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The United Nations Children’s Fund (UNICEF) has called on the Nigerian Government to invest in hand washing facilities, saying it will promote school attendance, community health, and workplace productivity.

Speaking on Wednesday during a media mission to schools in Borno State as part of activities to commemorate the 2025 Global Handwashing Day, Marie Marcos, UNICEF Officer in Charge of Maiduguri Field Office, noted that investing in hand washing infrastructures and the hygiene education sector would change students’ mentality towards cleanliness and hygiene.

Marie noted that only 35% of schools have basic hand washing facilities, and only eight percent of Nigerians can properly demonstrate hand washing techniquesAccording to her, the North-East region ranked second in Nigeria for households with fixed hand washing places with water and soap.

Meanwhile, Ganye Local Government Council of Adamawa State has intensified collaboration with the United Nations Children’s Fund (UNICEF) to improve access to immunisation and promote hygiene practices through community-based strategies. This renewed effort was marked by the official launch of the ‘Fathers for Good Health’ initiative in Ganye.

Speaking at the event, Farouq Mohammed, Chairman of Ganye LG, described health as a vital sector requiring active community participation, assuring both UNICEF and residents of the Council’s unwavering support for the programme. ‘As a Government, we fully support the Fathers for Good Health initiative inaugurated today. We are committed to ensuring its success and improving the health status of our people,’ Mohammed said.

He reaffirmed the Council’s commitment to sustaining immunisation drives, Water, Sanitation and Hygiene (WASH) programmes, and maternal health campaigns.

Also speaking at the event, George Eki, Social and Behavioural Change Specialist at UNICEF’s Bauchi Field Office, said the new initiative aimed to strengthen community participation in health interventions.

The Central Securities Clearing System (CSCS) Plc has confirmed its readiness to transition to a T+2 settlement cycle on November 28, 2025, marking a significant milestone for Nigeria’s capital market.

Stakeholders across the industry have expressed strong confidence in the market’s preparedness for this critical shift.

In his opening remarks during a stakeholder webinar themed ‘Trade Associations: Ensuring Stakeholders’ Readiness for T+2 Settlement System’, Haruna Jalo-Waziri, Managing Director/CEO, CSCS reflected on the 26-year journey since the organization’s inception. He noted that CSCS was established to address settlement risks and that adopting a T+2 cycle aligns Nigeria with international standards by reducing delays, minimizing risk, and improving liquidity.

Jalo-Waziri thanked the Securities and Exchange Commission (SEC) for its support and openness to innovation, as well as the NGX Group Plc and various trade associations for their active collaboration throughout the implementation process.

Temi Popoola, chairman, CSCS highlighted the significant investment made in technology and infrastructure to ensure operational and technical readiness for the T+2 transition.

He said the organisation has conducted rigorous stress testing under high-volume and adverse conditions, demonstrating CSCS’s capability to support the new system with strong redundancy and fallback mechanisms. While Popoola did not disclose the total investment, he emphasised that the initiative represents a major step toward enhancing Nigeria’s competitiveness in the global financial landscape, improving operational efficiency, and strengthening investor trust. He stressed the collective commitment of both regulators and market participants to deepen and modernize market infrastructure. ‘As the central counterparty, CSCS remains dedicated to fostering market stability, transparency, and efficiency. We’re working closely with the SEC and industry groups to ensure a smooth and coordinated transition for all stakeholders,’ Popoola stated.

He also pointed out that a successful migration to T+2 requires cooperation across the entire market value chain – including banks, custodians, registrars, fund managers, and back-office operators – to ensure systems are aligned, liquidity plans are in place, and counterparty processes are updated.

Speaking during the same webinar, Emomotimi Agama, Director General, SEC, reiterated that the November 28 ‘Go-Live’ date remains unchanged, adding that the shift to T+2 is in line with the Commission’s 2015-2025 Capital Market Master Plan.

