Reject stomach infrastructure – INEC

The Independent National Electoral Commission, INEC, has urged voters in Anambra State to shun vote buying and other inducements ahead of the November gubernatorial election in the state.

In a post on its official X handle on Thursday, the Commission cautioned the electorate against trading their votes for money or material items, stressing that such practices undermine the integrity of elections and hinder meaningful development.

“Reject stomach infrastructure. Demand real development. Say NO to vote buying,” INEC wrote, reiterating its commitment to ensuring a free, fair, and credible poll.

The Commission further appealed to political parties and candidates to engage in issue-based campaigns, focusing on policies and programmes that will improve the welfare of the people, rather than exploiting voters’ economic conditions for electoral gain.

Kaduna: Nenadi Usman, Bashir Saidu leaders of coalition – ADC

The African Democratic Congress (ADC), Kaduna State Chapter says Senator Nenadi Esther Usman and Bashir Saidu are leaders of the coalition in the state not ADC.

A statement issued by the ADC chairman in Kaduna State, Elder Patrick D. Ambut explained that leaders and stakeholders of several political parties, including the Labour Party, have been part of the coalition movement from inception, saying that it is meant to coordinate coalition activities more effectively in Kaduna State.

According to him, “The attention of the African Democratic Congress (ADC), Kaduna State Chapter, has been drawn to certain misrepresentations surrounding the recent appointments of Chairman and Co-Chairman made by the Coalition Partners in Kaduna State.

“For the avoidance of doubt, the ADC as a political party maintains its duly elected leadership structure, which remains intact and unaffected by the appointments made by the coalition partners.

“The Coalition Partners is an alliance of individuals, political parties, and interest groups who have come together in a collective, patriotic effort to rescue Nigerians from the current hardship and maladministration of the rudderless APC government.”

He said that in order to coordinate coalition activities more effectively in Kaduna, it became necessary to designate leadership positions within the coalition, hence the appointment of a Chairman and Co-Chairman.

Ambut said, “These appointments are entirely separate and distinct from the leadership structure of the ADC in Kaduna State. It’s mainly to provide leadership to unite all opposition political leaders in the state. The elected State Executive Committee of the ADC remains in full charge of the party’s affairs and operations within the state.”

Accordingly, he explained that the appointment of Senator Nenadi Usman, the Interim National Chairman of the Labour Party, as Chairman of the coalition efforts in Kaduna State, aligned perfectly with her party’s commitment to the coalition, adding that it is well known that the Labour Party leadership, stakeholders, and even its 2023 presidential candidate have been active participants in the collective rescue mission aimed at liberating Nigerians from the grip of the APC.

He said that the clarification had become necessary to dispel the false narrative being circulated in some quarters that Senator Nenadi Usman had defected to the ADC.

FULafia gets new Vice-Chancellor

The Federal University, Lafia, FULafia, has appointed Prof Mohammed Isa Kida, as the new Vice-Chancellor of the institution.

This was contained in the appointment letter, dated October 29, 2025.

The letter stated that Prof Kida’s tenure will last for a single term of five years, beginning February 11, 2026.

Meanwhile, the university council expressed confidence that he would leverage his wealth of experience to advance the growth and development of the university.

DAILY POST reports that Prof Kida succeeds Prof Shehu Abdul Rahman, who will leave office in February 2026.

Before his appointment, Prof. Kida served as the Dean of the Faculty of Management Science.

The accomplished accountant received his letter of appointment from the Chairman of the FULafia Governing Council, Mrs Lola Fibisola Akande.

Boko Haram attacking churches, mosques – Information Minister

Minister of Information and National Orientation, Mohammed Idris, has said President Bola Tinubu’s administration is working to secure the lives of both Christians, Muslims and Nigerians in general.

Idris said Boko Haram extremists target both mosques and churches, adding that reports that only the North is being attacked were false.

Speaking during an interview on CNN The Exchange, Idris insisted that Nigeria is religiously tolerant.

