of Ibadan, said.

Other educationists acknowledged that the language policy implementation was fraught with challenges owing to Nigeria’s linguistic diversity. According to them, the policy was hobbled by the fact that Nigeria has over 600 dialects and there were neither trained teachers nor adequate instructional materials, not to mention the difficulty in deciding which language to adopt in multilingual communities.

But that is exactly why we argue that scrapping the policy was an abdication, not a solution. Government could have worked harder at curriculum development and manpower training to iron out the bottlenecks, not surrender to defeat as it has done by throwing out the baby (i.e. benefits of mother tongue learning) with the bath water.

Actually, it was jurisdictional overreach of sorts for government at the centre to have decided on primary and secondary education modalities that state governments and councils could have been saddled with the task of ironing out. You do not guillotine your natural identity just because you can’t get a handle on what it takes, and adopt a borrowed identity from foreign lands. We therefore enjoin a reconsideration of the language policy reversal.

CBN: Monetary policy easing succeeding with inflation rate decline, FX reserves growth

Nigeria’s inflation rate has continued to cool, falling to 16.05 per cent in October from 18.02 per cent in September 2025. The inflation rate drop was largely driven by the monetary policy easing and positive outcome of key reforms instituted by the Central Bank of Nigeria (CBN), which triggered continued FX stability, spike in foreign reserves to $46 billion. The monetary policy easing cycle is expected to be sustained as the Monetary Policy Committee converges in Abuja on November 24th and 25th for its 303 meeting. CBN governor, Olayemi Cardoso explained highlighted the positive impact of previous MPC decisions including making naira more competitive at the international markets, and improving investment climate for global investors.

The Central Bank of Nigeria (CBN) says ongoing policy easing and structural reforms are beginning to filter through to the broader economy, helping to stabilise the naira and ease lending rates as inflation continues to moderate.

For the bank, the recent monetary policy actions reflect a deliberate strategy to restore macroeconomic stability after years of fiscal and external pressures.

These developments reflect the commitment and focus of the Bank’s leadership in restoring stability to the financial system, adding that lower lending rates are emerging as one of the tangible outcomes of the CBN’s policy trajectory.

The CBN said alignment of fiscal and monetary policies is indispensable at a time when technological innovation and digital finance are rapidly transforming the financial landscape.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has trimmed the benchmark interest rate by 50 basis points, reducing it from 27.5% to 27%. The decision was reached during the committee’s 302nd meeting, held on September 22 and 23, 2025 which has significantly led to inflation rate decline. The move marks the first rate cut since the tightening cycle began, signaling a shift in policy direction as inflationary pressures begin to ease.

Already, the National Bureau of Statistics (NBS) said that in October 2025, Inflation reduced to 16.05 per cent from 18.02 per cent in September 2025. This was contained in the Consumer Price Index (CPI) Report of October.

NBS said, ‘In October 2025, the Headline inflation rate eased to 16.05% relative to the September 2025 headline inflation rate of 18.02%.’

On a year-on-year basis, NBS said the Headline inflation rate was 17.82 per cent lower than the rate recorded in October 2024 (33.88 per cent).

The report said this shows that the Headline inflation rate (year-on-year basis) decreased in October 2025 compared to the same month in the preceding year (i.e., October 2024), though with a different base year, November 2009 = 100.

NBS added, ‘On a month-on-month basis, the Headline inflation rate in October 2025 was 0.93%, which was 0.21% higher than the rate recorded in September 2025 (0.72%).

‘This means that in October 2025, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2025.’

The ongoing moderation in inflation rate, rising competitiveness of the naira and growth in foreign reserves all point to a positive phase in Nigeria’s economic position.

The International Monetary Fund (IMF) relied on these indicators to project a 3.9 per cent growth for Nigeria in 2025 as well as expanded stability in the FX markets.

The FX reforms, instituted by the Olayemi Cardoso-led Central Bank of Nigeria (CBN), new policies instituted by the Federal Government to boost local production, reduce forex demand pressure, and lessen domestic prices have been instrumental to macroeconomic stability.

The expectations are that the apex bank sustains the forex reforms while the fiscal authority strengthens efforts at enhancing FX earnings, especially from gas, oil and non-oil exports.

State of the naira

The naira has achieved a notable milestone, strengthening by 3.5 per cent against the U.S. dollar over the past ten months, reaching N1,450/$ at the parallel market. This recovery, though modest, signals a crucial shift, driven by coordinated adjustments to fiscal and monetary policies by the Federal Ministry of Finance and the Central Bank of Nigeria (CBN).

The start of the year saw the Naira trading at around N1,555/$. However, a brief period of instability saw the rate slip to a high of N1,597/$ by the end of April. The subsequent six months were marked by intense policy intervention. The naira briefly firmed up at N1,475/$ in October 2025 at the official market before settling at N1,500/$ at the parallel market yesterday, marking a 3.5 per cent gain from the January starting point.

