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Cardoso Urges Stronger Economic Ties with Middle East

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The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has canvassed stronger economic ties with the Middle East and the Nigerian diaspora community in the region.

Speaking during a meeting with Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi Arabia Central Bank – SAMA, on the sideline of the just-concluded inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia, and the International Monetary Fund (IMF) Regional Office in Riyadh, Mr. Cardoso said there were lessons to be learned from Saudi Arabia in terms of infrastructural development and tourism.

According to him, Saudi Arabia’s dedication to diversifying its economy through innovative environmental projects, large-scale transformation, and tourism investment is essential for development.

Mr. Cardoso also reaffirmed his dedication to collaborating with the Nigerian Diaspora community in the Middle East to improve remittance flows and strengthen Nigeria’s financial sector. He stated that the Central Bank of Nigeria (CBN) will continue enhancing macroeconomic fundamentals to establish an enabling environment that will facilitate the growth of the private sector and the generation of high-quality jobs for Nigerians.

Responding, Mr. Talal Al-Humond assured Mr. Cardoso that the Saudi Central Bank will work with the CBN to ensure the attainment of mutually beneficial objectives. 

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Meanwhile, during a panel discussion moderated by the Director, Middle East and Central Asia Department, IMF, Jihad Azour, at the conference, Mr. Cardoso cited reforms in the financial markets that addressed distortions in the Nigerian foreign exchange market, which had previously experienced a gap of up to 60% between the official and parallel market exchange rates. He noted that due to consistent policy direction, improved market confidence, and enhanced transparency in forex trading, the gap has significantly narrowed to approximately 4-5%.

Governor Cardoso also highlighted the adoption of an electronic matching system to improve transparency in the market and the introduction of a foreign exchange code of ethics, which all Nigerian banks signed to ensure adherence to market rules. As a result of these measures, he reported that the country’s foreign reserves had exceeded $40 billion, marking the highest level in nearly three years.

He acknowledged that Nigeria had faced significant economic challenges, including capital flow exits, multiple exchange rate regimes, currency depreciation, high inflation, and a backlog of foreign exchange transactions, which led to a loss of confidence in the country’s currency. 

Upon assuming office, he stated that his team prioritised restoring confidence in the market by addressing the backlog of foreign exchange transactions and demonstrating a commitment to economic stability.

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Cardoso emphasised that Nigeria implemented a tight monetary policy stance to tackle inflation and restore macroeconomic discipline. Over the past year, he explained that the Bank raised interest rates by 850 basis points and shifted away from quasi-fiscal interventions that had distorted the economy. He stressed that Nigeria’s approach had remained firmly rooted in orthodox monetary policies, a stance that was consistently communicated to market participants.

Another significant reform, he noted, was the removal of the fuel subsidy, which, along with multiple exchange rate inefficiencies, had cost the country approximately 6% of its Gross Domestic Product (GDP) annually. He acknowledged that previous administrations had lacked the political will to remove the subsidy, but its elimination has had a profound positive impact on Nigeria’s fiscal outlook.

On financial sector reforms, he explained that the CBN had mandated banks to recapitalise to strengthen the financial system and build buffers to withstand future economic shocks. He noted that these measures had so far proven successful in bolstering the sector.

Addressing the broader global economic climate, he emphasised the importance of tailoring policy decisions to each economy’s unique needs. He recounted how Nigeria continued to tighten monetary policy even when global trends suggested otherwise. Despite the initial skepticism , he noted that a year later, many financial practitioners and international colleagues recognised that Nigeria had made the right decisions based on its specific economic conditions.

Speaking on the actions required to enhance financial inclusion and the role of digitalisation and financial technology in mitigating potential risks, the Governor referenced Nigeria’s experience, where the financial inclusion rate currently stands at 74%. He stressed the critical need to expand this aggressively to ensure that economic growth benefits all segments of society. As the economy rebounds, he emphasised reducing disparities and ensuring broad-based financial access.

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Highlighting digitalisation as a key driver in advancing financial inclusion, he stated that expanding mobile money services, leveraging technology and prioritising gender-focused initiatives due to the positive economic impact of empowering women across the African continent would significantly close the financial access gap, particularly for underserved populations.

He reaffirmed the CBN’s commitment to maintaining macroeconomic stability, sustaining policy consistency, and ensuring long-term resilience for the Nigerian economy.

The two-day event, which served as a key platform for addressing structural changes in the global economy and their impact on emerging markets, brought together policymakers and economic experts from across emerging markets. It was held in Al Ula, Saudi Arabia, from February 16 to 17, 2025.

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NIGERIAN BOTTLING COMPANY AND QUALITY FOODS AFRICA CHAMPION WATER STEWARDSHIP FOR WORLD WATER DAY 2025 

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In commemoration of World Water Day 2025, Nigerian Bottling Company (NBC), a member of Coca-Cola HBC (CCHBC) and the bottling partner of The Coca-Cola Company and Quality Foods Africa, operator of Dodo Pizza, Krispy Kreme, Scoop’d Ice Cream and Burger Nation, have reinforced their commitment to water stewardship and environmental sustainability across Nigeria.

 

World Water Day, observed annually on March 22, is a United Nations initiative to spotlight the importance of freshwater and advocate for sustainable water management. The 2025 theme, “Glacier Preservation,” underscores the critical role of glaciers in sustaining life and maintaining the global water cycle

 

According to Oluwasoromidayo George, Corporate Affairs and Sustainability Director at NBC, the company marked the occasion with initiatives across several states, engaging communities, environmental advocates, and stakeholders to promote water conservation.

