The procrastinator’s guide to getting things done

There is a particular kind of person who can spend 30 minutes preparing to do something that would take 15 minutes to complete. You open your laptop, check your email, respond to one message, remember that you have not checked WhatsApp, check it, see something interesting on Instagram and tell yourself you will only spend five minutes there. Thirty minutes later, you suddenly remember the task you were supposed to do. At that point, you decide that you are no longer in the right frame of mind and promise yourself you will start tomorrow. Tomorrow, of course, becomes another day.

I have always found the conventional conversation about productivity slightly amusing. We are told to wake up at 5am, create a detailed schedule, divide our day into precise blocks, colour-code our calendars, maintain elaborate to-do lists and somehow become a completely different person by Monday morning. But what if you are the sort of person who hates schedules? What if the sight of a timetable with every hour accounted for makes you want to run in the opposite direction?

After reading a few books on habits, productivity and our complicated relationship with time, I have begun to wonder whether chronic procrastinators actually need more discipline. Perhaps many of us simply need to make starting easier.

James Clear, in Atomic Habits, repeatedly returns to the importance of reducing friction. The easier a behaviour is to begin, the more likely we are to do it. This sounds obvious, but it has surprisingly powerful implications for procrastination. Consider writing a report. If starting means finding the document, locating the relevant emails, opening several attachments, deciding where to begin and then staring at a blank page, you have created a small obstacle course before the actual work has even started. Remove the obstacles. Leave the document open, put the relevant files in one folder, write the heading before you stop working and leave yourself a note saying exactly what needs to happen next. The objective is to make tomorrow’s starting point so obvious that there is almost nothing to negotiate.

This brings me to one of the most useful principles for procrastinators: do not make starting a major event. Sometimes we make the mistake of thinking we need to be completely ready before we begin. We need the right mood, enough time, a quiet room, a cup of coffee and perhaps a little inspiration. Most of the time, we need none of these things. We simply need to begin badly.

The idea of producing an imperfect first attempt is particularly useful for people who disguise perfectionism as procrastination. A blank page can be intimidating because we know what we want the final product to look like. The gap between the perfect version in our heads and the imperfect version we are capable of producing immediately can become paralysing. Write the terrible first paragraph. Create the ugly presentation. Draft the email badly. You can edit something that exists; you cannot edit a blank page.

Another useful idea comes from David Allen’s Getting Things Done. One of the most important distinctions in his approach is between having a vague task in your head and identifying the next physical action required. ‘Work on proposal’ is not really an action; it is a burden. ‘Open the proposal and write the first three headings’ is an action. This distinction matters because our brains are remarkably good at avoiding things that feel enormous and remarkably willing to tackle things that feel manageable.

Perhaps that is why the advice to ‘just do five minutes’ works. The purpose of five minutes is not necessarily to finish anything; it is to overcome the psychological resistance to beginning. Once you start, you may discover that the task was never as dreadful as your imagination suggested. And if you still hate it after five minutes, at least you have moved from thinking about doing the work to actually doing it.

There is another strategy that I find particularly useful: instead of waking up and asking, ‘How am I going to accomplish everything today?’, ask yourself, ‘What is the one thing that would make today feel worthwhile if I got it done?’ This idea sits comfortably alongside Greg McKeown’s Essentialism, which challenges our tendency to treat everything as equally important. We cannot give our best attention to everything, and some things matter more than others.

This is especially relevant in modern professional life, where being busy can easily be mistaken for being productive. You can answer 30 emails and still avoid the one decision that actually mattered. You can attend five meetings and accomplish nothing important. You can spend an entire day moving between tasks without completing the task that required your deepest attention. Sometimes productivity is not about doing more; it is about identifying what deserves to be done first.

Then there is the slightly more amusing strategy of simply refusing to negotiate with yourself. Mel Robbins popularised the ‘5 Second Rule’, the idea that counting backwards from five can interrupt hesitation and prompt immediate action. The science behind every aspect of the technique is more complicated than the catchy slogan suggests, but the underlying behavioural principle is useful: prolonged internal negotiation often strengthens avoidance.

