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ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions
ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions
By: Michael Mike
ActionAid Nigeria acknowledges the Central Bank of Nigeria’s (CBN) recent decision to raise the Monetary Policy Rate (MPR) to 26.25%, as announced by Governor Yemi Cardoso during the 295th Monetary Policy Committee (MPC) meeting. This marks the third consecutive increase aimed at curbing the surging inflation, which currently stands at 33.69%.
Speaking at its head office in Abuja, ActionAid Nigeria’s Country Director, Andrew Mamedu, noted that, “While the decision to adjust the MPR demonstrates a proactive approach to achieving price and economic stability, it is important to acknowledge its broader implications. We recognise that although inflation is still rising, the month-on-month rate increase is reducing. In the other hand, the increased MPR will inevitably lead to higher borrowing costs for businesses and individuals. Small and Medium-sized Enterprises (SMEs), which are the backbone of our economy, will face heightened challenges in accessing affordable credit. This could stifle innovation, growth, and job creation within this vital sector.
For vulnerable populations, the rising cost of living and food prices, exacerbated by higher interest rates, will further strain their already limited financial resources. This becomes a case of double jeopardy of high inflation and high interest rates. As the cost of borrowing increases, so does the difficulty in securing loans for essential needs, pushing many deeper into poverty.”
To mitigate the impacts of the increase in interest rates and inflation, ActionAid Nigeria proposes that the Federal and State Governments must immediately step-up social protection programs to support the most vulnerable populations. This includes expanding food assistance initiatives, providing targeted financial aid to low-income families, and offering more support to other social sectors, including education, health, and housing.
Andrew Mamedu also reiterated that “It is only fair for the CBN to increase special credit facilities with lower interest rates for SMEs at this crucial time to ensure they can continue to operate and grow. Providing technical and financial support to these businesses will help them sustain their contributions to the economy. Additionally, not many people understand the implications of this hike in interest rates. It is very important for the CBN to collaborate with the National Orientation Agency (NOA) to engage with the public and stakeholders to explain the rationale behind these economic policies. This will foster understanding and patience and enhance transparent communication from the government to manage expectations and build trust and get the citizens to hold greedy businesses and individuals accountable from exploiting the system.
The country director concluded that the fiscal aspects of the economy need to complement the CBN’s efforts in managing monetary policy. This includes improving the ease of doing business, implementing progressive taxation, and ensuring effective budgeting and budget utilisation.
ActionAid Nigeria remains committed to working with the government, private sector, and civil society to address these challenges and promote a more inclusive and resilient economy.
ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions
NGX boss restates commitment to gender equality
The Group Chairman Nigerian Exchange Group, Dr. Umaru Kwairanga has restated the NGX’s commitment to gender equality and diversity at all levels of the organisation.
Kwairanga stated this in Lagos on Tuesday while delivering his welcome address on the occasion of the closing ceremony in honour of the Honourable Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman-Ibrahim, who visited the floor of the Nigerian Exchange.
He stated that the Nigerian Exchange Group as an organisation remained committed to inclusiveness that drive growth and development at all levels of the NGX’s dealings.
He stated that through such inclusive representation, the NGX has achieved near parity at the board levels of the organisation and was working to improve the representation of female employees down the line.
“As an institution committed to sustainable growth and practices, we recognise the important qualities and values that women bring to the workplace and know that they perform just as well, if not better than men.
“It is a tradition in finance and investment that can be traced to the origins of the banking, finance and investment professions when most of the trade guilds that evolved into those professions were largely composed of men.
“The tradition has persisted for hundreds of years but despite that nomenclature, let me assure you that the investment and securities sector is very welcoming to and open to city gentlemen who are female.
“Women are very well represented at all levels of our industry and I can confide in you that the next President of the Chartered Institute of Stockbrokers is going to be a woman,” he said.
Kwairanga stated that the NGX would partner with the Ministry to accelerate progress for women’s rights and improve the lot of female gender across the country.
He commended Sulaiman-Ibrahim for her several bold and innovative initiatives that would have positive impact on women and the country as a whole.
NGX boss restates commitment to gender equality
Benue troops neutralize one terrorist, arrest four suspects in Gwer West LGA
By: Zagazola Makama
Troops of Sector 1 Operation Wirld Stroke deployed at FOB Bilawa-Jor conducted a fighting patrol within Mbapa and Mbabuande general areas on March 23, 2026.
During the operation, troops made contact with terrorists, neutralizing one suspect while others fled.
Following a pursuit, four additional suspects were apprehended and are currently in the custody of security forces for further investigation and prosecution.
In a similar development the troops
recovered a vehicle carrying two cows abandoned by suspected cattle rustlers in Uhemba.
The incident occurred at about 0348hrs on March 24, 2026, when the troops responded to intelligence reports of rustling activities in the area.
Upon the arrival of troops, the suspects fled, leaving behind the vehicle and livestock.
The recovered vehicle and cows are now in the custody of the troops for further investigation and legal action.
Military continue to urge the public to provide timely information on criminal activities to support ongoing security efforts.
Benue troops neutralize one terrorist, arrest four suspects in Gwer West LGA
Kogi troops neutralize suspected terrorist in Kabba/Bunu LGA
By: Zagazola Makama
Troops of 12 Brigade have neutralized a suspected terrorist during a fighting patrol at Odoape–Adankolo Forest in Kabba/Bunu LGA.
The encounter occurred at about 1400hrs on March 23, 2026, when the patrol team made contact with the fleeing suspect.
Preliminary investigation identified the neutralized individual as a notorious terrorist involved in providing intelligence and targets for kidnappings, as well as participating in cattle rustling and supplying logs to terrorist groups.
The military has reaffirmed its commitment to sustaining aggressive patrols and intelligence-led operations to curb criminal activities and protect residents in the area.
Kogi troops neutralize suspected terrorist in Kabba/Bunu LGA
NGX boss restates commitment to gender equality
General Chris Musa, Hi-tech Fencing of Nigerian Porous Borders and the Foolish Pride of Sowore
Benue troops neutralize one terrorist, arrest four suspects in Gwer West LGA
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