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Manufacturers React To CBN’s Interest Rate Hike, Say “Nigerians Will Start Paying Higher Prices”

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The Manufacturers Association of Nigeria (MAN) says the latest interest rate increase by the Central Bank of Nigeria (CBN) will worsen the imminent recession in the manufacturing sector and negatively impact its operations in many ways.

On Wednesday, the policy-setting committee of the CBN raised the monetary policy rate (MPR) which measures interest rate, from 18 percent to 18.5 percent.

The latest adjustment was the seventh consecutive rise since May 2022.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

Reacting in a statement on Thursday, Segun Ajayi-Kadir, director-general of MAN, said the MPR hike would, among other challenges, lead to an increase in the cost of borrowing which would further discourage investments in the sector.

Ajayi-Kabir said it would also lead to a high cost of production which would lead to higher commodity prices and inventory of unsold manufactured products.

“It is evident that the continuous and consistent increase in MPR is not yielding the desired growth in the economy. The Nigerian economy remains fragile and bedeviled with numerous challenges that inhibit growth,” the statement reads in part.

“Therefore, the monetary authority needs to pay closer attention to rethink the policy mix, bearing in mind the parlous state of the economy, especially the effect of a high MPR on the manufacturing sector and the economy.

“The increase in MPR from 18 percent to 18.5 percent will certainly lead to an increase in lending rates and worsen the uncompetitiveness of the manufacturing sector.

“The Association has been clamoring for single-digit lending rates to allow manufacturers access to needed funds to boost the performance of the sector.

“This increase, like the previous ones, is evidence that the CBN is either unperturbed about the plight of the productive sector or is unable to fathom out a more creative policy mix that would reflate the sector.

“Therefore, it is necessary for government to think outside the conventional monetary policy framework and take pragmatic steps to quell the inflationary pressure and reposition the economy.”

BIG STORY

I Was Blacklisted For Rejecting Sexual Advances — Actress Moji Afolayan

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Veteran Nollywood actress Moji Afolayan has revealed that she was blacklisted by movie marketers after refusing their sexual advances.

In a recent interview on Oyinmomo TV, which gained traction on Wednesday, the 57-year-old actress and daughter of the late iconic actor Adeyemi ‘Adeluv’ Afolayan, disclosed that turning down the “casting couch” culture cost her fame and acting opportunities.

“This is because, at that time, when we had marketers at Idumota, they used to give producers money to work. However, due to the kind of training I received at home, I cannot trade my body for movies.

“My husband, who married me, has not even done anything. You will notice that I am trying to speak in proverbs,” she said.

Moji said that after declining their advances, marketers held a meeting and agreed to stop offering her roles.

“Because I did not do it, they held a meeting among themselves not to call me. I did not sleep with them. I did not offer my body for sex,” she said.

She also pointed out that some married actresses engaged in the practice while hiding it from their spouses.

“They are all watching this programme. People who are doing it are doing it. Many of them will have their husbands outside while the wives will be with them inside. I am exposing their secrets now.

“They would tell me, ‘is it only my husband?’ I was like is it because you want to help. Then you would have to hold on to your help.

“I thank God I stood with my dignity. That is what I am enjoying today. I held on to my virginity. I stand out among them now. I have only received mercy. They made them stars. Their posters were all around.

“But when they tried to stand alone, there was a great fight, which was bound to happen in that kind of relationship. I did not inform my husband at the time.

“It was because I did not offer myself for sex that they denied me movie roles,” she said.

Moji, who is married to fellow actor Rasaq ‘Ojopagogo’ Olayiwola, also recounted how a now-deceased colleague faced similar rejection after refusing a marketer’s request.

“I was not the only person they did it to. There was one person who was late now, took her job to a marketer there at Arena, but it was turned down.

“The lady at the time told me to continue with my nobility. She narrated how the marketer told her how he had slept with in the industry.

“They now know how it feels. They have made us social media-friendly. They have pushed us to put movies on YouTube.

“It affected me in terms of income and fame. I cherish my body more than anything. Even my husband knows,” she said.

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BIG STORY

Police Announce Movement Restriction For Lagos Local Government Polls On Saturday

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Olohundare Jimoh, the commissioner of police in Lagos, has directed the deployment of personnel across the state ahead of the LG elections set for July 12.

Benjamin Hundeyin, the police spokesperson in Lagos, said in a statement on Wednesday that the commissioner gave the order to ensure the election proceeds without any disruptions.

Hundeyin also announced that vehicle movement would be restricted statewide from 3am to 3pm on Saturday. The restriction applies to both road and water transport.

“Elaborate security arrangements and comprehensive security measures have been put in place to ensure security, safety, and peaceful and orderly conduct of the LG elections,” the statement reads.

