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All Posts in "Month: May 2025"

PMI : When Aid Shrinks, Execution Must Rise

 

 

 

 

 

   By   George Asamani, Managing Director, Project Management Institute, Sub-Saharan Africa

 

The announcement of deep cuts in US development assistance has cast a long shadow over Africa’s infrastructure ambitions. The African Development Fund, the continent’s principal vehicle for concessional financing, now faces a possible 37% drop in donor contributions, with Washington potentially withdrawing entirely, according to the Centre of Global Development. In March this year, the US withdrew from the Just Energy Transition Partnership, to which it had initially pledged more than $1.5-billion of grant and commercial funding.

Even if these cuts prove to be temporary, the damage may not be. Recovering lost momentum could mean sacrificing years of economic growth, delaying critical infrastructure projects, and widening the development gap. And if the decline signals a more permanent shift, then the implications are even more profound. Rather than wait for fortunes to swing again in their favour, African governments must take proactive steps to secure their development trajectories.

As development partner contributions shrink, governments across the continent will need to take on a greater share of project financing through their own national budgets. That reality is sobering, but it also presents a compelling opportunity to reimagine public investment through the lens of discipline, delivery, and results.

In recent years, many African economies have faced a challenging paradox: rising investment in infrastructure has not always translated into timely project delivery. Historically, PMI data has reported that roughly 10% of project investment is wasted due to poor project performance. Let’s take the global construction market, which is projected to reach approximately $17.05 trillion this year, and poor project performance, like going over time or over budget, could cost it more than $1 trillion.

In Africa, where public debt levels are already placing pressure on national budgets and fiscal space is increasingly limited, improving efficiency in infrastructure delivery is no longer optional; it is essential. If the funding tap is tightening, the only viable response is better stewardship of the remaining resources. That means placing execution, how projects are delivered, at the centre of fiscal policy

Professionalising project management in the public sector is the single most powerful lever African governments can pull to stretch limited budgets. That said, professionalising project delivery is not without its challenges. Many governments still contend with institutional constraints, limited technical capacity, and high turnover in public sector roles. These realities underscore the need for long-term investment in skills development.

Even a modest 10% improvement in project delivery efficiency could translate into billions in savings, resources that could be redirected toward critical sectors such as education, healthcare, and public safety. In essence, stronger project management leads directly to better development outcomes, without placing additional tax burdens on citizens or increasing national debt.

There is also a long-term political dividend. When governments consistently implement visible, high-impact infrastructure projects, they build public trust, foster investor confidence, and stimulate employment. In the context of a rapidly growing youth population and pressing job creation needs, infrastructure delivery should be positioned not merely as capex but as an instrument for inclusive growth and economic resilience.

In today’s constrained environment, Africa can no longer afford inefficiency. Every missed milestone, budget overrun, or failed audit is not just a governance issue—it’s a tax on future generations. That is why national treasuries must begin to view project management capability as a strategic economic asset. Government ministries should collaborate to embed delivery units staffed by qualified project professionals.

Of course, embedding this level of project management rigour will not happen overnight. Strengthening delivery capability across ministries is a medium-term reform, but one that must begin now if future infrastructure investments are to deliver their intended outcomes. Multilateral lenders such as the ADF should also consider making project management discipline a condition for financing to help ensure that funds are effectively used and that projects deliver their intended impact.

Africa’s infrastructure agenda is too important to fail. But success will not be driven by donor generosity alone. It will depend on national leadership that prioritises competence and refuses to compromise on execution.

