Business

OPS reacts on CBN’s interest rates reduction

Published

2 months ago

September 24, 2025

The Monetary Policy Committee of the Central Bank of Nigeria has reduced the country’s benchmark interest rate to 27.00 per cent, the first cut in 2025 after three consecutive pauses, signaling a shift in policy towards supporting economic recovery.

While welcoming the move, members of the Organised Private Sector argued that the reduction remains marginal and insufficient to ease the credit squeeze on manufacturers and small businesses.

Announcing the decision at a press briefing on Tuesday in Abuja after the committee’s 302nd meeting, CBN Governor Olayemi Cardoso said all 12 members voted in favour of a 50-basis point cut from 27.5 per cent.

The committee also adjusted the Standing Facilities corridor to +250/-250 basis points, raised the Cash Reserve Requirement for commercial banks to 45 per cent while retaining merchant banks at 16 per cent, and introduced a 75 per cent CRR on non-TSA public sector deposits. The Liquidity Ratio was left unchanged at 30 per cent.

Cardoso explained that the decision was underpinned by “sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025, and the need to support economic recovery efforts.”

The MPC noted that headline inflation slowed to 20.12 per cent in August from 21.88 per cent in July. Food inflation fell to 21.87 per cent from 22.74 per cent, while core inflation eased to 20.33 per cent from 21.33 per cent. On a month-to-month basis, inflation dropped sharply to 0.74 per cent in August compared with 1.99 per cent in July.

“This reduction is the first under my leadership and the first in five years,” Cardoso noted. The last time Nigeria cut its policy rate was in September 2020, when it dropped from 12.5 per cent to 11.5 per cent.

Across Africa, a similar trend is unfolding. Just last week, Ghana slashed its policy rate by 350 basis points to 21.5 per cent, while Kenya reduced its benchmark to 9.5 per cent in August. Nigeria’s cut, however, still leaves it with one of the highest rates on the continent.

The MPC also highlighted positive macroeconomic trends, particularly Nigeria’s second-quarter GDP growth of 4.23 per cent, up from 3.13 per cent in the first quarter.

The rebound was largely driven by the oil sector, which expanded by 20.46 per cent compared with just 1.87 per cent in the previous quarter.

The committee commended the Federal Government for improved security in oil-producing regions, noting that sustained production growth would strengthen external reserves and stabilize the naira.

Foreign reserves rose to $43.05bn as of September 11, 2025, up from $40.51bn at the end of July, providing an import cover of 8.28 months. The current account balance also recorded a surplus of $5.28bn in Q2, up from $2.85bn in Q1.

Cardoso disclosed that 14 banks had already met the new recapitalisation requirements, with the sector remaining resilient and financial soundness indicators within prudential benchmarks.

Looking ahead, the MPC projected continued disinflation, supported by exchange rate stability, declining petrol prices, and the harvest season. The next MPC meeting is scheduled for November 24–25, 2025.

OPS reacts

While the rate cut was widely acknowledged as a step in the right direction, members of the Organised Private Sector argued that the reduction remains marginal and insufficient to ease the credit squeeze on manufacturers and small businesses.

Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, described the cut as welcome but inadequate. “Virtually every time the MPC meets, what we anticipate is a reduction in rates. This is welcome, but it has not gotten us anywhere near our expectations. Manufacturers need to borrow at no more than five per cent for that borrowing to be supportive of production,” he said.

Ajayi-Kadir emphasised that no bank would lend at a rate below the MPR, meaning credit costs remain unaffordable. “It signals a rethinking by the CBN, but manufacturers still await a time when rates will be significantly lower,” he added.

Similarly, the Director-General of the Nigeria Employers’ Consultative Association (NECA), Adewale Oyerinde, warned that the cut’s impact might be undermined by other restrictive measures such as the high CRR. “If credit costs are lowered, businesses can access affordable financing, expand investments, and create jobs. But the persistently high CRR and liquidity restrictions risk limiting these outcomes,” Oyerinde said.

He pointed out that while inflation moderated in August, food inflation at 21.87 per cent continues to erode disposable incomes. “Macroeconomic stability must translate into tangible relief for Nigerians,” he added, urging the government to complement monetary policy with structural reforms.

