Category: Auto Guid

BANGKOK is set to become the centre of global economic policymaking, as thousands of finance ministers, central bank governors, development leaders and financial experts will converge on the Thai capital for the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group.

The week-long meetings, scheduled for October 12 to 18 at the Queen Sirikit National Convention Centre (QSNCC), will bring together policymakers and private-sector leaders at a critical period for the global economy, with discussions expected to focus on economic stability, investment, job creation, climate finance and sustainable development.

The meetings mark Thailand’s return as host of the IMF-World Bank Annual Meetings, for the first time in more than 35 years.

Under the theme: ‘Thailand’s New Horizons: Empowering People, Building Resilience’, the Thai government is seeking to use the gathering to advance its priorities around digital transformation, global economic resilience, climate finance and demographic change.

At the heart of Thailand’s agenda are four policy pillars.

The first is Digital and AI Transformation for Inclusive Growth, which will examine the use of digital public infrastructure, including Thailand’s PromptPay system and cross-border QR payments, as well as artificial intelligence to improve public services, healthcare delivery and fiscal policymaking.

The second pillar, Building Resilience in a Fragmented World, focuses on strengthening international cooperation amid geopolitical and economic fragmentation. Thailand is expected to promote the role of middle powers as bridges for global cooperation while positioning itself as a hub for Asian trade, finance and investment.

The third pillar seeks a New Financial Architecture for Climate Adaptation, with emphasis on reforming international climate-financing mechanisms, supporting equitable energy transitions and mobilising private capital for climate adaptation projects.

The fourth pillar, Demographic Shift and the Longevity Economy, will examine how countries can turn ageing populations from a structural challenge into new sources of economic activity and financial innovation.

Beyond Thailand’s priorities, the meetings will provide a platform for the IMF and World Bank Group to advance their respective global economic agendas.

The World Bank Group is expected to focus on mobilising private capital for jobs and infrastructure, the application of smaller-scale artificial intelligence solutions in emerging markets and measures to promote inclusive growth.

The IMF, meanwhile, will use the meetings to address inflation, interest rates, sovereign debt and global financial stability, alongside the release of key economic assessments, including the World Economic Outlook and Global Financial Stability Report.

The programme begins with flagship seminars from October 12 to 14, covering artificial intelligence, private capital mobilisation and regional economic developments.

The Development Committee Ministerial Session is scheduled for October 15, followed by the Official Annual Meetings Plenary Session on October 16. Discussions will continue on October 17 with the International Monetary and Financial Committee (IMFC) Plenary Session.

IMF Managing Director Kristalina Georgieva and World Bank Group President Ajay Banga will lead the international financial institutions at the meetings, with high-level discussions expected to centre on capital mobilisation and global financial stability.

European policymakers are also expected to play a prominent role, with European Central Bank President Christine Lagarde and France’s Minister of Economy, Finance and Industrial Sovereignty, Roland Lescure, among senior participants.

Other major economies are expected to be represented by United States Treasury Secretary Scott Bessent, China’s Finance Minister Lan Fo’an and United Kingdom Chancellor of the Exchequer John Healey.

From Southeast Asia, Singapore Prime Minister and Finance Minister Lawrence Wong and Malaysian Prime Minister and Finance Minister Anwar Ibrahim are expected to participate in discussions on regional economic resilience and integration.

Thailand’s preparations are being overseen by Prime Minister and Interior Minister Anutin Charnvirakul, working with Finance Minister Ekniti Nitithanprapas and Foreign Affairs Minister Sihasak Phuangketkeow.

The main meetings will also be complemented by private-sector and civil-society events addressing issues ranging from anti-corruption and financial-sector security to monetary policy, green transition, climate adaptation and corporate social responsibility.

The host country also plans to use the meetings to showcase Thailand’s cultural identity, with local textiles and traditional designs incorporated into event spaces.

Regional Thai cuisine and Geographical Indication-certified ingredients will also feature prominently in the catering programme, including dishes incorporating GI rice varieties, Betong chicken, Sakon Nakhon wagyu, Nakhon Si Thammarat macadamia and Khao Yai ingredients.