He said: “We believe and I would reiterate that we do have security challenges in Nigeria, we are not denying this or asking for denial in that direction.

“But what we are saying is that we need to make Nigerians and the world believe that this government is actually working to ensure the security of lives of everyone, Christians, muslims living side by side with each other.

“When you say that only a particular region is being targeted that is not true. We know that some of these Boko Haram extremists have targeted Muslims in the mosques, they have targeted Christians in their churches.

“And that is why we need the world to know that there is indeed this challenge and as a religious issue, it’s not helpful for our country, it will drive us towards division.

“What these criminal elements and extremists want the world to feel that there is a fight between Christians and Muslims, which is not the case, it’s absolutely false.

“The Constitution guarantees the right of citizens to practice their religion whether you are a Christian or Muslim and in the hierarchy of our government there are both Christians and Muslims living harmoniously and working together.”

Board warns Nigerians against fake paramilitary recruitment messages

IMMIGRATION CDCFIBThe Civil Defence, Correctional, Fire and Immigration Services Board has warned Nigerians to beware of fraudulent recruitment messages circulating online, as the 2025 paramilitary recruitment exercise enters a crucial phase.

In a statement posted on its official X handle late Wednesday, the board clarified that it will not contact applicants through email or SMS, stressing that all legitimate updates are available only on its portal.

It urged applicants to visit the site to update their profiles and print examination slips, as part of the ongoing shortlisting process.

“CDCFIB will not send emails or SMS to applicants. Visit our portal, and once shortlisted, update your profile to print your examination slip.

The CDCFIB’s warning follows the release of names of candidates shortlisted for the paramilitary agencies’ computer-based test.

In a statement on Wednesday, the secretary to the board, retired Maj.-Gen. Abdulmalik Jubril, urged candidates who applied for recruitment into any of the four paramilitary agencies to visit its official recruitment portal at https://recruitment.cdcfib.gov.ng from Thursday to check if they had been shortlisted.

“From Thursday, October 30, 2025, candidates are to check if they have been shortlisted for the next stage of the exercise, as well as centres for the Computer-Based Test (CBT).

“Shortlisted candidates are further requested to take note of the venue, date, as well as time scheduled for the CBT,” he said.

The statement enjoined applicants to take note of the correct portal address highlighted to avoid being scammed.

Reps seek FG, CBN support for cassava farmers

House of RepresentativesThe House of Representatives has called on the Federal Government, through the Central Bank of Nigeria, to ensure that cassava farmers have easy access to short-term loans as part of efforts to strengthen food security and expand the agricultural value chain.

The lawmakers also urged President Bola Tinubu to reconstitute the defunct Presidential Committee on Cassava Initiative to enhance the welfare of cassava farmers and reposition the subsector for export competitiveness.

The resolution followed the adoption of a motion sponsored by Canice Nwachukwu (APC, Imo) during Wednesday’s plenary session.

Nwachukwu noted that cassava cultivation had become one of Nigeria’s most organised and promising agricultural ventures, with widespread processing for food products, livestock feed, and industrial applications.

He highlighted that cassava by-products, such as garri, had become major export commodities, contributing significantly to foreign exchange earnings.

Cassava, grown in all 36 states and the Federal Capital Territory, serves multiple economic and nutritional purposes.

Beyond its use as food, cassava peels and starch derivatives are valuable in livestock feed production, pharmaceuticals, and industrial manufacturing.

Nwachukwu said easy access to short-term loans and modern processing equipment would revolutionise cassava farming and enhance farmers’ income and productivity.

“If cassava processing machines and short-term loans are provided, farmers can transform cassava into garri and fufu hygienically and efficiently.

“This will boost market value, improve food quality, and help farmers contribute more to national GDP,” he said.

Nwachukwu added that Nigeria could achieve greater economic diversification by harnessing cassava’s export potential, using it as a viable alternative to crude oil for foreign exchange earnings.

He, however, expressed concern that despite being one of Africa’s largest cassava producers, Nigeria still processed about 90 per cent of its yield locally, largely at the cottage level using rudimentary technology.

