General News
Monetary Policy Committee Holds Meeting
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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Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), has arraigned Blessing Gozi-Anyaokei, managing director, Viscount Microfinance Bank, over allegations of unlawful conversion of investment funds amounting to N19 million and $30,000.
Blessing Gozi-Anyaokei, managing director, Viscount Microfinance Bank
Gozi-Anyaokei was brought before Justice Y. Halilu of the Federal High Court, Maitama, Abuja, on a two-count charge bordering on alleged illegal conversion and obtaining money under false pretence.
According to a statement issued on Thursday by Dele Oyewale, EFCC spokesperson, the defendant allegedly received N19 million from one Ernest Terkula Jor in 2022 for investment purposes while serving as the Managing Director of the bank.
The anti-graft agency accused her of diverting the funds for personal use, contrary to the provisions of the Penal Code Act.
In the second charge, the EFCC alleged that she also received $30,000 from the same individual for investment purposes but dishonestly converted the money for her personal benefit.
The commission stated that the alleged offences contravene Section 311 of the Penal Code Act Cap 532, Laws of the Federation of Nigeria (Abuja) 1990, and are punishable under Section 312 of the same Act.
The defendant pleaded not guilty to the charges when they were read before the court.
Following her plea, prosecution counsel, S.N. Robert, requested a date for the commencement of trial.
Justice Halilu subsequently granted the defendant bail with two sureties who must possess landed property within Abuja.
The court also ordered her to surrender her travel documents and barred her from travelling outside the country without court approval.
The matter was adjourned until July 19, 2026, for commencement of trial.
Ms. Cynthia Rowe, the Head of Development Cooperation at the British High Commission Abuja, has completed high-level engagements with Kano and Jigawa States, reaffirming the United Kingdom’s long-term commitment to development and reform in northern Nigeria.
The engagements with state governors, senior government officials and civil society leaders, underscored the UK’s modern approach to development as a genuine partnership with Nigeria. This approach prioritises state led ownership and sustainable development that delivers lasting impact through strengthening systems and partnerships grounded in investment, trade, climate financing, technical expertise and joint accountability.
Nigeria remains one of the United Kingdom’s most significant development partners, and the engagements underlined the strength and ambition of the bilateral relationship reaffirmed during the recent UK-Nigeria State Visit.
Kano State
In Kano, Head of Development Cooperation, Cynthia Rowe, met with Deputy Governor Alhaji Murtala Sule Garo and senior officials including the newly confirmed Head of Civil Service and Secretary to the State Government. The visit recognised Kano’s progress on climate finance, health system reform and private sector investment supported through UK technical assistance.
Jigawa State
In Jigawa, she met with Governor Umar Namadi and heads of key ministries, departments and agencies. The meeting celebrated more than 25 years of UK-Jigawa partnership, one of the most longstanding bilateral development relationships at the subnational level in Nigeria. Discussions covered the state’s continued progress on health systems reform, agriculture, and governance and the path forward under UK-technical assistance.
Since 2022, PLANE has supported Kano, Kaduna and Jigawa to strengthen state-led education delivery systems, working through Ministries of Education, SUBEB and key agencies. Its RANA+ foundational learning packages have reached 1.4 million pupils across the three states, alongside wider system strengthening.
At the end of the visit, the Head of Development Cooperation, Cynthia Rowe said: “For more than 25 years, we have worked side by side with state governments including Jigawa and Kano states, their communities, and civil society to build stronger health systems, improve learning outcomes for millions of children, support farmers to grow their businesses, and help states attract the investment they need to thrive.
These visits have reinforced our confidence in what this partnership can achieve. We are working together to deliver lasting change, and deepening a relationship built on genuine mutual respect and shared ambition for Nigeria’s growth and development.”
The Green Finance Investment Facility (GFiF), a blended finance platform to mobilise large-scale private and institutional investment into distributed renewable energy infrastructure across Nigeria, has officially launched.
