The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s economic reforms and tight monetary policy have helped ease inflation, strengthen external reserves and restore investor confidence.

Cardoso said this during a debate on the global economy, with the theme, “Forging Resilient and Dynamic Economies for the Future”, in Bangkok, Thailand, yesterday.

He said that the reforms, including foreign exchange market adjustments and aggressive monetary tightening, were necessary to address economic challenges and restore credibility.

According to him, inflation, which peaked at about 34 per cent, has gradually declined to approximately 15 per cent.

The CBN governor said that Nigeria’s external reserves had risen to their highest level in 18 years, reflecting improved investor confidence.

He said the CBN raised interest rates aggressively in 2024, even as other economies began easing monetary policy.

He said that the measures helped to address weaknesses in monetary policy transmission and align market expectations with the bank’s policy decisions.

The CBN governor said that clear communication and consistency in implementing reforms helped prevent market panic and also strengthened confidence in the CBN.

Cardoso said that Nigeria had tackled severe external financing challenges, including net external reserves falling to about three billion dollars and outstanding foreign exchange obligations exceeding seven billion dollars.

The CBN governor said that an orthodox monetary policy approach helped stabilise the economy, settle the outstanding obligations and attract investment.

“Diaspora remittances were a major source of foreign exchange diversification, as that monthly inflows increased from 200 million dollars to 600 million dollars within a year.

“Nigeria subsequently targeted one billion dollars in monthly remittances, with inflows reaching about 950 million dollars in July.

“The improvement is partly due to digital solutions, engagement with Nigerians abroad and the removal of bottlenecks affecting international money transfers,” he said.

Cardoso said that Nigeria must sustain its reforms and diversify revenue sources beyond crude oil to strengthen economic resilience.

He cited the Dangote Refinery as an example of domestic value addition that could reduce dependence on exporting crude oil and importing refined petroleum products.

He said improved macroeconomic stability had also supported Nigeria’s return to international market indices, including the FTSE and JPMorgan bond indices.

Cardoso said that the country would maintain its reform momentum, stressing that credibility depended on consistent action rather than promises.

He said Nigeria, a major African economy with a large population, had a responsibility to demonstrate that sustained reforms could deliver lasting economic change.

The Federal Government has sought increased collaboration among state governments and other stakeholders to strengthen mortgage, land and institutional systems for accelerated and inclusive housing delivery.

The Permanent Secretary, Federal Ministry of Housing and Urban Development, Dr Shu’aibu Belgore, stated this during the Technical Session of the 15th National Council on Lands, Housing and Urban Development on Wednesday in Sokoto.

The Tide source reports that the event is themed: “Strengthening Mortgage, Land and Institutional Systems for Accelerated and Inclusive Housing Delivery.”

Belgore thanked the government and people of Sokoto State for hosting the national gathering, describing the state’s hospitality as heartwarming.

He said the theme was carefully chosen in recognition of three critical pillars of housing delivery: access to finance, access to land, and strength of institutions.

The perm-sec said the National Council remained one of the most important platforms for policy dialogue, coordination and collaboration between the federal government and the states on lands, housing and urban development.

“It provides an opportunity for us to collectively examine the challenges confronting the sector, review existing policies and programmes, and most importantly, agree on practical measures that can be implemented at all levels of government,” he said.

According to Belgore, access to mortgage facilitates home ownership adding that the system must respond to the realities of Nigerians, especially low and middle-income households.

“Necessary steps should be taken to alleviate the issues hampering access to mortgage. Our mortgage options available to off-takers should be attractive to elicit increased demand.

“Without accessible, properly planned and efficiently administered land, sustainable housing delivery will remain difficult.

“There is a need for greater collaboration between the federal and state governments in addressing land-related challenges.

“While land administration is substantially within the purview of state governments, the implications for housing delivery require a coordinated approach,” Belgore said.

He described institutions as vehicles through which policies were translated into action.

“Where institutions are weak, even well-designed policies may not achieve their intended objectives.

“We must therefore continue to strengthen the capacity of ministries, departments and agencies at the federal and sub-national levels to optimise performance.

“This includes improving technical capacity, strengthening inter-agency coordination, promoting the use of data and digital systems, and improving regulatory processes,” he said.

The perm-sec commended the seven thematic groups that deliberated, stressing that the real value of the council would be measured by the quality of decisions and their translation into action.

He said the meeting of Permanent Secretaries serves as a bridge between the technical sessions and the policy-level meeting of Commissioners and Ministers.

“Our task is to carefully examine the reports emerging from the thematic groups, identify areas requiring clarification, reconcile overlapping recommendations.

“Efforts are also geared toward eliminating inconsistencies and ensuring that the proposed recommendations are realistic, actionable and aligned with responsibilities of various levels of government,” he said.

