Category: Culture & Tourism

  • FTAN President, Badaki, charges Fagade on training, capacity building

    FTAN President, Badaki, charges Fagade on training, capacity building

    … collaboration with HATMAN

    The President of the Federation of Tourism Associations of Nigeria (FTAN), Dr Aliyu Ajayi Badaki, has charged the Director General of the National Institute for Hospitality and Tourism (NIHOTOUR), Dr Abisoye Fagade, to focus more on training and capacity building in the sector, noting that these are core areas that would ultimately lead to standardisation, professionalism and attraction of more investors and operators into the sector.

    This is as he also called on him to revisit the Memoranda of Understanding (MoU) between NIHOTOUR and the Hospitality and Tourism Management Association of Nigeria (HATMAN), stressing that the MoU, which was signed over 15 years ago and left in the cooler by subsequent administrators of the Institute, is meant to entrench training and capacity building in hospitality and tourism through partnership with HATMAN and NIHOTOUR.

    Badaki gave these charges when he spoke as special guest during the one-day Annual Master Lecture Series of NIHOTOUR, which was held recently at Abuja. He commended the DG for sustaining the annual lecture series tradition, noting that it will further give traction to the Institute as a training and capacity building institute.

    The choice of the theme: Advancing knowledge strengthening, capacity, and deepening professional standards within Nigeria Tourism and Hospitality Ecosystem, he said was seminal and timely, stressing that it captures the essence and mandate of the Institute.

    To this, he charged the DG to focus more on this trajectory, working with relevant bodies and individuals in the hospitality and tourism ecosystem. He pledged the commitment of FTAN in working closely with the Institute’s leadership to achieve this onerous and desirous endgame by all the operators.

    According to him, if NIHOTOUR properly harness the theme of the lecture series in line with its core mandate, that it will positively impact on the industry’s standards and ultimately leads to guest’s satisfaction and Return on Investment (RoI) to the investors.

    He called on the DG to revamp the MoU signed by the Institute and HATMAN on joint training and capacity building, noting that if implemented it will further boost confidence in the sector and enhance the needed capacity and standards that everyone is clamouring for.

    Badaki advised the Institute to organise more of the yearly lecture series to cover the six geo-graphical zones of the country.

    On his part, Fagade expressed appreciation to Badaki for attending the event, and his charges. He noted that they are welcomed, promising that the Institute will take action on them. He then mandated his team on the spot to commence immediate planning to host the lecture series across the six zones of the country as advised by Badaki.

    He reiterated the commitment of NIHOTOUR to its core mandate of training and capacity building, while stressing that standardisation of the industry in the areas of capacity building, and statistical data, among others, would be squarely addressed as well.

    Fagade also paid tribute to the team led by Dr Edwin Enenta for organising the programme within such a short period of time.

  • NTIFE 2025: FTAN bestows Tourism Icon Awards on Katsina Gov, Tourism Minister, Eko Hotels and Suits, others

    NTIFE 2025: FTAN bestows Tourism Icon Awards on Katsina Gov, Tourism Minister, Eko Hotels and Suits, others

    … holds investiture of Badaki

    It was a night of glitz, celebration, honour and rewards for excellent service to the nation and immense contributions to tourism as the Federation of Tourism Associations of Nigeria (FTAN) bestowed its prestigious awards of Tourism Icon on selected individuals and organisations in recognition of their invaluable commitment to pushing the frontiers of Nigerian tourism.

    Leading the pack of awardees were the Governor of Katsina State, Dr Dikko Umaru Radda and the Minister of Arts, Culture, Tourism and Creative Economy, Barrister Hannatu Musa Musawa. The occasion was the Gala and Tourism Icon Award Nite, and Investiture of the National President of FTAN, Dr Aliyu Badaki, during the eighth edition of the Nigeria Investors Forum and Exhibition (NTIFE) 2025, held in Abuja.
    Governor Radda of Katsina State was honoured under the category of Tourism Icon as the Best Tourism Governor for the year 2025. He was represented at the event by the Director General of the Katsina State History and Culture Bureau, Dr Kabir Ali Masanawa.
    while Musawa was also bestowed with the Tourism Icon Award for her contributions to tourism and doggedness in staying the course in the face of obvious challenges.
    She was represented by the Director General of Nigerian Tourism Development Authority (NTDA), Olayiwola Awakan.
    Others on the honour roll included; Eko Hotel and Suites – Pioneer in Hospitality Innovation; Lolo Ngozi Ngoka- Award of Excellence for Tourism Policy Drive; Mr Edosa Eghobamien – Hospitality Innovation Award; TVC News – Tourism Promotion Award; and Mohammed Jammal – Excellence in Recreation and Leisure Award.