For Thailand, the meetings represent not only an opportunity to host some of the world’s most influential economic policymakers, but also a platform to attract investment, promote its role in regional finance and position its economic priorities within the global policy debate.

Fresh crisis has erupted within the Ondo State chapter of the All Progressives Congress (APC) over alleged anti-party activities, with the state women leader, Princess Oluwayemisi Iji-Ayeola, facing possible disciplinary action for allegedly backing candidates recognised by the party’s National Working Committee (NWC).

The fresh crisis also comes amid allegations that some of Governor Lucky Aiyedatiwa’s political appointees and APC officials attended the Tuesday campaign rally of the SDP candidate for Idanre/Ifedore Federal Constituency, Honourable Taju-deen Adefisoye, popularly known as Small Alhaji, in Idanre.

The allegations have further deepened the crisis arising from the disputed National Assembly primaries and the subsequent review of some candidates by the APC national leadership.

Sources within the party alleged that Iji-Ayeola came under pressure after refusing to abandon candidates backed by the NWC in favour of those allegedly preferred by the governor. ‘She was expected to abide by the governor’s position, but she continued to identify with the candidates backed by the NWC. That is why the issue of her suspension is now being considered,’ a source said. Another unresolved issue is the controversy over an 18-seater Hiace bus reportedly allocated to APC women leaders nationwide by the wife of the President, Senator Oluremi Tinubu.

A source alleged that the vehicle meant for the Ondo women leader was instead handed over to the Commissioner for Women Affairs and Social Development, Dr Bosede Seun Osamaje.

The source claimed that the commissioner was closer to the governor and had been involved in women mobilisation for some National Assembly candidates outside the APC. Meanwhile, an APC chieftain in Idanre alleged that several of Aiyedatiwa’s aides attended Adefisoye’s SDP campaign rally, with some allegedly wearing SDP colours.

‘Many of these Aiyedatiwa’s aides attended. They did not even hide it; they also wore SDP attire. We have their photographs and videos,’ the chieftain alleged.

The chieftain added that the APC youth leader in Idanre also attended the rally wearing an SDP cap.

The allegations have fuelled speculation that some actors within the governor’s camp may be backing candidates contesting outside the APC.

Aiyedatiwa, however, has consistently denied sponsoring opposition candidates or directing APC members to contest on other platforms.

At an APC stakeholders’ meeting in Akure in September, he said: ‘I did not ask any candidate to contest in any other party; it is all lies.’

The governor also declared that Ondo remained ‘APC all the way’ and reiterated his support for President Bola Tinubu and APC candidates.

However, while appearing on Channels Television’s Politics Today on October 5, Aiyedatiwa said he had no problem with the Rainbow Coalition associated with FCT Minister, Nyesom Wike, if its objective was to support Tinubu’s re-election. He said politics was about ‘interests, relationships, alliances,’ arguing that there was nothing wrong with a coalition supporting the President.

The conflicting developments have raised fresh questions about the cohesion of the Ondo APC ahead of 2027, particularly whether the unresolved National Assembly ticket crisis is now evolving into a broader struggle over the party’s political machinery and loyalty.

An Islamic scholar, Sheikh Muhammad Nurudeen Lemu, has urged Nigerians, irrespective of their status or religion, to work together to make Nigeria a better place to live by coming together to contribute towards its progress and stability.

Sheikh Lemu, who is a trustee of Islamic Education Trust (IET), gave the admonition as a keynote speaker at the 15th Annual State Lecture of The Muslim Congress (TMC), held at the auditorium of the National Mosque, Abuja.

Speaking on the theme: ‘Nation Building Through Ethical Leadership: Taking Ownership of Our Roles’, Lemu charged Nigerians to see the country as their property and not a rented one as it is by so doing that Nigeria can become a country for everyone to be proud of.

Lemu, who is also an advocate of interfaith dialogue, charged leaders and led them to play their roles accordingly, adding that it is only under an atmosphere of peace and justice that a society can make progress.