The President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, called the rate cut a “good start” but “insignificant” in the broader context. “Compared to other developing countries, ours still ranks among the highest. Access to finance remains the number one challenge of SMEs. A 0.5 reduction is insignificant compared to the pressure on the real sector,” he said.

Egbesola called for special credit windows at single-digit rates for small businesses, stressing that alternative funding sources beyond banks must also be explored.

The Centre for the Promotion of Private Enterprise echoed similar sentiments, commending the MPC’s move but stressing the need for complementary fiscal reforms.

Its Director, Dr Muda Yusuf, described the rate cut as “a welcome and timely intervention,” adding that the lower MPR combined with a reduced CRR should expand banks’ capacity to create credit and lower lending rates. This will support business expansion, stimulate output growth, and create jobs,” Yusuf said.

He, however, stressed that monetary easing alone is not enough. “Fiscal authorities must prioritise infrastructure to reduce production costs, strengthen the regulatory framework, and sustain fiscal consolidation to ensure macroeconomic stability and investor confidence,” he said.

Yusuf further urged the government to address insecurity, which continues to threaten private investment and rural productivity.

Observers agree that the CBN’s decision marks a significant shift in monetary policy, moving from stabilisation towards growth acceleration. Analysts note that while inflation remains elevated, the trend of disinflation provides room for cautious easing to support recovery.

For manufacturers, small businesses, and employers, the cut is a signal of intent but falls short of delivering immediate relief. The consensus across the OPS is that credit costs must drop significantly further, ideally into single digits, to unlock the full potential of Nigeria’s productive sectors.

As Yusuf summed it up: “If sustained and backed by fiscal and structural reforms, the new stance could stimulate growth, improve private sector performance, boost revenues, and moderate inflation sustainably in the medium to long term.”

On its part, the Nigeria Labour Congress described the CBN’s reduction of the Monetary Policy Rate from 27.50 per cent to 27 per cent as a step in the right direction, but cautioned that borrowing costs remain prohibitively high for businesses.

The Assistant Secretary-General of the NLC, Onyekachi Christopher, told The PUNCH that while it is encouraging that policymakers are considering rate reductions, the current level of 27 per cent remains very high.

“As an organisation advocating for the welfare of workers, we hope to see manufacturers gain better access to financing, produce more goods, hire additional employees, and contribute more meaningfully to the economy,” Onyekachi said. “Easier access to bank loans would support these goals, creating long-term benefits for both businesses and workers.”

Professor of Economics and former Vice-Chancellor of Crescent University, Abeokuta, Sheriffdeen Tella, said while interest rate theory is more applicable in advanced economies, it remains relevant for Nigeria.

“The CBN likely felt it could reduce rates now that inflation is coming down. High interest rates increase borrowing costs, which in turn raise production costs for businesses. At current levels, borrowing is still unattractive because profits rarely exceed 20–30 per cent annually, making loans hard to justify. Although the reduction is a positive start, rates remain relatively high,” he said.

Former Zenith Bank Chief Economist Marcel Okeke said the rate cut signals the beginning of a loosening in the CBN’s tight monetary stance. “The Monetary Policy Rate is largely indicative. It signals to commercial banks that they may start easing their lending rates rather than keeping them high continuously. Essentially, it shows that the CBN is beginning to loosen its tight monetary stance,” he said.

Okeke noted that historically, high lending rates were driven by the CBN’s tight policy, which pushed the MPR to around 27.5 per cent. “This reduction is the start of reversing that trend. Even if banks only reduce rates by 1–2 per cent, it is symbolic but meaningful. In the next CBN meeting in November, further reductions could follow if inflation continues to decline,” the economist added.

He highlighted that inflation has fallen from almost 35 per cent in December 2024 to about 20.13 per cent in August 2025. “If it continues to fall to around 17–18 per cent, the CBN is likely to reduce the NPR further.

“Lower interest rates make loans more affordable, increasing access to credit and stimulating economic activity. However, the effect isn’t immediate; there is a time lag between policy implementation and visible impact. Further cuts will also depend on exchange rate stability and inflation trends,” Okeke said.

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Business

Investors lose fresh N1.17tn as bearish trading resumes

Published

1 day ago

November 18, 2025

Newsbreak365_Admin

The equities market began the week in the red as the All-Share Index of the Nigerian Exchange fell by 1.26 per cent to close at 145,159.77 points on Monday.