The facility, led by Barton Heyman Limited in partnership with the Rural Electrification Agency (REA), UK PACT, First City Monument Bank (FCMB), and ARMHIIL, aims to raise $188 million to finance 191 megawatts of distributed solar capacity for households, communities, and businesses across Nigeria.
The initiative also supports the Distributed Access through Renewable Energy Scale-Up (DARES) programme, a national effort to expand electricity access through decentralised renewable energy solutions.
Launched on May 7, 2026, in Lagos, the platform brought together financial institutions, renewable energy developers, policymakers, and development finance stakeholders. Its goal is to unlock financing solutions that accelerate energy access, reduce financing gaps, and support Nigeria’s transition to cleaner, more sustainable energy systems.
Speaking at the launch, the Managing Partner of Barton Heyman Limited, Olumide Lala, described the facility as a market-driven model capable of unlocking private capital at scale for Nigeria’s energy transition.
“The Green Finance Investment Facility is more than a financing arrangement; it represents direct support for over one million Nigerians. Nigeria’s distributed renewable energy sector can be financed using a private-sector framework that leverages sovereign pipelines, results-based funding, and commercial loans to attract private capital at the national level. This is our initial step to raise $40 billion to finance 20 gigawatts of distributed renewable energy,” he said.
Also speaking, Anthony Feyitimi, Senior Partner, Barton Heyman, said: “The Green Finance and Investment Facility is not simply about clean energy. It is about what reliable, distributed power makes possible for Nigeria’s economy. Every megawatt we finance is a business that can operate, a supply chain that can function, a community that can compete.
“We have structured a blended finance platform that brings together sovereign pipelines, results-based funding, and commercial capital into a single, replicable facility. The GFIF Pilot is our first $188 million step. The platform’s ambition is $40 billion and 20 gigawatts. We are building it from Nigeria, for Nigeria.”
The Managing Director of the REA, Abba Aliyu, said the initiative directly addresses one of the sector’s most pressing constraints — access to finance.
“The Green Finance Investment Facility can tackle access to finance, one of the main barriers to renewable energy deployment. Today’s launch is the outcome of a strategic partnership created to ensure communities lacking reliable power can access electricity. We are proud of what this facility signifies for Nigeria’s energy future,” he stated.
Speaking on behalf of FCMB, George Ogbonnaya, Senior Vice President and Divisional Head, Business Banking Group, highlighted the Bank’s expanding role in renewable energy financing and inclusive infrastructure development.
“FCMB has established itself as a leading renewable energy financing institution, serving as a first-time lender to many players driving growth in the sector. We have committed ₦100 billion in debt financing for DARES. Currently, we are funding over eight developers under the DARES isolated mini-grid Performance-Based Grant programme and finalising funding for another seven developers.
“We will continue to support developers in scaling and meeting electrification targets, improving quality of life in rural and peri-urban communities. This aligns strongly with our purpose of fostering sustainable growth within the communities we serve,” he said.
He further disclosed that FCMB has financed more than 42 mini-grid projects and is supporting efforts to connect over 2 million households, in line with Nigeria’s national electrification objectives.Nigerian politics analysis
Derek Chime, Chief Investment Officer at ARM Harith Infrastructure Investment Limited (ARMHIIL), called for deeper collaboration across the ecosystem to unlock more investment into renewable energy infrastructure.
Simon Field, Deputy Head of Mission at the British High Commission in Lagos, reaffirmed UK PACT’s commitment to strengthening green finance frameworks and expanding renewable energy adoption in Nigeria.
Titilayo Oshodi, Special Adviser on Climate Change and Circular Economy to the Governor of Lagos State, stressed the importance of coordinated investment, innovation, and policy support in accelerating sustainable energy access.
Nigeria continues to face significant challenges in electricity access, with millions of households and businesses lacking a reliable power supply. Stakeholders at the launch noted that initiatives like GFiF are critical to mobilising long-term capital, reducing investment risk, and accelerating the deployment of clean energy solutions to power communities nationwide.
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