He said: ‘It’s the day we stop renting Nigeria and we start to own Nigeria and its problems that we’ll begin to solve our problems. But, so long as we believe that Nigeria is somebody else’s problem, then you’re part of that problem. Allah doesn’t change the condition of the people, just like you’ll not be more valued if you are not more valuable.

‘We need more of intergroup cohesion, rather than in-group cohesion to make Nigeria work. We have to learn that we will have peace-building with people of another faith. Let’s be careful how we describe our country. Otherwise, we’ll use our religion to undermine what our religion is promoting.’

He added: ‘The next President is not going to come from somewhere else to Nigeria. The next governor is going to graduate from the same secondary school. The people in the ministries are not coming from another place. They are homegrown. Every event by an organisation is a contribution and investment into the next quality of leaders we get.’

Also in their separate remarks, Professor Mukhtar Imam and Barrister Hauwa Usman, said the role of family in a child’s upbringing cannot be overemphasised, calling on parents to bring forth children with the fear of God and whose mindset will.

The governorship candidate of the Peoples Redemption Party (PRP) in Bauchi State for the 2027 general elections, Senator Shehu Buba Umar, has pledged to release the sum of ?230m as campaign funds for the mobilisation of members and other supporters.

The candidate made the announcement when he hosted party candidates, leaders, executives and key stakeholders at a strategic meeting in Kano to strengthen the party’s campaign structures ahead of the polls.

The meeting brought together PRP candidates at all levels, members of the State Executive Committee, stakeholders, coordinators from across the 20 local government areas of Bauchi State, and the party’s National Publicity Secretary.

The gathering focused on harmonising campaign strategies, strengthening internal coordination, establishing effective campaign councils and directorates, and intensifying grassroots mobilisation to secure victory for the party in the 2027 general elections.

As part of efforts to ensure effective coordination and party unity, the PRP deputy governorship candidate, Hon. Tijjani Mohammed Aliyu, has been assigned to oversee the composition and harmonisation of the campaign council and directorates.

The initiative aims to foster effective collaboration among the various campaign structures, promote inclusiveness, prevent internal disputes and establish a unified campaign strategy across Bauchi State.

The party leadership emphasised the importance of cooperation among candidates, executives, campaign coordinators and stakeholders in building a formidable movement capable of reaching voters statewide.

In his remarks, Senator Shehu Buba Umar, the PRP governorship candidate and party leader in Bauchi State, expressed appreciation for the cordial working relationship among executives, candidates and stakeholders.

He commended their commitment to mutual understanding, cooperation and peaceful engagement, describing unity as a critical factor in building a successful campaign ahead of the 2027 elections.

Shehu Buba expressed confidence in the growing acceptance of the PRP, its manifesto and its programmes among residents of Bauchi State, while urging members to sustain their community engagement at the grassroots level.

He further announced a financial and logistical support package worth approximately ?230 million for state-level party executives, candidates contesting for the State House of Assembly, House of Representatives and Senate, as well as other relevant campaign structures.

The funding is intended to strengthen grassroots mobilisation, facilitate the production and distribution of campaign materials, improve logistics, and drive deeper engagement with women, youth and other key voter demographics.

The initiative is part of broader efforts to empower candidates and party structures to communicate their programmes effectively, engage directly with voters and expand the party’s reach across all 20 local government areas of Bauchi State.

The meeting underscored the necessity of a coordinated campaign strategy that reflects the party’s shared vision and political aspirations.

Participants were encouraged to enhance collaboration across all party levels, maintain discipline in their political activities, and ensure that campaign engagements are organised to promote unity and constructive dialogue with the electorate.

The party leadership reaffirmed that a well-coordinated campaign structure, supported by clear communication, active grassroots participation and strong candidate cooperation, would be essential to its electoral success.

The strategic gathering marks another key step in the PRP’s efforts to consolidate its political structures, align stakeholders and prepare for a comprehensive statewide campaign ahead of the 2027 general elections.

