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Nigeria’s inflation drop reflects reality of consumption patterns — Cardoso

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Cardoso

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso said Nigeria’s current Consumer Price Index is reflective of the reality of consumption patterns.

Cardoso made this known on Thursday during a press briefing at the end of the 299th Monetary Policy Meeting in Abuja.

His comments came as Nigeria’s inflation rate dropped to 24.48 percent after the CPI was rebased.

Reacting to the development, Cardoso insisted that the apex bank will continue to work with data to drive its decisions.

He noted that the recent CPI rebase is good for the country’s economy.

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“As far as the Central Bank is concerned, we are data-driven. That will continue. Our decision matrices will be focused accordingly.

“Of course, what we have is a CPI which is more reflective of the reality of consumption patterns. And that is a good thing.

“The previous one took account of black and white television, for example, we all know it is no longer relevant,” he stated.

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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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Nigeria set to host 72 Countries in African raw materials summit

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… seeks collaboration

The Raw Materials Research and Development Council (RMRDC) is gearing up to the Maiden Edition of the Africa Raw Materials Summit 2025 that would attract experts from over 72 countries across Africa and other parts of the world to chat a new course for the future of Africa.

The Director General, Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Martin Ike-Muonso, highlighted during an industrial visit to Chi Limited Company, Ajao Estate, Isolo, Lagos, to solicit for Collaboration .

Professor Ike-Munonso stressed that Africa is indeed blessed with abundant raw materials resources, but the challenge lies in its ability to harness these raw materials potentials for the benefit of the continent and its people.

According to the DG, “Africa is rich in natural resources; both minerals and agricultural resources, however, the continent has struggled to capitalize on these resources, with many countries exporting without adding value to them. This has resulted in limited economic benefits and a lack of industrial development, which should not be allowed to continue”.

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Prof. Ike-Muonso noted that to address this challenges, the RMRDC is organizing the first of its kind; the Africa Raw Materials Summit scheduled to hold in May 20-22, 2025, which aims to bring together critical stakeholders across the globe, to interact and share ideas, to chart a new course for the development of Africa’s raw materials sector.

He further noted that for the RMRDC project, which will focus on themes such as; value addition, industrial development, and sustainable economic growth, to be a success, all hands must be on deck, he is therefore calling on key stakeholders to get involved and make the upcoming Summit worthwhile.

The summit, scheduled to take place from May 20 to 22, 2025, at the Abuja Continental Hotel, FCT, aims to address critical challenges facing the continent’s raw materials industries with special focus on raw materials value addition, economic diversification, industrial growth strategies, investment opportunities, and sustainable regional collaboration to enhance Africa’s position in the global raw materials market.

Earlier in his remarks, the Project Consultant and Chairman local organizing committee of the Summit Professor Bernard Odoh, during the visit enumerated that the historic event aims to bring together over 1,000 experts from 72 countries to discuss strategies for harnessing Africa’s raw materials for economic growth and development. He said it is an opportunity for stakeholders to come together to share ideas, build partnerships, establish mutually beneficial working relationships, and develop actionable solutions for unlocking the full potential of Africa’s raw materials sector .

“By participating in the summit, stakeholders can contribute to shaping the future of Africa’s resource landscape and help drive economic transformation.
“The RMRDC is urging all relevant stakeholders, including policymakers, corporate entities, research institutions, and the media, to join forces and make this event a success”, he said.

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The Director Public Affairs and Communication Zainab Balogun and Director Procurement, who jointly represented the Management of the Chivita Foods Limited, were visibly delighted at the visit and the invitation to be part of the laudable project to see Africa looking onward to harness its abundant resources.

She said this will surely impact Africa, Nigeria and mostly the industrial sector in Nigeria, adding that Chi company appreciates the invitation to partnership in the Summit.

The Project Consultant, Prof. Odoh concluded that it is great to have Chi company as partner in the summit. “With the participation of key stakeholders like Chi company, the summit is poised to make a significant impact on the industrial sector in Nigeria and beyond”.

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