Nation
Concerns Mount Over CBN Interest Rate Hike Amid Hardship
Financial experts are not at ease with some of the economic policies of President Bola Ahmed Tinubu.
From fuel subsidy removal to Naira floating and the current Monetary policy rates hike from 18.5 per cent to 18.75 per cent, Nigerians groan amid the biting hardship.
For over six months, the Central Bank of Nigeria’s Monetary Policy Committee has continued to increase interest rates in a bid to tackle inflationary pressures, which stood at 22.79 per cent in June, according to the National Bureau of Statistics.
The CBN acting Governor, Mr Folashodun Shonubi said the modest increase in the benchmark interest rate curtailed a potential uptick in inflationary pressures resulting from the policy changes.
But despite the apex banks’ efforts, the inflation pressures have remained unabated in the past six months.
From 16.50 per cent in December 2022, CBN had increased the interest rates to 18.75 per cent.
Stakeholders within the economic sector had not hidden their discontent with the number of policies by the Tinubu-led administration in the face of the hardship Nigerians face.
Nigeria’s organised private sector, OPS, the Lagos Chamber of Commerce and Industry, LCCI, and the Nigeria Employers’ Consultative Assembly, NECA, described the recent hike in the Monetary Policy Rate, MPR, by CBN as a complete contradiction to Tinubu’s pledged commitment to make credit available to businesses and individuals at an affordable rate.
The Tide source recalls that Tinubu promised on May 29 during his presidential inaugural address that “monetary policy needs a thorough house cleaning. Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”
However, the turn of events have continued to threaten the already bleak hope in the minds of Nigerians.
Experts say one of the significant implications of interest rate hike is that businesses, especially Small and Medium Scale Enterprises, must pay more to access finances.
Accordingly, they urged the government to consider growth-focused interventions.
An accounting and financial development don at Lead City University, Ibadan, Prof Godwin Oyedokun, told newsmen in an interview last Monday that the decision of the government to hike interest rates does not make sense.
According to him, it is improper for the CBN to keep repeating the same thing that has failed over time and expect improved results.
He said what the government should do at this moment is to provide adequate infrastructure and stabilise the prices of goods and services with proper regulatory policies and other growth-driven interventions.
Nation
RSU, Otonti Nduka Foundation Holds Centenary Conference, Unveil Book on Values in Nigeria
Rivers State University and the Otonti Nduka Foundation for Values Education jointly hosted a two-day National Conference on 8 and 9 May 2026 to examine the state of values in Nigeria.
The two days conference held at Rivers State University convocation arena brought together academics, policymakers, legal experts and education leaders under the theme _“Trends and Challenges in Upholding Values in Nigeria.”_
The gathering focused on policy gaps, curriculum reform, and the role of ethics in public service and education.
The event opened on Friday with remarks from Vice Chancellor Prof. Chief Isaac Zeb-Obipi, who stressed the need to address declining moral and civic values across Nigeria’s education and public sectors. A book of abstracts for the plenary sessions was also presented to participants.
Key speakers included former Attorney General Chief Dr Kanu Agabi, SAN; NERDC Executive Secretary Prof. Shehu Salisu; Prof. Hauwa Imam, FNAE, of the University of Abuja; former Rivers SUBEB Chairman Ven Dr Fyneface Akah, ; former NIMASA DG Dr Hon. Dakuku Adol-Peterside; and RSU Director of ICT Prof. Sunny Orike.
Discussions centered on integrating values education into schools, tertiary institutions and public institutions, alongside the impact of technology on moral development among young Nigerians. Panel and plenary sessions produced practical recommendations for curriculum and policy reform.
On Saturday, the foundation marked its centenary with the unveiling of the book _Otonti Nduka in History_, launched by Chief Engr. Grant Offor, FNSE. The Nigerian Academy of Education held a ceremonial procession led by its President Prof. Olu Jegede and the Ikwerre Professors Forum.
In a communiqué, participants called for stronger collaboration between government, civil society and academia to mainstream values education nationwide. They recommended reviewing teacher training curricula and expanding digital platforms to promote ethical civic engagement, with the foundation pledging to share the outcomes with education authorities for implementation.
Dignitaries present included Ogbakor Ikwerre Worldwide as Chief Host, Prof. Emeritus Chief T. Uzodimma Nwala, the Ikenga 1 of Mbaise and first philosophy student of Prof. Otonti Nduka, alongside scholars and community leaders.
Amadi Akujobi
Nation
Shell, MAN Back Rivers’ Drive for Expanded Gas Supply to Industries
The Shell Nigeria Gas Limited, in partnership with the Manufacturers Association of Nigeria, has reaffirmed support for efforts to expand gas distribution infrastructure in Rivers State as part of initiatives aimed at improving access to affordable, cleaner and more reliable energy for industries across the South-South region.
