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ActionAid Nigeria Responds to CBN’s Interest Rate Hike, Highlights Economic Implications and Proposes Solutions

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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

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West African Leaders Move to Deepen Regional Security Cooperation at Accra Conference

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West African Leaders Move to Deepen Regional Security Cooperation at Accra Conference

By: Michael Mike

Leaders from several West African countries have agreed to pursue a new, structured approach to regional cooperation aimed at tackling terrorism, cross-border crime, and deepening insecurity across the sub-region.

The commitment was reached at the end of a two-day High-Level Consultative Conference on Regional Cooperation and Security held in Accra from January 29 to 30, 2026.

The meeting was chaired by Ghana’s President, John Dramani Mahama, with Presidents Julius Maada Bio of Sierra Leone and Joseph Boakai of Liberia leading their respective delegations.

Representatives from Burkina Faso, Mali, Mauritania, Nigeria, Senegal, and Togo also participated.

Discussions at the conference focused on the worsening security situation in West Africa, which leaders described as facing an alarming rise in terrorism and violent extremism. Participants noted that the frequency of attacks and loss of civilian lives now pose a serious threat to regional stability, economic activity, and social cohesion, making coordinated action unavoidable.

The conference followed earlier technical sessions involving Ministers of Foreign Affairs, Defence, and Security, as well as intelligence chiefs from participating states. Development partners, including the African Union Commission and the United Nations Development Programme (UNDP), alongside civil society organisations, contributed to the deliberations.

Leaders agreed that existing responses to insecurity have been too fragmented and largely reactive. As a result, the conference resolved to work toward a permanent framework for cooperation that would strengthen collective responses, improve information sharing, and address the structural drivers of insecurity across borders.

A key outcome of the meeting was a renewed emphasis on a human security approach, recognising that military measures alone cannot deliver lasting peace.

The leaders pledged to prioritise governance reforms, job creation, access to education and healthcare, and community-based peacebuilding as part of national and regional security strategies.

On counterterrorism, the conference agreed to enhance intelligence and information sharing, harmonise legal frameworks to support cross-border prosecution of terrorism-related crimes, and expand deradicalisation programmes while upholding human rights standards. Measures to combat trafficking in arms, narcotics, and persons were also highlighted.

To strengthen border security, participants committed to exploring joint operational measures, including possible “hot-pursuit” arrangements through bilateral or multilateral agreements. They further agreed to develop a foundational Memorandum of Understanding (MoU) on cooperation and security within six months, with Ghana’s Minister of Foreign Affairs tasked with leading the drafting process.

The conference also addressed humanitarian and climate-related challenges, recognising climate change as a factor that intensifies conflict and displacement. Leaders agreed to integrate climate and food security into regional peace planning and to work toward a shared disaster preparedness and humanitarian response framework.

At the close of the meeting, participants agreed to institutionalise the consultative conference as a bi-annual platform and to establish a mechanism for tracking and monitoring the implementation of agreed decisions.

The conference ended with a renewed pledge by regional leaders to translate commitments into concrete actions that safeguard lives, protect livelihoods, and strengthen stability across West Africa.

Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu led the country’s delegation to the meeting.

West African Leaders Move to Deepen Regional Security Cooperation at Accra Conference

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Troops storm bandit leader’s camp in Zamfara, neutralise 20, destroy stronghold

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Troops storm bandit leader’s camp in Zamfara, neutralise 20, destroy stronghold

By: Zagazola Makama

Troops of the 8 Division, Nigerian Army, operating under Sector 2 of Operation FANSAN YAMMA, have stormed the camp of a notorious bandit leader, Gwaska Dan Karmi, in Maru Local Government Area of Zamfara State, neutralising 20 terrorists and destroying the stronghold.

A military source told Zagazola Makama that the decisive, well-coordinated offensive followed credible intelligence that over 100 bandits had converged at the camp to plan coordinated attacks on communities and logistics movements.

According to the source, the troops, supported by the Nigerian Air Force, the Civilian Joint Task Force (CJTF) and local vigilantes, conducted week-long surveillance before moving to intercept the terrorists.

“Contact was established on Jan. 31, 2026, as the terrorists advanced. They engaged the troops in a fierce firefight and attempted a flanking manoeuvre, but this was repelled by superior firepower,” the source said.

He said 20 terrorists were neutralised in the encounter, while several others fled with gunshot wounds. Follow-up operations, the source added, were ongoing to assess further casualties and recover additional items.

The raid yielded significant recoveries, including assorted weapons and ammunition, bicycles, food supplies, medical drugs, clothing, detergents and other logistics materials.

“The Gwaska Dan Karmi camp was completely destroyed,” the source said.

He noted that troops remained highly motivated, with combat efficiency assessed as strong and unwavering.

Troops storm bandit leader’s camp in Zamfara, neutralise 20, destroy stronghold

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Army troops, police rescue abducted victim in Zamfara

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Army troops, police rescue abducted victim in Zamfara

By: Zagazola Makama

Army troops of Operation FANSAN YAMMA, in collaboration with the Zamfara State Police Command, have rescued an abducted man in Tsafe Local Government Area of the state.

Sources said that the incident occurred on Jan. 29, when armed bandits invaded the residence of Abdullahi Isah Nagari on the outskirts of Tsafe town and abducted him to an unknown destination.

According to the source, troops under Operation FANSAN YAMMA, in collaboration with the Divisional Police Officer (DPO) of Tsafe Division promptly mobilised to launch a coordinated rescue operation.

“During a thorough search of the surrounding bushes, the victim was successfully located and rescued. He was found tied to a tree with a machete cut injury on his hand,” the source said.

The sources added that the victim was immediately taken to the General Hospital, Tsafe, where he was receiving medical attention.

The source said efforts were ongoing to track down and arrest the perpetrators, while security patrols had been intensified in the area to prevent further occurrences.

Army troops, police rescue abducted victim in Zamfara

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