Business
MAN Tasks CBN On Monetary Policy Failures To Curb Inflation

The Manufacturers Association of Nigeria (MAN) says that the Monetary Policy of the Central Bank of Nigeria (CBN) has failed to curb the rising inflation in the economy.
The Association, therefore, urges the apex bank to think outside the conventional monetary policy framework and take pragmatic steps to quell the inflationary pressure and reposition the economy.
Reacting today, to the CBN’s Monetary Policy Rate (MPR) which raised to 18.5 percent in May 2023 from 18 percent, MAN said : ” This MPR increase is the 7th in a trend and the inflation rate continues to rise despite the increases.
Segun Ajayi-Kadir, its Director-General, said that this is a clear indication that the policy tightening is not effective in curbing the inflationary pressures and more needed to be done.
What Should Be Done?
” It is evident that the continuous and consistent increase in MPR is not yielding the desired growth in the economy.
” The Nigerian economy remains fragile and bedeviled with numerous challenges that inhibit growth. Therefore, the monetary authority needs to pay closer attention to rethink the policy mix, bearing in mind the parlous state of the economy, especially the effect of a high MPR on the manufacturing sector and the economy.
The increase in MPR from 18% to 18.5% will certainly lead to an increase in lending rates and worsen the uncompetitiveness of the manufacturing sector.
The Association has been clamoring for single-digit lending rates to allow manufacturers access needed funds to boost the performance of the sector.
This increase, like the previous ones, is evidence that the CBN is either unperturbed about the plight of the productive sector or is unable to fathom out a more creative policy mix that would reflate the sector.
We are persuaded that monetary authority is oblivious of the fact that the failure of its tightening policy to address the inflationary pressure is because the hike in inflation is largely caused by a combination of familiar challenges, including low output which is attributed to instability of macroeconomic variables, inconsistent and lackluster fiscal policy regime, incoherent industrial policies, challenging and expensive operating environment, exploitative regulation, external shocks and poor exchange rate management.
Therefore, there is a need to address the identified root causes of inflation and refrain from intensifying policy choices that hamper the performance of the real sectors of the economy.
Interrelationship Among Interest Rate, Inflation Rate and Exchange Rate
The movements of interest rate, inflation rate and exchange rate have direct impact on investment, employment and output of any economy.
In the conventional monetary framework that was adopted by the CBN, increase in MPR should increase interest rate and by extension attract financial investment.
However, it will also increase the cost of borrowing, crowd out more investments in the real sector and lower the output of the manufacturing sector, ” said the Director-General.
Business
Nigeria Strongly supports BRICS – Tinubu
BRICS is an acronym that stands for Brazil , Russia , India , China and South Africa.

•Photo (L-R) : Brazil’s President Luiz Inacio Lula Da Silva , welcome Nigeria’s President Bola Tinubu, to the summit.
President Bola Tinubu said that Nigeria strongly believes in the South-South cooperation, and supports the BRICS position on the need to focus on collective, fair, and equitable global development.
Nigeria officially became the ninth partner country of BRICS in January 2025.
President Tinubu , in his address during the 17th meeting of the Global South and the Emerging Economies bloc, BRICS, on Saturday in Rio de Janeiro, Brazil, said :
” Nigeria strongly believes in South-South cooperation. We can, therefore, not be passive participants in global decision-making on financial restructuring, debt forgiveness, climate change, environmental issues, and healthcare.
“We must be the architects of a future that addresses the specific needs and concerns of youths, who represent 70 per cent of our population in Nigeria.
Therefore, Nigeria remains guided by our long-term vision, 2050, and nationally determined contribution.
“President Bola Tinubu also called for a reevaluation of the current global governance structure and the financial and healthcare systems, urging greater equity and inclusion for low-income and emerging economies, particularly in Africa.
President Tinubu stated that environmental degradation, the climate crisis, and healthcare inequalities should receive more attention, as they contribute to slowing growth and development.
“Nigeria, therefore, associates with what I have heard today and all that has happened in BRICS.
“As we approach COP-30 and look to strengthen the global health system, we believe the BRICS must not only be a bloc for emerging economies but also a beacon for emerging solutions and resolutions rooted in solidarity, self-reliance, sustainability, and shared prosperity of a common future.”
Meanwhile, other BRICS partner countries include: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.
The 16th BRICS Summit in Kazan in October 2024 created the partner-country category.
These countries participate in BRICS activities, benefiting from cooperation in areas like trade, investment, and technology.
The partner country category was introduced during the 2024 BRICS Summit in Kazan, Russia, allowing nations to engage with BRICS without committing to full membership.
BRICS is an acronym that stands for Brazil , Russia , India , China and South Africa.
BRICS is a grouping of these five major emerging economies that cooperate on economic, political and social issues.
Business
Court backs NIBSS’ right to manage BVN database
The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.

A federal high court in Abuja has ruled that the Nigeria Inter-Bank Settlement System (NIBSS) has the legal right to manage the country’s bank verification number (BVN) database.
Justice James Omotosho delivered the judgment on Friday, declaring that NIBSS operations comply with the Central Bank of Nigeria (CBN) Act and other relevant financial laws.
BusinessDay reported that the case arose after NIBSS, represented by senior advocate Wolemi Esan, took legal action to confirm its authority over the BVN system.
The company sued the Incorporated Trustees of Digital Rights Lawyers Initiative, the CBN, and the Attorney General of the Federation.
NIBSS wanted the court to declare that its management of BVN data does not violate Nigerians’ constitutional right to privacy or break any existing laws.
The company also sought a permanent court order preventing anyone, including the Digital Rights Lawyers Initiative, from challenging its role.
The bank settlement system argued that it has the power to develop and regulate nationwide infrastructure for electronic payments and fund transfers, which includes the BVN system.
Business
Nigeria fines MultiChoice ₦766m for violations of data protection
The fine followed an investigation that began in the second quarter of 2024 after concerns were raised about the company’s handling of customer information.

he Nigeria Data Protection Commission (NDPC) has imposed a fine of N766,242,500 on MultiChoice Nigeria, citing violations of the Nigeria Data Protection Act (NDP Act), including alleged breaches of subscriber privacy and illegal cross-border transfer of personal data.
This was disclosed in a statement issued on Sunday by Babatunde Bamigboye, Head of Legal, Enforcement and Regulations at the Commission.
The fine followed an investigation that began in the second quarter of 2024 after concerns were raised about the company’s handling of customer information.
According to the Commission, the probe revealed that MultiChoice processed personal data of not only its subscribers but also their associates without due consent or lawful justification.
The Commission also found that MultiChoice carries out illegal cross-border transfer of personal data relating to data subjects in Nigeria,” the statement read.
“The depth of data processing by MultiChoice is patently intrusive, unfair, unnecessary, and disproportionate.”
The NDPC described the data practices as a violation of Section 37 of the 1999 Constitution, which guarantees the right to privacy, as well as a contravention of data sovereignty obligations under national and international law.
The Commission noted that it had previously issued standard remediation directives to the company, but found MultiChoice’s response inadequate.
“For want of cooperation, the Commission has directed MultiChoice to pay N766,242,500 for violating the Nigeria Data Protection Act,” the statement added.
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