Chairman of Obio-Akpor Local Government Area (LGA) in Rivers State, Chijioke Ihunwo, has appointed an additional 100 special assistants, just weeks after naming 130 new appointees to his team.

I have appointed an additional one hundred persons as Special Assistants to help me achieve my plans for my people,” Ihunwo announced on X (formerly Twitter) on January 18.

 

The latest appointees include individuals such as Augustina Elodi, Obi Chima, Abi Chinazor Clara, Ginikachukwu Onyeagusi, Chigozie Emmanuel Esinulo, Sunday Confidence Onyinyechi and Nworgu Namdi Emmanuel.

Earlier in the month, Ihunwo named 130 individuals as special advisers, calling on them to “serve diligently, in the interest of Obio/Akpor local government.”

This pattern of appointments is not new for the LGA chairman. In July 2024, during his tenure as caretaker committee chairman, he appointed 100 special assistants.

Ihunwo is a known ally of Rivers State Governor Siminalayi Fubara. His actions have occasionally stirred controversy, including the removal of Nyesom Wike’s name from the administrative block of the council secretariat in October.

Wike, the former governor of Rivers State and current minister of the Federal Capital Territory (FCT), is from Rumuepirikom in Obio-Akpor LGA. He has been embroiled in a political rivalry with Fubara, resulting in a tense supremacy battle within the state.

[Vanguard]

The Governor of Ebonyi State, Francis Nwifuru, has disclosed that his government spent ₦500 million to send 204 postgraduate scholarship awardees to the United Kingdom (UK).

Naija News reports that Governor Nwifuru, on Saturday, sent 204 postgraduate scholarship recipients to the UK and 541 others to various universities in Nigeria for postgraduate programs.

Nwifuru said the scholarship was not just an investment in education, but an investment in the future of the State.

 

It is an event that demonstrates our commitment to human capital development which occupies centre stage in our Government,” he said.

He urged the recipients to immerse themselves fully in their studies, embrace the cultures they encounter, and build networks that would be invaluable to their growth.

But remember, your ultimate mission lies here at home. Upon completing your studies. For emphasis, we expect you to return to our State and channel your expertise into sectors that need your innovation, creativity, and leadership,” he advised.

Speaking on the cost of logistics for the awardees traveling to the UK, Nwifuru thanked Air Peace founder, Allen Onyema, for reducing costs for the government.

His words: “Let me thank Allen Onyema for showing a very great interest. For showing a very great interest. And I must thank him publicly and inform you about his contributions. I contacted Allen Onyema about two days ago and I told him, Allen, I am finding it difficult to transport my people from Nigeria to the United Kingdom. And he said, I have the solution. I said, what is the solution? He said, my aircraft is available. And if you had informed me earlier, Allen Onyema Foundation would have taken off all the resources and all the expenses. Would have paid it off. But since it is very prompt, there is nothing I could do. But I am going to give it to you in the price that you cannot find anywhere.

“And I want to inform you about it. We are sending 204 students. Total number ought to be 212. Three are heavily pregnant. Then the other three are being disqualified based on health issue.  Two are already in the UK. There are now remaining 204. And what is leaving today (Saturday) is 204.

“And Allen told me, the price for aircraft to UK is 6 million per one person. And you can go and get it out. It is not a difficult thing. But if you calculate 6 million by 209, because five officials are going, if you calculate 6 million by 209, it is about one something billion. And he said to me, Ebonyi Governor, Mr Francis, you know you are a very strong man, very unassuming. What do you want?

 

“I said, give me the bill. He gave me the bill. He reduced the price down to 766.5 million. I am saying this to all of you, especially many of you that are traveling abroad, so that you know how many people you are indebted to. So that you know how many people you are indebted to.

“Now, when I look at it, it says 766.5 million. It is still very heavy for me. He said, how much will you pay? I said, we will pay 500 million. He said it is okay, Francis, pay the 500 million. Now, what that shows is that we are in the very right track. And I want you to know very well that what Allen did to us is more than 60% of the total costs. What he paid is more than 60%. So we are also very grateful to him.

Popular Nollywood actress, Ini Edo has shared the travails she encountered before she successfully had her child through surrogacy.

Ini Edo, who has a 3-year-old daughter named Light, disclosed that she had issues carrying pregnancy to term and had to opt for surrogacy.

 

The actress revealed that she had gone through IVF procedures to get pregnant and suffered six miscarriages before opting for surrogacy.

 

She opened up on her unique journey to motherhood after being questioned about her child’s paternity on the reality show Young Famous & African.