Also speaking, the Sokoto State Commissioner for Housing and Urban Development, Mr Nasiru Dantsoho, said the state government was committed to providing policies that would enhance housing delivery.

“We hope by the time we are leaving here, we will be able to provide policies that will enhance housing delivery to make sure that each and every citizen in this country is able to get shelter.

“The Sokoto State Government is constructing over 1,500 housing units in three locations, including New City and Wajake, as part of efforts to bridge the housing deficit in the state,” Dantsoho said.

The Tide source reports that the Technical Session was attended by representatives of the Surveyor-General of the Federation, professional bodies, stakeholders and partners, including UN-Habitat.

 Customs hands over N2.26bn seized cannabis to NDLEA

The Nigeria Customs Service, Lagos Free Trade Zone Command, has handed over 400kg of suspected cannabis valued at N2.26 billion to the National Drug Law Enforcement Agency (NDLEA).

The Acting Customs Area Controller, Deputy Comptroller Olufemi Kukoyi, disclosed this at a news conference at Lekki Deep Sea Port, yesterday.

Kukoyi said the consignment was intercepted on Aug. 19, following credible intelligence that prompted officers to detain a suspicious container.

He said the container, which was destined for a bonded terminal outside the command, was initially subjected to scanning before a comprehensive physical examination.

According to him, a joint examination involving officials of the NCS, NDLEA, Department of State Services (DSS) and the National Agency for Food and Drug Administration and Control (NAFDAC) led to the discovery of seven pallets containing 400 packages of suspected cannabis.

He said that the substance, weighing 400kg, was concealed with 798 reams of A4 printing paper to evade detection.

Kukoyi said the report of the seizure was forwarded to Customs Headquarters, which approved the formal handover to the NDLEA for further investigation and necessary action.

He described the interception as a boost to public safety and national security, noting that drug trafficking threatened the wellbeing of youths and fuelled criminal activities.

The controller attributed the success to intelligence-led enforcement, modern technology, and collaboration among security agencies.

He commended the Comptroller-General of Customs, Bashir Adeniyi, for promoting consolidation, collaboration, and innovation in the Service.

Kukoyi warned criminal networks against using the ports for illicit activities, assuring that the command would sustain surveillance and enforcement.

Receiving the consignment, the Commander of Narcotics, NDLEA Lekki Port Area Command, Jonah Achema, said the seizure demonstrated the effectiveness of inter-agency collaboration.

Achema said the interception, coming days after Kukoyi assumed office, underscored the agencies’ resolve to intensify the fight against drug trafficking.

He also cited a previous seizure of 46 tonnes of Tramadol valued at N35 billion, saying the operations reflected the anti-drug campaign of the NDLEA Chairman, retired Brig.-Gen. Buba Marwa.

He assured the Customs Service and other agencies that the NDLEA would sustain intelligence-driven operations to prevent drug trafficking through Lekki Port.

The Chairman, Nigerian Bar Association (NBA), Port Harcourt Branch, Dr Chinedu Maduba, has joined the call for the appointment of a woman as Inspector-General of Police.

Maduba made the call in an interview with newsmen at the book launch of Dame Stella Okuyiga’s book, _The Origin of Police in Nigeria_, at Hotel Presidential, Port Harcourt, yesterday.

He said his opinion was formed after listening to some of the special tasks performed by women in the police, as revealed by the Inspector-General of Police, Olatunji Disu.

According to him, it would not only be proper to give women the opportunity to serve in the highest office in the police force, but would also address the quest for good conscience, equity and justice.

To buttress his point, he said the testimony of the IGP on women manning all the area commands in Abuja should serve as a good basis for considering women for other sensitive offices from which they had been excluded in the past.

“We in the NBA trust our offices to women. Just imagine if the current IGP is a woman and we have a woman as the NBA President; they will bond for better policing,” he said.

He also lauded the IGP for what he described as the introduction of international standards of policing in the country, notwithstanding some pockets of challenges, and called for improved welfare packages for the Nigeria Police.

To other women, he urged them to look up to retired Deputy Commissioner of Police, Dame Okuyiga, as a role model and build on her records in the police force.

He further admonished them to take additional steps in exposing the ills allegedly perpetrated by some women in the Nigeria Police Force, saying such issues might be part of the concerns surrounding the appointment of women to the apex police position.

The Secretary of the NBA, Port Harcourt Branch, Rachel Princewill, also joined in the historic and memorable occasion, which celebrated women in the Nigeria Police Force and honoured the 94-year-old retired Deputy Commissioner of Police, Dame Stella Okuyiga.

The event, held at Atlantic Hall, Hotel Presidential, Port Harcourt, featured the presentation of Okuyiga’s book, _The Origin of Police in Nigeria, and brought together retired and serving women police officers from across the country.

King Onunwor