Prominent personalities present at the meeting included Capt. Bala Jibrin (former governorship aspirant in Bauchi State), Alhaji Babayo Aliyu Misau (former APC State Chairman), Hon. Ibrahim Makama Misau (former member, House of Representatives), Alhaji Shehu Barau Ningi, Hon. Aminu Muhammad Dan Malikin Bauchi, Alhaji Muhammadu Abubakar Sade, Alhaji Bashir Bukar Rimin Zayam, Hon. Garba Sarki Akuyam, Engr. Zakari Dogo, Barr. Muktar Abubakar Usman, Hon. Mustapha Zirami and Hon. Abdulkadir Gyang-Gyang.

Their participation highlights the active involvement of key political stakeholders and community leaders from across Bauchi State in preparation for the upcoming elections.

The PRP leadership reaffirmed its commitment to fostering internal unity, driving effective grassroots engagement and building a powerful campaign machinery to present its vision and programmes to the people of Bauchi State, according to a statement signed by Comrade Sabo Mohammed, Special Adviser on Media and Communication to Senator Shehu Buba Umar.

PRESIDENT of the Nigeria Institute of Food Science and Technology (NIFST), Dr Bola Osinowo, has called for urgent government support for regulatory agencies, warning that the country’s food safety system is dangerously understaffed and poses a threat to public health and tourism growth.

Osinowo made the call on Tuesday, in Lagos, at a breakfast meeting with members of the Association of Nigerian Journalists and Writers of Tourism (ANJET), organised to discuss food safety, regulation, Nigerian food as a tourism product, and NIFST’s 50th anniversary celebration scheduled for October 12 to 15.

He said NAFDAC’s director-general informed him that the agency needs a minimum of 20,000 workers to effectively cover the country, but currently has about 2,000, representing a 90 percent manpower deficit.

According to him, while awareness remains critical, it must be backed by enforcement when unsafe practices persist.

‘When you educate, you also need to enforce,’ Osinowo said. ‘Initially, we can show love, but if that is not working, we need to arrest and put action behind it.’

He urged the Federal Government, NAFDAC and other regulatory agencies to strengthen awareness and enforcement, and called for greater involvement of local government food inspectors at the grassroots.

Osinowo said NIFST’s Food Safety Committee has been educating market women on basic hygiene, food preservation and dangers of harmful chemicals used in food processing and storage.

NIFST on food safety

NIFST Public Relations Officer, Olutaller Akinwole, said many food sellers were unaware of implications of unsafe practices, stressing that awareness remains fundamental.

‘Awareness is a very critical thing,’ he said, adding that NIFST Academy is open to collaboration with local governments, agencies and associations to train food handlers and improve compliance with safe practices.

National secretary, Rasaq Oke, also called for collaboration with NAFDAC and relevant agencies, noting that food safety is everybody’s responsibility and requires collective action among stakeholders.

Chairman of the Local Organising Committee for the 50th anniversary, Taiwo Ubani, emphasised that many people involved in unsafe practices do not know their dangers, hence the need for sustained public enlightenment.

Former Chairman, NIFST Lagos Chapter, Sunday Bamgbose, linked food safety directly to Nigeria’s tourism ambitions and promotion of local cuisine. He said Nigeria has diverse foods with potential for international showcase, but food safety remains key to visitors’ experience.

‘I can see the potential of tourism in Nigeria if we put our act together,’ Bamgbose said.

He recalled that Lagos Chapter had worked with street food vendors, educating them and providing personal protective equipment, adding that such partnerships could be expanded despite limited resources.

‘If we do this, I believe we start talking of, just as we talk of Chinese food, we start talking of Nigerian food in a very short time,’ he said.

Earlier, Osinowo said NIFST, established in 1976, now has more than 15,000 members worldwide and 11 active chapters in Nigeria, bringing together professionals from academia, industry, government, research, regulatory agencies and hospitality.

He said the 50th anniversary conference and annual general meeting holding in Lagos provides opportunity to highlight institute’s role in food science, technology, food safety and capacity building.

The Cross River State Peoples Democratic Party (PDP) deputy governorship candidate, Alphonsus Ogar Eba, has accused the administration of Governor Bassey Otu of allegedly violating a subsisting court order by invading his property and pasting a fresh demolition notice on the fence of his residence.

Eba, in a statement issued following the alleged incident on Thursday, October 8, 2026, said the development occurred despite a restraining order which he claimed had been issued by a court against the planned demolition of his residential buildings.