Online Poster by — May 28, 2025 in News 0
Anambra Children Mark Children’s Day In Style

By Chikaodi Chukwuleta
President, Federal Republic of Nigeria, Bola Amed Tinubu has restated his commitment in protecting children’s rights and welfare in the country.
He made this known in his speech during the Children’s Day which is observed every year in the country.
Tinubu, who spoke through the Governor of Anambra State, Prof Charles Chukwuma Soludo on the theme,  ‘Stand Up, Speak Up, Building a Bullying Free Generation  at the Solution Fun City  Park, Awka, emphasised the need to create a culture where every child feels safe, respected and heard.
He noted that over one in three children globally experience bullying, with Nigeria as studies estimate up to 65% of school age children affected.
Mr President stressed that violence, bullying and neglect have no place in Nigeria, and urged all stakeholders to embed child rights in budgets, plans and polices, even as he encouraged citizens to become child protection champions through a nation wide “see something, say something, do Something” campaign.
In his words, the Governor of Anambra State, Prof Charles Chukwuma Soludo assured that every child in the state is in  safe hands, and that the future of Anambra children remains, the bridge for future progress.
He said that his administration  provided free  education because, education is the bedrock of any society.
In their separate speeches, the Commissioner for Education,  Mrs Ngozi Chuma Ude,  Speaker of the Children’s Parliament, Victory Ekwunife  commened Governor Soludo for restoring safety and opportuities to the state, empowering the youths, employement and recruitment of teachers, providing education free for every child in the state  “Mr Governor is doing well.  He has not borrowed a dime.  He doesn’t want to put Ndi  Anambra in penury of perpetual debt”.
They commended the wife of the governor,  Mrs Nonye Soludo  for touching every life in the state through her project of healthy living”.
Earlier in her speech, the Commissioner for Women and Children Affairs, Mrs Ify Obinabo thanked the governor for his tireless efforts in protecting the welfare of Anambra   children, his commitment to nuturing a safe environment and commitment to children.
She praised  his transformative initiative in educational landscape of the  state, introduction of free education, recruitment of teachers, enhancement of academic excellency.
Online Poster by — May 28, 2025 in News 0
12 Year-Old Chiderije Mbah Appointed CEO Of Wema Bank On Children’s Day

In a heartfelt celebration of 2025 Children’s Day, Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled 12-year-old Chiderije Mbah as its One-Day Managing Director/CEO for May 27, 2025, as part of a special initiative aimed at nurturing the next generation of Nigerian leaders. The memorable experience, which took place today, at the bank’s headquarters in Lagos, Marina, spotlighted Wema Bank’s ongoing commitment to investing in the future even as it marks 80 remarkable years of legacy and impact.     Chiderije Mbah became the winner of the One-Day Wema Bank MD/CEO initiative launched in May 2025, to mark this year’s Children’s Day celebration.

He was chosen after sharing a spirited video explaining his dream of leading a bank and his vision for making finance more fun and accessible for children. His entry, submitted through a social media challenge, stood out among dozens who applied to be in the position.     The One-Day Wema Bank MD/CEO was the high point of a broader Children’s Day initiative by Wema Bank, which invited children across the country to participate in an online challenge. To qualify, children were asked to post a short video dressed in Wema colours and share the banking role they aspired to, while either holding or opening a Royal Kiddies Account (for ages 0–12) or an ALAT Xplore Wallet (for teenagers 13–17). The campaign blended fun with purpose, introducing thousands of young Nigerians to early financial education and the power of dreaming big. On Tuesday, May 27, 2025, Chiderije stepped into the spotlight at Wema Bank’s Lagos Headquarters, receiving a purple-carpet welcome and taking his seat at the helm of the bank for a day packed with leadership, learning, and excitement. Enjoying a full day of activities; from a guided tour of the head office to holding his own executive briefing session in the boardroom, he will also be addressing senior executives of the bank.   “This is the best day of my life,” said Chiderije Mbah. “Wema Bank made me feel important. I am learning so much about being a leader and how banking works. I’ll tell all my friends to open a Wema Bank Royal Kiddies Account so they can also start learning how to save and maybe one day, they can be MD too!” Speaking on the initiative, Wema Bank’s Managing Director/CEO, Moruf Oseni, said.