We all know the conversation. ‘I should probably start.’ ‘Let me just check something first.’ ‘I’ll start after lunch.’ ‘Actually, I am tired.’ ‘Tomorrow I’ll have more time.’ The longer the conversation continues, the more persuasive the excuses become. Sometimes the best response is simply to stop negotiating and take the first small action.

Of course, procrastination is not always about laziness. Sometimes it is about discomfort. We procrastinate because a task is boring, difficult or uncertain, or because we are afraid of doing it badly. Sometimes we postpone difficult conversations because we are afraid of the response. Sometimes we delay applying for opportunities because rejection is easier to tolerate when we have never tried.

And sometimes we procrastinate because our brains prefer immediate rewards. Tim Urban’s famous explanation of procrastination describes the ‘Instant Gratification Monkey’ that suddenly takes control whenever something more interesting appears. It is an amusing metaphor, but anyone who has found themselves watching unrelated videos when an important deadline is approaching will recognise the creature immediately.

The solution is not necessarily to eliminate every distraction from our lives. That would be exhausting in itself. Instead, we can create small pockets of friction around distractions and small pockets of ease around the work we need to do. Put the phone away for 20 minutes, close unnecessary tabs, keep the document open, start with the easiest part, work beside someone who is also working, or use the waiting time before a meeting to make that phone call you have been postponing. These are not dramatic productivity systems, and that is precisely why they may work.

Perhaps the most liberating idea comes from Oliver Burkeman’s Four Thousand Weeks. His central argument is that our time is finite and that we will never manage to do everything we want to do. This is uncomfortable because much of modern productivity culture suggests the opposite. It promises that if we find the right system, we can somehow fit everything into our lives. We cannot. There will always be unanswered emails, unread books, unfinished projects, missed opportunities and things we intended to do but never got around to doing.

The goal, therefore, cannot be to become perfectly productive. Perhaps the goal is simply to become better at choosing what deserves our limited time. For chronic procrastinators, that may mean abandoning the fantasy of becoming a perfectly organised person overnight. You do not need a new personality. You may only need a smaller first step.

Open the document, write the first sentence, make the call, send the email, read the first page or give yourself five minutes and see what happens. The point is not to conquer your entire life in one afternoon. It is simply to stop allowing the size of the whole task to prevent you from taking the next step.

Productivity was never supposed to be about making our lives look perfectly organised. It was supposed to help us spend our limited time on the things that matter. And perhaps, for those of us who have perfected the art of saying ‘I will do it tomorrow’, the most productive thing we can do today is to stop waiting for tomorrow to become the person we could be today.

Senate moves to strengthen financial system, parleys regulators

The Senate Committee on Banking, Insurance and Other Financial Institutions has moved to strengthen Nigeria’s financial system as lawmakers, regulators and industry experts seek closer coordination to support economic stability, investment and sustainable growth.

The committee, chaired by Senator Mukhail Adetokunbo Abiru (Lagos East), held an expanded stakeholders’ engagement in Lagos on Friday, bringing together the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM), Nigeria Export-Import Bank (NEXIM) and other financial-sector stakeholders.

Represented at the engagement by Senator Osita Izunaso (Imo West), Abiru said Nigeria’s economic environment required stronger collaboration between policymakers and financial regulators, particularly as businesses and investors contend with inflationary pressures, global economic uncertainty, cybersecurity risks and the need to expand access to finance.

He said a stable and efficient financial system remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that monetary policy, banking regulation, deposit insurance, insurance development and export financing must operate within a coordinated policy framework.

The engagement, themed ‘Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria,’ focused on developing practical measures to improve the resilience and competitiveness of the financial system.

According to Abiru, the different components of Nigeria’s financial architecture are interconnected, making regulatory coordination essential to maintaining confidence in financial institutions and supporting economic activity.

The insurance industry also emerged as a major focus of the discussions.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, said the NIIRA 2025, sponsored by Senator Abiru and the committee, had contributed to stabilising and repositioning the insurance industry in line with global best practices.

Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as significant for strengthening the sector’s capacity and resilience. He commended the Senate committee for the passage of the Insurance Regulatory Commission Bill and urged the House of Representatives to complete the legislative process and forward it for presidential assent.

Representatives of the CBN Governor, AMCON, NEXIM and NDIC also commended the committee for its oversight and legislative support, saying the engagement had provided an opportunity to address institutional and regulatory challenges affecting the financial sector.

Policy papers were presented by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant at B. Adedipe Associates Limited; and Dr. Tilewa Adebajo, Chief Executive Officer of CFG Advisory.

The discussions highlighted the importance of deepening financial inclusion, strengthening financial-sector confidence, expanding export financing and improving the ability of financial institutions to support businesses and investment.

Abiru said the Senate would continue to work with regulators and industry stakeholders to improve regulatory effectiveness and create a financial system capable of competing more effectively in the global economy.

He added that the committee’s legislative oversight would remain focused on ensuring that Nigeria’s financial institutions are resilient, responsive and better positioned to finance the country’s economic transformation.

Council chair raises concern over space for health centre

The Chairman of Kwali Area Council of the Federal Capital Territory, Nuhu Daniel Kwali, has expressed concern over the difficulty in securing land for the proposed construction of a health centre in Sheda community.

Kwali, who spoke at the weekend, said despite the high cost of land around Pai and Sheda communities, the council had found it difficult to secure land for critical infrastructure in parts of the area council.

He said the situation prompted him to visit the Land Department of the Federal Capital Development Authority (FCDA) last week to discuss the matter with the department’s top management.

According to him, securing land for the proposed health centre had become a serious challenge despite the extensive allocation of land for agricultural purposes from the Pai axis through Sheda and other farming settlements.

He said the council had written to the Development Control Department of the FCDA to explore possible ways of reviewing and regulating some existing land allocations, with a view to making land available for critical public infrastructure and appropriate residential development.

The chairman, however, emphasised that he was approaching the matter cautiously because of the sensitivity surrounding land administration, stressing the need to follow due process while ensuring that essential community projects were not hindered by land constraints.

Adeleke campaign alleges plot to end Osun voting by noon

The Imole Campaign Council has alleged a plot by the All Progressives Congress (APC) to pressure the Independent National Electoral Commission (INEC) to abruptly end voting by 12 noon in some parts of Osun State during the August 15 governorship election.

The campaign council, in a statement issued on Monday in Osogbo by its spokesman, Pelumi Olajengbesi, claimed that the alleged plan targeted local government areas regarded as political strongholds of Governor Ademola Adeleke.

According to the council, the alleged move was aimed at suppressing votes and disenfranchising eligible voters in the affected areas.

‘The people of Osun State must be allowed to exercise their constitutional right to vote freely and peacefully without obstruction, intimidation or deliberate disenfranchisement,’ the statement said.

The council urged INEC to resist any political pressure and adhere strictly to established voting procedures and timelines during the election.

It said, ‘No polling unit should be arbitrarily closed while eligible voters who presented themselves within the stipulated voting period are waiting to exercise their franchise.’

The campaign council further alleged that the APC had previously attempted to exclude Adeleke and his party from the ballot through legal challenges, and accused the party of subsequently resorting to arrests, intimidation and harassment of Accord Party members by the police.

It alleged that the purported attempt to influence INEC was another effort to undermine the electoral process after the earlier measures allegedly failed to weaken support for the governor.

However, the council did not provide details of the intelligence it said formed the basis of the allegation.

It called on INEC to ensure that electoral rules were applied uniformly across the state ‘without fear, favour or political interference.’

The council also urged civil society organisations, election observers, international bodies and the media to monitor the election closely and act as watchdogs against any attempt to manipulate state institutions.

‘The Osun State governorship election is a precursor to the 2027 general elections, and it must be free, fair, transparent and devoid of any manipulation or disenfranchisement,’ the statement said.

‘The people of Osun State are ready to vote. They must be allowed to vote, and every lawful vote must count.’

Apo District Market Progress Report By Manillah Integrated Partners LTD

Apo District Market, 75% Complete: Early Investors Already Seeing Capital Gains

Steady progress. Orderly value growth. A commercial asset taking clear shape.

