Economy

Market Reforms and State Administration: A Side-by-Side Analysis of Abia and Anambra

Market Reforms and State Administration: A Side-by-Side Analysis of Abia and Anambra

Governor Alex Chioma Otti of Abia State and Governor Charles Chukwuma Soludo of Anambra State both emerged from distinguished careers in the banking sector, where strategic thinking, fiscal discipline, and institutional reform are central to success. Their transitions into public office generated widespread expectations that such technocratic expertise would translate into efficient governance, infrastructure renewal, and improved economic management at the state level. Few years into their administrations, however, differences in approach, execution, and outcomes have become increasingly discernible. A comparative assessment of two major commercial hubs—Ariaria International Market in Aba and Onitsha Main Market in Onitsha—provides a practical lens…
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Amb. Osita Offor Commends Dr. Uche Ogah for Transforming Onuaku Uturu into Manufacturing Hub in Abia State

Amb. Osita Offor Commends Dr. Uche Ogah for Transforming Onuaku Uturu into Manufacturing Hub in Abia State

Ambassador Dr. Osita Offor – De Ultimate Commander (Ikenga Gburugburu) has once again demonstrated his unwavering support for indigenous industrial growth as he paid a strategic facility visit to Masters Energy Group of Companies, a world-class manufacturing conglomerate owned by the oil magnate, renowned industrialist extraordinaire, and globally recognized philanthropist, Dr. Uche Sampson Ogah CON, at Onuaku Uturu, Isuikwuato Local Government Area of Abia State. During the visit, the Ambassador commended Dr. Ogah for his bold vision and exceptional commitment to economic development, describing his efforts as “bringing Japan to Abia State” by converting Onuaku Uturu into a thriving manufacturing…
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CBN limits cash withdrawal to N500,000 weekly from January 1, 2026

CBN limits cash withdrawal to N500,000 weekly from January 1, 2026

The Central Bank of Nigeria (CBN) has released fresh cash withdrawal rules that will take effect in January 2026. The move ends the special approval that once allowed individuals to withdraw N5 million and companies N10 million once every month. In the circular signed by the Director of the Financial Policy and Regulation Department, Rita Sike, the bank said earlier cash policies were introduced at different times to match changing conditions. But the bank said that the current financial climate now calls for a clearer set of rules that match today’s needs, reduce the pressure of managing cash, improve safety,…
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CBN Gov., Cardoso: We inherited a very bad economy

CBN Gov., Cardoso: We inherited a very bad economy

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the current administration met an economy that had not only reached a macroeconomic precipice but had already “gone over the cliff,” describing the depth of challenges inherited as unprecedented. Speaking at the 60th annual dinner of the Chartered Institute of Bankers of Nigeria (CIBN), Cardoso reaffirmed the bank’s determination to drive inflation firmly into single digits, insisting that the current double-digit level “cannot be acceptable” as Nigeria consolidates economic reforms. He highlighted the progress made over the past year, noting that inflation has more than halved—from its peak of…
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Nigeria Sees Record Foreign Capital Inflows, Surges to $20.98 Billion

Nigeria Sees Record Foreign Capital Inflows, Surges to $20.98 Billion

Nigeria's foreign capital inflows have hit a record high, reaching $20.98 billion in the first ten months of 2025, according to Central Bank Governor Olayemi Cardoso. This represents a significant 70% increase compared to the total for 2024 and a staggering 428% jump from the $3.9 billion recorded in 2023. Cardoso attributed this remarkable growth to strengthened macroeconomic management, foreign exchange market reforms, and improved transparency across the financial system. He made this disclosure at the 60th Annual Bankers' Dinner in Lagos, highlighting the renewed appetite for Nigerian assets. The CBN governor also reported significant improvements in the country's external…
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