“Our 80th anniversary is a time to reflect on where we’ve been and where we’re going, knowing fully well that the future belongs to the young stars like Chiderije. Today’s activity is one of our ways of showing that we believe in the children, that we’re listening, and that we’re committed to helping them succeed financially, personally, and professionally all the way.”     This unforgettable experience reinforces Wema Bank’s vision of a future-ready Nigeria; one where financial inclusion starts early, and every child has access to tools, inspiration, and opportunities to thrive. As Wema bank celebrates eight decades of resilience and innovation, its gaze remains firmly fixed on the horizon, championing the dreams of tomorrow’s leaders, one child at a time.”

Online Poster by — May 28, 2025 in News 0
Leadway Group Champions Literacy For 10,000 Children With Third Edition Of ‘Pages To Places’ Initiative

Leadway Group, one of the foremost non-banking financial services groups, is set to roll out the third edition of its transformative Pages to Places campaign. This initiative, a book reading and donation drive is designed to spark a lifelong love for reading among 10,000 Nigerian children across select states and ignite their imaginations about building a brighter future. This campaign reflects Leadway’s enduring commitment to shaping young minds and supporting educational development, particularly in underserved communities.

 

 

 

By promoting a vibrant reading culture, Leadway’s Pages to Places initiative aims to inspire dreams, reshape children’s narratives, and contribute meaningfully to Nigeria’s educational advancement. In previous editions, Leadway collaborated with prominent Nigerian authors such as Bunmi Aboderin-Talabi, Jude Idada, Titi Umaru, Victoria Afe Inegbedion and Ayo Oyeku to bring storytelling, book readings, and the love for literacy to life.

 

 

 

The campaign has reached 24 schools across nine states, providing books and mobile libraries while also encouraging the facilitation of after-school reading clubs, creating a lasting impact beyond the classroom.

 

 

 

This year, Leadway Group will collaborate with renowned author and culture advocate Lola Shoneyin and the convener of Akada Children’s Book Festival Bunmi Aboderin-Talabi in this third edition for a nationwide book reading and donation drive. The campaign will include visits to 10 public nursery/primary schools across Lagos, Kaduna, Ondo, Enugu, and Edo states, running from May 28 to June 5, 2025. This literary tour is poised to make a meaningful impact on the lives of the participating children, further reaffirming Leadway’s commitment to education, social impact, and the belief that every child, regardless of background, deserves access to knowledge, better dreams, and opportunities.

 

 

 

 

Aishat Bello-Garuba, Head of Corporate Services, Leadway Group emphasised the initiative’s importance. “At Leadway, we understand that every child may not be opportune to explore the world, but we trust that children can be transported there through the power of stories. In communities where dreams are limited by circumstance, ‘Pages to Places’ becomes a launchpad for limitless imagination, determined to inspire and empower more children through reading”, she said.

 

 

 

“Our commitment goes beyond providing books and promoting reading culture. We are dedicated to nurturing creativity, learning, and personal growth among Nigerian children. We aim to build stronger communities and inspire hope by expanding access to meaningful literacy to every child, regardless of their background. We understand that empowering children today lays the foundation for tomorrow’s leaders, and through this initiative, we are investing in a brighter and more promising future for these children”, Bello-Garuba added.

 

 

 

 

About Leadway Group

Leadway Group is a non-banking financial corporation headquartered in Nigeria. Leadway provides non-banking financial solutions ranging from insurance, pension, trusts, health management, asset management, and hospitality

Online Poster by — May 27, 2025 in Insurance and Pension 0
Dangote Named Most Admired African Brand, Bags Two More Awards In Addis Ababa

It was another historic milestone for pan-African investor Aliko Dangote and the Dangote Industries Limited over the weekend, as they garnered three prestigious accolades at the 15th annual Brand Africa 100 awards, held at the iconic Africa Hall in Addis Ababa, Ethiopia—the birthplace of the Organisation of African Unity (OAU), now the African Union (AU).

Dangote Industries Limited was named Most Admired African Brand, following an independent, consumer-led survey conducted across more than 30 African countries. The company was also inducted into the Brand Africa Hall of Fame, becoming the first African firm to receive this distinction. The induction recognises Dangote’s transformative impact on African consumers and its influential role in shaping a positive narrative for the continent.

