Author: Nouman Ali

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.

A grim new chapter is unfolding in Nigeria’s long-running battle with insecurity. State governments are closing school gates, instead of reinforcing them. This wave of deliberate shutdowns, sweeping across states, is a stark admission that authorities can no longer guarantee the safety of students.

Recently, the terrorists have shifted their focus on schools reviving the horrors of April 2014 in Chibok, Borno State where 276 girls were abducted and a similar incident February 2018 in Dapchi, Yobe State where 110 girls were kidnapped.

On Monday, 25 schoolgirls were abducted from Government Girls Secondary School in the Maga area of Kebbi State and on Thursday, just three days later, 315 students and 12 teachers were abducted from St. Mary’s Catholic Primary and Secondary Schools, Papiri, in Agwara Local Government Area of Niger State.

The response has been a domino effect of closures, from Kebbi to Katsina, and Niger to Plateau, including 41 Unity Colleges, marking a record low in the perception of insecurity in Africa’s most populous country.

The list is extensive, encompassing everything from local primary schools to prestigious federal colleges. In some areas, only boarding facilities are being closed; in others, the entire education system has ground to a halt.

List of schools closed by state government so far over insecurity

Kebbi State:

The Kebbi State Government ordered the closure of all public and private secondary schools, as well as all tertiary institutions across the state, except the College of Nursing Sciences in Birnin Kebbi.

The closure was announced in a joint statement by the State Commissioner for Higher Education, Issa Abubakar-Tunga, and the Commissioner for Basic and Secondary Education, Halima Bande. The commissioners stated that the decision was necessitated by recent attacks in parts of the state.

The affected tertiary institutions include, Kebbi State Polytechnic, Dakingari, Abdullahi Fodio University of Science and Technology, Aliero, College of Health Sciences and Technology, Jega , Adamu Augie College of Education, Argungu, School of Remedial Studies, Yauri.

Katsina State:

The state government ordered the immediate shutdown of all public primary and secondary schools.

According to Yusuf Suleman Jibia, the commissioner for basic and secondary education, the directive applies to all boarding secondary schools and other schools throughout the state.

Jibia said that the measure aims to strengthen security and protect the education system. He added that the decision is a precautionary step in response to ongoing security concerns in parts of the country. The closure will remain in place until security conditions improve sufficiently to allow the safe resumption of normal teaching activities.

Yobe State:

The Yobe State Government also ordered the closure of all boarding secondary schools in the state due to prevailing security challenges.

Kwara State:

The state government directed the closure of schools in four local government areas due to rising insecurity in certain communities. The Nigeria Union of Teachers (NUT), Kwara State Branch, announced the government’s decision on Wednesday.

Yusuf Agboola, the NUT Chairman stated that schools in Isin, Irepodun, Ifelodun, and Ekiti LGAs would be shut down.

The chairman said his union is complying with strict instructions from the Ministry of Education and Human Capital Development, following the government’s heightened concerns about new security threats in Kwara South.

Niger State:

The state government ordered the closure of all public and private primary and secondary schools throughout the state.

Governor Mohammed Umar Bago announced the directive on Saturday, 22 November, specifying that the shutdown includes all missionary schools, Islamic schools, and Federal Government Colleges, including the Federal Government College (FGC) in Minna, until further notice.

Tertiary institutions are generally unaffected, except those located in identified high-risk areas within the Niger North and Niger East Senatorial Districts, respectively.

Taraba State:

The government directed all public and private secondary schools with boarding facilities to immediately deboard their students.

Plateau State

The Plateau State Universal Basic Education Board (PSUBEB) also ordered the immediate shutdown of all basic schools across the state on Friday.

The directive, signed by Richard Nanpon Jonah, the Public Relation Officer (PRO) on behalf of the management of the board, made available to Journalists on Friday in Jos said it affects Government Junior Model Secondary Schools (GJMSSs), primary schools and day schools. According to PSUBEB, Government Junior Model Secondary Schools are to close effective Saturday, 22 November 2025, while all primary and day schools will shut down beginning Monday, 24 November 2025.

Meanwhile, President Bola Tinubu is assuring Nigerians that he will do everything in his power to rescue the kidnapped.

‘Let me be clear: I will not relent. Every Nigerian, in every state, has the right to safety – and under my watch, we will secure this nation and protect our people,’ he said on Sunday while confirming that 38 people kidnapped from a church in Kwara State have been rescued.

The Peoples Democratic Party (PDP) has kicked against plans by the Federal Government to shut down schools over rising terrorist attacks and kidnappings.

Ini Ememobong, National Publicity Secretary of the party, on Sunday also called on President Bola Tinubu to resign if his administration cannot tackle insecurity.

The main opposition party reminded the All Progressives Congress (APC) administration that the protection of lives and property remains the primary responsibility of any government.

The reaction follows reports that the Federal Government has directed heads of the 41 unity colleges to shut down, in a bid to forestall further abductions of schoolchildren.

