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MAN Tasks CBN on Lowering Nigeria’s Soaring Inflation

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By Ocheneyi Alli

The Manufacturers Association of Nigeria (MAN) says that the Central Bank of Nigeria (CBN) had better “think out of the box,” as its  increased monetary policy rate to reduce inflation has failed.

MAN, therefore , urges the apex bank to seek recommendations from the private sector, and  civil society organizations on how best to bring the rising inflation in the economy under control.

In a statement, Segun Ajayi-Kadir, Director – General of MAN, notes that the CBN increased the monetary policy rate in July.

” The apex bank’s effort was aimed at arresting the soaring inflation and defending the Naira that has continued to drop in value both at the official and parallel markets.

The increase of MPR by 25 basis points in July brought the interest rate to 18.75 percent.

Within a span of one year, CBB has raised the Monetary Policy Rate (MPR) by 750 basis points from its April 2022 level of11.5 percent,” he said .

▪︎Ten African Countries Where Inflation Improves ( January- July, 2023).Source: Trading Economics.com

As reported by the National Bureau of Statistics (NBS), in July 2023, Nigeria experienced a surge in inflation, with the rate reaching a new 18-year high of 24.08 percent.

This marks an increase of 1.29 percent from the previous month’s rate of 22.79 percent.

It’s important to note that addressing inflation is a complex and long-term endeavor that requires a coordinated effort from various stakeholders, including the government, central bank, private sector, and civil society.

He believes that the combination of  recommendations from the stakeholders, can help mitigate inflationary pressures and promote sustained economic growth,” he said.

Over the course of a year, the inflation rate had risen by 4.44 percentage starting from 19.64 percent in July 2022.

Specifically focusing on food, the 2023 inflation rate increased to 26.98 percent in July from 25.25 recorded in June.

In comparison to July 2022, the year-on-year food inflation rate was 4.97 percentage points higher.

The increased food prices were attributed to planting season and logistic costs as impact of fuel subsidy removal took its full course.

Notably, the most substantial price increases were observed in gas, air passenger transport, liquid fuel, vehicle spare parts, and fuels, lubricants for personal transport equipment, medical services, and road passenger transport.

In the same vein, the core inflation also moved up from 20.06 in June to 20.47 percent in July.

There was a 4.41 percent increase in the core inflation over the period of one year, from 16.06 percent in July of 2022.

The continued surge in sub-indices of inflation show that Nigeria’s inflation is more than transient but structural in nature.

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Business

BREAKING: NNPC Spokesman, Soneye resigns

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The Nigerian National Petroleum Company Limited (NNPCL) is expected to name a new spokesperson soon, following the resignation of the company’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye.

In a statement made available to the press in Abuja on Saturday, Soneye thanked his former employer and colleagues for their support during his tenure as CCCO.

He stated that his decision to step down was to enable him to devote more time to his family and attend to personal responsibilities that require his closer presence.

The statement read: “Dear Esteemed Colleagues, I extend my heartfelt gratitude to you all for the unwavering support, professionalism, and genuine commitment you’ve shown in helping to shape and amplify the NNPC Ltd story over the past 20 months.

“Your role in building a vibrant and effective communications presence for our national energy company has been nothing short of invaluable.

“I wish to inform you that I have stepped aside from my role as Chief Corporate Communications Officer of NNPC Ltd. This decision will allow me to devote more time to my family and attend to personal responsibilities that now require my closer presence.

“It has been a profound honour to serve both the Company and our country and to contribute in my own way to the ongoing transformation of NNPC Ltd.

I am deeply grateful for the trust reposed in me, the opportunities granted, and the incredible professionals—both within and outside the organization—with whom I have worked.

“I remain a steadfast supporter and ambassador of NNPC Ltd wherever I go. I enjoin you, dear colleagues, to continue your robust, balanced, and constructive reportage in support of the Company’s noble mission and strategic role in Nigeria’s energy future.”

Soneye was appointed as NNPCL’s spokesman in October 2023, following a company-wide reorganisation that saw him replace Garba Muhammad.When contacted by Tribune Online, Soneye confirmed the news, saying, “Yes, my bro! E ku weekend.”

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DR Congo: Heineken Forced to Withdraw Staff as Rebels Seize Facilities

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Heineken has lost operational control and withdrawn its staff from facilities in eastern Democratic Republic of Congo (DRC), CNN on Saturday quoted that the Dutch brewer announced on Friday.

In March, the company had suspended operations in three eastern cities, citing safety concerns after breweries were damaged and depots raided during clashes between government forces and rebels.

On Friday, Heineken said the situation had worsened. Armed groups have taken control of its sites in Bukavu and Goma—eastern Congo’s largest cities—as well as surrounding areas.

“The conditions required to operate responsibly and safely are no longer present and as of 12th June 2025, we have lost operational control,” it said in a statement.

Heineken’s local unit, Bralima, continues to operate in parts of the country not affected by the fighting. The company said it is monitoring developments closely.

Heineken owns four breweries in the DRC, producing its namesake beer along with local brands such as Primus. It previously said its Bukavu facilities employed about 1,000 people directly and indirectly.

“Our top priority is the safety and wellbeing of our employees,” Friday’s statement read.

Reuters also reported, “We have withdrawn all remaining staff from these sites and we have continued to support them financially.”

Nearly 14 per cent of Heineken’s total revenue comes from its Middle East and Africa operations, with Congo—home to over 100 million people—a significant market.

Before the suspension, operations in Goma, Bukavu, and Uvira represented roughly one-third of Heineken’s business in the country.

Conflict in eastern Congo has intensified in 2025, with the M23 rebel group making major territorial gains, sparking fears of broader regional instability.

Congo accuses Rwanda of backing M23 with troops and weapons—allegations Rwanda has consistently denied.

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Business

MTN , Airtel , Glo Begin USSD Direct Charges from Today

The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds.

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Telecom subscribers in Nigeria will now be charged directly by their mobile network operators for Unstructured Supplementary Service Data (USSD) services, starting Wednesday, June 18, 2025.

This was disclosed by Mr Gbenga Adebayo, the Chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Publicity Secretary, Mr Damian Udeh.

Adebayo said that the change is in line with the Nigerian Communications Commission’s (NCC) determination of USSD pricing and services, developed in collaboration with the Central Bank of Nigeria (CBN) and other stakeholders.

” The new billing model would allow mobile network operators to charge customers directly for USSD sessions, with charges deducted from airtime balance at N6.98 per 120 seconds,” he said.

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