President/Chief Executive, Dangote Industries Limited, Aliko Dangote was honoured with a Lifetime Achievement Award in recognition of his leadership in driving impactful industrialisation, establishing a world-class African brand, and reshaping the continent’s economic future through a benchmark, homegrown enterprise.

Joining Dangote Industries in the inaugural Hall of Fame were MTN, M-Pesa, Ethiopian Airlines, and South Africa, for consistently ranking among Africa’s most admired brands over the past 5 to 15 years and for building sustainable, globally respected brands.

Reacting to the awards, Group Chief Branding & Communications Officer, Dangote Industries Limited, Anthony Chiejina, said the honours reflect the unwavering commitment, excellence, and innovation that define the group’s journey. He added that they are a testament to the dedication of the company’s outstanding team, partners, and stakeholders, who continue to believe in the mission to drive sustainable development and economic growth across the continent.

“We also extend our heartfelt appreciation for the Lifetime Achievement Award presented to our Founder and President, Aliko Dangote for building a purposeful world-class industrial brand that has exceptionally transformed African lives and the African narrative. This accolade celebrates not only his visionary leadership but also his tireless efforts in transforming industries, creating opportunities, and championing African enterprise on the global stage. His legacy is an inspiration to generations of entrepreneurs and leaders across Africa,” he said.

Noting that the recognition would further inspire the company to push boundaries, empower communities, and deliver meaningful value across Africa and beyond, Chiejina reaffirmed Dangote Industries’ commitment to excellence, integrity, and transformative growth.

In his keynote address, United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa, Mr Claver Gatete, praised Aliko Dangote, the Hall of Fame inductees, and the Brand Africa laureates for advancing the African agenda. He highlighted the alignment between Brand Africa and the ECA’s mission to promote inclusive industrialisation, regional integration, and private sector-led growth. He also called for increased investment in youth-led innovation, regional value chains, and the establishment of a Pan-African Creative Innovation Fund to identify, finance, and globalise Africa’s most promising brands.

“I wish to particularly acknowledge MTN, Dangote Group, mPesa and Ethiopian Airlines for consistently maintaining their distinguished positions among the “Most Admired African Brands” category and continuing to set benchmarks in brand leadership, innovation and continental impact,” he said.

According to the organisers, the 2025 rankings reveal a stark contrast between rising African optimism and declining brand loyalty. While 68% of Africans expressed belief in the continent—up from 64% in 2024—only 11% of the Top 100 Most Admired Brands are African, marking a historic low and down from 14% in 2024. The report indicates the urgent need for homegrown brands to translate belief into consumer loyalty, and for Africans to more actively support Made-in-Africa products and enterprises.

“It is disappointing to see the sharp drop in African brands, which mirrors the ranking of non-African nations as the most influential in Africa,” says Thebe Ikalafeng, Founder and Chairman of Brand Africa. “It’s a wake-up call for Africa—and a barometer of the continent’s lagging industrialisation agenda. It’s not enough for Africans to say they believe in the continent—they must buy made-in-Africa. For that to happen, African brands must invest in R&D, continue to innovate, deliver quality, and use authenticity as a differentiator.”

Winifred Bosa by — May 27, 2025 in brands and Marketing 0
Fatai Lawal Becomes Nigeria Entity MD As Continental Re Announces Leadership Transition Across Group

 

L-R: Group Managing Director of Continental Reinsurance Holdings, Mr. Lawrence Nazare and Managing Director, Continental Re, Dr. Fatai Lawal (Nigeria entity)

Continental Reinsurance Group is pleased to announce several key leadership changes that reflect the company’s continued evolution into a pan-African holding structure and its commitment to robust governance and strategic growth.
Group-Level Appointments

