Broadcasting
Insecurity and Soaring Food Prices: Why CBN’s MPC Must Target the Real Enemy Despite Favourable Macroeconomic Tailwinds

By Blaise Udunze
Obviously, one would say that the macroeconomic indicators are finally pointing in the right direction, yet, daily realities for households and businesses tell a very different story because Nigeria stands at a delicate intersection. No doubt on paper, inflation is easing, the naira is stabilising, and sovereign ratings have improved; but food prices remain painfully high, purchasing power continues to deteriorate, and insecurity is ravaging the agricultural value chain while ensuring that any progress in inflation moderation remains fragile.

As the Central Bank of Nigeria (CBN) convenes its 303rd Monetary Policy Committee (MPC) as its final meeting of the year on 24-25 November, the dilemma before it is clear: Should it respond to improving macroeconomic data with further monetary easing, or should it recognise that the true enemy of price stability is not merely monetary but structural, deeply rooted in insecurity and collapsing food supply?
The reality confronting the nation is that, despite the favourable macroeconomic tailwinds, Nigeria’s biggest inflationary threat is insecurity-induced food inflation, which remains largely unaddressed. Until the MPC anchors its decisions around this core challenge, monetary policy will continue to chase shadows.
A Fall in Inflation, but Not in Hardship
The National Bureau of Statistics’ latest Consumer Price Index (CPI) report revealed that inflation improved for the second consecutive month, falling sharply from 18.02 percent in September to 16.05 percent in October 2025, which is the lowest in 44 months. This moderation was driven by a new CPI base year and some easing in food prices.
Whilst the headline inflation has slowed, month-on-month inflation increased from 0.72 percent to 0.93 percent, underlining persistent price pressure at the household level. Nigerians are still struggling to pay more for food, transport, energy, housing, and essential services.
Obviously, the Organised Private Sector (OPS) welcomed the drop but quickly cautioned that it does not reflect real-life conditions.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, summarised this contradiction perfectly, “The sharp moderation in October inflation represents a significant win for macroeconomic stability. However, the full welfare benefits are yet to be felt due to persistent structural constraints, especially in food supply, transportation, energy, housing, and essential services.”
These “structural constraints,” in reality, are overwhelmingly traced to insecurity, which is the silent force disrupting agricultural production and distribution across Nigeria.
Food Inflation: The Heart of the Crisis
Presently, food inflation remains Nigeria’s most damaging and persevering price problem. Even with the October headline easing, food prices remain abnormally high.
Eke Ubiji, the Director-General of the Nigerian Association of Small and Medium Enterprises (NASME), flagged the inflation data as disconnected from reality, “Send people to the market now. A half-bag of rice goes for between N30,000 and N40,000. Before, a full bag was about N20,000. So, are we moving forward or backwards?”
This is not a mere anecdote; it is the lived experience of millions. Food inflation has remained structurally high for nearly five years, and the root cause is not monetary expansion; it is insecurity.
Across key food-producing belts like Benue, Plateau, Niger, Kaduna, Katsina, Zamfara, Taraba, Kebbi, and Sokoto, farmers cannot access farmlands due to the following adverse factors:
– Banditry
– Terrorist attacks
– Herdsmen conflicts
– Kidnapping-for-ransom
– Destruction of crops and storage facilities
– Extortion and illegal “harvest taxes” by criminal groups
This is why the MPC’s decisions, no matter how sound, have limited impact. Monetary tightening cannot stop gunmen from attacking farmers. Interest rate adjustments cannot clear gridlocked rural roads. Liquidity controls cannot fix the collapse of rural markets emptied by chaos.
Femi Egbesola, the President of the Association of Small Business Owners of Nigeria, echoes this lived tension, “All of this has not translated to tangible results in the lives of households and small businesses. It has been very tough, and it is even getting tougher.”
Without resolving insecurity, food inflation will continue to undermine every macroeconomic gain.
OPS: Nigerians Don’t Feel the Relief
Across all private-sector groups, one message is constant, inflation numbers are falling, but hardship remains high.
– SMEs are shutting down due to high input costs.
– Consumers’ purchasing power is collapsing.
– Operational costs remain higher.
– Food remains largely unaffordable.
According to Ubiji, there is no relationship between what is sustainable in the market and what they are quoting in their boardrooms.