From Alh. Suleiman Bashir, Managing Director, Manillah Integrated Partners Ltd.

We built Apo District Market on a simple principle: commercial property should begin creating value for investors well before the final brick is laid. Today the project stands at approximately 75% completion, and that principle is being tested in real time.

The main market halls and trading blocks are structurally complete. External works, including primary access roads, dedicated parking areas, drainage, and utility connections, are substantially advanced. Internal partitioning and finishing of the commercial units are under way, with the remaining work focused on final fit-out, surface treatments, and operational preparation. The site is active, the sequence is clear, and the physical transformation is visible to anyone who visits.

Alongside this progress, a series of orderly price reviews has been applied as the project has steadily de-risked and buyer interest has strengthened. These adjustments were driven by rising commercial demand rather than cost pressure. Early investors who entered at earlier pricing stages have already recorded measurable capital appreciation on their units. The upward movement has been consistent enough to be felt in reservation activity and in secondary discussions among existing holders.

One Abuja-based investor who joined at the foundation stage recently described the experience in straightforward terms: the successive reviews had produced a clear uplift in the value of the holding, giving quiet confidence to increase the stake as construction advanced. Another early participant noted that the transparent, phased nature of the adjustments made the gains feel earned rather than speculative. These are not isolated reactions; they reflect a broader pattern of growing commercial confidence around the project.

A well-executed market of this kind also serves a wider purpose. Organised trading infrastructure supports local commerce, creates structured opportunities for traders, and contributes to the economic fabric of the district. We remain conscious that the ultimate success of Apo District Market will be measured not only by investor returns but by the lasting utility it provides.

Our mandate at Manillah Integrated Partners Ltd has not changed: to deliver investment-friendly commercial properties that generate strong, measurable returns through disciplined execution. Apo District Market continues to be developed to that standard.

Current progress and the capital appreciation already recorded by early participants give legitimate grounds for confidence. At the same time, we recognise that these indicators, while positive, do not guarantee future performance. What we can state with clarity is that the project is advancing as planned, commercial interest remains firm, and those who entered early have already seen tangible benefit from both the development trajectory and the price path.

Enquiries about remaining opportunities are welcome through our official project channels. We are happy to provide further detail to serious interested parties.

Alh. Suleiman Bashir

Managing Director

Manillah Integrated Partners Ltd

Apo District Market – progress on site, value already at work.

Tinubu has questions to answer on multi-billion dollar Chagoury deals

Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has demanded that President Bola Tinubu explain the questions reportedly raised by The Economist over about $20 billion worth of projects linked to Gilbert Chagoury, his long-time associate.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the reported revelations have elevated concerns about the Tinubu administration’s procurement practices from domestic suspicion to an international credibility crisis.

‘At prevailing exchange rates, $20 billion is approximately ?27 trillion. Nigerians deserve to know how projects of such staggering value became concentrated around businesses linked to one man who happens to be a close associate of the President.’

‘This is not pocket change. This is an amount approaching the scale of entire national budgets. Nigerians cannot be asked to tighten their belts while those around the President appear to be tightening their grip on some of the biggest contracts in the country.’

Atiku said the Presidency must respond specifically to the issues reportedly raised by The Economist concerning procurement, taxation and the relationship between political proximity and access to major government projects.

‘The questions are simple: Who awarded these contracts? Were they competitively tendered? What tax concessions, waivers or privileges were granted? Who are the ultimate beneficial owners? And why does the same presidential associate keep appearing around projects worth billions of dollars?

‘President Tinubu cannot answer every allegation of corruption and cronyism by deploying presidential spokesmen to abuse critics. The Economist is not an opposition party. It is not on the ballot in 2027. The President should answer the questions it has raised.’

Atiku said the controversy strikes at the heart of the administration’s credibility because Nigerians are simultaneously being subjected to higher taxes, soaring living costs and unprecedented economic hardship in the name of sacrifice.

‘You cannot preach sacrifice to hungry Nigerians while questions hang over ?27 trillion worth of projects linked to your friend. That is not reform. It is an assault on public trust.’