Mr. L awrence Nazare has been appointed Group Managing Director of Continental Reinsurance Holdings, headquartered in Botswana. His transition follows the completion of his tenure as Managing Director/CEO of Continental Reinsurance Plc, Nigeria, in December 2024. In this new capacity, Mr. Nazare will oversee the Group’s pan-African operations and long-term strategic direction.
Joining him on the Board of Continental Reinsurance Holdings are two distinguished Non-Executive Directors:
Mr. Paul Kokoricha, former Chairman of Continental Reinsurance Plc, now appointed Chairman of the Board at Group level
Mr. Steve Iwenjora, formerly a Non-Executive Director at Continental Reinsurance Plc, who has now been appointed a Non-Executive Director at Group level.
These appointments reinforce the Group’s leadership as it executes the next phase of regional integration and strategic oversight.

Reflecting on his transition to the Group Board, Mr. Kokoricha said:
“It has been an honour to serve as Chairman of Continental Reinsurance Plc, Nigeria, where we achieved significant milestones in growth and governance. As we now pivot to a consolidated Group structure, I am excited to continue supporting the company at this higher level—working with the leadership team to sustain our pan-African momentum and long-term ambition.”
Mr. Nazare added:
“It’s been a privilege to lead our Nigeria business and support the broader Group’s evolution. As I now focus fully on the Group-level role, I remain committed to driving Continental Re’s strategic vision across Africa.”

Nigeria Entity: New CEO and Board Members at Continental Reinsurance Plc
To lead the Nigeria entity in charge of Anglophone West Africa operations, Dr. Fatai Kayode Lawal has been appointed Managing Director/CEO of Continental Reinsurance Plc, Nigeria effective April 2025.

 

Dr. Fatai Kayode Lawal brings a wealth of experience to his new role. He holds a B.Sc. (Hons) in Insurance from the University of Lagos, an MBA from the same institution, and a Doctorate in Management (Leadership and Organizational management) from the University of Phoenix, AZ. He is a Fellow of the Chartered Insurance Institute of London & Nigeria (FCII, FIIN). He is also a Fellow of the Chartered Institute of Personnel Management of Nigeria and Chartered Institute of Directors. Dr. Lawal’s impressive career includes his most recent position as Managing Director/Chief Executive of Sterling Assurance Nigeria Ltd. from January 2007 to December 2023, where he successfully integrated three merging companies and significantly grew sales. Prior to this, he served as the Managing Director/Chief Executive Officer of Universe Reinsurance Co. Limited, where he improved profitability and expanded markets. His earlier career also includes a leadership role at Refuge Insurance Company Limited and a pioneering management role at Continental Reinsurance Co. Ltd. Dr. Lawal has a proven track record in leadership, strategic development, market expansion, and team building.
Strengthening the Nigeria Board
The Nigeria entity also welcomes three new Non-Executive Directors, whose appointments have received regulatory clearance from the National Insurance Commission:

 

Mr. Segun Adebanji – Chairman of the Board, Non-Executive Director
Mr. Adebanji is a veteran finance professional and Fellow of both the Chartered Association of Certified Accountants and the Institute of Chartered Accountants of Nigeria. His international career includes leadership positions within UAC, Unilever, Nigerian Breweries, and Heineken, with postings in South Africa, Ghana, Namibia, and the Netherlands. He currently chairs Fidson Healthcare Plc and Filmhouse Group Ltd.

 

Mrs. Funmilayo Omokhodion – Non-Executive Director
A Chartered Insurer with 36 years of experience in reinsurance, Mrs. Omokhodion rose through the ranks at Africa Re, serving as Regional Director for West Africa and in other senior roles. She holds a BA in English and Linguistics and an Executive MBA in Insurance, and is a member of the Council of the Africa Reinsurance Foundation.
Mrs. Eno Atoyebi, CFA – Non-Executive Director
With over 25 years in investment management, Mrs. Atoyebi is a Chartered Financial Analyst and Fellow of the Institute of Chartered Accountants of Nigeria. She is currently the Managing Director of ValuAlliance Asset Management and oversees strategy for two mutual funds. Her earlier experience includes senior roles at Afrinvest and ExxonMobil.

