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CPPE raises concern over CBN’s MPR hike to 27.50%

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The Centre for the Promotion of Private Enterprise (CPPE) has raised concerns over the Central Bank of Nigeria’s (CBN) sustained tightening of the Monetary Policy Rate (MPR), now at 27.50 per cent.

Chief Executive Officer, CPPE, Dr Muda Yusuf, stated in Lagos on Tuesday that the continued rate hikes by the Monetary Policy Committee (MPC) could further stifle economic growth.

NAN reports that the MPC of the CBN, during its 298th meeting, further raised the country’s interest rate to 27.50 per cent from 27.25 per cent.

It, however, retained the Cash Reserved Ratio (CRR) at 50 per cent for Deposit Money Banks and 16 per cent for merchant banks.

The committee also retained the Liquidity Ratio at 30 per cent, and also the Assymetric Corridor at +500/-100 basis points around the MPR.

“It is troubling that despite the declining growth performance of many critical sectors of the economy as evidenced in the third quarter GDP report, the MPC still continued its tightening stance.

“The GDP sectoral performance report also revealed a glaring disconnect between the financial services sector and the real economy,” he said.

He said that the financial services sector recorded a growth of 32 per cent while agriculture and manufacturing grew by 1.14 per cent and 0.92 per cent.

Yusuf said, “This disposition will deepen this distortions. Meanwhile strategic economic sectors such as agriculture, manufacturing and real estate recorded declines in growth in the third quarter.

“Air transport and textile remained in recession. These sectors need monetary and fiscal support, not a further tightening of monetary conditions.

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The financial expert called on CBN to increase support for development finance institutions to address financing challenges caused by the sustained tight monetary policy regime. (NAN)

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MSMEs backbone of the Nigerian economy – Minister

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Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has described Micro, Small, and Medium Enterprises (MSMEs) as the backbone of the Nigerian economy.

Oduwole stated this on Wednesday in Makurdi at the opening of a 2-day Benue Inventors and Entrepreneurs Exhibition 2025.

The minister stated that MSMEs contribute more than 48 per cent to the country’s Gross Domestic Product (GDP) and also account for 96 per cent of businesses and 84 per cent of employment.

She said that entrepreneurship was a key driver of any thriving economy and urged the Nigerians to continue to strive in the sector.

Oduwole said the Federal Government was committed to implementing policies and initiatives that would strengthen the MSMEs.

The minister promised that the government would continue to work on ease of doing business.

“This is just a call to action to continue to support your ingenuity, and we commend your resilience and your determination to build businesses that not only meet your needs in this community but also contribute to the broader economic landscape.

“So the products on display today are a testament to your hard work and creative vision, and I have no doubt that these products are poised to compete both locally and on the global stage.

“To the esteemed consumers and visitors here today, this exhibition offers you an opportunity to experience firsthand the quality and innovation of locally made products.

“By supporting these businesses, you’re contributing to the growth of our national economy, creating jobs and promoting sustainable development.

“Let us make a conscious effort to prioritise made-in-Nigeria products,” she said.

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Oduwole commended Gov. Hyacinth Alia for his vision and commitment to fostering an environment that empowers entrepreneurs, promotes local production and drives the growth of the local economy.

The minister stated that Benue, known as the Food Basket of the Nation, has vast agricultural resources that contributed significantly to Nigeria’s food security.

She said the state has embraced the entrepreneurial spirit by creating policies and directly supporting the facilitation of industrial growth and support for innovative-driven businesses.

“This exhibition is a testament to the creativity, talent and ingenuity that defines the good people of Benue.

“It reflects the spirit of resilience and innovation that defines the individual entrepreneurial energy of this great state,” she said.

Commissioner for Science, Technology, and Innovation, Mr Nick Eworo, said in his welcome address that the state was well positioned to become the hub of innovation and technological advancements in North Central Nigeria.

Eworo said the theme of the exhibition, “Innovating for a Sustainable Future”, reflects the state’s commitment to leveraging science, technology, and entrepreneurship to drive lasting change.

“Benue is brimming with untapped talent, and what you see today is just a glimpse of the vast potential that exists across our state,” he said (NAN)

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Barau condoles with victims of Edo attack, donates N16m

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Deputy President of the Senate, Barau Jibrin, on Wednesday sympathised with the families of 16 travellers killed in Uromi, Esan North-East Local Government Area of Edo.

The News Agency of Nigeria (NAN) reports that Barau met with the families at the At-Taqwa Mosque in Bunkure town, headquarters of Bunkure Local Government Area.

Barau promised to sponsor a motion on the matter when the Senate resumes later this month.

He also announced a donation of N1 million to each family, totalling N16 million.

He said, “I am here to sympathise with you over the tragic incident that led to the death of 16 of our brothers last Thursday.

“May Allah grant them Jannatul Firdaus and quicken the recovery of those injured.

“I was worried when the incident happened and immediately contacted the state governor, security agencies, and stakeholders. They acted swiftly, and so far, 16 suspects have been arrested.”

The state governor, who visited Barau’s house in Abuja, assured him that the state government would support the families.

“We will not take this incident lightly and will ensure that the culprits face the full wrath of the law,” Barau added.

The Chief Imam of Bunkure, Sheikh Zainul Abidina Auwal, thanked the senator for his efforts in ensuring justice and described him as a leader needed for national development. (NAN)

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FG re-opens Independence Bridge in Lagos

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Federal Government has announced immediate re-opening of the Independence Bridge (Ahmadu Bello Way-Marina bound) to vehicular traffic.

The Minister of Works, Sen. Dave Umahi, announced this in a statement by the Federal Controller of Works in Lagos, Mrs Olukorede Kesha, on Wednesday.

The government had announced closure of the bridge starting from April 1 for essential maintenance and rehabilitation works.

It was to remain closed until May.

However, in the statement, Umahi said that necessary repair works on the bridge would be carried out later.

He said that palliative works were underway to ensure that the bridge would be motorable.

He regretted inconveniences caused to the motoring public by the closure, and appealed for understanding and cooperation. (NAN)

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