“Police escorts covered number plates, and the use of sirens at or in the vicinity of polling units and collation centres are prohibited.”

He stated that the police would be working alongside other bodies under the inter-agency consultative committee on election security (ICCES).

He noted that only vehicles designated for essential services, such as ambulances, fire trucks, and patrol vans of ICCES security agencies, would be allowed on the roads.

“All other vehicles, including those belonging to any quasi-security outfit and state security agencies, are barred from movement, as no state-owned security agency is authorised to participate in the election security operations, in line with the electoral act,” Hundeyin said.

He explained that medical personnel on emergency duty, LASIEC-accredited officials, election observers, and journalists cleared by the electoral body are not affected by the restriction.

“These categories of groups and individuals are permitted to carry out their lawful duties during the election period, provided they adhere to all the relevant guidelines and regulations in the electoral act,” he said.

He emphasized that only those wearing official LASIEC accreditation tags would be allowed near polling areas.

“No one without the identification tag will be allowed to take part in the election,” he said.

“Anyone arrested without an identification tag will be investigated and prosecuted in line with the Electoral Act.”

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BIG STORY

Nigeria Secures $747m Syndicated Loan For Lagos-Calabar Coastal Highway

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Nigeria has obtained a $747 million syndicated loan to fund phase 1, section 1 of the Lagos-Calabar coastal highway.

In a statement issued on Wednesday, Mohammed Manga, director of information and public relations at the ministry of finance, said the loan will finance the 47.47-kilometre stretch from Victoria Island to Eleko Village in Lagos.

Manga described the financing as the largest syndicated road infrastructure loan of its kind in Nigeria, reflecting strong international investor confidence in the country’s reform path and infrastructure agenda.

Deutsche Bank served as global coordinator, initial mandated lead arranger, and bookrunner, and participated in the syndicate alongside other regional and global financial institutions.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) offered partial political and commercial risk insurance.

According to Manga, the syndicate includes development finance institutions, export credit agencies, and international commercial banks. Notably, First Abu Dhabi Bank acted as Agent across all facilities and Intercreditor Agent. Other participating institutions included the African Export-Import Bank, the Abu Dhabi Exports Office (ADEX), the ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V. (formerly Credit Europe Bank N.V.), and Zenith Bank via its UK, Paris, and Nigeria offices.

The project is structured as an “EPC+F” contract awarded to Hitech Construction Company, a leading Nigerian infrastructure firm.

The arrangement reflects a public-private partnership, integrating technical delivery with financing to expedite implementation and attract further private investment in priority infrastructure.

Construction on phase 1, section 1 is already over 70 percent complete.

The highway is being built using “Continuously Reinforced Concrete Pavement (CRCP)”, designed for a lifespan of at least 50 years with minimal maintenance, ensuring durability and cost-efficiency.

The project has undergone comprehensive technical, legal, environmental, and social assessments to meet high international standards.

The Lagos-Calabar Coastal Highway is expected to serve as a vital logistics and trade corridor, improving regional integration, promoting tourism, lowering transport costs, and creating jobs. A tolling framework is being finalised to support long-term operations and financial sustainability.

Funding for subsequent phases is in progress, with considerable interest from both regional and international investors.

Manga said this significant development reflects renewed engagement from global financial institutions with Nigeria, driven by bold economic reforms and a focus on delivering viable, transformative projects.

‘Transaction signals to investors maturity of Nigerian market’

Wale Edun, minister of finance and coordinating minister of the economy, said the loan agreement reflects the progress of Nigeria’s macroeconomic reforms and the return of international capital to support development.

He said the government remains committed to funding infrastructure through “sustainable, transparent, and transformative” methods, calling the transaction a practical example of this vision.

Edun said, “The closing of this market-defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development.”

He added that the deal confirms Nigeria’s readiness for full adoption of public-private partnerships in infrastructure development and operations.

David Umahi, minister of works, called the deal a strong endorsement of Nigeria’s reform agenda and emphasized the national importance of the Lagos-Calabar highway.

Dany Abboud, managing director of Hitech Construction Company Limited, said, “With over 70% of Phase 1 Section 1 complete, we are showing that Nigerian engineering—backed by structured international finance—can meet global standards.”

Abboud highlighted the benefits of using “CRCP technology” for its superior durability and cost-effectiveness.

Khalid Khalafalla, chief executive officer of ICIEC, also expressed satisfaction in partnering with the Nigerian government and other financiers to deliver the project.

Khalafalla said, “Through ICIEC’s sovereign risk coverage solution, we are unlocking vital infrastructure that will ease congestion, stimulate regional trade, and drive inclusive economic growth.”

He added that the project would generate employment, enhance local expertise, and support small and medium-sized enterprises, demonstrating ICIEC’s commitment to sustainable development and shared prosperity across West Africa.

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