‘T+2 signals the evolution of a smarter, more dynamic, and competitive capital market,’ Agama said. He commended CSCS, NGX Group, the trade associations, and the T+2 Project Implementation Committee for their commitment, adding that the SEC will continue providing regulatory oversight and support throughout the transition’ he added.

Providing a status update, Onome Komolafe, Divisional Head, CSCS Depository, confirmed that the project has entered the implementation phase. She reported that 19 end-to-end test scenarios have been successfully completed with flawless results.

From the industry side, Babatunde Majiyagbe, President of the Association of Asset Custodians of Nigeria (AACN), affirmed that custodians are fully prepared for the November launch.

‘We’ve conducted thorough testing and encountered no issues. We’re proud of the progress made and look forward to a successful transition,’ he said.

Similarly, Sam Onukwue, Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), described T+2 as a vital step in modernizing the capital market, providing firms with the opportunity to upgrade their systems. He expressed confidence in a smooth rollout, citing effective stakeholder coordination.

Oluseyi Owoturo, Chairman of the Council of the Nigerian Institute of Capital Market Registrars (ICMR), also confirmed that member firms have reviewed operational processes and are updating back-office systems in preparation for the go-live date.

Market watchers expressed optimism that the T+2 initiative would align Nigeria’s capital market with international standards, such as those in the U.S., EU, and major Asian markets, which have already adopted T+2.

Sub-Saharan Africa’s economic growth is projected to remain steady at 4.1% in 2025, with a modest pickup expected in 2026, driven by macroeconomic stabilisation and reform efforts in key economies, according to the International Monetary Fund (IMF).

Abebe Selassie, Director of the IMF’s African Department, disclosed this during a regional press briefing at the ongoing annual meetings of the World Bank Group and the IMF in Washington, D.C.

Selassie explained that while several economies in the region have shown resilience, resource-intensive and conflict-affected countries continue to face significant challenges. He said global growth remains under strain, and the outlook for commodity prices is uneven. External borrowing conditions are still tight, despite some improvement since April as sovereign spreads have narrowed and portfolio inflows have resumed.

According to him, the global trade policy and aid environment has deteriorated sharply, though many countries in the region are only modestly exposed to the direct effects. However, lower-income and fragile economies remain disproportionately affected by cuts in aid, which threatens the provision of essential services. He added that some countries are also acutely vulnerable to trade pressures, with uncertainty persisting and risks still tilted to the downside.

Selassie cautioned that macroeconomic vulnerabilities across the region remain high and that the resilience observed so far cannot be taken for granted. He said overlapping monetary, financial, external, and fiscal vulnerabilities continue to complicate the policy response to future shocks.

Rising debt service costs, he noted, are crowding out development spending, while a shift toward domestic financing is increasing the risk of a bank-sovereign nexus.

To strengthen macroeconomic stability and ensure funding for essential development needs, the IMF’s special policy recommendations emphasise two key priorities. The first is domestic revenue mobilisation, where Selassie said there is substantial scope to boost revenues through improved tax administration and policy reforms. He highlighted measures such as digitalisation, risk-based compliance strategies, and rationalization of inefficient tax expenditures.

He stressed that successful implementation would require stronger technical capacity, stakeholder buy-in, trust-building, and careful consideration of the social and distributional impacts of reforms. The second priority, he said, is strengthened debt management. This involves enhancing debt transparency and public financial management to reduce borrowing costs, support access to innovative financing instruments, and mitigate fiscal risks. Priority actions include publishing comprehensive debt data, improving budget oversight, and addressing the bank-sovereign nexus through robust prudential regulation. Responding to a question on inflation in Nigeria, Selassie said inflation trends are consistent with the recent tightening of monetary policies, noting that these measures are beginning to filter through the economy.