The decline wiped off about N1.17tn from investors’ wealth, dragging market capitalisation down to N92.3tn.

According to market data, the downturn was driven largely by heavy sell pressure on Dangote Cement, which fell by a maximum of 10 per cent, alongside declines in tier-1 banks including Zenith Bank (-1.64 per cent), Access Holdings (-3.26 per cent), and FBN Holdings (-2.76 per cent).

Despite the negative close, market breadth stood positive, with 28 gainers outperforming 24 losers. Sovereign Insurance (+9.97 per cent) led the gainers’ chart, while Dangote Cement and Enamelware, both down 10 per cent, topped the losers’ list.

Market activity normalised after last Friday’s unusually large turnover, driven by off-market crosses in Cornerstone Insurance. Total volume traded declined sharply by 92.1 per cent to 388.2 million units, while total value traded fell by 26.3 per cent to N31.1bn. Tantalizer emerged as the most traded stock by volume with 57.1 million units, while Aradel Holdings dominated the value chart with N21.5bn worth of trades, accounting for 69 per cent of total market value. Recall that Tantalizer on Friday announced the signing of a multi-million-dollar deal with a US-based firm for a period of five years to export premium prawns and shrimps.

Trading remained largely bearish across most sectors. The InHHHdustrial Goods Index led sector declines, down 4.48 per cent, primarily due to weakness in Dangote Cement.

The Oil & Gas Index fell by 1.18 per cent with losses in Oando and Aradel, while the Banking Index dropped 1.01 per cent. The Consumer Goods Index edged down 0.02 per cent. In contrast, the Insurance Index closed positively, rising 0.07 per cent, supported by gains in Sovereign Insurance.

Cowry Asset Management, in its daily market note, attributed Monday’s downturn to profit-taking activities among investors. The firm noted that the drop in market capitalisation occurred despite the listing of 1.96 billion ordinary shares of Chams Holding via private placement, underscoring the depth of the sell pressure.

The investment house added that trading patterns reflected heightened retail activity. Although total trading volume plunged 92.64 per cent to 360.6 million units and value dropped 26.88 per cent to N30.9bn, the number of deals rose 15.83 per cent to 27,975, indicating increased participation through smaller-sized transactions.

Meanwhile, the October inflation data released by the National Bureau of Statistics indicated that Nigeria’s inflation continued its deceleration, moderating to 16.1 per cent year-on-year in October, compared with 18.0 per cent in the prior month.

This moderation was evident in the food and core baskets, which both settled at 13.1 per cent YoY and 18.7 per cent YoY, respectively (vs 16.9 per cent and 19.5 per cent in September). However, on a MoM basis, headline inflation rose by 0.9 per cent vs 0.7 per cent recorded in the prior period.

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Business

Minority investors vital for capital market growth – Sola Oni

Published

2 days ago

November 18, 2025

Newsbreak365_Admin

With more than 30 years of experience across financial journalism, capital market operations, education, and strategic communications, Sola Oni stands as a prominent figure in Nigeria’s investment landscape. A former spokesperson for the Nigerian Stock Exchange (now NGX) and a Fellow of both the Chartered Institute of Stockbrokers and the Institute of Capital Market Registrars, Oni discusses with OLUWAKEMI ABIMBOLA the importance of minority investors in market growth and other emerging developments in Nigeria’s financial sector

The capital market has witnessed several developments recently, from the transition to a T+2 settlement cycle to the recognition of digital assets such as cryptocurrency. How do you assess these changes and their implications for the market and the wider economy?

The commencement of the Central Securities Clearing System operations on 14 April 1997, established a central depository with an electronic clearing and settlement system. It began with T+5 (Transaction Day plus five working days). In 2000, CSCS advanced to T+3, the settlement cycle it has maintained to date.

Before this milestone, the Nigerian capital market relied on a manual clearing and settlement system, which was entirely paper-based. Investors were issued physical share certificates as proof of ownership, a process fraught with numerous challenges. Clearing and settlement could take weeks or even months due to manual document verification. Registrars were required to authenticate share certificates, which were physically delivered for ownership transfer and register updates.

