Business
How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso
How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso
Following Senate approval, Michael Olayemi Cardoso began his stint as the 12th governor of the Central Bank of Nigeria (CBN) on Tuesday.
He promised to provide transparent and focused leadership while adhering strictly to the rules, and to return the central bank to its fundamental monetary policy mission.
He also pledged to work in synergy with the fiscal authorities in the overall interest of the economy in the short and medium term.
Cardoso, 66, a former chairman of Citi Bank, was Lagos State Commissioner for Budget and Economic Planning.
He spoke during his screening alongside the four deputy governors by the Senate. All of them were cleared.
The deputy governors are: Mrs. Emem Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.
The deputy governors also responded to some of the questions posed by senators, including Senate President Godswill Akpabio.
All the nominees left the senators in no doubt about their capacity and capability.
Cardoso said for 12 years, between 2010 and 2022 he had the privilege of serving as the chairman of Citi Bank where: “I dedicated myself to enhancing both the financial and non-financial operations of the institution.’’
He told the Senate that the issue of exchange rate of the Naira to other currencies was worrisome.
“For the type of economy that we want, we need to have an exchange rate that is stable and we must apply short and medium term measures to achieve this,’’ he said.
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Cardoso added that CBN’s new management team would evolve rules that were open and transparent and comprehensible by all players in the finance business.
“We cannot expect serious foreign investors and portfolio investors who have an impact on the market to do so if we do not have a transparent system that everybody understands and can rely on,’’ he said.
On inflation, he said: “There is the need to significantly revamp the infrastructure at the central bank with respect to data and to ensure that our data gathering capacity is significantly enhanced.
“This is necessary so that we can make decisions based on stellar data. This is crucial in measuring inflation,’’ he stressed.
He added that reliable studies showed that in the past 10 years to 15 years, at least 50 per cent of inflation resulted from money supply and deficit financing.
“This is a big problem; at least it certainly has been over a period of time and it is something we have to face frontally.
“You have been hearing a lot of complaints. There are various measures to be taken and some of them are already being taken like the removal of fuel subsidy and fast-tracking the collection of taxes,” he said.
Cardoso added: “In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development, finance interventions into more limited advisory roles that support economic growth. These advisory roles would include, for instance, one, act as a catalyst in propagation of specialized institutions and financial products that support emerging sectors of the economy, facilitate new regulatory frameworks to unlock enormous capital, accelerate access to consumer credit, and expand financial inclusions to the masses.”
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He assured the Senate that the CBN under his watch will not be hijacked or used by politicians.
He said: “This is a position of great trust and with that it comes with huge responsibility to meet up that trust …and my idea is to do what is right and how it is right. We have seen the effect of not doing what is right and we do not intend to go that route.
“Secondly, on the issue of not obeying the hallowed chambers’ summons for conversation, frankly, I have absolute no doubt that that has got to be part of the engagements that I spoke about earlier.
“Part of that is that the law specifies that such dialogue should take place twice in a year and as I said in resetting the Central Bank, we must ensure that we do not run foul of the law.
“It goes back to the issue of culture of compliance. We are going to ensure we maintain a culture of compliance in the CBN. There will be zero tolerance for non-complying with orders and I can assure you that that tone would be fully set from the top.”
He added: “What is important to us is the element of economic growth. Our feeling is that in identifying the important issues with economic growth, we believe very strongly that size matters.
“The economic policy proposal of the administration has identified a set of fiscal reforms and growth patterns that will achieve $1trillion GDP within eight years.
“In reviewing selected growth targets that can achieve $1trn GDP, selected countries with large population and similar characteristics as Nigeria, it is interesting to identify micro-economics indicies that points to Nigeria’s economic trajectory, being faithful to implementation of the proposed economic reforms.
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“In economies bigger than $1trillion, these indices include moderate inflation, sizeable foreign reserves and capacity to creating rebound from economic downturns.
“In other words, to the extent that the administration has defined such a bold target for the country, it is our feeling that achieving this is very critical to achieve the stability that we require in various economic indices.
“It is not the only thing, but it is very important. So we believe that this is the right way to go.
He insisted that the immediate issues his team would address at the CBN include both Operational and Systems.
He added: “It is what I will term uncorrelalational issues. We are aware that there are unsettled obligations by the CBN. Whether it is $4b, $5b or $7b I don’t know but definitely the immediate priority is to ascertain the extent.
“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.
According to him, the medium term measures in reviving the economy “have to do with balance of payments over a period of time like the sort of things that are being done already with respect to ensuring that we are getting more from petroleum resources with the removal of fuel subsidy and diversifying the economic base of the country.
“That I believe will continue by the present administration and of course it will take time. I think we should take that as a medium term measure than the immediate.”
Many financial experts rated the appearance of the CBN governor and his deputies high, especially their pledge to return the apex bank to its core responsibilities.
How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso
(Nation)
Entertainment
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
A team of leading Nigerian artistes and entertainment executives has paid a courtesy visit to the Managing Director of the Nigerian Railway Corporation (NRC), Kayode Opeifa, ahead of the 2026 Valentine Love Train experience.
The delegation included celebrated musician Sunny Neji, Managing Director of Ojez Entertainment Limited, Joseph Odobeatu, and veteran vocalist Yinka Davies.
The high-profile visit formed part of final preparations for the Valentine-themed train ride scheduled for Saturday, February 14, 2026, at the Mobolaji Johnson Train Station.
Dr. Opeifa received the artistes and commended the creative industry for choosing the national rail system as the venue for the annual Valentine event. He noted that the partnership reflects growing public confidence in the corporation’s safety standards, operational improvements, and renewed focus on customer experience.