The former Vice President therefore challenged the Presidency to publish the procurement details, ownership structures, tax concessions and other relevant information concerning the projects reportedly identified by The Economist.

‘Nigeria is a republic, not a friends-and-family investment portfolio. ?27 trillion demands answers. President Tinubu must provide them.’

EU to deploy expert mission for Nigeria’s 2027 elections

The European Union (EU) Delegation to Nigeria and ECOWAS said it has accepted the Independent National Electoral Commission (INEC)’s invitation to observe the 2027 general elections.

EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, disclosed this in a statement issued on Monday in Abuja, adding that the EU would deploy an Electoral Expert Mission (EEM) comprising between two and four independent experts to Nigeria for the elections.

He dismissed reports that it rejected an invitation from the INEC to monitor the polls, describing the reports as inaccurate.

According to him, INEC formally invited the EU on April 17, 2026, to deploy observers for the 2027 general elections, and the EU responded to the invitation on July 28, 2026.

‘In its response dated 28 July 2026, this Delegation thanked the INEC for its kind invitation and informed that the EU will field an Electoral Expert Mission (EEM), composed of two to four independent experts, who will formally be accredited as observers with the INEC,’ Mignot said.

He explained that the EEM, like an Electoral Observation Mission, would assess whether Nigeria’s electoral process complied with international, regional and national obligations and commitments relating to democratic elections.

He added that the mission would submit a final report containing recommendations on improving the electoral framework and future electoral processes.

‘The report will be shared with the government, and if they agree, it can also be released to the wider public,’ he said.

Mignot also rejected reports that the EU’s decision not to deploy a larger electoral observation mission was based on the worsening security situation in Nigeria or alleged hostile treatment of its observers and officials following the publication of its final report on the 2023 general elections.

‘The EU Delegation further underlines that the two alleged reasons mentioned in the press reports do not appear in the letter: these are pure speculations,’ he said.

The Ambassador explained that the EU reviews electoral missions to partner countries annually, taking into account individual circumstances and available resources before deciding whether to deploy a mission and the appropriate type of mission.

He said it was on this basis that the EU decided to conduct an EEM in Nigeria ahead of the 2027 elections, adding that consultations with relevant Nigerian authorities would continue regarding its implementation.

Mignot further clarified that the decision to deploy an EEM would not affect the continuation of the EU-funded Support to Democratic Governance in Nigeria project, including its support for the country’s electoral process.

Man nabbed over alleged $1,100 extortion

The Economic and Financial Crimes Commission (EFCC) has arrested a self-acclaimed spiritualist, Odigie Moses, for allegedly extorting an Indian woman of $1,100.

The suspect reportedly threatened to release the victim’s private images and videos unless she paid the money.

According to a statement by the EFCC’s Head of Media and Publicity, Dele Oyewale, posted on the commission’s X handle, the suspect was arrested in Ekpoma, Esan West Local Government Area of Edo State.

The statement said Moses allegedly misrepresented himself on Zelle, a social media platform, as possessing spiritual healing powers before he was contacted by the victim, an Indian woman seeking spiritual intervention over some life-threatening challenges.

The suspect allegedly deceived the woman into taking a nude spiritual bath, which he recorded live without her consent, and subsequently threatened to make the video public unless she paid him money.

The EFCC said investigation revealed that the victim eventually paid $1,100 to persuade the suspect not to release the video.

Oyewale said the suspect would be charged to court after the conclusion of investigations.

Inuwa, Daura defect from ADC in Katsina

Two aggrieved governorship aspirants of the African Democratic Congress (ADC) in Katsina state have resigned their membership of the party.

The two chieftains, a former Secretary to the Katsina State Government (SSG). Dr Mustapha Muhammad Inuwa and a former Director-General of the Department of State Services (DSS), Lawal Musa Daura announced their defection after loosing the governorship primaries in the state.

The politicians have also announced their membership of different political parties, with Inuwa joining the ruling All progressives congress, APC and Daura pitching his tent with the Allied Movement of Nigeria, APM.