The manual process was susceptible to theft, administrative bottlenecks, high transaction costs, reconciliation errors, fraud, and forgery. As a dynamic institution, CSCS is now set to launch a T+2 clearing and settlement cycle on 28 November. All stakeholders are prepared for this historic event, which will be inaugurated by the Securities and Exchange Commission.

The ultimate goal is to achieve T+1, which is already the standard in several advanced markets. This means that if you buy or sell securities today, payment and ownership transfer will be completed the following day. Markets such as the Toronto Stock Exchange in Canada, Bolsa Mexicana de Valores in Mexico, NSE and BSE in India, and the Shanghai and Shenzhen Stock Exchanges in China already operate this benchmark.

Let me add that T+0 is uncommon, as it requires real-time cash and securities availability. It can reduce liquidity since funds and securities are tied up immediately. Although a few markets, including China, the United States, and India, operate T+0, it is mostly limited to digital assets and certain money market instruments.

Many companies in the financial services sector are currently undergoing recapitalisation. How should minority investors position themselves to take advantage of this trend?

Minority investors, those owning less than 50 per cent of a company, are essential to every thriving capital market. Regardless of ownership size, every investor must begin with the basics: What is my investment objective? What is my risk tolerance? What is my time horizon? And what is my source of funds?

An investor who cannot answer these questions is simply taking uncalculated risks, which often end badly. As the financial services sector evolves, minority investors need to be strategic. A good starting point is understanding the investment policy of the target company and identifying growth segments with strong potential. These include undercapitalised mid-tier banks, emerging fintech firms, and high-performing insurance companies.

A minority investor’s objective should align closely with that of the target company. It is also prudent to focus on firms where recapitalisation can unlock regulatory reliefs, improve credit ratings, and strengthen growth capacity. Positioning in such companies enhances returns and provides a pathway to sustainable wealth creation. In a reform-driven and innovative market, the best opportunities often lie where growth and regulation converge in favour of investors.

Tax reforms are expected to take effect next year. What impact might these have on the capital market?

The ongoing work of the Presidential Committee on Tax and Fiscal Policy Reforms, chaired by Mr Taiwo Oyedele, is generating significant interest across Nigeria’s economic landscape. Stakeholders believe that the committee’s recommendations will have far-reaching implications for businesses, investors, and the capital market as a whole.

In the capital market, taxation is a major determinant of competitiveness. It affects corporate earnings and, by extension, shareholder returns. For foreign investors, tax policy is often a critical factor in assessing a country’s investment appeal. Key taxes that directly affect investors include Capital Gains Tax, Withholding Tax on dividends, Transaction Taxes, and Stamp Duties.

However, there are growing concerns among market participants over the proposed increase in Capital Gains Tax from 10 per cent to 30 per cent, which could discourage high-net-worth individuals, institutional investors, and foreign portfolio investors. Analysts warn that such an increase might weaken market confidence and reduce overall investment inflows.

The capital market community therefore looks to the government to consider tax incentives and relief measures that can enhance Nigeria’s global competitiveness. Stakeholders continue to engage with Mr Oyedele and his team, seeking assurance that the reforms will foster growth while preserving investor confidence. Mr Oyedele has repeatedly emphasised that the reforms aim to promote fairness, transparency, and alignment with global best practices.

As the committee’s work progresses, we in the capital market are optimistic that the outcome will have a net positive impact, boosting investor sentiment and positioning Nigeria’s capital market for sustainable growth.

How would you assess Nigeria’s progress in developing a commodities exchange ecosystem?

Nigeria’s commodities exchange ecosystem is still largely untapped but brimming with potential. Encouragingly, awareness of the benefits of commodities exchanges is growing, driven primarily by private-sector-led initiatives.

For instance, in September, the Lagos Commodities and Futures Exchange listed N23.4bn worth of Eko Rice Classic Spot Contracts, a milestone in transforming Nigeria’s agricultural and commodities sectors.
One major source of optimism is the new Investment and Securities Act (2025), which has addressed previous policy gaps and formalised the country’s commodities ecosystem. The Act has strong potential to stimulate economic growth if effectively implemented.

Nonetheless, stronger regulatory support is needed. The government should consider making it mandatory for commodity producers and exporters to use exchange platforms. This would have a multiplier effect on GDP growth and boost foreign exchange earnings. It should also create an enabling environment for private-led commodities exchanges by supporting warehousing and logistics infrastructure to reduce post-harvest losses and enhance token and receipt delivery.