Her co-star, Luis asked Ini if she has a child and she said she has a baby girl.

Are you married?” she asked.

I’m not married,” Ini replied.

Are you together with the dad?” Nadia questioned.

No I’m not,” Ini said.

Is he still alive?

Well, I don’t know,” Ini Edo replied to Nadia.

Girl, is he dead or not? It’s a yes or no question,” Nadia insisted.

He’s not dead. He doesn’t have anything to do with us. We’re just two people. Just me and my child,” Ini Edo replied.

During her confessional, Ini Edo said, “My journey is one that I have not really been wanting to talk about because it’s personal.”

“I’m raising her alone,” Ini finally told her co-stars. “I went through surrogacy.”

She added: “There was no man in my life at the time and I wanted to have a child. There are different ways to go about that.”

 

Later, Luis, is seen discussing the research he has done regarding surrogacy and his willingness to try having a child through said means.

However, Ini Edo was taken aback, and she asked why he was choosing surrogacy when he has a girlfriend.

I don’t think surrogacy is something people just wake up and say that’s what they want to do,” Ini Edo said.

She added during her confessional: “I never thought I would be someone who had fertility issues. But I’ve had issues carrying pregnancies long-term.

“When it looked like it was not going to happen the way I wanted it to happen and I wasn’t getting younger, I said, ‘What are the option? What is available to me?’

“And then, this option came up, so I took it.”

And I’m very happy with my decision,” she told her co-stars.

A former media aide to ex-President Muhammadu Buhari, Bashir Ahmad, has strongly criticized those calling for the release of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu.

In a post on his X account, Ahmad referred to Kanu as a terrorist and condemned any efforts to secure his release, labelling such advocates as enemies of Nigeria.

 

Anybody advocating for the release of Nnamdi Kanu, a terrorist and the leader of the proscribed terrorist organization IPOB, should be considered a sworn enemy of this country,” he wrote.

 

Meanwhile, a former Director of the Department of State Services, DSS, Mike Ejiofor, has urged President Bola Tinubu to unconditionally release the leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu.

During an interview on Arise TV’s Morning Show on Thursday, Ejiofor called for the prioritization of security challenges in Nigeria.

The former DSS Director said Tinubu’s administration should consider a political solution to resolve the insecurity challenges across the Southeast.

According to him, President Tinubu should release Kanu and see if the insecurity in the region will stop because unknown gunmen killing innocent people in the Southeast claim to be fighting for the IPOB leader.

Kanu, a vocal proponent of Biafran independence, was apprehended by the Nigerian government for his secessionist activities, which include calls for Nigeria’s breakup.

Despite court rulings discharging and acquitting him, Kanu remains in the custody of the Department of State Services (DSS).

In June 2021, Kanu was rearrested in Kenya and brought back to Nigeria through an extraordinary rendition process to face ongoing legal proceedings.

 

His trial has since faced delays, particularly after Kanu demanded that Justice Binta Nyako of the Abuja Federal High Court recuse herself.

The judge complied, referring the case to the Chief Judge of the Federal High Court for reassignment.

Additionally, Kanu has lodged a formal complaint with the National Judicial Council (NJC), accusing Justice Nyako of misconduct in handling his trial.

Udinese coach Kosta Runjaic emphasizes that the club maintains a positive atmosphere as they gear up for their upcoming match against Como at Sinigaglia, despite the ongoing investigation involving Super Eagles goalkeeper Maduka Okoye related to betting irregularities.

Maduka Okoye, 25, is currently under investigation by the Udine Public Prosecutor’s Office following unusual betting patterns associated with a yellow card he received during a Serie A match against Lazio in March 2024.

 

Runjaic stated, “Our primary focus is on the upcoming game against Como. While I’m not aware of specific conversations among the players, I remain engaged in discussions about our formations and tactics. The atmosphere in the locker room is very good, and the team spirit is strong as we continue to work diligently and with intensity.”

 

Reports from La Gazzetta dello Sport indicate that betting agency Sisal detected unusual betting activities, particularly concerning wagers placed on Okoye receiving a booking during the match. He was cautioned for time-wasting in the 64th minute of Udinese’s 2-1 victory.

The investigation has also brought another individual into the spotlight, Diego Giordano, a 40-year-old pizza restaurant owner in Udine. Allegations suggest that a verbal agreement regarding the betting related to Okoye was made at Giordano’s Biffi pizzeria before being finalized at a Sisal betting outlet shortly before the match.