First to announce his resignation was Inuwa, a veteran Katsina politician and former SSG. Inuwa served as Commissioner for Education from 2003 to 2006 and later as SSG during the administration of the late President Umaru Musa Yar’Adua.

He was also SSG during the administration of former Governor Aminu Bello Masari, serving from 2015 to 2022.

In 2022, Inuwa resigned as SSG to contest the APC governorship primary and lost to Governor Dikko Umar Radda. He later left the APC for the Peoples Democratic Party, PDP.

By 2025, Inuwa had joined and emerged as one of the leading figures in the ADC. In 2026, he made a second attempt at the Katsina governorship, this time on the platform of the ADC.

After the primaries, Inuwa rejected the process that produced Senator Ahmad Babba Kaita as the ADC governorship candidate.

He maintained his position until Sunday, August 9, 2026, when he officially announced his resignation from the ADC and his defection to the APC.

On his part, Daura, also contested the party’s 2026 Katsina governorship ticket but lost to Senator Ahmad Babba Kaita.

Following failed efforts to reconcile with the stakeholders, Daura officially announced his resignation from the ADC and his move to the Allied Peoples Movement (APM).

Sources within the party told Daily Trust that Daura might be named as the running mate to Governor Seyi Makinde, who is the APM’s presidential candidate.

Speaking during an event in Katsina, Daura said his silence following the ADC crisis was part of his preparation for what he described as a better political choice.

He urged his supporters to remain patient, saying there was more to come from their new political platform.

CBN: Loan demand rises as Banks record fewer defaults in Q2 2026

Demand for loans from Nigerian households and businesses strengthened in the second quarter of 2026 as banks increased credit availability and recorded a decline in loan defaults across major lending categories, according to the Central Bank of Nigeria (CBN).

The development was contained in the apex bank’s latest Credit Conditions Survey, which provides an assessment of lending trends across the banking sector, including credit supply, loan demand, approval rates, interest rate spreads and default levels.

According to the report, banks eased lending conditions for corporate, secured and unsecured loans during the quarter, while the performance of existing loans improved as fewer borrowers defaulted.

The survey also indicated that lenders approved a larger proportion of loan applications compared with the previous quarter, suggesting stronger confidence in borrowers and improving expectations about economic conditions.

Credit availability improves across major loan categories

The CBN reported that credit availability increased across all major lending segments in the second quarter.

Secured lending recorded the strongest improvement, with credit availability rising by 25.2 index points. Corporate lending followed with an increase of 20.4 index points, while unsecured lending recorded a more modest rise of 10.5 index points.

The increase in credit supply was accompanied by stronger demand for loans, particularly from households seeking secured financing and businesses requiring corporate credit.

Demand for secured loans increased to 15.1 index points during the quarter, while demand for corporate loans rose to 15.2 index points.

However, demand for unsecured lending remained relatively weak, recording -1.2 index points.

The CBN said loan demand strengthened across virtually all categories, with the exception of borrowing by other financial corporations, where demand remained broadly unchanged.

Banks approve more loan applications

The improvement in lending conditions was also reflected in loan approval rates.

Banks reported higher approval rates for secured, unsecured and corporate loan applications compared with the first quarter of 2026.

The trend suggests that lenders were more willing to extend credit as economic conditions improved and liquidity conditions became more favourable.

For secured lending, the CBN attributed the expansion in credit supply largely to improving economic conditions, banks’ efforts to increase market share and better liquidity conditions.

The combination of stronger demand and increased credit availability could provide additional support for businesses and households that require financing for investment, working capital and consumption.

Loan defaults decline

One of the more positive developments highlighted by the survey was the decline in default rates across the major lending categories.

Banks reported lower default rates on secured and unsecured loans, while defaults also declined among different categories of corporate borrowers.

The improvement covered small businesses, medium-sized private non-financial corporations, large private non-financial corporations and other financial corporations.

The report said, ‘In Q2 2026, the spread on unsecured lending rates relative to the Monetary Policy Rate (MPR) narrowed to 7.8 index points. However, the spreads on secured lending rates to households widened with -4.5 index points.