“Most processors are women who work under poor hygienic conditions with limited access to credit and modern equipment. These challenges result in low productivity, poor packaging, and minimal profits along the value chain,” he lamented.

Following extensive deliberations, the House urged the CBN to direct the Bank of Agriculture, Bank of Industry, and other financial institutions to create mechanisms that would guarantee cassava farmers easy access to short-term credit facilities.

 

 

The lawmakers also called on the Federal Government to revive the Presidential Committee on the Cassava Initiative Programme (popularly known as the Composite Cassava Flour Initiative of 2002) to promote value addition, research, and farmer support.

Additionally, the House mandated the Federal Ministry of Agriculture and Food Security to embark on extensive training for peasant farmers on cassava production, processing, and packaging to improve standards and competitiveness.

The committees on Agricultural Production and Services and Legislative Compliance were directed to monitor implementation and report back within four weeks for further legislative action.

Nestlé Nigeria rebounds with N72.5bn profit

Nestlé NigeriaNestlé Nigeria Plc has announced a return to profitability in its nine-month results for 2025, posting a profit after tax of N72.5bn compared to a loss of N184.3bn recorded in the same period of 2024.

The company’s financial report for the period ended September 30, 2025 showed a 33 per cent growth in revenue, which rose to N884.5bn from N665.3bn in the corresponding period of last year.

Operating profit also surged by 63.6 per cent to N181.3bn, up from N110.8bn in 2024, while profit before tax stood at N127.9bn, representing a sharp turnaround from the pre-tax loss of N255.4bn recorded in the previous year.

Nestlé Nigeria said its equity position improved by N72.5bn during the period, while the company also made an early payment of a $20m inter-group foreign exchange debt in the third quarter of 2025.

Commenting on the results, the Managing Director and Chief Executive Officer of Nestlé Nigeria Plc, Wassim Elhusseini, said the company’s strong performance reflects the sustainability of its return to profitability since the fourth quarter of 2024.

“The topline growth of 33 per cent during this period, along with a profit after tax of N72.5bn, clearly illustrates that our dedication to operational excellence and our robust fundamentals are producing the desired outcomes,” Elhusseini said.

Looking ahead, he said the company remains focused on enhancing its margin management initiatives and accelerating its business transformation while investing in programmes that create sustainable value for employees, consumers, and communities across its value chain

Nestlé Nigeria’s strong nine-month performance underscores its resilience and operational effectiveness, positioning the company for continued success amid economic headwinds.

The PUNCH reported that Nestlé Nigeria Plc reported a profit after tax of N50.6bn for the six months ended June 30, 2025, reversing a loss of N176.9bn in the same period of 2024.

CBN urged to introduce N10,000, N20,000 single notes

CBN headquartersA new economic review by Quartus Economics has urged the Central Bank of Nigeria to introduce higher-value currency notes such as N10,000 and N20,000 bills to restore the naira’s portability and reduce the rising cost of cash transactions.

The report, titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, warned that the naira’s continued depreciation had rendered the N1,000 note, the country’s highest denomination, practically obsolete in terms of purchasing power.

“To make the naira portable again, Nigeria can introduce higher-value bills, e.g., N10,000 or N20,000 notes, or redenominate the currency entirely,” the report stated.

According to the analysts, a N5,000 note that would have been introduced in 2012 would now be equivalent to a single N50,000 note today, reflecting the 94 per cent decline in the naira’s real value over the last two decades.

It added that the notion that introducing higher-value notes could worsen inflation was a “myth unsupported by evidence,” explaining that inflation is driven by cost-push and demand-pull factors, not by currency denomination.

“Inflation is cost-push or demand-pull. Neither is related to currency denomination. Instead, countries introduce higher notes to maintain portability after an era of currency depreciation.

“Countries introduce higher-value notes to maintain portability after a period of significant currency depreciation, not to trigger inflation,” the report clarified.

When the N1,000 note was introduced in 2005, it was equivalent to nearly $7 at the official exchange rate. Today, it is worth less than 60 US cents, underscoring the naira’s sharp erosion in value.