‘It aligns with the current policy calibration. While monetary policy has been intelligently managed, I believe there is still some distance to go before achieving the desired stability,’ he said. He clarified that what is being observed is a slowdown in the rate at which prices are increasing, not a reduction in overall price levels. ‘This is not unique to our countries, it’s a global phenomenon but it is especially severe in our region because the cost-of-living crisis has hit our people harder than elsewhere, given their limited capacity to absorb such shocks,’ he explained.

He warned that the extent of economic dislocation across households and economies due to these shocks should not be underestimated. Public debt, he noted, remains high in many countries in the region, with about 20 countries currently facing a high risk of debt distress. ‘Fourteen countries are at high risk, and another six are already in debt distress,’ he revealed. ‘That is one key indicator of debt vulnerability, and other measures similarly show that public debt burdens are rising.’

Selassie emphasised that these challenges highlight the urgent need for structural reforms aimed at stimulating higher economic growth and ensuring debt sustainability. ‘Reforms should focus first and foremost on encouraging stronger economic growth, which is crucial to keeping debt servicing affordable. Beyond that, fiscal reforms are needed in many countries,’ he said. He noted that the degree of revenue mobilization and expenditure reprioritisation varies across nations but remains central to the IMF’s engagement with each government.

He acknowledged that many African countries have invested heavily in infrastructure, healthcare, and education, all critical sectors for long-term development. However, he said one persistent challenge has been the inability to capture adequate returns on these investments through taxation. ‘There is significant potential for improved revenue mobilization, but this must go hand in hand with transparency and accountability, ensuring that the money collected is used effectively and for the right purposes,’ he stated.

Selassie pointed out that public frustration about high taxation often stems from the perception that government services are inadequate. ‘When people complain about high tax levels, it’s often because they do not see enough public services, infrastructure, healthcare, education, to justify those taxes,’ he said. ‘Demonstrating that tax revenues are being used properly, minimising leakages, and curbing corruption must therefore be integral to the reform agenda.’

On the issue of illicit financial flows, he explained that they take different forms, from trade and capital outflows to efforts by individuals or entities to conceal funds, and even outright illegal activities linked to corruption. He said the appropriate response must depend on identifying the specific source and nature of each flow and addressing it through targeted reforms. Selassie concluded that many of the broader economic and governance reforms being pursued across the region would also help curb illicit financial flows and strengthen the foundations for sustainable growth.

The Senate on Thursday suspended debate on the proposed amendments to the 2022 Electoral Act after deliberations ran into confusion during plenary.

The bill, which seeks to review aspects of the electoral law ahead of the 2027 general elections, had been presented for debate by Simon Lalong, the Chairman of the Senate Committee on Electoral Matters, Senator (Plateau South).

However, discussions became stalled after several lawmakers raised concerns over the specifics of the proposed changes.

Trouble began when Senator Titus Zam (Benue North East) supported calls for the bill to be passed for second reading. The Senate President, Godswill Akpabio, interrupted, asking him to specify which sections of the Act he wanted amended.

Akpabio then directed Senator Lalong to provide more clarity on the ‘nitty-gritty’ of the proposed amendments before further debate could continue.

The Senate President also used the opportunity to revisit what he described as the ‘injustice’ he suffered during the 2019 general election in Akwa Ibom State, where he contested for the Senate.

He recounted how Professor Peter Ogban, the returning officer for the Akwa Ibom North-West Senatorial District election, was sentenced to three years in prison for electoral offences, while the then Resident Electoral Commissioner, Mike Igini, was not held accountable.

Akpabio said, ‘What happened during the 2019 elections was unfair. The court ordered the prosecution of those responsible, yet the wrong person was punished. ‘Professor Ogban, who served for 34 years, became a scapegoat, while INEC officials responsible for the lapses went free.’

He further alleged that security agencies hijacked result sheets during the collation process, contrary to the Electoral Act, and emphasized the need to hold the right institutions accountable in future elections.

Akpabio also raised concerns about Nigeria’s lengthy electoral timelines, noting that long campaign and pre-election periods often disrupt governance, especially when politicians appointed as ministers abandon their posts for electioneering activities.

