Rising Inflation Forces CBN to Hold Interest Rate at 26.5%

The Central Bank of Nigeria has retained the country’s benchmark interest rate at 26.5 per cent as monetary authorities move cautiously in response to renewed inflationary pressure in the economy.

Governor of the apex bank, Olayemi Cardoso, announced the decision on Wednesday at the end of the 305th meeting of the Monetary Policy Committee held in Abuja.

“The Committee’s decision is as follows: retain the Monetary Policy Rate at 26.5 per cent,” Cardoso stated.

The decision signals a pause in the Central Bank’s easing cycle after the MPC approved a 50-basis-point reduction in February 2026, the first rate cut after months of aggressive monetary tightening aimed at taming inflation and stabilising the foreign exchange market.

Analysts said the MPC’s latest stance reflects concerns over the recent uptick in inflation, despite earlier signs of moderation in consumer prices.

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According to the latest Consumer Price Index report released by the National Bureau of Statistics, Nigeria’s headline inflation rate rose to 15.69 per cent in April 2026 from 15.38 per cent recorded in March, representing a 0.31 percentage-point increase.

The increase has raised concerns among policymakers over persistent price pressures driven by food costs, energy prices, transportation expenses and exchange rate volatility.

The Monetary Policy Rate serves as the benchmark for lending rates across the banking sector and plays a critical role in determining borrowing costs for businesses and consumers.

Since assuming office, Cardoso and the current MPC have maintained a tight monetary policy stance to rein in inflation, attract foreign portfolio inflows and restore investor confidence in the Nigerian economy following sweeping foreign exchange reforms and broader macroeconomic adjustments by the Federal Government.

Economic experts believe the decision to retain the rate reflects the CBN’s attempt to balance inflation control with the need to support economic growth and private sector investment.

The committee’s decision is also expected to influence yields in the fixed-income market, banking sector lending rates and overall investor sentiment in the coming months.

Rising Inflation Forces CBN to Hold Interest Rate at 26.5%

CILT President, LASU prof to Headline 2026 Nigeria Transport Lecture on Multi-Modal system 

The President of the Chartered Institute of Logistics and Transportation, Dr. Boboye Oyeyemi, and the Dean of the School of Transportation and Logistics, Lagos State University, Prof. Ogochukwu Ugboma, will headline the 12th edition of the Nigeria Transport Lecture scheduled for June 18, 2026, in Lagos.

The annual lecture, organised by Transport Day Media, is regarded as one of the country’s leading platforms for policy dialogue and industry engagements in the transportation and logistics sector.

This year’s edition, themed “Multi-modal Transportation Safety in Nigeria: Prospects, Challenges and Contribution to National Growth,” will bring together key stakeholders from both the public and private sectors to examine safety concerns, operational challenges and policy directions required to strengthen Nigeria’s evolving transport system.

The event will hold at the Radisson Blu Anchorage Hotel in Ikeja, Lagos, according to a statement made available on Wednesday by the organisers.

The organisers also said discussions at the lecture would focus on improving safety across road, rail, air and maritime transportation as Nigeria intensifies efforts to develop an integrated multi-modal transport network capable of driving economic growth and national development.

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Over the years, it added that the Nigeria Transport Lecture had featured prominent policymakers and industry leaders, including former Director-General of the Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside; former Permanent Secretary, Dr. Anthonia Ekpa; Managing Director of the Nigerian Railway Corporation, Dr. Kayode Opeifa; and former Corps Marshal of the Federal Road Safety Corps, Dr. Boboye Oyeyemi.

Speaking on the significance of this year’s lecture, the Editor of Transport Day Media, Mr. Frank Kintum, described the programme as a strategic intervention aimed at addressing pressing challenges confronting the transport and logistics industry.

“Every year, we use the lecture as a platform to discuss contemporary issues shaping the industry. This year, we chose multi-modal transportation safety because without safety, ongoing transport initiatives by governments at different levels may not achieve their intended impact,” he said.