However, the PDP said: ‘At any time government is unwilling, unable, or incapable of executing this primary role, such a government must either ask for help (locally or internationally) or honourably resign, if it is sincere and responsible.’

The party noted that the country had witnessed a spate of kidnappings in different states – including the abduction of 25 students in Kebbi and 315 students and staff in Niger – which left families and communities in deep sorrow, fear, and anguish.

In response, different state governments in the affected regions adopted varying measures, including the closure of schools.

The PDP stated that contemplating the closure of the 41 federal government colleges amounts to surrendering to terrorists whose aim is to discourage children from pursuing formal education.

‘We warn that this closure, if undertaken, like many of this administration’s quick-fix approaches to serious governance issues, will amount to a complete surrender to terrorists, whose sole aim is to shut down schools and prevent children from obtaining formal education, which they declare forbidden. If the schools are closed, the goal of the terrorists would have been inadvertently achieved,’ the party said.

The PDP called on the Federal Government to develop a comprehensive security strategy instead of resorting to the simplistic approach of shutting down schools to prevent further kidnappings and score political points.

‘This alarm is crucial because, a closure of schools will certainly exacerbate the already challenging educational situation in Northern Nigeria, where, according to UNICEF, the majority of the 18.3 million out-of-school children (10.2 million at the primary level and 8.1 million at the secondary level) in Nigeria reside.

‘This data not only paints a grim picture but also mirrors the exact situation in Nigeria. The series of attacks and kidnappings in different states within a week, is indicative of the alarming insecurity that has become the contemporary lived experience and new reality of Nigerians under the APC-led Bola Tinubu government.

‘We charge the federal government to immediately fund and implement the National Policy on Safety, Security and Violence-Free Schools anchored on community intelligence and quick security response, capable of anticipating and contending with attacks on schools. Insecurity in schools will be a big disincentivisation for education in the country, especially in Northern Nigeria,’ he added.

As mobility needs shift across Nigeria, Toyota Nigeria Limited (TNL) is showcasing a model range that reflects the country’s growing demand for reliable, versatile, and adaptable vehicles across both personal and commercial segments.

From compact urban crossovers to rugged off-road SUVs, the company has reinforced its long-standing reputation for reliability, customer-centred service, and market leadership.

Toyota’s pavilion at the Abuja International Motor Fair was turned into a hub for visitors seeking dependable mobility solutions backed by decades of brand trust.

According to the company, Toyota leveraged the event to reconnect with its loyal customer base and guide potential buyers through its proven lineup, from compact urban cruisers to rugged off-road icons.

The all-new Urban Cruiser, a compact crossover SUV with a 1.5-litre engine, is among the standout models, aimed at meeting the demands of urban drivers. Also on display is the Toyota Corolla, equipped with a 1.8-litre engine and available in both leather and fabric interior options.

Other models drawing interest are the RAV4 two-wheel-drive variant with leather seats, and the Camry luxury edition powered by a 3.5-litre engine. Commercial users are also catered for with the popular 16-seater Hiace bus featuring a 2.7-litre engine.

Also on display at the Fair is the rugged Hilux pickup, available in a 2.7-litre engine, alloy wheels, and both automatic and manual transmission options. The latest addition to the Land Cruiser Prado, newly introduced into the Nigerian market, is available in two trims: the 2.7-litre TX and the 2.4-litre turbocharged VX.

Toyota’s lineup also features the iconic Land Cruiser VX, widely regarded as the ‘King of the Road,’ now equipped with a 3.5-litre twin-turbo engine, sunroof, wireless charging, and reverse sensors. Complementing it is the Land Cruiser 300 GXR, offering rear-seat entertainment, three-row seating with collapsible seats, and a V6 4.0-litre engine.

Bukky Ogunnusi, speaking on TNL’s participation, the company’s unit head, advertisement and public relations, said the stand is strategically positioned to serve both existing and prospective customers with sales and after-sales inquiries.

She added that accredited Toyota dealers are fully represented to provide personalised attention to all visitors.

President Bola Tinubu has confirmed the rescue of all the 38 worshippers abducted in Eruku, Kwara State

The President stated this in a message to Nigerian on his X handle on Sunday.

The President also promised to leave no stone unturned in his current efforts to recover all the kidnapped school children in Kebbi and Niger states

He said ‘ You will recall that I cancelled my trip to the G20 summit in South Africa to enable me coordinate the security efforts at home.

‘Thanks to the efforts of our security forces over the last few days, all the 38 worshippers abducted in Eruku, Kwara State have been rescued’

He also expressed his joy that 51 out of the missing students of the Catholic School in Niger State, have been recovered.

‘ I am closely monitoring the security situation nationwide and receiving continuous updates from the frontline.

‘Let me be clear: I will not relent. Every Nigerian, in every state, has the right to safety – and under my watch, we will secure this nation and protect our people.’