Business

CPPE Urges Sustained Support for High-Performing Sectors and Targeted Assistance for Sectors in Recession

The sectors currently in recession include air transport, textiles, and coal mining.

Published

12 months ago

August 4, 2025

OCHEFA

578 Views

•Dr Jumoke Oduwole, Minister of Industry Trade and Investment

The Centre for the Promotion of Private Enterprise (CPPE) has called for ongoing lending support for high-performing sectors of the economy and targeted intervention for sectors currently in recession.

This appeal follows the recently rebased Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS), now based on a new reference year 2019.

The latest GDP data for Quarter 1 of 2025 reveals the following:- 37 sectors recorded growth, though many experienced a slowdown.- 9 sectors contracted, and 3 sectors are in recession.

The top-performing sectors include:- Financial Services: 15.3%- Oil Refining: 11.51%- Transportation: 14.08%- Information and Communication Technology (ICT): 7.4%- Metal Ores: 25%Conversely, the sectors that contracted are:- Livestock: -16.7%- Fishing: -0.21%- Textiles: -1.63%- Coal Mining: -22.3%- Quarry & Minerals: -21.55%- Plastics and Rubber: -3.2%- Iron & Steel: -0.35%- Air Transport: -0.81%.

The sectors currently in recession include air transport, textiles, and coal mining.

Dr. Muda Yusuf, director and CEO of CPPE, emphasised the importance of enhancing productivity in critical areas such as agriculture, manufacturing, and trade.

He stated, “These sectors are essential for economic inclusion, job creation, self-reliance, economic security, and diversification.

However, their growth rates are currently below expectations: agriculture grew by only 0.7%, and manufacturing by 1.7% in Q1 2025.

These sectors require targeted interventions to unlock their full potential and drive sustainable development.”

Related Topics:Centre for the promotion of private enterprises Dr Muda Yusuf Featured NBS newly rebased GDP

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Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

7 hours ago

July 21, 2026

OCHEFA

18 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

16 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.