He alleged that the state government had, on June 29, 2026, issued a demolition notice on the property, prompting him to approach the court for protection.

According to him, the court subsequently issued an order restraining the state government, its agents and representatives from demolishing the property or taking further action against it.

Eba said the order was later extended after the state government requested an adjournment to enable it to respond to the claims before the court.

He maintained that the order remained in force pending the hearing and determination of the substantive motion on notice.

The PDP chieftain said he was therefore shocked when officials allegedly invaded his property on Thursday, defaced his fence wall and pasted what he described as a fresh final demolition notice.

He alleged that the notice indicated that the property could be demolished at any time, including during the night.

Eba described the alleged action as contempt of court and said he had informed relevant security agencies of the development.

He also expressed concern over the safety of himself, his family members, supporters and the property, urging security agencies to intervene.

The PDP chieftain further warned that Governor Otu should be held responsible should anything happen to him, members of his family or supporters as a result of the alleged threat.

However, the allegations had not been independently verified as of the time of filing this report.

Reacting to suggestions that the alleged demolition threat might be linked to his political ambition, Eba said he remained committed to contesting the 2027 governorship election.

He declared: ‘If the plan to break this property is meant to break my spirit for the 2027 election, then I make bold to say that Governor Otu has only emboldened my spirit to pursue this ambition with added vigour and vitality. Nothing will make me withdraw from the race.’

Eba also accused the state government of creating what he described as an atmosphere of political tension, alleging that the administration was apprehensive about returning to the electorate because of its performance.

He further alleged that he and members of his political party had come under attack in Calabar and Odukpani on May 11, September 28 and October 2, 2026.

The PDP deputy governorship candidate described the incidents as assassination attempts, although the claims were not independently established in the statement.

Despite the allegations, Eba appealed to his supporters and sympathisers to remain calm, saying the party would continue to pursue its rights through lawful and constitutional means.

He urged those allegedly behind the actions against him to reconsider their position, stressing that political loyalty should not be allowed to undermine personal safety or the rule of law.

Eba also appealed to the Inspector-General of Police, the Director-General of the Department of State Services, the Chief of Army Staff and the Commandant-General of the Nigeria Security and Civil Defence Corps to intervene in the matter.

He urged the security chiefs to prevail on the governor to respect the rule of law and allow the dispute to be resolved through the judicial process.

Eba maintained that democratic governance was founded on respect for the judiciary and obedience to valid court orders.

As of the time of filing this report, there was no response from the Cross River State Government or Governor Otu to the allegations contained in Eba’s statement.

The Ondo State Government has commenced the distribution of relief materials and cash assistance to about 7,000 victims of rainstorms, fire outbreaks and other disasters across the state.

The intervention, which covers the three senatorial districts, is aimed at alleviating the hardship faced by residents whose homes, businesses and sources of livelihood have been damaged by disasters.

Speaking at the flag-off ceremony in Akure on Thursday, the Deputy Governor and Chairman of the Ondo State Emergency Management Agency (ODSEMA), Dr Olayide Adelami, said the exercise marked the beginning of a broader relief programme for affected residents across the state.

He disclosed that traders affected by the fire incidents at Ore Market on August 12 and August 30, 2026, would also receive cash assistance as part of the intervention.

Adelami said the government had identified about 7,000 disaster victims for the relief programme, adding that the exercise would cover several local government areas, including Ese-Odo, Ile-Oluji/Okeigbo, Owo, Akure South, Akoko South-West, Odigbo, Ilaje and Okitipupa.

According to him, the intervention reflects the commitment of Governor Lucky Aiyedatiwa’s administration to supporting residents affected by unforeseen disasters and ensuring that vulnerable communities receive government assistance.

‘The scale of this intervention reflects the determination of the Lucky Aiyedatiwa administration to ensure that no affected community is forgotten,’ he said.

The deputy governor commended Aiyedatiwa for prioritising the welfare of residents and strengthening the capacity of ODSEMA to respond effectively to emergencies.

