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Monetary Policy Committee Holds Meeting

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The Monetary Policy Committee (MPC) met on 10th and 11th May, 2010 to review domestic economic conditions during the first four months of 2010 and the challenges facing the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to reassess the course for monetary policy for the remainder of the year.
According to a communiqué from the CBN, the Committee noted that the recovery in global economic activity, which started in the second half of 2009, has evolved better than expected although large fiscal deficits continue to pose a threat.
The recovery, which was driven largely by the unprecedented fiscal and monetary policy stimuli undertaken in both the developed and emerging market economies in response to the global economic slowdown, was progressing at varying degrees across the different regions.
“Across the globe, real and financial activities have been mutually supportive in their recovery. Although the money markets have stabilized, and corporate bond and equity markets have rebounded, access to credit remained difficult for some sectors, especially small firms and households that lack access to the capital markets. Although, the tightening of bank lending standards and the credit crisis appear to be bottoming out, the
resumption of credit growth in many emerging and developing countries has been weak.”
The MPC observed that the domestic financial markets have recovered remarkably faster than expected, though still fragile, and urged greater efforts in accelerating the reforms in the different segment of the financial system to promote financial sector stability which is critical to economic growth. In particular, deep and liquid capital markets and strong and effective insurance companies, pension funds and other institutional investors are critical for establishing the balance required for the attainment of financial system stability.
While noting that financial market inefficiencies and supervisory and regulatory failures were at the root of the current crisis, it welcomed the relative stability that has been achieved in most segments of the market in response to the various measures taken by the regulatory authorities and emphasized the need for its sustenance.
The MPC also noted the continuing rebound in commodity prices, particularly crude oil prices, which is helping to support growth in commodity producing regions, including Nigeria. However, the inflation risk of the rebound in energy prices appears to be mitigated by the subsisting low levels of capacity utilization, weak private demand and well-anchored inflation expectations.
The MPC noted with satisfaction that, overall, the bank has achieved its mandate of price and financial stability, as reflected in relatively stable exchange rates, interest rates and moderating inflation. By the time the AMCON Bill is harmonized and finally passed by the National Assembly and implemented, the repair of banks’ balance sheets would unlock the flow of credits to the real economy.
In this regard, the MPC enjoins other stakeholders to undertake complementary measures to enable economic agents translate the stable macroeconomic environment into economic growth and development.
The Committee observed that the robust output growth recorded in 2009 continued in 2010. Provisional data from the National Bureau of Statistics (NBS) indicates that real Gross Domestic Product (GDP) grew by 6.68 per cent in the first quarter of 2010, down from 7.44 per cent in the fourth quarter of 2009, but up from the 4.50 per cent recorded in the first quarter of 2009. NBS also projected that the GDP is expected to grow by 7.24, 7.36 and 8.51 per cent in the second, third and fourth quarters of 2010, respectively.
Overall GDP growth for 2010 was projected at 7.53 per cent which is higher than the revised estimate of 6.66 per cent recorded in 2009. The non-oil sector is expected to remain the main driver of overall growth, with agriculture, wholesale and retail trade, and services contributing 2.61, 2.09 and 2.14 per cent, respectively. The Committee noted that the impressive growth forecasts reflect prospects for moderate rainfall in 2010, which is expected to support the production of major crops across the country, and the sustained peace in the Niger-Delta, which would boost crude oil and natural gas production. The MPC, however, noted that at a mere 4 percent share of GDP, the manufacturing sector needed revamping to enhance its role in boosting growth and employment generation. In this context, it called for appropriate sector-specific policies to drive growth.
The Committee also realized that there is a need to maintain and extend the focus on stability and avoid decision that may cause disruption. In view of the inflation outlook in the short-term it was felt that the reversal of accommodative monetary stance at this time is premature. The Committee however, noted that in the next quarter monetary expansion may be driven by increased government spending, the purchase of toxic assets by the AMCON and recapitalization of distressed banks. These expansions may translate into the risk of higher inflation, asset price bubbles or pressure on exchange rate and foreign reserves.
The Committee identified key concerns for policy in this era of global recovery as ensuring that the growing risk of fiscal deficit accumulated in the wake of the abating global financial and economic crises does not endanger the stability of financial markets; monitoring imbalances in capital flows across industrial and emerging markets resulting in different rates of recovery. This is to ensure that inflows of capital into the country are sustainable and avoid formation of asset price bubbles and continuing global credit crunch despite unprecedented measures taken by central banks to inject liquidity in troubled financial institutions/markets. This underscores the need for focus on both supply side (monetary) and demand side (fiscal factor) in unlocking the credit markets.
At the end of the day, the MPC decided to leave the MPR unchanged at 6.0 per cent, retain the asymmetric corridor of interest rates at 200 basis points above the MPR and 500 basis points below the MPR for the Standing Lending Facility and Standing Deposit Facility, respectively.
The committee also decided to extend the CBN guarantee for all interbank transactions and foreign credit lines as well as pension funds’ placements with banks up till June 30, 2011, to provide ample time for the conclusion of the banking sector resolution and the publication of audited accounts for the period up to December 2010. It is expected that by June 2011 all creditors and investors will have sufficient information to take an independent view of the risk of individual counterparties.