Should Okoye be found guilty under Article 24 of the Italian Code of Sports Justice, which bars professional athletes from gambling on events organized by FIGC, UEFA, and FIFA, he could face a suspension ranging from seven months to four years. However, Okoye’s legal team has firmly rejected the allegations, asserting that there is insufficient evidence to substantiate the claims.

This situation arises as Okoye is recovering from wrist surgery, which has sidelined him from play. To ensure adequate coverage in the goalkeeping position, Udinese has signed Norwegian goalkeeper Egil Selvik.

Since joining the club in 2023 after a stint at Watford, Maduka Okoye has made 37 appearances across all competitions and has established himself as the first-choice goalkeeper at Udinese before his injury.

Last modified on Monday, 20 January 2025 11:36

Egyptian club, Zamalek ended Enyimba’s CAF Confederation Cup journey with a 3-1 win in their final Group A match at Cairo International Stadium on Sunday.

Having already secured the top position with 11 points, the Egyptian side demonstrated their strength against Enyimba, who were aiming for a victory to keep their knockout stage hopes alive.

Mostafa Shalaby opened the scoring for Zamalek with a well-placed header in the 29th minute, followed by Seifeddine Jaziri doubling the lead shortly after halftime.

 

Enyimba responded in the 57th minute when Ifeanyi Ihemekwele scored, bringing a flicker of hope for a comeback. However, Jaziri’s second goal just three minutes from full time sealed the match for Zamalek.

In the other match in the group, Al Masry advanced with a solid 3-1 win over Black Bulls Maputo, highlighted by Fakhreddine Benblewssef’s impressive first-half hat-trick.

This result meant Enyimba finished outside the qualification spots, ending their ambitions of expanding their impressive collection of continental titles, which includes two CAF Champions League trophies.

As the eight-time Nigerian champions shift their focus to the Nigeria Premier Football League, which resumes on January 23 with a critical match against former champions Kano Pillars, there is an opportunity to channel their experiences from this competition into their domestic performance.

Nearly half of Nigerians seeking to visit Europe’s Schengen Area over the past two years were denied visas, data obtained by The PUNCH shows.

Out of 192,741 visa applications from Nigerians in 2022 and 2023, 89,344 were turned down, translating to a rejection rate of 46.35 per cent.

Official data from the European Commission and the Henley Global Mobility Report indicate that the rejection rate made Nigeria one of the top 20 countries with the most visas denied to their choice destinations. The country ranked 11th on the list.

In 2022, Nigerian passport holders lodged 86,815 Schengen visa applications, with 46,404 denied. The following year, 105,926 Nigerians applied, with 42,940 rejections.

 
 

Although the reports suggest a gradual rise in the share of Schengen visas issued to Nigerian travellers over the years, the denial rate has continued to climb.

The Schengen visa is a short-stay permit allowing travellers to move freely across 27 European countries that make up the Schengen Area—an arrangement designed to simplify cross-border travel and promote regional integration.

First introduced in 1995, it eliminates internal border controls among member states, so holders typically undergo passport checks only upon entry to the Schengen zone.

 

Depending on the type of visa granted, a traveller may stay for up to 90 days within a 180-day period for purposes like tourism, business, or visiting relatives.

Applicants must show proof of sufficient funds, travel insurance, a precise itinerary, and other documents confirming their intent to return home.

While it streamlines travel for many nationals, the permit has proven challenging to secure for individuals from regions with higher perceived overstay risks or security concerns, resulting in relatively high rejection rates for certain nationalities.

Experts say push factors such as harsh economic realities continue to fuel thousands of applications from Nigeria annually as more citizens take the Japa route—a term meaning “escape” often used for emigration.

For instance, the inflation rate in Nigeria increased to 34.80 per cent in December 2024. The rate is expected to be 32.00 per cent by the end of Q1 2025, according to Trading Economics global macro models and analysts’ expectations.

The Nigerian passport fell by 32 places in Henley’s global ranking in the last 20 years, from 62nd in 2006 to 94th in 2025.

According to Henley’s report, six of the top 10 countries with the highest Schengen visa rejection rates are in Africa.

 

The Comoros led with a 61.3 per cent rejection rate, followed by Guinea-Bissau with 51 per cent, Ghana with 47.5 per cent, Mali with 46.1 per cent, Sudan with 42.3 per cent, and Senegal with 41.2 per cent.

Also, three Asian countries—Pakistan with 49.6 per cent, Syria with 46 per cent and Bangladesh with 43.3 per cent—were on the top list.