‘If we want to fix our electoral system, we must ensure that INEC and other institutions perform their duties without bias or political manipulation,’ he said. Following his remarks, Opeyemi Bamidele (Ekiti Central), the Senate Leader, , moved that consideration of the bill be suspended to allow for more clarity on its contents.

The motion was unanimously adopted.

It would be recalled that the Senate and House of Representatives Committees on Electoral Matters on Monday held a joint public hearing on the Electoral Act Amendment Bill 2025, which among other proposals, seeks to hold the 2027 presidential and governorship elections in November 2026.

A cross-section of professionals under The Covenant Nation (TCN) has called for a renewed commitment to integrity, mentorship, and value-driven leadership as essential tools for rebuilding Nigeria’s social and economic structures.

Speaking at a roundtable themed ‘Regaining the Soul of the Marketplace’ held in Abuja, members of the church’s Corporate Executive Connect Group emphasised that the country’s transformation requires men and women of character who will uphold honesty and values in both public and private sectors.

Abimbola Uloko, Chief Executive Officer of SAB Africa, an event management and creative company, said mentorship and integrity remain critical to raising responsible citizens.

‘We need to make deliberate efforts in identifying people who walk in integrity and use them as templates for others to emulate. There are still Nigerians focused on their God-given purpose, and their stories should be told to inspire others,’ she said.

Uloko added that through SAB Africa, she has mentored over 20 young people in event management and creative projects. ‘We are intentional about raising young people who will stand for excellence and creativity. Some of them have gone on to pursue master’s degrees after years of training with us,’ she noted.

Explaining the vision behind the initiative, Victor Dickson, head, connect group, said the forum emerged from the desire of Pastor Poju Oyemade, Senior Pastor of The Covenant Nation, to take Christian values beyond the church walls into the marketplace.

‘Christianity should not only happen within the church. It must influence how we conduct business, govern, and relate in society. The idea is to build a community of professionals across sectors-agriculture, business, creative industries-who will take integrity and excellence to their workplaces,’ he stated.

He added that the discussion was not limited to church members alone but open to all professionals who share the vision of nation building. ‘Our message is simple: good Nigerians will build a good Nigeria. We must bring honesty, values, and humanity to the table if the country must progress. Dickson reiterated that the essence of the meeting was to produce refined Nigerians who embody integrity and accountability.

‘We’re not just waiting for government to fix the nation. Our focus is on raising good Nigerians who will, in turn, build a good Nigeria,’ he said.

Moradeke Okunrinboye, of the organizing team, emphasised the need for sustainability and unity within the church and the business community. ‘The way we have done things in the past cannot continue. We must begin to think long-term and collaborate for the future. The church must also lead by example by fostering partnerships and unity,’ she said.

Okunrinboye noted that Christians should not isolate themselves from industries often considered secular but should instead bring light and ethical standards into those spaces. ‘There shouldn’t be off-limit businesses for Christians. Our role is to show how things should be done rightly, regardless of the industry,’ she added.

The meeting also featured discussions on national values, mentorship structures, youth inclusion, and the role of faith-based organisations in shaping responsible citizens ahead of future elections.

Similarly, David Opeyemi, a member of the TCN Corporate Executives, said the group is strategically curating platforms that mentor the next generation of reformers who will redefine business and governance in Nigeria.

‘Beyond Sunday sermons, we are democratizing the mindset of integrity among professionals and young people. By intentionally curating the next generation of leaders who operate by Christian values, we believe change and transformation are possible,’ he explained.

Opeyemi stressed that the church is youth-focused, with structures such as Kingdom Connect and Covenant Connect actively engaging young Nigerians. ‘We are not just building for the youth but building with them. The goal is to raise reformers who can reimagine a better Nigeria and Africa,’ he added.