Kintum added that the lecture reflects the organisation’s commitment to promoting sustainable transportation policies and supporting the development of an efficient and globally competitive logistics industry in Nigeria and across Africa.

CILT President, LASU prof to Headline 2026 Nigeria Transport Lecture on Multi-Modal system

Dangote Unveils Olokola Mega Seaport Project Poised to be Africa’s largest

Dangote Group has commenced preliminary activities for the execution of the multi-billion-dollar Olokola Deep Sea Port project.

Projected to become Africa’s largest deep seaport, it is a strategic infrastructure development expected to reshape Nigeria’s maritime and industrial landscape.

The massive maritime and industrial hub, which forms a key pillar of Dangote Industries Limited’s “Vision 2030” agenda, will sit on more than 10,000 hectares within the Olokola Free Trade Zone, stretching across Ogun Waterside Local Government Area of Ogun State to Ilaje Local Government Area of Ondo State along the Atlantic coastline.

The project has already secured the backing of host communities, traditional rulers and security agencies, with residents expressing optimism that the development would unlock unprecedented economic opportunities for the region.

Leading the company’s delegation to the project communities, the Managing Director of Infrastructure and Logistics at Dangote Industries Limited, Capt. Jamil Abubakar, described the Olokola Deep Sea Port as a transformational logistics gateway designed to strengthen Africa’s maritime trade capacity and accelerate industrial growth across the continent.

According to him, the seaport will serve as the logistics backbone for Dangote Industries, facilitating the export of fertilisers, petrochemicals and refined petroleum products, while also supporting future Liquefied Natural Gas exports and the importation of heavy industrial equipment.

Abubakar said the project represents a deliberate expansion into logistics, maritime infrastructure and export-driven industrialisation as the Dangote Group pushes toward its ambition of becoming a $100 billion annual revenue company and ranking among the world’s top 100 corporations within the next five years.

“The Olokola Port project is a major step toward unlocking Nigeria’s economic potential, reducing pressure on existing ports and strengthening industrial growth,” he said.

“It will create jobs, stimulate business activities and drive long-term development in Ogun and Ondo states. With its strategic location, Olokola will become a major gateway for exports and imports, boosting Nigeria’s competitiveness in regional and global trade.”

Abubakar assured the communities that continuous engagement would remain a central part of the execution process, noting that the project would deliver far-reaching economic and social benefits.

The Dangote team, accompanied by surveyors and environmental consultants, visited Ode-Omi in Ogun State, Araromi Seaside Kingdom and Igbokoda in Ondo State as part of stakeholder consultations and preliminary project activities.

Welcoming the delegation, the Lenuwa of Ode-Omi, Oba Folailu Adekunle Hassan (Oshotekun II), expressed delight over the choice of the area for the world-class maritime hub and pledged the community’s support.

“We have been expecting you for long. It is good that you are here today. Do your best and we will all benefit from this process,” the monarch said.

He also granted approval for the commencement of surveys, household enumeration and compensation processes linked to the project.

Similarly, the Alara of Araromi Seaside Kingdom, Oba Adeoloye Olawole, assured Dangote Industries of both physical and spiritual support for the project.

“We can’t wait for this project to commence. If it is possible for it to begin tomorrow, you are welcome,” the monarch declared.

In a further show of institutional support, the Dangote management also visited the Nigerian Navy Forward Operating Base in Igbokoda, where the Acting Commanding Officer, Lt. Commander A.A. Makinwa, pledged the Navy’s cooperation toward the successful execution of the project.

The proposed Olokola Deep Sea Port is expected to emerge as a major logistics and industrial hub capable of attracting foreign investment, boosting export diversification, deepening intra-African trade under the African Continental Free Trade Area and generating thousands of direct and indirect jobs.

Industry analysts believe the project could significantly strengthen Nigeria’s position as a regional maritime and industrial powerhouse while easing congestion at existing ports and opening up new economic corridors along the Gulf of Guinea.