‘For corporate lending, spreads narrowed for Other Financial Corporations (OFCs), medium PNFCs and large PNFCs, and at 14.0, 5.0 and 4.7 index points, respectively. Conversely, the spread for small businesses widened at -3.8 index points.’

The decline in defaults could indicate an improvement in borrowers’ ability to service their obligations, although the broader lending environment remains challenging due to elevated interest rates and persistent inflationary pressures.

Interest rate spreads narrow

The survey also showed changes in the pricing of bank credit during the quarter, with interest rate spreads narrowing across most lending categories.

The spread on unsecured household lending relative to the Monetary Policy Rate (MPR) narrowed to 7.8 index points.

For corporate borrowers, lending spreads narrowed to 14.0 index points for other financial corporations, 5.0 index points for medium-sized private non-financial corporations and 4.7 index points for large private non-financial corporations.

However, not all borrowers benefited from lower spreads.

The interest rate spread for small businesses widened to -3.8 index points, while the spread on secured household lending widened by 4.5 index points relative to the MPR.

These variations suggest that lending conditions continued to differ significantly depending on the type of borrower and the nature of the credit being accessed.

Private sector credit continues to grow

The latest survey comes against the backdrop of rising private-sector credit.

According to the CBN’s money and credit statistics, the Credit to Private Sector recorded a 2.73 per cent growth between May and June 2026, rising from N81.04 trillion to N83.2 trillion.

The increase represents growth of approximately 2.74% month-on-month, indicating continued expansion in bank lending to private-sector operators despite the relatively high interest-rate environment.

Positive outlook

The second-quarter Credit Conditions Survey, according to analysts, points to a gradual improvement in Nigeria’s lending environment, with banks extending more credit, approving a greater proportion of applications and recording fewer defaults.

The rise in corporate and secured loan demand could provide additional support for economic activity if businesses are able to access financing at sustainable costs.

However, elevated interest rates and inflation remain significant constraints. With election-related spending expected to increase in the coming quarters, policymakers are likely to remain focused on balancing economic growth with inflation and financial stability.

It would be recalled that the Monetary Policy Committee of the Central Bank of Nigeria (CBN) at its 306th meeting in July retained interest rates at 26.5 per cent as well as other monetary parameters.

The governor of the Central Bank, Mr. Olayemi Cardoso stated that decision to hold the rates was taken as a result of thorough assessment of Nigeria’s economy and renewed tensions in the middle east.

Explaining the committee’s decision, Cardoso said members considered the balance of risks and concluded that maintaining the current policy stance remained the most appropriate option.

‘The committee’s decision to maintain the current policy stance followed a thorough assessment of the balance of risks. Although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East. In view of the evolving developments, maintaining a cautious monetary policy stance remains appropriate,’ he said.

He added that the committee carefully assessed the renewed conflict in the Middle East because of its implications for global energy prices and the possible transmission to domestic inflation.

The CBN governor said, ‘In arriving at its decision, the committee noted the recent resurgence of hostilities in the Middle East, with particular attention to its spillover effects on global energy prices and the potential pass-through to domestic inflation.’

According to him, the Nigerian banking system remains resilient. Cardoso disclosed that 33 of Nigeria’s 37 banks had met the new recapitalisation requirements without an extension of the deadline, describing the exercise as a major achievement.

How Nigerian Banks moved swiftly to contain recent cyber attacks

Nigerian banks recently moved swiftly to contain the effects of a sophisticated global cyber campaign sweeping across sectors and continents, with industry sources assuring the public that the nation’s financial system remains strong, resilient and secure.

The campaign, described by analysts as one of the most coordinated waves of attacks in years, is neither peculiar to Nigeria nor limited to finance.

Organisations in telecommunications, healthcare, government, energy, technology and corporate registries across Europe, Asia, the Americas and Africa have been targeted by the same wave of intrusions, underscoring the borderless nature of modern cybercrime.

The data is stark: CheckPoint, a leading international cybersecurity firm, reports a 115 per cent surge in attacks on the global financial sector last year, with organisations worldwide facing thousands of attempted intrusions weekly.