Quartus Economics noted that this depreciation has made everyday transactions burdensome, particularly in the informal sector, where cash remains dominant. Traders, artisans, and rural consumers now carry large volumes of cash for transactions that could easily be done with a few higher-value notes.

The report also pointed out that the cost of printing, transporting, and securing lower-value notes had become prohibitive for the CBN.

“Outside the formal sector and the urban elite, the naira’s heavy weight is a drag on the economy and slows down growth. Besides, the cost of printing and transporting today’s low-value notes is prohibitive,” the report said.

It argued that the introduction of N10,000 and N20,000 notes, or a broader redenomination exercise, would improve transaction efficiency, reduce printing costs, and align Nigeria’s currency structure with that of other emerging economies.

The PUNCH recalls that the CBN once proposed introducing a N5,000 note in 2012 under the then Governor, Sanusi Lamido Sanusi, but the plan was dropped after public opposition.

Quartus Economics now argues that the same policy logic remains valid more than a decade later, given the naira’s steep decline.

The firm said the proposed measure was not about “printing more money”, but about modernising the naira’s denominations to reflect current economic realities and make transactions more practical.

According to the report, the 94 per cent fall in the naira’s value was calculated using the cost of two essential items, a kilogramme of imported rice and a one-way flight ticket from Lagos to Abuja.

From about N150 per kilogram of rice in 2005, the price now averages N2,500, while the cost of a local flight has risen from N12,000 to more than N150,000.

NGX Group market capitalisation soars 37.7% to N141.75tn

The Nigerian Exchange Group has recorded a 37.7 per cent growth in market capitalisation, rising to N141.75tn as of September 2025 from N102.94tn in the same period of 2024.

This performance reflects growing investor confidence and the Group’s continued focus on innovation, technology, and sustainability under the leadership of its Group Managing Director and Chief Executive Officer, Temi Popoola, who said the growth demonstrates that the strength of Nigeria’s capital markets cannot be separated from the strength of the communities they serve.

“For us at NGX Group, building strong capital markets goes hand in hand with building strong communities, because inclusive growth and social well-being are the true foundations of a resilient economy,” he said.

In line with this vision, NGX Group has deepened its commitment to social impact through its flagship initiative, Project BLOOM (Bringing Life to Our Overlooked Minors). The programme, implemented in partnership with the Lagos State Government and the Health Emergency Initiative, has reached over 200 children and 180 caregivers in underserved communities like Ajegunle and Yaba, providing therapeutic food, medical care, and nutrition education.

The Group also continues to drive market inclusivity through digital innovation. Its e-offering platform, NGX Invest, has enabled corporates to raise over N2tn in capital, making public offers and rights issues more accessible to retail investors nationwide.

Beyond social and digital transformation, NGX Group has advanced its sustainability agenda through the Nzero initiative, which helps listed companies measure, report, and reduce carbon emissions in line with global sustainability standards.

Popoola noted that the Group’s focus on environmental, social, and governance principles has strengthened market transparency and long-term investor confidence.

He said, “Our vision is to create markets that thrive in harmony with society and the environment. We are judged not just by the wealth we help create but by how widely that wealth is shared and how sustainably it is generated.”

The NGX boss added that through initiatives like Project BLOOM and NGX Invest, the Group aims to bridge the gap between market performance and social development, reinforcing its position as both a driver of capital formation and a catalyst for community transformation.

Manufacturers record fragile growth as credit drops N7.72tn

MAN logo manufacturers Association of Nigeria

Manufacturers Association of Nigeria has stated that credit to the manufacturing sector decreased by 9.5 per cent to N7.72tn as of March 2025, down from N8.53tn in December 2024, amid a fragile recovery that requires urgent policy intervention to sustain.

The association, which released its findings in the Third Quarter 2025 Manufacturers CEO’s Confidence Index report in Lagos on Tuesday, said the decline in credit, high energy costs, and foreign exchange liquidity constraints continued to weigh on the performance of the real sector despite modest gains in output and business confidence.