The Ambassador of the Republic of Tunisia to Nigeria, Mohsen Antit, has pledged his country’s commitment to strengthening economic ties with Nigeria to boost trade and enhance revenue generation.

Antit made the commitment during the Ndigboamaka Progressive Markets Association All Markets Conference 2025, held in Lagos on Wednesday, with the theme ‘Empowering Trade Unions for Revenue Generation and Modernisation’.

He said Tunisia was ready to partner with the Nigerian government across key sectors such as agriculture, banking and finance, mining, oil and gas, aviation, and security to advance mutual prosperity.

Antit said, ‘Tunisia will be eager to open discussions to collaborate in these areas.

‘I reiterate Tunisia’s commitment to deepening ties with Nigeria and with the Ndigboamaka organisation through trade, culture, education, and people-to-people connections.’

He praised the nation’s entrepreneurial spirit and rich cultural heritage, noting that the Ndigboamaka Progressive Markets Association represents over 50 major markets and embodies the dynamism of Nigerian commerce.

Antit commended the association for empowering traders and driving business growth, adding that collaboration with Tunisia would create opportunities for capacity building and trade diversification.

The envoy also expressed interest in expanding investment partnerships in manufacturing, energy, medical services, and tourism, stating that Tunisia ranked among the world’s top 20 tourism destinations ahead of Morocco and Egypt, and just behind Spain and Greece.

In his remarks, the President of Ndigboamaka Progressive Markets Association, Chief Chinedu Ukatu, said the conference symbolised the collective strength and resilience of traders across Nigeria.

Ukatu acknowledged the rapid changes in the global economy and emphasised the need for modernisation and digital transformation to promote ease of doing business.

He urged members of the association to remain united and determined in pursuing their goals, adding that solidarity among traders was key to sustaining growth and protecting their collective interests.

Ukatu further called on the government to engage traders in policy formulation to create a more conducive business environment and ensure equitable distribution of economic benefits.

Also speaking, the former Deputy Governor of Anambra State and Secretary-General of Ohanaeze Ndigbo Worldwide, Emeka Sibeudu, urged the association to work toward making South-East markets more competitive to enhance Nigeria’s overall economic growth.

Sibeudu commended Lagos-based traders and exporters for their significant contributions to both Lagos State’s economy and Nigeria’s Gross Domestic Product (GDP).

He encouraged them to extend their investments to the South-East to promote inclusive development.

The Deputy President-General of Ohanaeze Ndigbo Worldwide, Prince Okey Nwadinobi, also commended the Ndigboamaka association for uniting traders under one platform.

He advised members to be law-abiding and to respect community norms to avoid conflict and property damage.

Chief Executive Officer of Chisco Group, Chief Chidi Anyaegbu, called on the government to view traders as partners in national development, describing them as the real drivers of the Nigerian economy.

Anyaegbu urged the government to adopt dialogue in addressing issues affecting traders instead of enforcing punitive taxation policies.

Anyaegbu also advised traders to cooperate with government initiatives aimed at national progress.

He commended the association for recognising his contributions to commerce, saying the honour would inspire him to continue supporting trade growth and compliance with lawful business practices.

The Senate has commenced the screening of Joash Amupitan (SAN), the nominee of President Bola Tinubu, for the position of chairman of the Independent National Electoral Commission (INEC).

The screening commenced around 12:50 pm after the Senate had suspended its rule to admit strangers into the hallowed chamber.

The National Assembly had on Wednesday, through a statement by Bullah Audu Bi-Allah, Director of Information at the National Assembly, on behalf of the Office of the Secretary, Research and Information, disclosed that the screening exercise will take place at the Senate Chamber, with full media coverage expected. ‘The Office of the Secretary, Research and Information, wishes to notify members of the press and the general public that the Senate will, tomorrow, Thursday, 16th October, 2025, conduct the screening of the nominee of President Bola Ahmed Tinubu, GCFR, Prof. Joash Ojo Amupitan, SAN, as Chairman, Independent National Electoral Commission (INEC),’ the statement read. It added that members of the Senate Press Corps have been requested to provide comprehensive coverage, while television stations are expected to broadcast the proceedings live.