 

These appointments coincide with Continental Re’s 40th anniversary, a milestone that reflects the Group’s enduring legacy, resilience, and readiness for the future. With a strong leadership team in place across both Group and operational levels, Continental Reinsurance is well-positioned to deepen its impact across Africa’s reinsurance landscape.

Online Poster by — May 27, 2025 in News 0
Tinubu Concerned about Informal Sector Operators Wellbeing – FIRS Chair

The Chairman, Federal Inland Revenue Service, ZACCH ADEDEJI, Sounding A Talking Drum Presented To Him By Governor SEYI MAKINDE Of Oyo State At The Opening Of The 157th Board Meeting On The Joint Tax Board (JTB) Held At The JAG Hotel Ibadan, Oyo State, On Monday.
The chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji, has attributed the drop in Nigeria’s unemployment index to the recognition of informal work by the National Bureau of Statistics (NBS).
This was just as he revealed that the well-being of operators of the informal sector concerns President Bola Tinubu, saying workers in the sector account for 92.6 percent of the employed population in the country as of the first quarter of 2023.
Speaking on the theme, “Taxation of the Informal Sector: Potentials and Challenges,” at the 157th Board meeting of the Joint Tax Board (JTB) on Monday in Ibadan, the Oyo State capital, Adedeji said he would rather support the formalisation of the informal sector with the use of data rather than taxing them.
“President Bola Tinubu has said the focus should be on taxing the fruits and not the seeds so that we don’t kill what people have invested in businesses,” he said.
Adedeji, according to a statement by his Technical Assistant on Media, Sikiru Akinola, charged participants at the meeting, including the 36 states inland revenue board chairpersons to brainstorm on how to bring formality to the informal sector with the use of reliable data.
He explained that JTB would soon transition to the Joint Revenue Board (JRB) with expanded scope and responsibilities that would make tax systems easily harmonised and modernised nationwide.
The FIRS chairman, who doubles as the chairman of the Joint Tax Board, commended the Oyo State governor, Seyi Makinde, for hosting the meeting.
Speaking shortly after Adedeji, Governor Makinde appealed for support in the effort to widen the country’s tax net.
“We must not only be strategic but also humane in our approach. The goal should not only be to increase revenue but to support and empower those within the informal economy so they can thrive and contribute meaningfully.
“Our administration is committed to balancing fiscal responsibility with inclusive economic growth. Our recent initiatives have improved our revenue generation drive,” Makinde added.
Online Poster by — May 27, 2025 in News 0
FIRS Unveils Grassroots Radio Campaign To Simplify Taxation

Dr Saach Adedeji, Executive Chairman/CEO, FIRS

The Federal Inland Revenue Service (FIRS) has unveiled a grassroots radio sensitization programme aimed at simplifying tax education and boosting compliance among Nigerians across all walks of life, from market traders to tech entrepreneurs.

At the launch event held in Abuja on Friday, May 23, top FIRS officials stressed that taxation was not just a civic obligation but a vital contributor to everyday public services.

Dr Abdullahi Ismaila, Director of the Communication and Liaison Department, emphasised the need to break down complex tax processes for informal and underserved sectors.

“The average market woman needs to understand what Tax Pro Max is. She needs to know how to get a Tax Clearance Certificate and understand e-invoicing,” he said, highlighting the technical issues the agency plans to simplify using radio broadcasts in local languages and Pidgin.

“We’re counting on radio service providers to help raise the level of awareness,” he said, adding that feedback from listeners would shape future content.

On her part, Dr Loveth Ononuga, Director of Taxpayers’ Service Department, responded to scepticism about whether taxes are truly serving the people.

“You drove on a road to get here. Did the road just make itself? It’s taxpayer money,” she said emphatically.

She explained that salaries of police officers, military equipment, and even hospitals are funded by taxes.

According to her, many citizens overlook the visible outcomes of their contributions.