Though an EU member and part of Europe’s Schengen area, Greece held the second-highest rejection rate at 56.4 per cent.

 

While the top 10 African countries in terms of rejection submitted only 2.8 per cent of global Schengen visa applications, they faced a rejection rate of 44.8 per cent as half of the 277,792 applicants from the top 10 countries were denied visas.

On visa trends, Prof. Mehari Maru—a scholar at the School of Transnational Governance and the Migration Policy Centre at the European University Institute, and a visiting professor at Johns Hopkins University School of Advanced International Studies—highlighted the structural challenges facing African applicants.

In the Henley Global Mobility Report released in January 2025, he noted “Applicants from African countries often contend with rigorous documentation requirements and heightened scrutiny.

“There are economic, security, and geopolitical dimensions at play, which collectively push up the rejection rates.”

Maru argued that while Africans are receiving more approvals than in specific previous years, their rejections continue to outpace many other nationalities, especially those from regions like North America or Western Europe.

“Global travel freedom has nearly doubled from 58 visa-free destinations in 2006 to 111 in 2025, but the gap between the most and least mobile nations has reached unprecedented levels.

“Africans face consistently higher rejection rates than their Asian and global peers.

“In 2023, despite submitting half as many applications as those from Asia, African applicants were twice as likely to be rejected, with rates 14 percentage points higher than Asian applicants,” Maru added.

However, the rejections are not unique to West Africa. Northern African countries—such as Algeria, Morocco and Egypt—regularly top the list of Schengen denials, suggesting that applicants from across the African continent experience disproportionately high rejection rates.

Regarding the reason for denials, consulates typically cite incomplete documentation, doubts about return intentions, and previous immigration violations, among others. Last December, Vice President Kashim Shettima revealed that Nigeria returned about 10,000 of its citizens detained for sundry migration offences across Europe and America in 2024 alone.

A former Nigerian Ambassador to Singapore, Ogbole Amedu-Ode, told our correspondent that the inclination to leave the country largely stems from Nigeria’s struggling economy, with many citizens taking the Japa route.

He argued that such trends are likely to persist unless there is a significant improvement in the nation’s economic performance.

“The urge to travel out of the country is in itself, primarily, a function of the performance of our national economy.

“The economic doldrums have pushed compatriots to get into the Japa mode.

“The trend may, unfortunately, increase until there’s a turnaround in the performance of the national economy,” the ex-diplomat noted.

He said while the statistics on the visa application denials are worrisome, there is also evidence of an increase in the number of approved visa applications by Nigerians seeking to travel to Schengen member countries.

Amedu-Ode added, “Even then, the simultaneous increase in approvals and rejection is a function of the spike in the number of our compatriots applying to travel to that zone of the world.”

The youth wing of the apex-Igbo sociocultural organization, Ohanaeze Ndigbo, has called on the new President General of the body, Chief John Azuta-Mbata, to prioritise the release of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB) as one of his key assignments.

The call was made by the National Publicity Secretary of the Ohanaeze Ndigbo Youth Wing, Chika Adiele, who described the move as a critical step towards uniting the Igbo nation.

He said: “One of the most important tasks before him now is to bring all segments of Igbo leadership together on the same page. The youths expect him to take the issue of Nnamdi Kanu’s release seriously.

“That would be a monumental achievement for him. If he can champion the release of our brother Nnamdi Kanu, who was illegally renditioned to Nigeria and has been detained for so long, it would be a huge win not just for him, but for all of us.”

 

Beyond Kanu’s release, Adiele expressed confidence in Azuta-Mbata’s ability to address the challenges faced by Igbo youths, including unemployment, lack of empowerment and insecurity.

 

He stressed the urgent need to engage young people constructively to address the root causes of unrest in the South East.

“Igbo youths have suffered so much under our leaders. There’s a lack of jobs, no incentives, no empowerment. Today, we see pockets of insecurity across the South East, and when you look closely, you’ll find that most of the non-state actors causing this insecurity are young people.”

He called on the new leader to engage the youth in meaningful dialogue and find sustainable solutions to their challenges.

“We need him to sit down with the youths, have an honest conversation, and figure out how to pull us out of the bushes and bring us back to the centre. This is how we can salvage Alaigbo. It’s a big part of what we expect from him,” Adiele explained.

Recent developments in the long-standing investigation into Tupac Shakur’s murder have brought renewed attention to Sean “Diddy” Combs, the renowned music mogul.

Newly released legal documents, which include a transcript of a police interview, named Diddy in connection with the infamous case.