‘The Directorate appreciates your continued cooperation and professional coverage of National Assembly activities,’ the statement added.

President Tinubu had, on Tuesday, transmitted Amupitan’s nomination to the Senate for confirmation, following the expiration of the tenure of Mahmood Yakubu, who served two terms as INEC chairman.

Zipo Lai, head of Family Office, Europe at Invest Hong Kong has emphasised that family offices are far more than financial management entities, but are strategic platforms for cross-border expansion, wealth preservation, and legacy creation.

She noted this during Business Day’s family business summit 2025, themed ‘Wealth Diversification and Resilience in Uncertain Times,’ was convened by Business Day in collaboration with Oghenevwoke Ighure, founder of My Family, My Business. The event brought together wealth advisers and next-generation business leaders to explore how families can build enduring enterprises that transcend generations, and discussions centred on the pillars of dynasty-building, structure, trust, and purpose.

The strategic role of family offices

During the panel session titled ‘Dream to Dynasty: Wealth Creation for Generations and the Role of Family Offices,’ moderated by Kemi Ojenike, chief operating officer of Meristem Family Office, Lai offered a policy and ecosystem perspective on the evolving function of family offices.

She highlighted Hong Kong’s robust financial infrastructure and favourable tax regime, which have positioned the city as a thriving hub for over 2,700 family offices.

‘Family offices today serve a much broader purpose than managing capital,’ Lai noted, ‘they underpin inter-generational continuity and facilitate cross-border growth.’

She further explained Invest Hong Kong’s role in promoting foreign direct investment between Hong Kong and global markets, including Africa, ‘We work with family businesses to establish both operational and wealth structures in Hong Kong,’ she said. Beyond capital, managing legacy and relationships

Angel Chia, executive director of the Hong Kong Academy for Wealth and Legacy, expanded on the multidimensional role of family offices. While they often begin as investment vehicles, their true value lies in managing the human and relational aspects of legacy.

‘It’s not just about managing money,’ Chia said, ‘it’s about navigating differences, resolving conflicts, and ensuring continuity, emotional intelligence and conflict resolution are often underestimated in sustaining wealth.’

She emphasised the importance of external expertise in these areas, ‘It’s not always cost-effective to maintain all specialists in-house, functions like mediation or legacy coaching are best handled externally to ensure neutrality and a broader perspective.’ From vision to legacy, the founder’s dilemma

Ojenike observed that many entrepreneurs aspire not only to build wealth but to see it endure, ‘Founders typically desire two things, to build successfully and to ensure what they’ve built lasts, yet translating that dream into a dynasty is not always straightforward.’ Sameer Vaswani, chief operating officer of Assudamal Group, shared the journey of his multigenerational family business, which began in 1928 when his grandfather migrated from India to Hong Kong. Despite the disruptions of World War II, the business survived and expanded to Nigeria in 1971. Today it operates across Hong Kong, Ghana, India, and Dubai, and will mark its centenary in 2028.

Vaswani therefore underscored the importance of governance and structure in sustaining longevity, ‘Establishing our family office in Hong Kong with PwC’s support helped us remove emotion from wealth management and focus on structure, clear investment principles, defined risk parameters, and a balanced investment committee comprising family members and professionals.’

He added that separating ownership, management, and governance roles has fostered unity and innovation, ‘Each of us manages our own verticals but remains accountable to a family council, this structure aligns our vision, mission, and values as the business evolves.’ Succession and the psychology of letting go

A recurring theme throughout the panel was the challenge of succession and the reluctance of founders to step aside.

Chia noted that this hesitation often stems from the uncertainty founders faced while building their wealth, ‘Founders who’ve spent decades navigating volatility often struggle with letting go, the fear of losing control is understandable, but it’s essential to reframe succession, not as relinquishing power, but as entering a new phase of purpose.’

