Business
Dangote Faults CBN’s 26% Interest Rate
In a recent address at a summit organized by the Manufacturers Association of Nigeria (MAN), Aliko Dangote, Chairman and Chief Executive of the Dangote Group, strongly criticized the Central Bank of Nigeria (CBN) for its decision to increase the interest rate to nearly 30 percent. This decision was made during the CBN’s Monetary Policy Committee meeting in May, where the Monetary Policy Rate (MPR) was raised from 24.75 percent to 26.25 percent.
Dangote expressed grave concerns about the impact of such high interest rates on businesses, stating that they hinder economic growth and job creation. He emphasized that under these conditions, no meaningful job creation can occur, and economic growth becomes severely constrained.
Furthermore, Dangote called on the Nigerian government to prioritize supporting existing businesses, particularly in the manufacturing sector, by creating a conducive environment for their operation. He stressed the importance of addressing challenges such as power supply and providing affordable financing to stimulate growth and development.
Highlighting the interconnectedness of manufacturing and economic prosperity, Dangote stated that a country dependent on imports remains economically vulnerable and unable to achieve sustainable development.
The MAN President, Otunba Francis Meshioye, echoed Dangote’s sentiments by criticizing government policies and their impact on the manufacturing sector’s performance. He noted a significant number of manufacturers exiting the sector in recent years and urged a reassessment of support mechanisms to bolster manufacturing under the current administration’s agenda.
The summit, attended by Vice President Kashim Shettima and other government officials, provided a platform for industry leaders to address crucial issues affecting the Nigerian manufacturing landscape and advocate for policy changes that could revitalize the sector.
In summary, Dangote’s remarks underscored the urgent need for a more supportive economic environment in Nigeria, particularly concerning interest rates and government policies affecting manufacturing. His stance aligns with broader industry concerns about the sector’s viability and its critical role in national economic development.
Business
Australia hikes rates to 18-year high to fight inflation
The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.
•Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a news conference at the central bank’s head office in Sydney, Australia, on Tuesday, May 5, 2026. Photographer: Brendon Thorne/Bloomberg via Getty Image.
Australia’s central bank Tuesday raised its key interest rate to a 18-year high , citing the prolonged war in the Middle East and persistent inflationary pressures.
In a statement, the Reserve Bank of Australia said it would lift its cash rate by 25 basis points to 4.85 percent.
“Inflation remains elevated,” it said. “This partly reflects higher fuel and other commodity prices affected by the conflict in the Middle East.”
“AI-related investment is driving rapid growth in prices for technology-related goods, and inflation in many goods and services remains high.”
The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.
It brings rates to their level seen since late 2008, at the height of the global financial crisis.
Business
MTN migrates MoMo Customers to Alipay+ platform
For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.
MTN Nigeria has begun moving MoMo Payment Services Bank customers to a new digital payment platform powered by Alipay+.
It’s fintech revenue fell 25.91% to ₦97.5 billion in the nine months ended September 2026.
The migration comes as monthly active MoMo users reached 3.2 million and transaction volumes rose 69.1%.
The migration followed a strategic partnership between MTN Group Fintech and Ant International, aimed at improving transaction speed, security and reliability.
MTN Nigeria Chief Executive Officer Karl Toriola said the upgraded infrastructure would provide a stronger foundation for expanding digital financial services.
For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.
Business
FG Secures $30m Grant from China for Grassroots Projects
Specific projects and beneficiary communities have not been announced.
•President Bola Tinubu
The Federal Government has secured a $30 million grant from China to finance grassroots development projects aimed at reducing poverty and improving living conditions.
The grant is worth about ₦43 billion, or RMB200 million.The agreement was signed on Thursday, October 29, 2026, at the Federal Ministry of Budget and Economic Planning in Abuja.
A ministry statement released on Sunday said the funding will support community-based projects under the Nigeria-China Development Cooperation framework.
The money will finance projects under China’s Small but Beautiful initiative.
The scheme focuses on affordable, community-driven interventions that deliver direct benefits to residents. It is expected to address development needs in underserved communities, including access to essential infrastructure and economic opportunities.
Specific projects and beneficiary communities have not been announced.
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