He described the relief programme as part of the administration’s Our Ease Agenda, which, he said, places the welfare, security and prosperity of the people at the centre of governance.

‘This intervention is a demonstration that the government cares and will stand with its citizens in their moments of difficulty,’ Adelami said.

He also praised the ODSEMA team for identifying affected communities, assessing the extent of damage and coordinating the distribution of relief materials, stressing that effective disaster management required timely assessments, proper documentation and efficient coordination.

Adelami urged residents to support government efforts at disaster prevention by observing safety guidelines, remaining vigilant and promptly reporting emergencies to the appropriate authorities.

Also speaking, the Administrative Secretary in the Office of the Deputy Governor, Pastor Frederick Orunko, described disaster management as a collective responsibility requiring the cooperation of individuals, communities and relevant stakeholders.

Orunko urged residents to remain vigilant, comply with safety regulations and cooperate with emergency management officials to ensure effective disaster prevention and response.

‘I want you to understand the importance of community vigilance. I urge you to comply with safety guidelines and cooperate with emergency management officials. Effective disaster response requires the participation and support of everyone,’ he said.

In his remarks, the Onirese of Irese, Oba Ahmed Saka, expressed appreciation to the state government for extending assistance to residents whose properties were damaged by rainstorms in his community.

Similarly, the Vice Chairman of Akure South Local Government, Hon. Funmi Dapo-Filani, commended the state government and ODSEMA for including disaster victims in the area in the relief programme.

She said the intervention would provide much-needed support to affected residents and help them gradually rebuild their homes, businesses and livelihoods.

The Olowu of Kuta Kingdom, His Royal Majesty, Oba (Dr) Hammed Adekunle Oyelude Makama, Tegbosun III, CON, has urged the newly deployed Assistant Inspector-General of Police in charge of Zone 11, Osogbo, AIG Bassey S. Ewah, psc(++), FCAI, MSPSP, to prioritise the rebuilding of public confidence in the police and strengthen security cooperation across Osun and Oyo states.

The monarch made the call on Thursday when he received the AIG at his palace in Kuta, Osun State, during a high-level engagement focused on security, community policing, traditional institutions and peaceful coexistence.

Oba Makama described AIG Ewah as an experienced and knowledgeable security professional, urging him to maintain the character and integrity for which he is known as he assumes responsibility for policing coordination across the two states.

The monarch said the AIG’s arrival in Osun should provide an opportunity to further restore confidence between residents and security agencies, particularly following concerns surrounding security and public trust before and after elections.

According to him, the police must remain accessible to the people, stressing that effective policing depends significantly on information-sharing and cooperation between security agencies and the communities they serve.

He used the proverbial expression that ‘the bush does not shake without a cause,’ urging citizens to speak up whenever they notice suspicious developments or security concerns.

Oba Makama also called for stronger working relations between the police and the Osun State Government, noting that peace and security require cooperation among the government, security agencies, traditional institutions and citizens.

The monarch said the AIG’s position carries significant responsibility because decisions and standards established at the zonal level would influence policing across the state commands under his jurisdiction.

He therefore expressed confidence that AIG Ewah would provide the leadership required to strengthen security ahead of future electoral activities.

‘Our doors are open’ – AIG Ewah

Responding, AIG Ewah assured the people of Osun and Oyo states that his administration would operate an open-door policy and welcome constructive criticism from members of the public.

‘Our doors are open. There is no protocol to see us. We are ready to receive criticism, but constructively. It will help us to bring out the best in us,’ the AIG said.

He urged the Commissioners of Police in Osun and Oyo states to maintain open channels of communication with the public, encouraging residents to report security concerns directly to the appropriate authorities.

According to him, information supplied by members of the public would be treated seriously, while the identities of informants would be protected.

The AIG stressed the importance of a strong police-community partnership, noting that effective policing cannot be achieved without public cooperation and reliable information.

‘I look for a very strong synergy between the police and members of the public. That relationship is underpinned by my abiding respect for traditional institutions. Without them, we cannot police well.’

AIG Ewah also acknowledged the cooperation extended to his predecessors, including the former Zone 11 AIG, Fasuba, and said he was bringing his operational experience from the North-East to his new assignment.