She advocated for a transition from operator to mentor, ‘The next chapter should inspire founders to become visionary guides rather than active governors.’

Ojenike echoed this sentiment, emphasising that legacy-building requires emotional readiness alongside structural planning, ‘As Chia said, it’s not just about handing over control, it’s about opening a new field, founders must see themselves as coaches helping the next generation evolve the dream.’ Preparing the next generation

Reflecting on his own experience, Vaswani discussed how the Assudamal Group prepares younger family members for leadership, ‘Agility is key, each of us manages a vertical independently but we’re united by shared values and a common vision, as new members join we allow evolution to keep our entrepreneurial spirit alive.’

He cautioned against rigid hierarchies that stifle innovation, ‘Autonomy and adaptability are what keep multigenerational businesses relevant.’

Lai urged African families to begin their wealth-preservation journey early and to seek professional guidance, ‘The first step is building the right structure, a well-designed family office can serve as a bridge between legacy and opportunity, helping families preserve wealth while creating global impact.’

Washington D.C || Olayemi Cardoso, Central Bank of Nigeria (CBN) governor has projected that inflation in Africa’s most populous economy is expected to maintain its downward trajectory after headline inflation fell to 18.02% in September-the lowest level recorded in three years.

The September data from the National Bureau of Statistics (NBS) marks the sixth consecutive monthly decline and a dramatic drop from the 34.19% peak reached in June 2024. It also signals growing investor confidence in the CBN’s inflation-fighting strategy, which has included an aggressive tightening cycle and structural reforms.

‘We expect inflation to continue to trend downward in the near term,’ Cardoso said at the IMF-World Bank Annual Meetings in Washington. ‘This is supported by tight monetary conditions, a stable naira, and increased food supply.’

To tame inflation, the CBN raised the Monetary Policy Rate (MPR) from 18.75% to 27.50% between July 2023 and July 2025, before easing slightly to 27.00% in September. The Bank also raised the Cash Reserve Ratio (CRR) for commercial banks to as high as 50% before lowering it to 45% last month, maintaining what it calls a ‘firm anti-inflationary stance.’

Core inflation slowed to 19.53%, while food inflation-typically the most volatile component-fell to 16.87%, reflecting improvements in agricultural supply chains and reduced logistics costs. These declines, according to the CBN, are being reinforced by ongoing reforms in the foreign exchange market.

The naira has stabilised in recent months following the unification of exchange rates and greater transparency in price discovery. The spread between the official and Bureau de Change (BDC) rates has narrowed to below 2%, a sharp improvement from double-digit gaps seen just a year ago.

‘This stabilisation has helped reduce imported inflation,’ the CBN said in its statement. ‘Improved FX liquidity and declining volatility are also strengthening price stability.’ Foreign reserves now exceed $43 billion, providing over eleven months of import cover. The CBN said this was due to sustained foreign exchange inflows and improved investor sentiment, driven by clearer policy direction and ongoing reforms. While inflation remains above the central bank’s target range, the pace of disinflation is beginning to ease pressure on households and businesses. Analysts say the moderation offers some policy space for future interest rate adjustments if current trends persist.

‘The focus now is to consolidate these gains,’ the CBN said. ‘Exchange rate stability, improved food production, and energy cost moderation will be crucial to sustaining this disinflation path.’

Cardoso added that the CBN is committed to restoring macroeconomic stability and anchoring inflation expectations. ‘Inflation affects every Nigerian,’ he said. ‘Our job is to ensure that monetary policy supports a stable and predictable environment for growth.’

Washington D.C || A local currency-driven African stock exchange is being planned to unlock domestic capital across the continent, according to Benedict Oramah, outgoing president of the African Export-Import Bank (Afreximbank).