CBN Governor Yemi Cardoso says naira is turning the corner, and becoming more competitive in the international markets.

He said Nigeria’s economy has been fully restructured and is now resilient, with huge buffers against global risks.

He spoke during the Intergovernmental Group of Twenty-Four (G-24) press briefing at the ongoing IMF/World Bank Annual Meetings in Washington DC, US.

Cardoso, who is the leader of the Nigeria delegation at the meetings, said the naira, has equally emerged as a competitive currency, with the economy witnessing positive trade balances and large businesses moving from imports to export of locally produced goods and commodities.

According to him, the positive economic indicators have combined to create resilient and strong buffers, keeping the economy in great shapes.

Speaking on the impact of the trade tariffs on the domestic economy, the CBN boss, said the tariffs are less of problems for the country.

‘And for us again, oil is basically the only commodity that was so exposed to the tariffs, and the impact of that was relatively modest. We now have a more competitive currency with the results that, for once, we have a situation where we have a positive balance of trade surplus, and we expect it to be six per cent in GDP for some time,’ he said.

‘So basically, what is happening is a complete restructuring of the economy, where we are encouraging people to go into domestic production, and, of course, discouraging imports,’ he added.

‘And I think we were very fortunate, because a lot of the things that were needed to have been done, we did them much earlier, and as a result of that, we’re able to create resilience and buffers against potential shocks,’ he stated.

Views from other stakeholders

The Director-General, the West African Institute for Financial and Economic Management (WAIFEM) Dr. Baba Musa, has called on government to ensure that 3.9 per cent growth for Nigeria in 2025 translate to decent jobs, rising incomes, improved productivity, and broader social welfare.

In his report presented at the recently concluded 2025 IMF/World Bank Annual Meetings in Washington DC, titled: ‘Nigeria’s Economic Outlook at a Turning Point’, he said as Nigeria moves further into 2025, Nigeria’s economic story is one of resilience, renewal, and strategic recalibration.

Musa, who is also the President, Nigerian Economic Society, said Nigeria’s economic trajectory is increasingly encouraging with the International Monetary Fund (IMF) projecting real Gross Domestic Product (GDP) growth of 3.9 per cent in 2025, up from 3.5 per cent in 2024, with further acceleration to 4.2 per cent in 2026.

Musa said Nigeria in 2025 is at a critical inflection point, cautiously optimistic yet structurally fragile.

‘Gains in growth, inflation moderation, and investment confidence mark important progress, but the work is far from complete. To sustain the recovery, Nigeria must maintain macroeconomic stability, deepen structural reforms, and ensure that growth translates into tangible improvements for citizens. Achieving this requires collaboration among government, private sector, civil society, and development partners,’ he said.

According to him, by committing to policy consistency, human capital investment, and inclusive growth, Nigeria can consolidate its recovery and emerge as a more competitive, resilient, and equitable economy in the years ahead.

‘Globally, economies are grappling with slowing growth, projected at 2.7% in 2025 by the IMF for advanced economies, and heightened geopolitical risks that affect trade and investment. Against this backdrop, Nigeria has demonstrated remarkable determination. Domestically, inflationary pressures, infrastructure deficits, and unemployment persist, yet they now represent policy frontiers rather than defining constraints,’ he said.

Musa said recent policy measures, ranging from fiscal consolidation to targeted monetary adjustments, have laid the groundwork for a sustainable growth trajectory.

‘The real test, however, lies not only in achieving stability but in ensuring that it translates into tangible socio-economic outcomes: decent jobs, rising incomes, improved productivity, and broader social welfare. If Nigeria deepens reforms, invests strategically in human capital, and leverages its structural advantages, the country can achieve not only recovery but inclusive and durable economic transformation,’ he said.

He said the growth for Nigeria is underpinned by stronger oil production following operational improvements and policy reforms in the petroleum sector.

‘Recovery in services, particularly telecommunications, financial services, and transport, reflecting resilient domestic demand. Improved agricultural output, thanks to favorable weather patterns and government support for mechanization and inputs,’ he said.

He said the recent GDP rebasing has also given a more accurate reflection of the economy, capturing growth in high-potential sectors such as digital services, modular refining, and the creative industries. This expanded view highlights opportunities for job creation, innovation, and revenue generation that were previously underappreciated.

According to him, inflation remains elevated but is gradually moderating. ‘Headline inflation declined to 18.02 per cent in September 2025, down from 20.12 per cent in August, reflecting improved food supply, seasonal harvests, and targeted interventions in the energy market. The Central Bank of Nigeria’s interest rate cut, the first since 2020, signals a nuanced policy shift: a deliberate effort to balance price stability with growth and employment objectives. This approach is consistent with modern macroeconomic management, where inflation targeting is tempered by the need to stimulate investment and production in key sectors,’ he said.