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T2 Backs Youth Excellence as NCBC Wins Bosun Tijani Foundation Basketball Tournament

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T2 has reaffirmed its commitment to youth development and excellence through sport as the NCBC basketball team, adopted by the brand, emerged champions of the Bosun Tijani Foundation Youth Basketball Tournament held at the Alake Sports Complex, Ijeja, Abeokuta.

The tournament, organised by the Bosun Tijani Foundation in collaboration with the Ogun State Government and supported by several partners including T2, brought together 12 competitive teams from across Nigeria, positioning basketball as a powerful platform for youth engagement, discipline, and opportunity.

NCBC’s championship run reflected the values T2 seeks to champion, work ethic, intelligence, teamwork, and resilience. The team recorded commanding victories over Team Vision, Warlords, and Elevate before defeating the Ilupjeu Raiders 66–52 in a gripping final.

Commenting on the adoption of the team, Seni Ogunkola, Vice President, Brands and Communication, T2 stated “NCBC embodies the qualities we believe in, exceptional work rate, intelligence on the ball, discipline, and a hunger to excel. By supporting them, T2 is investing in potential, purpose, and the next generation of leaders on and off the court.”

The climax of the event saw His Royal Highness, Oba Adedotun Gbadebo, the Alake of Egbaland, alongside Nigeria’s Minister of Communications and Digital Economy, Bosun Tijani, present the trophy to the victorious team, drawing rapturous applause from spectators. The event was also attended by the Chief of Staff to Ogun State Governor Dapo Abiodun, Mr. Lere Olayinka, and the Ogun State Commissioner for Sports, Honourable Wasiu Isiaka, underscoring strong institutional support for youth-focused initiatives.

Through its participation in the tournament, T2 continues to position itself as a brand that goes beyond sponsorship, championing platforms that unlock talent, inspire ambition, and create lasting social impact for Nigerian youth.


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Ecobank Guarantees Seamless Digital Banking Services Throughout the Christmas and Year-End Period

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Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has assured customers of uninterrupted access to banking services throughout the year-end holiday period via its secure and robust digital platforms. The Bank also urged customers to remain vigilant against fraud and scams during the festive season.

Ecobank Guarantees Seamless Digital Banking Services Throughout the Christmas and Year-End Period

Ecobank Bank

Speaking on the development, Victor Yalokwu, Head, Products & Analytics, Consumer & Commercial Banking, Ecobank Nigeria, said the Bank’s digital channels – including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, RapidTransfer, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point (Agent Banking) locations nationwide – will remain fully available to support customers throughout the yuletide and year-end holiday period.

He noted that customers will continue to enjoy a wide range of services during the period, including local and international funds transfers, bill payments and airtime top-ups, merchant payments, balance inquiries and account statements, as well as cardless cash withdrawals via ATMs.

According to Yalokwu, “Ecobank encourages customers to leverage these digital solutions for safe, fast, and efficient banking, especially during the festive season when convenience and reliability are essential.

“While physical branch operations may be subject to adjusted working hours in line with public holidays, customers can be assured that Ecobank’s digital platforms are designed to deliver uninterrupted service and enhanced security at all times.

“Ecobank remains committed to providing innovative financial solutions and exceptional customer service, and we wish all our customers a joyful festive season and a prosperous New Year.”

Yalokwu also cautioned customers to remain vigilant against fraudsters and scammers during the period. “Before you wrap up the year, tighten your security. December brings online sales, travel, and year-end distractions—this is exactly when scammers are most active. From fake festive deals to cloned merchant sites and suspicious messages, staying vigilant helps keep your money safe.”

He advised customers to shop only on trusted websites, never share their PINs, passwords, or one-time passwords (OTPs), avoid banking on public Wi-Fi networks, be cautious of urgent or emotionally charged messages, and regularly review their account activity.