With the number of minority investors on the rise, how crucial is investor education in sustaining market growth and promoting economic resilience?

Minority investors, those owning less than 50 per cent of a company’s shares, are key stakeholders in Nigeria’s capital market. Their protection and active participation are vital for building investor confidence and ensuring fair corporate governance.

Under the Companies and Allied Matters Act 2020, SEC rules, and NGX listing requirements, minority investors are entitled to several rights that protect their interests and promote accountability.

They have the right to information, ensuring access to periodic financial statements, annual reports, and corporate disclosures, as well as rights to dividends, entry and exit, and protection from oppressive conduct by majority shareholders or directors. They can attend and vote at annual and extraordinary general meetings and participate in rights issues and bonus share offers, thereby preventing unfair dilution of their holdings. In cases of dispute, they can seek legal redress, including court petitions under CAMA for oppression, mismanagement, or unfair prejudice.

These provisions reflect the joint efforts of the SEC, NGX, and the Corporate Affairs Commission to promote transparency and investor protection. When listed companies respect these rights, they strengthen corporate reputation, improve liquidity, and attract both domestic and foreign investors.

Beyond rights, minority investors serve as critical checks and balances on boards and management. Through constructive engagement, asking questions, demanding accountability, and scrutinising decisions, they help uphold governance standards. Their participation in public offers, rights issues, and private placements also deepens liquidity and supports capital formation, which ultimately strengthens the economy.
Protecting minority investors is therefore not merely a legal duty but a strategic necessity for market growth.

A transparent, equitable system that safeguards all investors will enhance confidence and position Nigeria’s capital market as a globally competitive investment destination.
How do you envision Nigeria’s capital market evolving over the next five years?

Capital market development is a marathon, not a sprint. Over the next five years, I envision a market shaped by technology, innovation, and broader participation, particularly from millennials, Gen Z, and other digital natives.
The rise of digital platforms and the introduction of innovative investment products are likely to attract tech-savvy investors, expanding market reach and liquidity. More companies are expected to tap into the capital market for long-term funding, while the government may increasingly rely on market instruments to finance infrastructure projects.

With the CSCS set to commence T+2 settlement this month, the market will become more efficient and competitive in transaction processing.

We can also anticipate significant growth in the commodities ecosystem, with private-sector-led exchanges contributing to GDP expansion and boosting the global competitiveness of Nigerian agricultural products. The Over-the-Counter Exchange, led by NASD Plc, is also poised for increased activity as new products and strategies attract retail and institutional investors.

However, these projections depend on key factors such as the faithful execution of economic reforms, adoption of emerging technologies, and full implementation of the SEC’s Capital Market Master Plan and ISA 2025. With these in place, Nigeria’s capital market could evolve into a more inclusive, innovative, and globally competitive environment.

You began your career in journalism before transitioning into capital market operations and corporate communications. How did that journey unfold?

My transition into the capital market began in 1992 when my editor at The Guardian, Mr Jide Ogundele, sent me to the library to study the Financial Times of London for two days. Until then, I had covered multiple beats, Energy, Money Market, Aviation, Insurance, and Manufacturing, often producing front-page news.

At The Guardian, excellence was non-negotiable. Readers were largely middle-class and above, so one had to be exceptional in both reporting and writing to keep the job.

My first visit to the Nigerian Stock Exchange (now NGX) in 1992 was fascinating. Journalists watched from the gallery as stockbrokers shouted bids and offers on the trading floor, a system known as the Call-Over or Open Outcry. It was a vibrant, disciplined environment where trading, price discovery, and share allocation were meticulously coordinated.

After each session, journalists compared the Exchange’s Daily Official List with their records to ensure accuracy. Our reports influenced broker decisions, sparked debate, and even moved share prices, a reflection of how much the market depended on credible reporting.

Although the Call-Over System was engaging, it was also time-consuming and dependent on the Chairman’s discretion. Covering the capital market was demanding because it required understanding the broader economy, how macroeconomic variables influenced company performance and stock prices.