This scepticism is rooted in the fact that food prices, by far the largest part of household spending, remain stubbornly high because insecurity continues to decimate supply.
Even the Lagos Chamber of Commerce and Industry (LCCI) recognized that while there are “green shoots,” they are small and fragile.
LCCI President, Gabriel Idahosa, said, “A trend is being established… but Nigerians often doubt the inflation numbers because they do not see it on their dining table.”
The MPC must confront this reality: monetary policy cannot deliver price stability while insecurity is simultaneously destroying food production.
Improving Macroeconomic Indicators: A Window of Opportunity
Apparently, Nigeria’s macroeconomic fundamentals have improved significantly as inflation is moderating, FX liquidity is rising, the naira is strengthening, non-oil exports are growing, domestic production of refined petroleum is improving, S&P upgraded Nigeria’s sovereign credit outlook, and GDP grew by 4.2 percent in Q2 and is projected to record 3.6-3.9 percent in Q3.
No doubt, these are important achievements that create fiscal and monetary space for reforms. But favourable indicators cannot cover the fact that Nigeria is still battling a food inflation crisis fueled by worsening insecurity. If the MPC does not align its policy response with this structural reality, monetary policy may remain misaligned with on-ground economic forces.
What Analysts Expect at the November MPC Meeting
Ahead of the MPC meeting, analysts remain divided. Some are calling for further easing. Umar Abdulqadir of CFG Africa believed the MPC should cut by at least 50bps, citing sustained disinflation, improved FX liquidity, better food supply conditions, and lower risk premia after S&P upgrade. He argued that high lending rates were constraining SME credit access and that a cut would “stimulate investment and bolster economic recovery.”
Similarly, Afrinvest’s Damilare Asimiyu projects a 25-50bps cut, citing favourable inflation trajectory, improved macro data, global central banks adopting mild dovish tones, and strong GDP growth. He believes cautious easing is justified.
Meanwhile, other analysts suggest a hold at 27 percent. Jessica Ifada of Rostrum Investment & Securities insists that the MPC should maintain September’s rate cuts, which are still filtering through the economy. CRR reduction has increased bank liquidity, and banks have largely met recapitalisation thresholds, while festive-season inflationary pressures are imminent. She further says that the revised policy corridor already guides short-term rates close to the MPR, limiting the need for immediate policy action.
Meanwhile, another set of analysts is calling for aggressive easing (up to 200bps). On Nairametrics’ “Drinks and Mics,” Rencap Asset Management’s Arnold Dublin-Green and Nairametrics CEO Ugodre Obi-Chukwu argue that MPC should cut rates by 200bps, pointing to decreasing yields across fixed-income instruments, lower inflation, and improved macro stability.
But Here Is the Real Issue: Monetary Policy Cannot Fix Insecurity
Regardless of the MPC’s decision, whether it cuts by 50bps, 200bps, or holds, Nigeria’s biggest inflationary threat remains structural insecurity. Three facts are undeniable:
1. Over 60 percent of Nigeria’s inflation is driven by food inflation
2. Food inflation is overwhelmingly driven by insecurity in farming communities.
3. No monetary policy tool like MPR, CRR, OMO, or interest-rate corridor can resolve insecurity.
Until Nigeria secures its food-producing regions:
– Farmers will stay away from farmlands.
– Food supply will remain inadequate.
– Transport costs will remain elevated.
– Market prices will continue to rise.
– Inflation will remain structurally high.
The MPC can only do so much with macro tools. The real work lies in addressing the insecurity choking Nigeria’s food supply chain.
What the MPC Must Do Differently
1. Overtly recognize insecurity as a core inflation driver
The MPC must move beyond generic references to “structural challenges” and specifically identify insecurity as the primary threat to price stability.
2. Collaborate with security agencies and governors
Price stability is impossible without coordinated policy across security, agriculture, and transportation ministries.