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“Water is life—it sustains people, communities, and ecosystems. As the main ingredient in our products, we take our responsibility seriously by using it efficiently, treating it responsibly, and ensuring safe water returns to the communities we serve. Our World Water Day initiatives reflect this unwavering commitment,” George stated.

 

She explained that NBC’s activities spanned multiple locations, including Maiduguri, Kano, Lagos, Abuja, Asejire, Owerri, and Benin, focusing on water security, waterway and coastal protection, and community empowerment through sustainable actions.

 

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A major highlight of this year’s activities was the clean-up exercise at Elegushi Beach, Lagos, organized in partnership with Quality Foods Africa (QFA), franchisors of loved brands like Dodo Pizza and Krispy Kreme, as well as homegrown brands such as Scoop’d and Burger Nation. Employees of NBC and QFA, along with volunteers and environmental advocates, participated in removing plastic waste and pollutants, reinforcing both companies’ commitment to cleaner coastlines.

 

“At Quality Foods Africa, sustainability is at the heart of what we do. Partnering with the NBC for this year’s World Water Day aligns with our commitment to responsible business practices. Through initiatives like the Elegushi Beach Clean-Up, we are not just fostering cleaner coastlines but also reinforcing the importance of collective action in protecting our environment for future generations” – Omachona Eguda, Marketing Manager, Quality Foods Africa.

 

On March 21, NBC conducted an awareness session at Amakohia Primary School, Owerri, educating students and teachers on the importance of water conservation. On March 22, the company embarked on a sensitisation drive at Kuchigoro Community, Abuja, which included a WASH (Water, Sanitation & Hygiene) awareness campaign to enhance community water access and hygiene standards. The activities culminated with a water conservation awareness walk in Owerri on March 25, further amplifying messages on sustainable water management.

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Through these initiatives, NBC continues to lead by example in water conservation and environmental sustainability, reaffirming its role as a responsible corporate leader dedicated to a water-secure future.

 

END –

 

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About the Nigerian Bottling Company

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Nigerian Bottling Company (NBC) Ltd is a member of the Coca-Cola Hellenic Bottling Company A.G, an anchor bottler for The Coca-Cola Company in 29 countries in North, Central and South Europe, Asia and Africa with over 715 million consumers and more than 197 brands in these markets. NBC manufactures, markets, and distributes a portfolio of strong brands including Carbonated Soft Drinks which has the iconic Coca-Cola, Coke Zero, Fanta, Sprite, Schweppes and Limca; Still Drinks including the Five Alive range and Eva water while also partnering with other beverage businesses to sell Monster and Predator energy drinks and premium spirit brands.

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inDrive Celebrates Drivers’ Dedication During Ramadan with Special Appreciation Campaign

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inDrive, a leading global ride-hailing platform operating in 48 countries worldwide including Nigeria has reinforced its commitment to driver welfare through the recently concluded inDrive Ramadan Drivers’ Initiative in Abuja. This special campaign recognized and rewarded drivers who went the extra mile to serve riders during the holy month of Ramadan.

The weeklong initiative aimed to honor dedicated drivers who remained active throughout Ramadan, ensuring safe and reliable transportation for passengers. The campaign fostered a deeper connection between inDrive and its driver community, reaffirming the platform’s mission to empower and support those at the heart of its operations.

Drivers who remained online and consistently completed rides during the period qualified for a special contest recognizing their dedication. As part of this initiative, numerous hardworking drivers received substantial rewards, while the most outstanding performers were honored with exclusive, thoughtfully curated hampers—symbolizing inDrive’s deep appreciation for their commitment and exceptional service.

“At inDrive, we recognize the dedication and resilience of our drivers, especially during significant periods like Ramadan. This initiative is our way of expressing gratitude and reinforcing our commitment to their well-being and success. We believe that when drivers feel valued and supported, they are better positioned to provide excellent service to riders,” said Timothy Oladimeji, Country Representative at inDrive, Nigeria.

The inDrive Ramadan Drivers’ Campaign underscores the brand’s ongoing efforts to foster a culture of recognition, appreciation, and financial support, ensuring drivers remain at the forefront of its mission to provide fair and people-first mobility solutions.

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Aviation unions threaten nationwide airport shutdown over Customs officers’ assault

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Aviation unions have threatened to withdraw their services from airports across the country on March 31, 2025, unless the Federal Airports Authority of Nigeria (FAAN) addresses the physical assault by Customs officers on members of staff of the Authority.

The National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), and the Association of Nigeria Aviation Professionals (ANAP), jointly announced the decision in a letter addressed to FAAN management and cited repeated physical attacks on FAAN personnel, including a recent assault on the Director of Aviation Security.

In the letter, the unions demanded the immediate establishment of ‘clear work protocols’ between FAAN and security agencies which aligns with global best practices. They also demanded sanctions for violations to ensure the safety of staff and a formal response and action from FAAN, which they claim has ignored prior ultimatums.

The unions said: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our Unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.

“We wish to inform the management of FAAN that, unless clear work protocols that are in tandem with global best practices and with consequential sanctions are in place which guarantees the safety and human rights of FAAN staff, we shall direct all the workers to withdraw from the airports with effect from 31st March, 2025 pending when such protocols are established. The recent assault on no less a personality as the Director of Aviation security of FAAN is one too many which leaves a taste too bitter to swallow.”

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FAAN and the Nigeria Customs Service have not responded to the warnings.

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