Business

MAN Tasks CBN on Lowering Nigeria’s Soaring Inflation

Published

2 years ago

August 28, 2023

OCHEFA

264 Views

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.

Business

Nigeria, UAE scrap tariffs on over 13,000 goods

Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.

Published

7 hours ago

January 14, 2026

OCHEFA

16 Views

•Dr Jumoke Oduwole

Nigeria and the United Arab Emirates have signed an agreement to eliminate tariffs on 13,000 manufactured products.

Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment disclosed this, saying that while the Federal Government has eliminated tariffs on 6,243 products imported from the UAE , they have removed tariffs on 7,315 products imported from Nigeria.

Under the agreement, Nigeria will immediately remove tariffs on 3,949 products, representing 63.3 per cent of the total, while phasing out tariffs on 2,294 products over five years. Nigeria excluded 123 products from tariff liberalisation.

On its part, the UAE will immediately eliminate tariffs on 2,805 products, representing 38.3 per cent of the total, remove tariffs on 1,468 products within three years, and on 3,042 products within five years.

The UAE excluded or prohibited 593 products.

Business

CBN: 60 newly recruits staff laments three years of waiting without engagement

The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.

Published

1 day ago

January 13, 2026

OCHEFA

23 Views

• CBN Governor, Olayemi Cardoso

A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.

The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.

“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.

According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.

“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.

After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.

He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…

Business

KPMG, NRS settle rifts over new tax laws

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.

Published

1 day ago

January 13, 2026

OCHEFA

25 Views

KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.

However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.

The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.

In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.

” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.

“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”

The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.