3. Recommend federal and state investments in food-producing regions, such as:
– Secured farming clusters
– Military-protected agro-corridors
– Subsidised insurance for farmers in high-risk zones
– Rural road rehabilitation
4. Prioritise credit schemes for agricultural security because credit without safety is meaningless.
5. Strengthen data collaboration
Many inflation-relevant data points, including farm output, rural insecurity, and transport disruptions, are outside the CBN’s traditional purview. It needs deeper data integration with:
– Ministry of Agriculture
– Ministry of Interior
– Security agencies
– State governments
– Farmer associations
The MPC Must Fight the Real Enemy
Nigeria’s improving macroeconomic metrics are encouraging, but they shade a deeper crisis. Structural insecurity choking the nation’s food supply remains as the true enemy of price stability is not monetary. The MPC cannot continue to focus exclusively on interest rates while overlooking the underlying forces driving food inflation. Until insecurity is tackled, Nigeria will continue to experience high food prices, collapsing purchasing power, SME closures, persistent inflation, and monetary policy disorganization.
The November meeting provides a historic opportunity for the MPC to shift its policy approach that recognises insecurity as a macroeconomic crisis, not a security issue alone.
Nigeria does not merely have a monetary policy problem. Nigeria has a food problem driven by insecurity. And until that problem is solved, macroeconomic gains will remain fragile and incomplete.
Blaise, a journalist and PR professional, writes from Lagos, can be reached via: [email protected]
Broadcasting
Why the Future of PR Depends on Healthier Client–Agency Partnerships

By Moliehi Molekoa, Managing Director of Magna Carta Reputation Management Consultants and PRISA Board Member
The start of a new year often brings optimism, new strategies, and renewed ambition. However, for the public relations and reputation management industry, the past year ended not only with optimism but also with hard-earned clarity.

Moliehi Molekoa
2025 was more than a challenging year. It was a reckoning and a stress test for operating models, procurement practices, and, most importantly, the foundation of client–agency partnerships. For the C-suite, this is not solely an agency issue.
The year revealed a more fundamental challenge: a partnership problem that, if left unaddressed, can easily erode the very reputations, trust, and resilience agencies are hired to protect. What has emerged is not disillusionment, but the need for a clearer understanding of where established ways of working no longer reflect the reality they are meant to support.
The uncomfortable truth we keep avoiding
Public relations agencies are businesses, not cost centres or expandable resources. They are not informal extensions of internal teams, lacking the protection, stability, or benefits those teams receive. They are businesses.
Yet, across markets, agencies are often expected to operate under conditions that would raise immediate concerns in any boardroom:
Unclear and constantly shifting scope
Short-term contracts paired with long-term expectations
Sixty-, ninety-, even 120-day payment terms
Procurement-led pricing pressure divorced from delivery realities
Pitch processes that consume months of senior talent time, often with no feedback, timelines, or accountability
If these conditions would concern you within your own organisation, they should also concern you regarding the partner responsible for your reputation.
Growth on paper, pressure in practice
On the surface, the industry appears healthy. Global market valuations continue to rise. Demand for reputation management, stakeholder engagement, crisis preparedness, and strategic counsel has never been higher.
However, beneath this top-line growth lies the uncomfortable reality: fewer than half of agencies expect meaningful profit growth, even as workloads increase and expectations rise.
This disconnect is significant. It indicates an industry being asked to deliver more across additional platforms, at greater speed, with deeper insight, and with higher risk exposure, all while absorbing increased commercial uncertainty.
For African agencies in particular, this pressure is intensified by factors such as volatile currencies, rising talent costs, fragile data infrastructure, and procurement models adopted from economies with fundamentally different conditions. This is not a complaint. It is reality.
This pressure is not one-sided. Many clients face constraints ranging from procurement mandates and short-term cost controls to internal capacity gaps, which increasingly shift responsibility outward. But pressure transfer is not the same as partnership, and left unmanaged, it creates long-term risk for both parties.
The pitching problem no one wants to own
Agencies are not anti-competition. Pitches sharpen thinking and drive excellence. What agencies increasingly challenge is how pitching is done.
Across markets, agencies participate in dozens of pitches each year, with success rates well below 20%. Senior leaders frequently invest unpaid hours, often with limited information, tight timelines, and evaluation criteria that prioritise cost over value.
And then, too often, dead silence, no feedback, no communication about delays, and a lack of decency in providing detailed feedback on the decision drivers.
In any other supplier relationship, this would not meet basic governance standards. In a profession built on intellectual capital, it suggests that expertise is undervalued.
This is also where independent pitch consultants become increasingly important and valuable if clients choose this route to help facilitate their pitch process. Their role in the process is not to advocate for agencies but to act as neutral custodians of fairness, realism, and governance. When used well, they help clients align ambition with timelines, scope, and budget, and ensure transparency and feedback that ultimately lead to better decision-making.
