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RMRDC Debuts Quarterly Statistical Bulletin Series

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The Raw Materials Research and Development Council (RMRDC) has officially launched its Quarterly Statistical Bulletin Series, an initiative aimed at redefining the trajectory of Nigeria’s industrial landscape, providing a cornerstone of data-driven policy formulations, and a vital tool for industrial transformation in Nigeria.

The Director-General of RMRDC, Prof. Nnanyelugo Ike-Muonso, said during the launch of the publication, weekend, in Abuja, that the council’s mission has always been clear: to harness Nigeria’s abundant raw materials for sustainable industrial development.

He observed that the council had intensified efforts to provide evidence-based data and insights to stakeholders, investors, and policymakers, enabling them to identify opportunities, address challenges, and shape effective policies for economic growth.

“The Quarterly Statistical Bulletin Series is a publication that provides data quarterly on the analysis of Nigeria’s foreign trade (HS Code 01 – 97), which is captured at customs entry points throughout the country by the Nigeria Customs Service and uploaded into the Nigeria Integrated Customs Information System (NICIS2).

The quantity and value of imports and exports of these raw materials and products categorized by their respective Double-Digit HS-Code are analyzed to derive key indicators of interest.

The publication addresses the country’s raw materials imports substitution/deletion, local utilization rates, and other key components of the economy such as employment, industry, exchange rate, etc,” the DG stated Prof. Nnanyelugo emphasized that the Quarterly Statistical Bulletin is more than a publication; he said it is a transformative tool for national development.

Stressing also that it shall provide comprehensive and meticulously analyzed data on Nigeria’s foreign trade, raw materials processing, and utilization rates and said it is critical for identifying trends, making informed decisions, and shaping the future of our industries.

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Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

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The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.

In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.

He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”

Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.

“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.

He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.

To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.

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CBN Mandates Banks to Announce Successor MD Three Months Ahead

The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.

In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“

Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.

Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”

Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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Nigeria is gradually regaining macroeconomic stability – CPPE

Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

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Dr Muda Yusuf, the Chief Executive Officer (CEO) ,Centre for the Promotion of Private Enterprise (CPPE), declared that Nigeria is gradually regaining macroeconomic stability.

He referenced the downward trend of headline inflation rate for the fifth consecutive month, reaching 20.12 percent in August 2025 from July’s 21.88 percent.

Dr Yusuf made the above comments in response to the data from the National Bureau of Statistics (NBS) for the period under review .

Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

According to Yusuf the 20.12 percent recorded in August represents a notable 1.76 percentage point decline from July’s 21.88 per cent.

Month-on-month inflation also slowed sharply, with prices rising by just 0.74 percent in August compared to 1.99 per cent in July.

” This sustained moderation in inflation suggests that Nigeria is gradually regaining macroeconomic stability,” he said.

“However, consumer confidence remains fragile due to persistently high food prices and weak purchasing power. Despite this, consumer pessimism is gradually easing, suggesting that households are beginning to adjust their expectations as inflation slows.

“Several factors have contributed to the continued deceleration in inflation, including base effects from the unusually high inflation rates recorded in 2024, FX stabilisation and improved agricultural production from sub-national government interventions, which have helped boost food supply and contain price spikes,” he said.

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