Director General of MAN, Segun Ajayi-Kadir, said the sector’s resilience remained fragile as key constraints persisted. “High lending rates averaging 36.6 per cent, declining credit access of N7.72tn, and rising unsold inventories of N1.04tn continue to limit manufacturing performance,” he said.

Ajayi-Kadir stated that though capacity utilisation improved to 61.3 per cent in the first half of 2025, from 57.6 per cent in the second half of 2024, the gains were modest and could easily be eroded without decisive policy action.

“Our data show that the manufacturing sector is beginning to find its footing after a long period of turbulence. However, this recovery is fragile and could easily falter if we do not receive deliberate, industry-friendly interventions,” he said.

He urged the Federal Government to prioritise measures that would reduce energy costs, strengthen foreign exchange liquidity, and expand access to affordable credit to accelerate industrial growth.

According to MAN, manufacturing value added fell sharply to $25.36bn in 2024 from $55.9bn in 2023, as competitiveness weakened under soaring exchange rates, inflation, and interest rates. The association said manufactured exports rose to N803.8bn in Q2 2025, up from N294.4bn in Q1, showing some resilience despite macroeconomic headwinds.

The report also indicated that 18,935 jobs were lost in the first half of 2025, compared to 10,891 in the second half of 2024, as firms grappled with high input costs and foreign exchange scarcity.

MAN further noted that while the Manufacturers CEO’s Confidence Index recorded a modest rise from 50.3 points in Q2 2025 to 50.7 points in Q3 2025, the improvement was not enough to lift overall business conditions above the 50-point neutral threshold.

Ajayi-Kadir said, “The 0.4-point uptick in the MCCI is significant because it marks the second consecutive quarterly rise, signalling a cautiously improving perception among manufacturers. However, all current indices remain below 50 points, showing that the underlying challenges persist.”

He attributed the slight improvement to “a continuous disinflation trend and a more stable exchange rate”, but warned that high energy costs and disruptions in gas supply had constrained output in several subsectors.

MAN President, Francis Meshioye, in his remarks, described the modest rebound as evidence of “a gradual recovery”, but said the sector still faced “binding constraints” that must be addressed urgently.

Meshioye said, “The manufacturing sector is gradually inching towards recovery, as seen in the consistent increase in the index in Q2 and Q3. However, the top five manufacturing challenges outlined in the report demand urgent government attention to sustain this trend.”

He stressed the need for a private sector–driven industrial policy anchored on the proposed Nigeria First Policy and the forthcoming National Industrial Policy, to ensure alignment between policy intent and industrial realities.

The MAN chief also called on the Central Bank of Nigeria to deepen its recent rate cut, saying, “The time has come for the apex bank to introduce a bolder reduction that can meaningfully lower the cost of credit and stimulate real sector investment. Growth cannot thrive where capital remains prohibitively expensive.”

The association identified key improvements across six groups: Plastics & Rubber, Electrical & Electronics, Food & Beverages, Chemical & Pharmaceuticals, Textile & Footwear, and Basic Metal & Steel. These groups benefited from local raw material sourcing, stable polypropylene supply, fibre optic expansion, and easing foreign exchange pressure.

However, four other groups recorded declines due to high energy costs, gas supply disruptions, illegal logging, limited government patronage, and the influx of imported products.

Ajayi-Kadir concluded that sustaining the sector’s fragile rebound would require coordinated fiscal and monetary actions.

“Currency stability is more than a macroeconomic metric; it is a reflection of national resolve,” he said. “To secure the gains of stabilisation and accelerate prosperity, Nigeria must make manufacturing the nucleus of its growth strategy.”

Director of MAN Research and Economic Policy Division, Dr Oluwasegun Osidipe, presented the MAN Think Tank report alongside the MCCI. He urged the government to fast-track the implementation of industrial policies, tighten pipeline security to boost oil output, expand local refining capacity, and ensure disciplined tax enforcement ahead of the January 2026 tax reforms.