In 1994, I was briefly de-accredited by The Exchange, but The Guardian stood by me. By 1997, I joined The Exchange itself, and that same year, I won the Diamond Award for Excellence in Financial Reporting. I rose to management level, led a department, and contributed significantly to the organisation’s growth.

The Exchange invested in my training, I studied at the New York Institute of Finance, trained at the U.S. SEC’s International Institute for Securities Market Development in Washington D.C., and interned at the World Bank in Chicago.

Today, I am a Fellow of both the Institute of Capital Market Registrars and the Chartered Institute of Stockbrokers, as well as a member of the Commodities Brokers Association of Nigeria and the Chartered Institute for Securities and Investment, UK.

I currently work as a public relations consultant, integrated communications strategist, and educationist, maintaining strong ties to the capital market. Journalism laid the foundation for my understanding of finance, governance, and market dynamics, skills that have shaped my entire professional journey.

If you could advise regulators and listed companies on one mindset shift, what would it be?

Both the apex regulator (SEC) and self-regulatory organisations play a crucial role in enforcing market rules and protecting investors. With rapid technological change, regulatory frameworks must evolve accordingly.

The Investment and Securities Act should be reviewed periodically to ensure that regulators stay ahead of market operators, addressing potential infractions before they escalate. Likewise, listed companies must strictly comply with post-listing requirements to maintain transparency and investor trust.

Ultimately, market growth depends on trust. Regulators and operators share responsibility for building and maintaining this trust. Regulators must enforce rules consistently, while operators, brokers, listed firms, and other participants, must act with integrity and provide accurate, timely information.

When investors are confident that the market is fair, transparent, and responsive, they are more willing to commit capital, which in turn fuels liquidity, growth, and long-term stability.

Looking back, what achievement are you most proud of in your capital market journey?

I have consistently advocated for policy reforms, highlighted structural and fiscal challenges, and promoted greater participation in the capital market through my writings and public commentary.

I am also passionate about mentoring the next generation of financial journalists, helping them to embrace accuracy, integrity, and professionalism. Through these efforts, I aim to encourage informed investing, strengthen governance, and contribute to building a more inclusive and resilient market ecosystem.

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Business

Lagos bond subscription hits N310bn

Published

2 days ago

November 18, 2025

Newsbreak365_Admin

The Lagos State Commissioner for Finance, Yomi Oluyomi, says the state has made history with the conclusion of the bookbuild for its landmark bond issuance that has recorded an overwhelming reception from the investment community.

In a statement on Monday, Oluyomi explained that the state offered a N200bn Conventional Bond and a N14.8bn Green Bond, both of which were significantly oversubscribed.

“The Conventional Bond, which is the largest ever issued by a non-corporate sub-national in Nigeria’s history, attracted subscriptions totalling N308bn, representing a 54 per cent oversubscription above the initial offer. Lagos State is the first sub-national government to issue an impact climate bond. The Green bond attracted N28.7bn – 94 per cent more than the target,” Oluyomi said.

The Lagos State Governor, Babajide Sanwo-Olu, was quoted in the statement as saying, ”This is a reflection of the global confidence in Nigeria’s economy, fostered by the bold reforms initiated by President Bola Tinubu as reflected in the recent oversubscription of the Federal Government’s Eurobond.

“In Lagos, ours is a testament to our resilience and the unwavering support of our private sector partners who believe in our vision of building Africa’s model megacity that is safe, secure, and functional,” Sanwo-Olu said.

According to him, the state shall continue to ensure prudent financial management, accountability, and fiscal transparency as it continues to provide a conducive environment for businesses to grow. “Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball,” he added.

The statement pointed out that the proceeds from these Bonds are earmarked to fund critical projects across the state, directly aligned along the line of the THEMES+ Agenda of Governor Babajide Sanwo-Olu.

“These projects will focus on vital areas such as transportation, healthcare, education, and environmental sustainability, all aimed at significantly improving the livelihood and well-being of all Lagosians and securing a more prosperous and resilient future for the state,” it stated.

The “conventional bond” is a fixed-rate, long-term debt instrument issued by the Lagos State Government to raise capital from the domestic capital market.

Proceeds are used to fund infrastructure and social development projects across Lagos. Lagos State has a Debt Issuance Programme that allows it to issue bonds, notes, and other securities under a shelf registration.

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