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“The 2026 edition aims to deliver an unforgettable experience while deepening public engagement with the rail service,” Opeifa said, reaffirming the NRC’s commitment to providing secure and efficient transport for passengers during special events.
Organisers disclosed that this year’s edition will feature an expanded entertainment lineup, including performances and appearances by Charles Inojie, Yinka Davies, Sunny Neji, and Segun Arinze. Guests are expected to enjoy live music, comedy, a couple’s game show, fashion showcases, and special performances throughout the Lagos–Ibadan–Lagos train ride, culminating in a Valentine banquet ball.
The Valentine Love Train has in recent years become a fixture on the NRC’s festive calendar, attracting couples, families, and leisure seekers with its blend of travel, romance, and entertainment. The initiative also aligns with ongoing efforts by the corporation to promote rail transportation as a viable and enjoyable alternative for intercity travel.
With final logistics being fine-tuned, organisers say the 2026 edition promises to combine safety, comfort, and premium entertainment for participants.
NRC, Entertainers Finalise Plans for 2026 Valentine Train Ride
Auto
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
The 20th edition of the Lagos International Motor Fair and the 13th Africa Autoparts Expo is set to spotlight investment, technology transfer and industry collaboration as organisers intensify efforts to position Nigeria as a major automotive hub in West Africa.
The three-day event, which will also incorporate the Africa Motorcycle and Tricycle Expo, is scheduled to hold from March 17 to 19, 2026, at the Federal Palace Hotel in Lagos.
Organisers said the upcoming edition would focus strongly on accelerating the development of the country’s automotive sector by creating platforms that connect global manufacturers with local industry players.
“Nigeria has all it takes to become a global automotive industry giant,” the organisers stated, noting that the fair remains a strategic contribution toward driving growth despite prevailing industry challenges.
Chairman of the Organising Committee, Ifeanyichukwu Agwu, said the exhibitions had over the years evolved into a key platform for attracting investment into automobile spare parts and accessories manufacturing while strengthening aftermarket activities across the region.
“We have consistently used these events to attract investment into auto components manufacturing and to showcase the enormous capacity and potential of this critical sector of the economy,” he said.
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Agwu, who also serves as Managing Director of BKG Exhibitions Limited, disclosed that the 2026 edition would place emphasis on business-to-business engagement between original equipment manufacturers (OEMs) and auto parts dealers from Nigeria and neighbouring countries.
According to him, the goal is to foster partnerships capable of leading to the establishment of component manufacturing plants locally.
He added that the exhibition is expected to support government policies aimed at building a sustainable automotive industry by stimulating the emergence of companies involved in component production.
Calling for policy adjustments, Agwu urged the Federal Government to prioritise spare parts and components manufacturing over vehicle assembly, arguing that deeper technology transfer and innovation occur within the components segment.
“Spare parts manufacturing is where real technology transfer occurs. It involves precision engineering, planning and innovation—far beyond the coupling processes involved in assembly,” he said, while also advocating a review of the existing automotive policy to better support local production.
Despite the challenges associated with hosting large-scale industry events, Agwu reaffirmed the organisers’ commitment to sustaining the platform, warning that neglecting the automotive sector could have far-reaching consequences for the economy and employment.
The organisers said more than 100 original components manufacturers from countries including China, India, South Korea, South Africa, Singapore and Turkey, alongside major automobile distribution and manufacturing companies operating in Nigeria, are expected to participate.
In addition to product exhibitions, the event will feature seminars and technical workshops focusing on policy, investment opportunities, technology transfer and industry best practices, with each day structured to deliver value to exhibitors, investors, policymakers and other stakeholders.
Lagos Motor Fair, Autoparts Expo to begin March 17, targeting Investment, Industry Growth
Business
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
Billionaire businessman Femi Otedola has projected that the naira could strengthen to trade below ₦1,000 per US dollar as the Dangote Petroleum Refinery achieves full operational capacity. The prediction comes as Nigeria anticipates a major boost in domestic fuel production, potentially reducing import dependence and easing pressure on the foreign exchange market.
Otedola made the projection in a post on X, congratulating Aliko Dangote on the refinery reaching its designed processing capacity of 650,000 barrels per day (bpd). He described the milestone as a historic moment for Nigeria’s energy sector, saying it could positively impact the naira exchange rate, foreign reserves, and overall economic stability.
According to Otedola, the refinery’s capacity to produce up to 75 million litres of Premium Motor Spirit (PMS) daily positions Nigeria to meet domestic fuel demand and even generate surplus for export. He highlighted that this would reduce the country’s reliance on imported petroleum products, which historically exerted heavy pressure on the naira and foreign exchange resources.
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“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly, potentially pushing the naira below ₦1,000/$ before year-end,” Otedola said. He also noted that the EFCC and monetary authorities’ support in maintaining a conducive economic environment would complement these gains.
The Dangote Refinery, located in the Lekki Free Zone, Lagos, is Africa’s largest single-train refinery. Experts say that reaching full production will conserve billions of dollars previously spent on importing refined petroleum products and strengthen Nigeria’s foreign exchange reserves. Plans are also underway to expand refining capacity to 1.4 million bpd, with increased production of petrochemicals like polypropylene and linear alkyl benzene, further reducing industrial import dependence.
Economic analysts have welcomed the refinery’s milestone but caution that naira stability will still depend on broader macroeconomic reforms, oil prices, foreign capital inflows, and Central Bank of Nigeria (CBN) policies. Nevertheless, Otedola’s projection reflects renewed optimism that domestic refining capacity could be a turning point for the Nigerian economy, energy security, and the foreign exchange market.
Naira Could Trade Below ₦1,000/$ With Dangote Refinery at Full Capacity — Otedola
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