Online Poster by — May 27, 2025 in News 0
MAN Calls For Urgent Interest Rate Cut To Protect Nigeria’s Industrial Base

MAN in a press statement signed by
Segun Ajayi-Kadir mni, Director General, it deeply worried about the continued decision of the Central Bank of Nigeria (CBN) to maintain the Monetary Policy Rate (MPR) at 27.5 percent since November 2024, despite a global wave of interest rate reductions aimed at revitalizing economic productivity and combating stagflation.

The statement read, “we are perturbed that when most progressive economies are charting a course toward industrial recovery and macroeconomic stability, Nigeria’s monetary stance tends to lead us in a different direction. Over the last quarter, countries such as members of the Euro Area, the United Kingdom, Denmark, Australia, China, India, Thailand and Egypt, have implemented interest rate cuts to bolster economic growth and support productive sectors. Yet, our rigidity continues to create unintended consequences that may deepen the parlous performance of the productive sector.

“A nation cannot industrialize on the back of prohibitively expensive credit. With the benchmark interest rate held at 27.5 percent, Nigeria has become the 6th most expensive country to source credit as local manufacturers grapple with an average lending rate of over 37 percent.

“This policy posture is not only inflationary, but is suffocating the capacity of the manufacturing sector. Compounded by other limiting factors, our members—small, medium and even large-scale—are finding it increasingly difficult to stay afloat, expand production lines, or even meet basic operational costs. When credit is priced highly, production declines and the nation “imports poverty”.

MAN said its concerns go beyond the debilitating impact on the association’s members business, adding the the “Nigeria First Policy”, which seeks to strengthen local industry and reduce import dependence, may be under severe threat.
It said at the heart of successful implementation of ‘Nigeria First Policy’ lies access to affordable financing to boost capacity utilization. “Unfortunately, the current interest rate regime constrains finance costs for our members, surging by over 44 percent from N1.43 trillion in 2023 to N2.06 trillion in 2024 and rising”.

Further the statement said,”The above represents a sharp increase that has directly depressed productivity and led to underutilization of industrial capacity. The high cost of credit has not only diminished the flow of investments into the manufacturing sector but has also dulled the return on existing investments, with Small and Medium Industries hit the hardest.

“Confidence in the industrial outlook has waned, as evident in the dip in the Manufacturers CEO’s Confidence Index from 50.7 points to 48.3 points. This mirrors the growing anxiety of our manufacturers.

“A nation that woos foreign portfolio investors at the expense of its real sector may unwittingly be aspiring to build prosperity on the back of volatility. We are disturbed by the implicit prioritization of short-term foreign capital inflows over the long-term health of domestic industries.

“While maintaining a high interest rate of 27.5 percent may temporarily attract speculative foreign portfolio investors, it is doing so at the expense of Nigeria’s manufacturing base, which is now choked by unsustainable borrowing costs.

“What is evident now is the widening profitability of the banking sector, buoyed by elevated interest margins, while manufacturers contend with shrinking margins, rising debts and declining productivity.

“This is an economic paradox that must be urgently addressed. The current monetary policy trajectory risks turning banks into vaults of idle wealth, while the real economy—where jobs are created and value is added—faces suffocation. A society that rewards intermediaries over producers invites long-term decline. Access to affordable credit is the oxygen that sustains industrial growth and no economy has ever grown by starving its manufacturers of oxygen.

“The Manufacturers Association of Nigeria is ever committed to collaborating with the Government and all stakeholders to achieve macroeconomic stability. We therefore earnestly beseech the CBN to urgently reconsider its monetary stance. Moreover, recent disinflationary trends provide justification for the CBN to cut rates. Real interest rates have improved, already giving financial investors higher inflation-adjusted returns.

Therefore, maintaining a high nominal interest rate under current inflation conditions is neither necessary nor justifiable, and will only prolong the pain for manufacturers and consumers alike”, the statement noted.
In light of the above,

MAN calls on the CBN to: – Cut the benchmark interest rate significantly to reflect current realities and ease the credit burden on manufacturers.