‘Investor sentiment is improving, illustrated by Shell’s approval of the HI Offshore Gas Project, expected to supply 350 million standard cubic feet of gas per day to Nigeria LNG. Economically, such projects deliver multiplier effects: they stimulate domestic suppliers, create high-skill and semi-skilled jobs, and strengthen Nigeria’s position as a reliable energy hub in Africa. They also enhance balance of payments stability, by promoting export-oriented production,’ he said.

Other steps to support economy

The CBN under Cardoso is cultivating multiple FX sources to increase dollar inflows, boost dollar access to manufacturers and retail end users.

From moves to improve diaspora remittances through new product development, the granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and enabling timely access to naira liquidity for IMTOs, the apex bank has simplified dollar-inflow channels for authorized dealers and other players in the value chain.

The move has led to substantial accretion to the gross FX reserves and supported the stability of the naira.

Given that FX inflows to the economy are strategic in achieving monetary and fiscal policy stability, the CBN under Cardoso puts in a lot of efforts in attracting more inflows into the economy.

Diaspora remittances to Nigeria, estimated at $23 billion annually remain a reliable source of forex to the domestic economy. There are also other sources and policies that are being explored by the apex bank to keep dollar inflows coming.

EU pledges pound 15.5b for clean energy in Africa

The European Union (EU) has secured a fresh pledge of pound 15.5 billion to power a clean future across Africa.

This includes a pledge made by President Von der Leyen, on behalf of Team Europe, of over pound 10 billion, as well as significant additional bilateral contributions by European financial institutions, member states, and their Development Finance Institutions, and estimated private investment mobilised.

This follows a year-long campaign to mobilise investments in renewable energy in Africa, led by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa.

The campaign, organised in collaboration with the international advocacy organization Global Citizen and with the policy support of the International Energy Agency, was aimed at driving public and private investment in supporting the clean energy transition in Africa, expanding access to electricity, and promoting Africa’s sustainable economic growth and decarbonised industrialisation.

Speaking on the fund, President von der Leyen said, ‘Today, the world has stepped up for Africa. With pound 15.5 billion, we are turbocharging Africa’s clean-energy transition. Millions more people could gain access to electricity, real, life-changing power for families, for businesses, for entire communities. This investment is a surge of opportunity: thriving markets, new jobs, and reliable, clean energy that meets the needs of partners across the globe. President Ramaphosa and I both look forward to a clean-energy future for the continent. A future led by Africa, with strong support from its friend and partner, Europe.’

The Team Europe package announced by President von der Leyen includes new Global Gateway projects co-financed with contributions from Germany, France, Denmark, Italy, the Netherlands, and Spain, as well as the European Investment Bank (pound 2.1 billion) and the European Bank for Reconstruction and Development (pound 740 million). In addition, Italy (pound 2.4 billion), Germany (over pound 2 billion), the Netherlands including FMO (pound 250 million), Portugal (pound 113 million), Denmark (pound 81 million), Sweden (pound 44 million), Austria (pound 5 million), Ireland (pound 5 million) made bilateral contributions, worth over pound 5 billion, while the EBRD announced a separate bilateral investment of over pound 600 million.

In the context of the campaign, the African Development Bank pledged to allocate at least 20% of the African Development Fund’s 17th replenishment to renewable energy. Norway pledged approximately pound 53 million through its contribution to the African Development Fund over 2026-2028.

The campaign also secured additional commitments that will generate 26.8 GW generated renewable energy and bring renewable electricity to 17.5 million households that currently live without reliable access.

From the pound 10 billion pledged by President von der Leyen on behalf of Team Europe, pound 3.1 billion were announced previously on the occasion of the EU-South Africa summit in March 2025, the Mattei Plan for Africa and Global Gateway event in June 2025, the Africa Climate Summit and the United Nations General Assembly in September 2025 and the Global Gateway Forum in October 2025, while pound 7 billion were announced by the President during the final pledging event in Johannesburg on 21 November.

A list of projects included in today’s announcement is available online.

In addition to the campaign pledges, a number of Team Europe actors have indicated their intention to increase investments in renewable energy by 2030. This amounts to another pound 4 billion.

The ‘Scaling up Renewables in Africa’ campaign was launched in November 2024 in Rio de Janeiro by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa. It aimed to drive new commitments on policy and finance from governments, financial institutions, the private sector, and philanthropists. The campaign also created momentum more broadly towards the ambitious targets of tripling renewable energy and doubling energy efficiency worldwide, set at COP28.

