23% Interest Rate Alone Cannot Revive Nigeria’s Economy, MPC Members Warn

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Members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) have warned that Nigeria’s 23% benchmark interest rate will not, on its own, deliver sustainable economic growth, calling for complementary fiscal reforms, stronger domestic production and improvements in infrastructure.

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Nigeria’s Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, has attributed more than ₦30 trillion in money creation about three years ago to severe foreign exchange shortages, declining crude oil earnings and the cost of government subsidy policies.

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The Federal Government has formally ended a nearly 20-year dispute with Bi-Courtney Limited and Stabilini Visinoni Limited over the concession of Murtala Muhammed Airport Terminal Two (MMA2) in Lagos, paving the way for renewed government revenue, expanded airport operations and the completion of long-delayed hospitality projects.

Federal road projects across Northern Nigeria are drawing attention for their potential to improve connectivity, support commerce and expand access to economic opportunities, as the government positions transport infrastructure as a central part of its development agenda.

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Akwa Ibom State is expanding investment in aviation, maritime infrastructure and industrial development as it seeks to reduce its dependence on oil and gas and create new sources of economic growth.

Oyo State Governor and Allied Peoples Movement (APM) presidential candidate Seyi Makinde has questioned the Federal Government’s spending priorities, challenged the effectiveness of its fuel-cost interventions and demanded the publication of the pricing framework used to determine petrol prices in Nigeria.