– Deploy moral suasion and policy incentives for commercial banks to facilitate single-digit, concessionary interest rates to the manufacturing sector.

– Facilitate the approval of the N1 trillion earmarked for manufacturers under the Stabilization Plan to support industries struggling under current financial pressures.
– Facilitate significant increase in the capital base of the Bank of Industry (BOI) to scale up its capacity to meet the sector’s growing credit demands.
– Settle the outstanding $2.4 billion Forex Forward Contracts to restore manufacturers’ confidence and end the unprecedented decapitation of the financial viability of the affected industries.

MAN said this will also improve access to non-locally available raw materials. – Facilitate a policy direction to peg the customs duty exchange rate for importing industrial inputs, especially raw materials and machinery, to prevent further inflationary pass-through effect.
Industrial confidence is a fragile currency and once broken, it takes time to rebuild. Nigeria cannot afford to lose its manufacturing momentum at a time when the world is repositioning for the next wave of industrial transformation.
The commendable reform measures of this administration may not be helped by the persistent high cost and constrained access to funds. The current monetary policy is not only undermining manufacturers’ confidence but also jeopardizing national economic resilience.
We urge the Central Bank to act decisively and in synergy with the fiscal authority to ensure that Nigeria’s manufacturing sector does not sink deeper into stagnation.

Online Poster by — May 27, 2025 in Industry 0
Otedola Declared The Activist Investor And Market Maker Of The Year At Nairametrics Awards.

First HoldCo Group had a great outing at the Nairametrics Capital Market Choice Awards ceremony which was held last Friday at the Civic Centre, Victoria Island, Lagos. The harvest of awards started with the Group Chairman of the Holding Company, Mr. Femi Otedola, CON, blazing the trail by being honoured with the prestigious award as the Activist investor and Market Maker of the Year. This indeed is the recognition of the role he has been playing in the Nigerian Capital market and his various strategic moves which has impacted the market positively in over two decades.
FirstHoldCo, FirstBank and First Asset Management also received important awards at the prestigious event organized by Nairametrics. During the evening, First HoldCo Plc received the award as the Tier-One Bank of the Year (FUGAZ Bank of the Year), while FirstBank predictably won the Agency Bank of the Year award which is a true reflection of the relevance, spread, strength and strategy of the bank in the agency banking and retail space in Nigeria.
First Asset Management won the Fund Manager of the Year award; this clearly reflects the dominance of the company in the investment related activities in the Nigerian financial sector.
These awards indeed signify a remarkable reality at the growing status of the First HoldCo Group as a major economic driver in the country’s financial landscape.
 Speaking on these unprecedented recognition and achievements, Femi Otedola, CON, the Group Chairman of First HoldCo Plc, said ‘I am delighted at this recognition bestowed on me and the awards won by the companies in the First HoldCo Group. This attests to a collective focus in shaping the future of the Nigerian Capital Market and the strategic synergy in executing effective goals and objectives in the various locations where we operate as a Group’’.
Adding further to these achievements, the Group Managing Director of First HoldCo Plc. Wale Oyedeji said “the awards won, shows the laudable progression the Group is making towards delivering excellent service across board, this indeed will continue unabated’’  Wale also used the occasion to congratulate the Group Chairman and commented on the recognition as ‘hugely deserved’.
Ugo Obi-Chukwu, the Founder/CEO of Nairametrics, reflected in his opening remarks at the occasion on the vision behind the inaugural award, he said ‘the Capital Market Choice Awards is our way of reinforcing the values that drives a robust capital ecosystem-trust, performance and progress’’ adding further ‘’ this awards will now be a tradition’’
Nairametrics is a media outfit that provides access to macroeconomic data, corporate finance data, consumer price data, and pricing analytics. The organization has a podcast, radio programme and also have a television show known as marketpulse. The awards is the first in the series.
Online Poster by — May 27, 2025 in Capital Market 0