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Woherem Proposes Pragmatic Roadmap to End Terrorism and Banditry in Nigeria

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Dr. Evans Woherem, an award-winning African technology researcher, analyst, and writer, has proposed a comprehensive and implementable strategy to end terrorism, banditry, and criminal violence in Nigeria, warning that the country’s prolonged insecurity has reached a critical point that demands urgent, coordinated action.

Titled “A Comprehensive Strategy for Ending Terrorism, Banditry, and Criminal Violence in Nigeria: A Pragmatic, Multi-Layered, and Implementable Framework,” the paper presents a holistic roadmap designed to reverse more than a decade of escalating violence that has claimed thousands of lives, displaced communities, weakened local economies, and eroded public trust in governance.

According to him, insecurity has become deeply entrenched in everyday life across the country. “Terrorism, banditry, and criminal violence have become so commonplace that they now dominate daily conversations among Nigerians,” Dr. Woherem noted, adding that while the crisis is most acute in the North-East, North-West, and North-Central regions, “its effects are now being felt even in the southern parts of the country.”

Citing the 2025 Global Terrorism Index, which ranks Nigeria sixth globally in terms of terrorism impact, Dr. Woherem described the ranking as “a sobering statistical confirmation that terrorism still weighs heavily on the Nigerian state.”

The paper traces the roots of the crisis to the emergence of Boko Haram in 2009 and the subsequent rise of splinter groups such as ISWAP. It recalls high-profile incidents including the 2014 abduction of schoolgirls in Chibok, the Dapchi and Kankara kidnappings, and a series of mass abductions and attacks on schools and places of worship recorded in 2025.

Dr. Woherem observed that banditry, largely driven by ransom payments, “has spread across the entire nation, creating fear, weakening productivity, and pushing millions of households deeper into poverty.”

While acknowledging the role of military action, the author cautioned against relying on force alone. “Nigeria cannot defeat insurgency and violent crime through arms and ammunition alone,” he said. “Any sustainable solution must confront the internal conditions that allow insecurity to thrive.”

Among the key drivers identified in the paper by Dr. Woherem, are porous borders, arms proliferation, youth unemployment, economic stagnation, and persistent conflicts over land and resources, challenges Dr. Woherem stressed can be addressed through “a deliberate, intelligence-led, and whole-of-society approach.”

At the heart of the proposed framework, Woherem noted, is a call for intelligence-driven security operations, including the establishment of a National Counter-Insurgency and Intelligence Fusion Centre. “Security operations must be guided by accurate, actionable intelligence rather than fear-led mass actions that often harm civilians and undermine public trust,” he stated.

The paper also advocates comprehensive policing reforms, including the creation of constitutionally backed state police systems supported by a more specialized federal police structure. “Nigeria’s over-centralised policing model is structurally incapable of effectively addressing widespread criminality across such a vast and diverse country.”

Recognising the realities at the grassroots, Woherem calls for the formal regulation of community-based security groups, and noted that “ignoring vigilante groups is dangerous, and banning them outright is unrealistic,” but stressed that their roles must be clearly defined, regulated, and subject to strict oversight.

On border security, particularly in the Lake Chad Basin, the author warned that instability in neighbouring countries continues to fuel Nigeria’s insecurity. “No permanent solution is possible without deep regional cooperation,” he said, advocating an Integrated Border Management system supported by joint operations with neighbouring states.

The paper places strong emphasis on prevention through economic inclusion, youth employment, and skills development. “Jobs and income remain the most powerful tools for preventing recruitment into violent groups,” Dr. Woherem asserted, adding that immediate livelihood opportunities significantly weaken the appeal of extremist narratives.

He also called for structured deradicalisation and reintegration programmes, noting that “a humane, community-accepted process is essential for breaking cycles of violence and preventing relapse into extremism.”

Dr. Woherem further emphasised the need for governance reforms and accountability in the security sector. “Without transparency, oversight, and institutional integrity, even the best security strategies will fail,” he warned.

The white paper outlines a phased implementation plan from 2025 to 2030, beginning with intelligence fusion, pilot state police initiatives, community security registration, drone surveillance, and financial crackdowns on terror networks, before expanding into nationwide reforms and long-term consolidation.

Concluding, Dr. Woherem expressed cautious optimism about Nigeria’s future. “Nigeria can overcome this prolonged phase of insecurity,” he said, “but only through political will, coordinated institutions, and the active participation of society.”

He added that the proposed framework offers “a realistic pathway to restoring security, rebuilding public trust, and unlocking Nigeria’s vast human and economic potential.”


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