The current campaign has been linked to threat actors that have struck more than 35 organisations across several countries and sectors.

Despite the onslaught, banking services and digital channels across were kept fully operational and customer deposits safe.

Banks activated their incident response protocols as soon as reports emerged, working closely with regulators, law enforcement and international cybersecurity partners to investigate and strengthen their defences.

Nigerian banks operate some of the most advanced cybersecurity infrastructure on the continent, backed by years of sustained investment in protecting customer information and assets. Experts note that resilience in an era of global cyber warfare lies not in immunity from attack, which no organisation can claim, but in the speed and rigour of response, and on that measure the industry has acted decisively and in full compliance with regulatory requirements.

Stakeholders urged the banking public to remain vigilant. Fraudsters often exploit moments of heightened attention with fake calls, text messages and emails.

Advice to customers

Customers should never divulge personal or banking information, including passwords, PINs, One-Time Passwords (OTPs), card details or Bank Verification Numbers (BVNs), to anyone over the telephone, however convincing the caller sounds; no bank will ever ask for these details.

They should also avoid opening suspicious emails, clicking unfamiliar links or downloading attachments from unknown senders. Anyone who suspects foul play or unusual account activity should contact their bank immediately, and only through its dedicated official channels: verified customer care lines, official websites, mobile applications or branches.

As governments and corporations worldwide race to shore up their digital defences, the message from the Nigerian banking industry is one of calm and confidence: the system is safe, deposits are secure, and the institutions entrusted with the nation’s savings remain watchful and prepared.

FirstBank sponsors SPIN 2026 inaugural sustainability conference

FirstBank has announced its sponsorship of the 2026 SPIN Sustainability Conference, reaffirming its longstanding commitment to sustainable finance, responsible business practices, and stakeholder-driven value creation.

Organised by the Sustainability Professionals Institute of Nigeria (SPIN), the maiden edition of the conference is scheduled to hold on Thursday, 20 August 2026, at Eko Hotel and Suites, Lagos, under the theme ‘The Adaptive Enterprise: Sustainability Strategies for Challenging Times.’

The conference will bring together sustainability professionals, business leaders, policymakers, regulators, financial institutions, academics, development partners, and other key stakeholders to discuss practical approaches for building resilient, adaptive, and future-ready organisations amid increasingly complex economic, environmental, and social challenges.

As a demonstration of its leadership in sustainability and corporate responsibility, Olusegun Alebiosu, the Managing Director/Chief Executive Officer of FirstBank, will serve as the Guest Speaker at the conference. The keynote address will be delivered by Aminu Umar Sadiq, Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority.

Other distinguished speakers include Biyi Olagbami, Executive Director, Risk Directorate, FirstBank; and Ibrahim Shelleng, Senior Special Assistant to the President on Climate Finance and Stakeholder Engagement.

Commenting on FirstBank’s support for the conference, Mr. Olusegun Alebiosu said: ‘Sustainability is central to our vision of building a resilient institution that creates enduring value for all stakeholders, it underpins long-term economic growth, institutional resilience, and shared prosperity. In an increasingly complex and interconnected world, organisations must create value not only for shareholders but also for society and the environment. We are therefore proud to support SPIN’s inaugural Sustainability Conference as part of our commitment to advancing responsible business practices and fostering meaningful dialogue on sustainable development. Through collaborations such as this, we aim to contribute to shaping a future where innovation, inclusion, and environmental stewardship drive sustainable progress for businesses, communities, and the nation at large.’

As an institutional member of SPIN, FirstBank’s sponsorship of the conference aligns with its broader sustainability agenda, which champions financial inclusion, economic empowerment, and strong corporate governance. The Bank has consistently demonstrated its commitment to sustainability through initiatives that support businesses, communities, and institutions in creating lasting positive impact.

Also speaking on the conference, President of the Sustainability Professionals Institute of Nigeria, Professor Kenneth Amaeshi, said the inaugural conference reflects the institute’s commitment to advancing sustainability beyond compliance and positioning it as a core element of organisational leadership.