CBN TO HOLD MPC MEETING MAY 19
The Central Bank of Nigeria (CBN) is set to hold its monetary policy committee (MPC) meeting this week. The CBN said its 300th MPC meeting will be held on May 19 and 20 at its headquarters in Abuja. At the last meeting, the committee retained the monetary policy rate (MPR), which benchmarks interest rates in the country, at 27.5 percent.
CBN LAUNCHES BVN PLATFORM FOR NIGERIANS IN DIASPORA
CBN, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the non-resident bank verification number (NRBVN) platform to ease access to financial services for Nigerians in the diaspora. Unveiled on May 13 in Abuja, the digital platform allows Nigerians abroad to obtain their BVN remotely, eliminating the long-standing requirement of physical presence in Nigeria. Speaking at the launch, Olayemi Cardoso, governor of CBN, described the NRBVN as a major leap in the apex bank’s financial inclusion agenda, particularly for Nigerians living outside the country.
NIGERIA’S INFLATION RATE DROPS TO 23.7%
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate slightly dropped to 23.71 percent in April 2025 – down from the 24.23 percent in March. NBS announced the increase in its consumer price index (CPI) on May 14. According to the bureau, the movement for April 2025 “headline inflation rate showed a decrease of 0.52% compared to the March 2025 Headline inflation rate”.
FG REVISES PROCUREMENT THRESHOLDS FOR MDAs
The Bureau of Public Procurement (BPP) has revised its procurement thresholds for ministries, departments, and agencies (MDAs) as part of reforms to streamline processes and improve budget execution. In a statement on May 14, Zira Nagga, head of public relations at the BPP, said the review, approved by President Bola Tinubu, responds to rising inflation, shifting market dynamics, and the need to reduce bureaucratic delays in project delivery. Nagga said that under the new thresholds, only contracts valued at N5 billion and above for goods and consultancy services, and N10 billion and above for works, will require federal executive council (FEC) approval. He said projects below the values will be handled at the ministerial or parastatal level.
‘SUBSIDY REMOVAL GAINS NOT FULLY TRANSFERRED TO FEDERATION ACCOUNT BY NNPC’
The World Bank says the petrol subsidy removal has not fully translated into expected revenue gains for Nigeria, as only half of the proceeds are being remitted by the Nigerian National Petroleum Company (NNPC) Limited. Alex Sienaert, the World Bank’s lead economist for Nigeria, spoke during the launch of the May 2025 Nigeria Development Update (NDU) in Abuja. Speaking at the event, Sienaert said NNPC started using the official FX rate for transactions in October 2024, marking the end of implicit subsidies.
PETROBRAS SEEKING TO RE-ENTER NIGERIA’S OIL SECTOR
Vice-President Kashim Shettima says Petrobras, Brazil’s state oil company, is seeking to re-enter Nigeria’s oil sector, with a specific interest in frontier deepwater acreage. In a statement on May 14, Shettima lauded the presence of significant Brazilian government officials in Nigeria to discuss the proposal. The discussions during the inter-ministerial review meeting, at the presidential villa, Abuja, coordinated Nigeria’s preparations for the second session of the Brazil Strategic Dialogue Mechanism (SDM), scheduled for June.
‘NIGERIA NEEDS $10BN ANNUALLY IN 20 YEARS FOR STABLE ELECTRICITY SUPPLY’
Adebayo Adelabu, minister of power, says Nigeria needs $10 billion annually for 20 years to have a stable electricity supply. The minister spoke during an interview with journalists on May 13 after commissioning the 2.5 megawatt (MW) solar hybrid power project at the Nigerian Defence Academy (NDA), Kaduna. He said the infrastructure gap in the power sector has accumulated over the past 60 years due to inadequate maintenance, insufficient investment, and the inability to upgrade transmission grids.
