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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
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AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
ALL IN HONOUR OF OUR NATION’S FALLEN HEROES
By: Our Reporter
Vice President Kashim Shettima today represented President Bola Ahmed Tinubu GCFR at the 2026 Armed Forces Celebration and Remembrance Day ceremony held at the National Arcade in Abuja.

Also in attendance were the President of the Senate, Senator Godswill Obot Akpabio; the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun; the Deputy Speaker of the House of Representatives, Benjamin Kalu; ministers, service chiefs and other government officials.

The solemn event commemorates the courage and sacrifices of Nigeria’s fallen heroes who gave their lives in service to the nation.
AT ARMED FORCES CELEBRATION AND REMEMBRANCE DAY
News
Technology enhances immersive reading experience in Beijing
Technology enhances immersive reading experience in Beijing
By Shi Fang, People’s Daily
“Mr. Lu Xun, could you recommend one of your classic works?”
“If I were to suggest one, perhaps Call to Arms would be a good starting point…”
This conversation took place at the Metaverse Experience Hall of the Beijing Library. Supported by artificial intelligence (AI) and other emerging technologies, the hall offers visitors a novel approach to immersive reading and knowledge-based social engagement.
As one of three institutions under the Capital Library of China, the Beijing Library has introduced an AI-powered digital human modeled after renowned Chinese writer Lu Xun. Historically, Lu Xun played a role in establishing the predecessor of the Capital Library of China. Today, his digital incarnation symbolizes the library’s digital transformation.
“We developed the digital Lu Xun using AI technologies to provide guided tours, recommend books, and introduce local cuisine and cultural sites,” explained Fei Jun, professor with the School of Design, the Central Academy of Fine Arts, and creative director of the Metaverse Experience Hall. His team conducted in-depth research on Lu Xun’s life and works to create a realistic and multidimensional digital persona.
In addition to the digital Lu Xun, Fei’s team created two other digital characters, “Tutu” and “2122,” each with distinct personalities: one childlike and the other futuristic. These avatars, driven by large language models, engage visitors in conversations about literature and everyday life. Since the library opened at the end of 2023, these AI characters have participated in more than 1.7 million voice interactions.
Seven-year-old reader Wang Jiayi eagerly asked “2122” questions such as, “Why did dinosaurs go extinct?” and “Why do maple leaves turn red in autumn?” Her mother commented, “The digital humans are engaging and informative. They genuinely spark children’s interest in learning.”
Entering the library feels akin to stepping into a digital universe.
Visitors can scan a QR code to verify their identity, customize their attire, and quickly generate digital avatars within the Metaverse. These avatars can navigate virtual spaces such as the Children’s Library, Ancient Books Collection, Art Literature Library, and Intangible Cultural Heritage Library, exploring venue information and upcoming events.
Readers also interact with one another via their digital avatars, sharing reading lists, exchanging book reviews, and bridging online and offline reading experiences.
Looking ahead, the library plans to introduce additional immersive features, including personalized virtual study rooms. “Our goal is to offer a multisensory experience — visual, auditory, and even tactile — so users feel as if they’ve entered a parallel world for immersive reading,” Fei said. His team is also developing an online version of the metaverse library, enabling remote access to its digital environment and vast knowledge collections.
“Beyond traditional print books, we want to create a technology-enhanced environment that sparks curiosity and encourages readers to explore knowledge in innovative ways,” said Li Nianzu, deputy director of the Capital Library of China.
Photo shows the Beijing library under the night sky. (Photo/Fan Jiashan)
Readers visit the Metaverse Experience Hall of the Beijing Library. (Photo/Fan Jiashan)
A reader interacts with the digital Lu Xun at the Metaverse Experience Hall of the Beijing Library. (Photo from Beijing Youth Daily)
Technology enhances immersive reading experience in Beijing
News
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
By: Michael Mike
A coalition of national and international human rights, environmental, and social justice organisations has condemned what they describe as the “violent and unlawful” demolition of Makoko, a historic waterfront fishing community along the Lagos Lagoon.
In a joint statement released, the groups alleged that demolition activities began on January 5, 2026, and have continued despite outcry from residents and civil society actors.
According to the organisations, government-backed demolition teams have destroyed homes, schools, health facilities, and religious buildings, leaving hundreds of families without shelter.
Eyewitness accounts cited in the statement claim that security personnel accompanying the demolition teams used tear gas and excessive force against residents, including women, children, and elderly persons. Displaced families are reportedly sleeping in boats, churches, and open spaces along the lagoon as they struggle to find temporary refuge.
The coalition further noted that Makoko is not an isolated case. Over the past year, thousands of residents across several Lagos waterfront and informal communities—including Oko-Baba, Ayetoro, Otumara, Baba-Ijora, Oworonshoki, and Precious Seeds—have faced similar evictions. In many cases, demolitions were carried out without prior notice, consultation, or resettlement plans.
The groups also referenced past demolitions in Badia East, Otodo-Gbame, Maroko, Monkey Village, Ilaje-Bariga, and Ifelodun, saying the Lagos State Government has repeatedly ignored court orders restraining such actions. They alleged that several deaths have been linked to forced evictions over the years.
“The pattern reflects a systemic disregard for human rights, due process, and the rule of law,” the statement read. “These actions violate Nigeria’s constitution and international human rights obligations while deepening Lagos’s housing crisis.”
The coalition called on the Lagos State Government to immediately suspend all ongoing demolitions, respect existing court injunctions, investigate allegations of abuse, and provide fair compensation and adequate resettlement for affected residents.
They also urged authorities to adopt more inclusive, rights-based, and environmentally sustainable urban planning that protects livelihoods rather than displacing vulnerable communities.
The statement was signed by 23 organisations, including Health of Mother Earth Foundation (HOMEF), Corporate Accountability and Public Participation Africa (CAPPA), Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), Policy Alert, WoMin African Alliance, and Norway’s Rafto Foundation for Human Rights, among others.
As of press time, the Lagos State Government had not issued an official response to the allegations.
Rights Groups Condemn Demolition of Makoko, Call for Immediate Halt
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