The Central Bank of Nigeria (CBN) has announced a rescheduling of its 299th Monetary Policy Committee (MPC) meeting to February 19–20, 2025.
In a bid to broaden its reach and engage a wider audience, the CBN has made the announcement in four major indigenous languages: Yoruba, Hausa, Igbo, and Pidgin.
This innovative approach underscores the CBN’s commitment to inclusivity, ensuring that key economic decisions resonate with all Nigerians, regardless of language.
The MPC meeting is a crucial event in shaping Nigeria’s economic policy, particularly decisions on interest rates, inflation management, and overall macroeconomic stability.
The CBN’s use of local languages in its announcement—via its official X handle—demonstrates a commitment to reaching all corners of the country.
Here’s how the message was shared:
- In Hausa: “Sanarwa, kwamitin kudi na MPC zai gudanar da taro karo na ‘299’ #MPC”
- In Yoruba: “Kere O, 299th MPC. Ipade kokan din loodunrun igbimo MPC yio waye ni”
- In Igbo: “Okwa di oke mkpa 299th MPC, Ogbakọ komitii na afu maka atumatu ego #MPC”
- In Pidgin: “Korret Informate, 299th MPC, Committee for Moni mata #MPC”
In other exciting news, recent reports from the Central Bank signal a positive shift in Nigeria’s economy. For the second consecutive month, Nigeria’s economic activities have expanded, with the composite Purchasing Managers’ Index (PMI) for January 2025 hitting 50.2 index points, indicating a steady recovery.
Key Highlights from the PMI Report:
- Industry Sector: A remarkable recovery, moving from stagnation in December 2024 to growth in January 2025.
- Services Sector: Unfortunately, this sector showed a contraction in January, pointing to challenges within the services industry.
- Agriculture Sector: A strong performance continues, with growth for the sixth straight month.
The PMI breakdown reveals promising signs of growth across various metrics:
- Composite Output: 50.9 points
- New Orders: 50.2 points
- Employment Levels: 50.2 points
While these results are encouraging, challenges remain. The composite stock of raw materials dropped to 49.8 points, and there was a slowdown in suppliers’ delivery times, with the index falling to 49.6 points. These delays highlight ongoing supply chain issues.
A recent Business Expectations Survey (BES) conducted in January 2025 also brought attention to the concerns of Nigerian businesses. About 75% of businesses cited high interest rates as their primary operational challenge. The survey, which covered 1,900 businesses across key sectors—Industry, Services, and Agriculture—revealed mixed feelings about the economic outlook.
Despite these challenges, Nigeria’s capacity utilization showed an upward trend, reaching 56.8% in January 2025. The Mining and Quarrying sector led the way with the highest utilization at 60.3%, showing its resilience amidst the broader economic landscape.
With all eyes on the MPC meeting in the coming days, the Central Bank’s decisions will be pivotal in guiding Nigeria’s economic future.
As the nation faces both opportunities and hurdles, the CBN’s upcoming deliberations will be crucial in steering the country towards sustained growth and stability. Stay tuned for what’s next in Nigeria’s economic journey!