These documents emerged against the backdrop of ongoing legal challenges faced by the billionaire entertainer, who has been in prison since his arrest in September 2024.

 

The allegations suggest that Diddy may have offered substantial amount for the murders of both Tupac Shakur and Death Row Records’ founder, Suge Knight.

 

Notably, Diddy’s name appeared 47 times within the newly surfaced transcripts from a 2009 interview with Duane “Keefe D” Davis, who is currently awaiting trial for Tupac’s murder.

In the covertly recorded interview, Keefe D refers to Diddy as the “boss” and mentioned his association with three Southside Crips gangs that allegedly played a role in the murder.

When asked directly about Diddy’s involvement, Keefe responded affirmatively, stating, “Yeah,” and elaborated on what he described as Diddy’s intense hatred towards Knight, indicating that Diddy was willing to go to great lengths for revenge.

 

Diddy has however denied involvement in Shakur’s death, calling the allegations “completely ridiculous” and“pure fiction.”

Recall that Sean ‘Diddy’ Combs was arrested in New York few months ago.

The arrest followed a grand jury indictment, with Combs’ lawyer, Marc Agnifilo, expressing disappointment and criticism towards the US Attorney’s Office for pursuing what he considers an unjust prosecution.

Agnifilo highlighted Sean Combs’ voluntary cooperation with the investigation and his decision to travel to New York in anticipation of the charges.

For the first time in two years, credit to the manufacturing sector recorded a quarterly decline in 2024, following weakening appetite for bank loans among manufacturers as a result of the continuous interest rate hike by the Central Bank of Nigeria (CBN). In a bid to curtail the persistent rise in the inflation rate, the CBN in two years raised the benchmark interest rate, the Monetary Policy Rate, MPR, 13 times to 27.5 per cent November last year from 11.5% in April 2022. As a result, average maximum lending rates of banks rose to 31.06 per cent in November last year from 27.37 per cent in April 2022.

Vanguard investigations showed that the ensuing high interest rate regime has weakened appetite for bank loans among manufacturers. Industry experts and analysts, who confirmed this trend, said that manufacturers now either postpone investment decisions or seek alternatives to bank loans. Reflecting the impact of manufacturers’ apathy to bank loans, Credit to the Manufacturing fell by 6.67 percent, quarteron- quarter, QoQ to N8.67 trillion in the third quarter of 2024, Q3’24 from N9.29 trillion in the preceding quarter (Q2’24).

This represents the first quarterly decline in credit to the sector in two years since the third quarter of 2022, Q3’22. Analysis of the CBN statistics also showed that the credit allocation to the manufacturing sector maintained a quarterly upward trend from Q3’22 to Q2’24, before recording a decline in Q3’24. According to the apex bank, credit to manufacturers rose QoQ by 12.3 per cent to N5.10 trillion in Q3’22; and by 9.2 per cent to N5.57 trillion in Q4’22. This upward trend continued in 2023 as credit to the sector rose QoQ by 1.8 per cent to N5.67 trillion in Q1’23; by 23.1 per cent to N6.98 trillion in Q2’23; by 5.2 per cent to N7.34 trillion in Q3’23; and by 5.3 per cent to N7.73 trillion in Q4’23. Also in Q1’24, credit to manufacturers rose QoQ by 12.5 per cent to N8.70 trillion and again by 6.8 per cent to N9.29 trillion in Q2’24.

This upward trend was however reversed in Q3’24 when credit to the sector fell by 6.67 per cent to N8.67 trillion. Manufacturers seeking other funding options Speaking to Vanguard on this development, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said many manufacturers may have opted for other sources of funding because it does not make sense to take fresh facilities at interest rates above 39 percent.

He stated: “The manufacturing sector is struggling at this time and it has been like that for the past two years. The challenges facing the sector are enormous and, unfortunately, those challenges have not abated. There is the challenge of the foreign exchange (FX) issue. Many of our manufacturers are highly import dependent. So they are very vulnerable to this weak currency or high exchange rate.

“There is the challenge of energy costs, the challenge of cost of logistics, the challenge of clearing cargoes at the ports, particularly their raw materials, and there is the challenge of weak purchasing power of the citizens. “So, the combination of all these factors may have been responsible for the decline in the manufacturers’ demand for credit. And in any case, with interest rates at over 30 percent, I don’t think it makes sense for any manufacturer to take fresh facilities at that cost. It makes more sense for them to seek other sources of funding.