“More for less” is not a strategy
A particularly damaging expectation is the belief that agencies can sustainably deliver enterprise-level outcomes on limited budgets, often while dedicating nearly full-time senior resources. This is not efficiency. It is misalignment.
No executive would expect a business unit to thrive while under-resourced, overexposed, and cash-constrained. Yet agencies are often required to operate under these conditions while remaining accountable for outcomes that affect market confidence, stakeholder trust, and brand equity.
Here is a friendly reminder: reputation management is not a commodity. It is risk management.
It is value creation. It also requires investment that matches its significance.
A necessary reset
As leadership teams plan for growth, resilience, and relevance, there is both an opportunity and a responsibility to reset how agency partnerships are structured.
That reset looks like:
Contracts that balance flexibility and sustainability
Payment terms that reflect mutual dependency
Pitch processes that respect time, talent, and transparency for all parties
Scopes that align ambition with available budgets
Relationships based on professional parity rather than power imbalance
This reset also requires discipline on the agency side – clearer articulation of value, sharper scoping, and greater transparency about how senior expertise is deployed. Partnership is not protectionism; it is mutual accountability.
The Leadership Question That Matters
The question for the C-suite is quite simple:
If your agency mirrored your internal standards of governance, fairness, and accountability, would you still be comfortable with how the relationship is structured?
If the answer is no, then change is not only necessary but also strategic. Because strong brands are built on strong partnerships. Strong partnerships endure only when both sides are recognised, respected, and resourced as businesses in their own right.
The agencies that succeed and the brands that truly thrive will be those that recognise this early and act deliberately.
Broadcasting
NITDA, NBC Explore Strategic Collaboration on Digital Transformation, Media Regulation

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has reaffirmed the agency’s commitment to deepening inter-agency collaboration as he received the Director General of the National Broadcasting Commission (NBC), Mr Charles Ebuebu, on a courtesy visit aimed at exploring strategic partnerships in digital transformation and regulatory frameworks across Nigeria’s media and technology sectors.

Speaking during the meeting, Inuwa stated that digital transformation and regulation are inseparable in Nigeria’s rapidly evolving digital ecosystem. He also emphasised that digital transformation is not a one-off project but a continuous journey that requires constant improvement, periodic target-setting, and organisational adaptability to emerging realities.
According to the NITDA boss, the agency deliberately embarked on a transformational journey to reposition itself from a traditional civil service structure to a high-velocity, smart public sector organisation. He noted that when the agency began its transformation drive, a significant percentage of its workforce came from the mainstream civil service, bringing with it entrenched bureaucratic mindsets and rigid operational practices. This, he said, necessitated a conscious decision to change the narrative.
“More than 70 or 80% of our staff came from the mainstream public service, and we know the mindset of public servants, so we started changing that narrative by focusing on people, resetting mindsets, building capacity, and fostering a culture that supports innovation and accountability,” he noted.
Inuwa explained that NITDA’s approach to digital transformation was anchored on three core pillars: people, processes, and technology. He stressed that no matter how advanced technology may be, it cannot deliver value without the right people and efficient processes in place.
He further disclosed that the agency undertook a comprehensive cultural reorientation programme, supported by cultural audits and initiatives aimed at creating psychological safety within the organisation.
“This was critical to enabling staff at all levels to freely contribute ideas, challenge existing processes constructively, and engage in horizontal and vertical collaboration without fear of reprisal,” he stated.
He noted that culture remains the foundation upon which any successful strategy must stand, adding that “no matter how good a strategy is, without the right culture, execution will fail.”
Providing further insight into the transformation journey, he explained that NITDA adopted an integrated framework encompassing people, process, culture, content, and technology. Through this framework, the agency identified and addressed deeply rooted bureaucratic tendencies such as command-and-control structures, risk aversion, and excessive dependence on directives from senior leadership.
According to the DG, “these reforms paved the way for trust-based delegation, inter-departmental collaboration, and process optimisation”.
He further revealed that NITDA documented over 396 internal processes and subsequently streamlined them to eliminate inefficiencies and repetitive executive approvals. He cited examples where routine operational tasks that previously required multiple approvals at the Director General’s level were redesigned to empower departments as gatekeepers, allowing leadership to focus on strategic priorities.