The commitment was highlighted during the SNG–MAN Business Forum held in Port Harcourt, where stakeholders from the industrial and public sectors examined the role of natural gas in driving industrialisation, boosting local production and strengthening energy security.
Speaking at the forum on behalf of the Managing Director of Shell Nigeria Gas Limited, the company’s Head of Gas Distribution, Mr. Chukwuka Amos Ejesi, described natural gas as a critical component of Nigeria’s energy mix and a key driver of sustainable industrial growth.
According to him, Nigeria’s gas development agenda has reached a stage where policy direction must be matched with practical implementation capable of addressing the energy challenges confronting manufacturers.
He noted that pipeline gas offers industries a cleaner, more dependable and cost-effective energy alternative capable of supporting uninterrupted operations, reducing emissions and improving production efficiency.
“Gas is the backbone of manufacturing, and we are encouraged by the growing recognition among stakeholders of the need for cleaner and more reliable energy solutions,” he said.
Ejesi stressed the need for sustained collaboration among energy providers, government institutions and industrial stakeholders to maximise the country’s gas resources for economic development.
He added that improved gas infrastructure would strengthen manufacturing value chains, enhance productivity and promote more competitive industrial operations across Rivers State and the wider South-South region.
Participants at the forum also emphasised the importance of expanding energy infrastructure as a pathway to unlocking industrial capacity, reducing operating costs and promoting sustainable industrial development.
Representing Governor Siminalayi Fubara, the Director-General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside, reaffirmed the state government’s commitment to partnering with private sector investors to revitalise industrial activities in the state.
He identified key projects targeted under the initiative to include the revival of the Ahoada Industrial Park, the New Port City project and the proposed Bonny Industrial Park, all aimed at stimulating economic growth and expanding industrial opportunities along the Bonny corridor.
According to the governor, the long-term vision is to position Rivers State as a leading manufacturing hub in Southern Nigeria through strategic public-private partnerships.
Governor Fubara also commended Shell Nigeria Gas and MAN for sustaining engagements geared towards improving industrial energy access, noting that gas infrastructure development remains central to the state’s economic recovery plans.
He further observed that the gas sector presents enormous opportunities for economic growth, especially as global energy systems continue to shift towards cleaner energy sources.
The governor called on stakeholders to work collectively towards developing a practical and sustainable gas framework capable of supporting the state’s industrial and energy development objectives.
Chairman of MAN, Rivers and Bayelsa Branch, Elder Vincent Okuku, described gas as indispensable to industrial operations, noting that many manufacturers continue to struggle with the high cost of alternative energy sources.
Similarly, President of the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture, Dr. Chinyere Ngozi Nwoga, said the transition to natural gas had become increasingly necessary for businesses seeking stable and cost-efficient operations.
“Pipeline natural gas provides a more cost-effective and reliable source of energy for industries,” she stated.
Also speaking, former Chairman of MAN in Rivers and Bayelsa States, Mrs. Emilia Akpan, stressed the need to align energy infrastructure development with investment in human capacity.
She maintained that rebuilding the state’s economy would require not only reliable energy supply but also the development of technical skills needed to support long-term industrial growth.
By Kevin Nengia
Nation
City Boy Movement Hails Onyesoh’s APC Primary Win
The City Boy Movement in Etche Local Government Area of Rivers state has commended Senator Allwell Onyesoh on his victory in the APC primary election for Rivers East Senatorial District.
Chairman of the group in Etche, Dr. Fortune Uchenna Obi, spoke to journalists in Okehi Ward after participating in Monday’s direct primary. He described Onyesoh’s emergence as the party’s candidate for the 2027 senatorial election as a reflection of the people’s will.
Dr. Obi said the senator has performed well during his first term and deserves re-election. He also thanked FCT Minister Nyesom Wike, leader of the Renewed Hope Agenda and Rainbow Coalition in Rivers State, for supporting Onyesoh’s candidacy. According to him, Wike’s backing was instrumental to the senator’s nomination, clearance, and victory at the primary.
He further praised voters in Etche and across Rivers East for turning out in large numbers at ward centers and urged them to sustain the support to ensure Onyesoh’s success in the January 2027 general election.
-
News12 hours agoGroup Hails Tinubu, Chinda Emergence
-
Comment4 hours agoRivers @59: Progress Through Tough Times
-
News4 hours agoFubara Promises To Deliver State Secretariat Early 2027
-
News4 hours agoFubara Assures Completion Of Ongoing Projects In Rivers …As Airport Road Bypass Hits 65% Completion
-
News4 hours agoCourt Clears Jonathan To Contest 2027 Presidential Election
-
News4 hours agoINEC Appeals Judgement Voiding 2027 Election Timelines
-
Business2 hours agoUNIPORT, UNIBEN Clinch NCDMB’S Engineering Olympiad Regional Victories
-
News4 hours agoIGP pledges police protection for major projects