He revealed this while speaking at the unveiling of United Bank for Africa’s (UBA) White Paper titled ‘Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth’, in Washington D.C., a document described as a blueprint for driving Africa’s transformation from within.

Oramah, who commended UBA for investing in research and thought leadership, said Africa’s real challenge is not the lack of capital but the inability to effectively channel it.

‘When other commercial banks start investing in this kind of research and thinking, we will have begun to address some of the deeper problems we face,’ he said. ‘The bulk of intellectual capital on the continent sits within our banks. They have been focused mainly on money, money, money today, not realising that deep thinking will ultimately bring them much more money tomorrow.’

He emphasised that the problem of Africa’s development is fundamentally a problem of capital, not necessarily its absence. ‘There is an abundance of capital, but it is fragmented. Some believe capital is scarce, but having capital that cannot be accessed or used effectively is as good as not having it. What is crucial is being able to channel capital in forms that can actually be used,’ Oramah explained.

He said Afreximbank had taken deliberate steps to address this challenge, prioritizing scale over early efficiency in order to mobilize capital from within the continent. ‘The first priority for the bank was not necessarily efficiency, but size. We wanted to grow the bank rapidly so that it could take on large projects. Efficiency could come later,’ he stated, adding that this was made possible by private investors who shared Afreximbank’s vision of building a robust pool of capital mobilized in African currencies.

Citing China’s example, Oramah said Africa must learn from economies that financed their growth primarily in their own currencies. ‘China developed because it was able to use its own currency to finance its development. Africa, by contrast, with 42 currencies and a fragmented payment system, has no real chance unless something is done to remove this fragmentation. That is one of the reasons we developed the Pan-African Payment and Settlement System (PAPSS),’ he said. He explained that PAPSS is designed to integrate all 42 national payment systems across Africa, allowing payments for trade and investment within the continent to be made in local currencies. ‘We cannot claim to want goods and services to move freely across African borders while our capital is stopped at those same borders,’ Oramah noted.

Highlighting the next stage of this initiative, Oramah disclosed that Afreximbank is working with the African Stock Exchange Association on a project known as the ‘linkage project,’ which will connect African stock exchanges through the PAPSS platform. ‘We have selected five stock exchanges to pilot it. Using the system, someone in Nigeria can buy shares on the stock exchange in Egypt using the naira, while an Egyptian can buy shares in Nairobi using the Egyptian pound,’ he said.

According to him, this innovation will tackle one of Africa’s biggest hurdles to mobilizing domestic capital liquidity. ‘It gives our stock exchanges the liquidity that will attract investors to participate actively, whether by having their companies issue shares or by buying and selling on the exchanges,’ he said. Beyond that, he added, the system would make it possible to list bonds in African currencies, encouraging cross-border investments within the continent’s financial markets.

Oramah noted that over time, this could lead to a convergence of monetary policies across African countries, fostering deeper economic integration. ‘Because we are already seeing results in the physical economy, this system can become an engine for mobilizing the capital we need to build our infrastructure,’ he said, citing a recent transaction in which Afreximbank issued a letter of credit for an Egyptian contractor executing a project in Ghana, denominated in Egyptian pounds. He added that such arrangements could reduce Africa’s dependence on foreign currency borrowing and, by extension, its sovereign debt burden. ‘The biggest source of sovereign debt on the continent is that we finance our infrastructure in foreign currencies. But if an Egyptian contractor is building a project in Ghana and is paid in Ghanaian cedi while the Egyptian side receives Egyptian pounds, that borrowing in foreign currency would not need to happen. Over time, this will reduce Africa’s sovereign debt burden,’ he explained.

Oramah stressed the need for Africa to develop its own financial architecture tailored to its needs, rather than relying on global systems that do not serve its interests. ‘There is no point in continuing to depend on the global financial architecture because it was not designed for us. What will truly work for us is African financial architecture, and I hope this conference and this research initiative will form the foundation for that new thinking,’ he said.