Currently, 600 million people still lack access to electricity in Africa. With Africa’s population set to double by 2050, providing affordable, sustainable energy is crucial for both the continent’s development and global climate goals. Africa holds 60% of the world’s best solar resources, offering a significant opportunity for renewable energy.

Despite this, the continent attracts only 2% of global energy investment and faces challenges like high capital costs, limited investment, geographic barriers, and supply chain constraints.

Through the Global Gateway investment strategy, and in particular through the Africa-Europe Green Energy Initiative (AEGEI), the European Union is working with African partners to seize this opportunity.

The EU is delivering major investments in renewable energy generation, transmission, and cross-border electricity trade, while building long-term, reliable partnerships to support Africa’s clean energy future.

Oil theft: PINL deploys town criers to curb vandalism on TNP corridor

Pipeline Infrastructure Nigeria Limited (PINL) has launched a community-based communication initiative that deploys local town criers to strengthen real-time security awareness along the Eastern Corridor of the Trans Niger Pipeline (TNP).

The General Manager, Community and Stakeholders Relations, Dr. Akpos Mezeh, announced the initiative during the company’s monthly stakeholders meeting with host communities in Port Harcourt.

He explained that the engagement of two town criers-one male and one female-in each community was recommended by stakeholders at the previous meeting and has now been formally adopted.

Mezeh said the town criers would play a central role in disseminating verified information, supporting ongoing sensitisation efforts, and enhancing early-warning intelligence.

Their introduction, he noted, was already improving the flow of communication across the 215 host communities in Rivers, Bayelsa, Imo, and Abia States, ultimately supporting PINL’s mandate to maintain uninterrupted production on the TNP.

He added that attempted pipeline vandalism had dropped by more than 87 percent compared to 2022, a result driven by expanded surveillance operations and growing trust between PINL, traditional rulers, youth structures, and community contractors.

The King of Ahoada Kingdom, His Majesty Noble Uwoh, described the company’s model as exemplary, noting that its consistent engagement, transparent feedback mechanisms, and empowerment programmes have inspired similar people-centered approaches among other organisations.

The Paramount Ruler of Owaza Community in Ukwa West LGA of Abia State, HM Eze Obioma Nworgu, called for additional employment opportunities for youths and further support for local infrastructure, while urging continued collaboration to safeguard the pipeline.

In Eleme, an area previously plagued by frequent vandalism, Akpajo Community Development Committee Chairman, Mr. Oliver Nwidag, said the situation had changed dramatically since PINL assumed responsibility for pipeline protection.

Also speaking, the Head of Field Operations for the Eastern Corridor, Project Monitoring Office (PMO) of NNPCL, Engr. Akponine Omojevwe, commended the collaboration between PINL and its host communities.

Renaissance takes energy security advocacy to Ibadan varsity

Renaissance Africa Energy Company Limited has reaffirmed its commitment to education, youth empowerment, and community development while advocating for energy security and industrialisation.

Speaking at the University of Ibadan’s alumni homecoming over the weekend, Managing Director and CEO of Renaissance, Tony Attah, emphasised that Nigeria’s economic growth hinges on addressing energy poverty and effectively leveraging the country’s oil and gas resources.

Attah, who delivered the university’s Distinguished Alumni Lecture titled ‘Energy, Security and Economic Sustainability: The Role of Nigeria’s Oil and Gas Sector in National Development,’ described energy and economic growth as inseparable.

He highlighted that energy security would create economic opportunities capable of transforming millions of lives.

According to Attah, Renaissance emerged as a company born out of necessity, aiming to lead the way in positioning Nigeria at the forefront of African industrialisation and development.

He said, ‘With Renaissance, it’s a new beginning in Nigeria and we are focused on just what we need to do to rally the necessary support from private and government stakeholders to frontally address energy poverty that has plagued us for decades’.

Attah was earlier received at the Faculty of Technology by the Dean, Prof. Isaac Bamgboye, and other principal officers of the faculty.

The homecoming event witnessed the inauguration of a state-of-the-art synthetic mini football pitch donated by Renaissance and its joint venture partners – NNPC Limited, TotalEnergies, and Agip Energy and Natural Resources.

Attah described the pitch, named ‘Renaissance JV Arena’, as a lasting ‘symbol of excellence, vision, and commitment to youth and community development within the university,’ by the joint venture partners.

On a personal level, Attah sponsored the renovation of the university’s Independence Hall reading rooms, where he had spent some time as a young undergraduate. He also teamed up to support the ‘Light Up U.I. Project’, a solar-powered streetlights scheme donated by the Renaissance U.I. Alumni.

One of the highlights of the Friday event was the conferment of an Award of Excellence on Attah, in recognition of his outstanding contributions to the oil and gas industry, leadership in sustainable energy development, and commitment to education and community empowerment.