He noted that his previous responsibilities in the North-East, including Maiduguri, Borno and Yobe, had exposed him to complex security challenges and provided him with experience that could contribute to policing in Zone 11.

He said his administration would work closely with traditional rulers, stakeholders and political actors to promote peace and stability across Osun and Oyo.

The AIG advocated ‘politics without bitterness,’ urging political actors to put partisan differences aside when political contests are over and return to peaceful coexistence as members of the same society.

He said that, irrespective of political differences, Nigerians remained connected by their common humanity and should not allow politics to destroy relationships or threaten peace.

AIG Ewah’s remarks come against the backdrop of his recent assumption of office as the head of Zone 11, which comprises the Osun and Oyo State Police Commands.

The engagement at the Kuta palace therefore provided an early platform for the new zonal police leadership and the traditional institution to reinforce a shared commitment to intelligence-led policing, public confidence, community partnership and peaceful coexistence across the zone.

The Nigerian naira depreciated against the United States (US) dollar, trading at N1,332.1021 at the Central Bank of Nigeria (CBN) official foreign exchange (FX) window on Thursday, October 8th, 2026.

The data shared on the CBN’s official platform shows that the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,332.1021 per dollar and closed at N1,333.5500 per dollar.

The currency, which traded at an NFEM rate of N1,331.7679 on October 7th, 2026, depreciated by at least N0.33 after trading activities on Thursday.

At the parallel market, the buying rate increased by N5, while the selling rate increased by N10, when compared to the previous trading rate on Wednesday, October 7th, 2026.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Thursday, October 8th, 2026, was N1,375 and N1,385 per dollar for buying and selling rates, respectively.

At the Nigeria-India Export Summit, held at the Lagos Chamber of Commerce and Industry (LCCI) in Victoria Island, Lagos, the Lagos Free Zone, Nigeria’s first private special economic zone promoted by Tolaram, has urged Indian businesses to transition from merely trading in the country to engaging in local manufacturing. The aim is to deepen investments in manufacturing and develop export-oriented value chains that can cater to Nigeria, the broader African market, and global destinations.

The call was made by Adesuwa Ladoja, Managing Director and Chief Executive Officer of Lagos Free Zone, during her keynote address at the summit themed ‘Driving Sustainable Export Growth through Trade, Investment, and Market Access between Nigeria and India’.

Ladoja highlighted that the longstanding relationship between Nigeria and India provides a solid foundation for a new phase of economic cooperation, emphasising the need for investment, manufacturing, and value addition to play a larger role in future trade relations.

She pointed out that while energy will continue to be an essential aspect of the relationship, sustainable growth will require both countries to look beyond just commodity exchange and focus on businesses that create products and value locally.

‘For many businesses, the most crucial step is to move from selling in Nigeria to manufacturing in Nigeria. That shift is already underway, and it represents the next wave of value creation. Investing here, establishing a strong local presence, and developing a supply chain that manages inputs and outputs locally are critical for sustainable success,’ she stated.

Ladoja explained that Nigeria’s large market, abundant natural resources, and access to the wider African market, combined with India’s manufacturing and technological capabilities, present significant opportunities for developing competitive production and export value chains.

She added that Lagos Free Zone offers an integrated platform equipped with the infrastructure and connectivity needed to support manufacturing, trade, and exports. This enables businesses to create competitive products while retaining more value within Nigeria.

‘Our message to Indian companies is straightforward: manufacture in Nigeria, for Nigeria, for West Africa, and for the world, including the US and European markets. At Lagos Free Zone, we are prepared to help turn that opportunity into factories, jobs, and exports.

‘We believe the future of Nigeria-India trade should not only be measured by the volume of exchange but by the value we create together,’ she concluded.

In his welcome address, Puneet Arora, the host of the Nigeria-India Export Summit, noted that the summit provided an opportunity to strengthen commercial ties between Nigeria and India while exploring opportunities in trade, infrastructure, agriculture, market access, and investment. He emphasised that sustainable export growth would depend on developing stronger supply chains, increasing investments, and fostering enduring commercial relationships between businesses in both markets.