“Most of what we have in the books of the banks now as credit still outstanding to manufacturers are existing credits that they are still struggling to service. “Very few manufacturers, if at all will go for fresh facilities at these very prohibitive and outrageous interest rates. “So, this is what must have been responsible for the decline. We are hoping that 2025 will be better, so that the manufacturers can have breathing space.”

Yusuf emphasised the need for the CBN to moderate its market oriented monetary policy in order to protect the real sector of the economy. According to him, it will be difficult for any business in the real sector, especially manufacturers and farmers, to thrive with an interest rate of over 32 percent and currency depreciation that has moved from nearly N500 to a dollar in June 2023 to over N1,600 per dollar since the return to orthodox monetary policy. High lending rates, output dcline discourage borrowing for investment- MAN On his part, Director General of MAN, Segun Ajayi-Kadir, stressed that the high lending rates coupled with other factors discourages borrowing to invest in manufacturing activities.

He said: “The 6.67% decline in credit to the manufacturing sector in Q3 2024 should not come as a surprise. There is hardly any positive indicator for the sector, as it has continued to struggle with increasing production cost and dwindling consumer purchases. “The sector is not insulated from the prevailing downturn in the economy occasioned by high energy cost, exorbitant exchange rate, escalating interest rate and rising inflation. These are disincentives to investment and expansion, and by extension, borrowing. “In specific terms, a high lending rate at above 30% would discourage borrowing to invest in manufacturing activities. Manufacturers mostly depend on credit to finance their operations, so when the cost of funding increases, they are less disposed to accessing credit.

“As I earlier mentioned, the astronomical increase in cost of power by 250%, together with incessant disruption decreases productivity and output, which also diminishes the loan appetite of the average manufacturer. When manufacturers produce less, they require less credit, and this will ultimately lead to a decline in credit to the sector.” stressed that the high lending rates coupled with other other factors discourages borrowing to invest in manufacturing activities He said: “The 6.67% decline in credit to the manufacturing sector in Q3 2024 should not come as a surprise. There is hardly any positive indicator for the sector, as it has continued to strugglewithincreasingproduction cost and dwindling consumer purchases. “The sector is not insulated from the prevailing downturn in theeconomyoccasionedbyhigh energycost, exorbitantexchange rate, escalating interest rate and rising inflation. These are disincentives to investment and expansion, and by extension borrowing. “Inspecificterms, ahighlending rate at above 30% would discourage borrowing to invest in manufacturingactivities.

Manufacturers mostly depend on credittofinancetheiroperations, so when the cost of funding increases, they are less disposed to accessing credit. “As I earlier mentioned, the astronomical increase in cost of power by 250%, together with incessant disruption decreases productivity and output, which also diminishes the loan appetite of the average manufacturer. When manufacturers produce less, they require less credit, and this with ultimately lead to a decline in credit to the sector.” Businesses postpone investment decisions Highlighting the various factors behind the decline in credit to the manufacturing sector in Q3’24, HeadofEquityResearch, FBNQuest Securities, Mr. Tunde Abidoye, said that the deceleration of credit growth to single digits can be attributed to the cautious stance of the banks, who are increasingly wary of accumulating non-performing loans (NPLs) in the context of a high-interest rate environment.

“According to data from CBN, banks ’NPLratiodeterioratedby 68 bps to c.4.58%, compared with 3.9% at the end of June 2024. “Beyond the banks’ conservative lending practices, another contributing factor may be the postponement of investment decisions by businesses, driven by the restrictive monetary policy implemented by the CBN. Also, analysts at Proshare noted that the growth in Nigeria’smanufacturing sector has been extremely modest in the past two years, reflecting the negative impact of the CBN’s hawkish monetary policy stance. They noted that in 2024, interest rates reached unprecedented levels, leading to elevated finance costs for numerous manufacturing companies. “Additionally, the high borrowing costs have significantly constrained the expansion of manufacturing activities. “Inflation has added a layer of pressure, as diminished purchasing power has resulted in lower sales volumes and output.

“The challenging macroeconomic conditions have led to several companies leaving Nigeria. In the first six months of last year, some manufacturing companies, including PZCussonsNigeria PLC, Kimberly-Clark Nigeria and Diageo Plc, exited the country, adding to the several multinationals that left in 2023. “In our view, the Federal Government must effectively implement feasible and proactive measures to encourage and boost production activities in the 13 sub-sectors of the manufacturing sector, especially food, beverage and tobacco, cement, and textile apparel & footwear – the top 3 drivers.

[Vanguard]