This process optimisation, he said, also created the foundation for automation and the integration of digital tools.
On capacity building, the DG disclosed that all NITDA staff underwent mandatory artificial intelligence (AI) training, reinforcing the agency’s position that AI is a tool for enhancing productivity rather than replacing human capital.
He noted that staff across departments are now leveraging AI to improve workflows, generate ideas, and transition from manual administrative roles to AI-enabled system administration.
Inuwa added that technology deployment at NITDA is deliberately driven by business value rather than trend adoption, stressing that technology must support clearly defined processes and organisational objectives.
He announced that the agency has developed a comprehensive digital transformation playbook, capturing lessons learned from its journey, which it is willing to share with NBC and other government institutions.
To advance collaboration with NBC, Inuwa proposed concrete areas of partnership, including sharing the agency’s digital transformation playbook, delivering tailored training and capacity-building programmes, enrolling NBC staff in digital literacy initiatives developed with global technology partners such as Cisco, and providing technical support for modernising regulatory frameworks to align with the evolving digital and media ecosystem.
Earlier in this remark, Mr Ebuebu called for deeper collaboration between the NBC and NITDA, describing the partnership as long overdue in the face of rapid media and technology convergence.
He noted that although he has had several insightful interactions with the DG NITDA in the past, it was important to institutionalise cooperation between both agencies to address emerging developments in media, technology, data governance, and Nigeria’s digital future.
While calling for closer ties between the two agencies, he emphasised that a strategic partnership between NBC and NITDA is critical to effectively regulate the evolving media ecosystem, harness technology for content creation and distribution, promote the growth of local media, facilitate knowledge transfer, and protect Nigeria’s cultural and national interests.
Broadcasting
DG NCC Tasks University Dons on Research Commercialization, IP Management to Build Global Competitive Ecosystems

Dr. John Asein, director-general, Nigerian Copyright Commission (NCC), has charged universities to leverage Intellectual Property (IP), innovation management and research commercialisation to build vibrant, sustainable and globally competitive ecosystems.

The DG stated this while delivering a paper on: ‘’Research Commercialisation, IP Policy and Innovation Management’’ at the Committee of Vice-Chancellors of Nigerian Universities (CVCNU) organised Business Clinic themed: Unlocking University-Driven Business Ecosystems: Innovation, Partnerships and Sustainable Enterprise Models in Abuja.
The programme was targeted at engaging Vice-Chancellors, principal officers and other key officers in Nigerian Universities in a practical dialogue on how to transit their institutions into thriving business ecosystems through innovation, enterprise development and strategic partnerships.
In his presentation, Dr. Asein, disclosed that Universities are now recognised as engines of national development and innovation hubs that must connect scholarship to business.
He noted that with over 300 Universities in Nigeria, there is need for structured pathways to turn ideas into commercial outcomes while attention should be focused on IP assets in our universities in order to harness them in a safe, sustainable and satisfactory manner.
The DG NCC speaking further on leveraging resources from the creativity locked up within the university system, harped on the need to harness the soft power of our youth as Nigeria’s most valuable natural resources are its people.
Drawing demography from Nigeria youthful population, he observed that over 70 percent of Nigerians who are under the age of 30 are mostly in the university system studying. These youths, he noted, shape cultures, technology and innovation through creativity and digital skills.
He tasked universities to become innovation factories where young people can explore ideas, protect their IP and grow startups by integrating innovation culture, entrepreneurship training and IP awareness into its learning environment.
He equally urged Universities to look beyond the sciences to commercialize traditional knowledge-based innovations and harness the potentials in the creative arts disciplines like music, visual arts, theatre arts and others for commercial outcomes.
Dr. Asein, recommended that universities as centres of learning, should take the lead in using the IP system for promoting education and learning, wealth creation, revenue generation and institutional development.
Underscoring the need for all universities to have an IP Policy, he noted that the Model developed by the Nigerian Copyright Commission in partnership with the CVCNU is a good starting point.
The Secretary-General, CVCNU, Prof. Andrew Haruna, presented the welcome address at the event while the Director, Technology Innovation and Commercialisation, NOTAP, Mrs. Adah H.N. Mokolo-Oladunke represented the Director-General, NOTAP at the event.
The 2025 CVCNU Business Clinic witnessed attendance from representatives of Public and Private Universities across the 36 States in Nigeria.
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