    Edosa Eghobamien is a visionary entrepreneur, strategic business leader, and catalyst for innovation across Nigeria’s hospitality, tourism, energy, and development sectors. He is the Managing Director of Efedosa Catering Services, TedMayfair Development and Infrastructure Company, Amena Academy, Changing Ideas, and Amena Tourism and Hospitality Innovative Technology Solutions Limited; Mohammed Jammal -Founder and Owner of Monoliza Sports and Recreational Centre, is a noted tourism and recreation innovator, devoted to curating tourism, leisure, and family entertainment destinations;

    Ngozi Ngoka, Managing Consultant – Zigona Advisory, leverages her extensive expertise in travel and tourism management and economic development to provide strategic sectoral insights and solutions for clients in the travel and tourism sectors and also as the thematic lead for the Travel and Tourism Industries Thematic Group of the Nigerian Economic Summit Group (NESG).

    As part of the night’s loaded activities, the President of FTAN, Dr Aliyu Badaki, who was elected during the elective Annual General Meeting (AGM) of the Federation in Abuja, on July 30, 2025, investiture ceremony was conducted. The investiture was performed by Senator Smart Adeyemi, who in his remark, congratulated Badaki and charged him to deliver on his mandate to the Federation.

    It will be the first time that the Federation in about three decades of its existence, would be conducting an investiture ceremony for its elected President.

  • Oyo unveils “Vibing December” festive tourism drive

    Oyo unveils “Vibing December” festive tourism drive

      

    Oyo unveils “Vibing December” festive tourism drive

     

    By Adewale Owoade

     

    The Oyo State Government has unveiled its month-long “Vibing December” programme to boost tourism and create a lively, safe festive atmosphere.

     

    The Ministry of Culture and Tourism Development flagged off the celebration with a walk themed “Àṣẹjù ni Dirty December, Vibing December is Okay,” signalling the start of a schedule designed to entertain residents and visitors throughout December.

    The walk began at the OYSROMA premises and concluded at Eleyele Waterside in Ibadan, marking the first in a series of activities aimed at showcasing the state’s cultural richness.

     

    Speaking at the event, the Commissioner for Culture and Tourism Development, Dr Wasiu Olatunbosun, said the initiative seeks to highlight Oyo State’s heritage while offering platforms for entertainment and social engagement.

     

     

    “We have 25 different events that will be happening as from today, 1 December, and it will take us to 2 January 2026.

     

    “It is going to be a great event; we are having an AMALAN event, a 48-hour concert, and variety shows.

     

    “We have events that will bring many people from all over the South-West; it is going to be a great event and people will enjoy it.

     

    “The hoteliers’ association has decided to reduce hotel accommodation fees from today, 1 December, till 2 January 2026.

    “Our slogan is ‘Àṣẹjù ni Dirty December, Vibing December is Okay.’”

     

    Chair of the House Committee on Culture and Tourism, Oyo State House of Assembly, Hon. Bisi Michael, commended Governor Seyi Makinde for creating an environment where tourism can thrive. She encouraged the public not to let the current economic situation prevent them from enjoying the season.

     

     

    “‘Vibing December’ is all about having fun during the festive period. I will advise people to have fun; December is a time for celebration, so you need to enjoy yourself.

    “Let us do it together in the state of Oyo. I appreciate Governor Makinde and all the sponsors of ‘Vibing December.’”

     

    An event sponsor, Mr Samuel Olatunde, Chairman of Edala Development Company, also reaffirmed his organisation’s commitment to supporting the festivities.

     

     

    “We have also been partnering with some key events like this ‘Vibing December’ so that we will participate and give the event as much publicity as we can,” Olatunde said.

     

    The flag-off walk recorded an impressive turnout, including security agencies such as the Oyo State Road Transport Management Authority (OYRTMA) and health officials who ensured order and safety throughout. (NAN)

  • Badaki tasks on embracing tourism as pillar of national development

    Badaki tasks on embracing tourism as pillar of national development

    The President of Federation of Tourism Associations of Nigeria (FTAN) Dr Aliyu Badaki has called on the Nigerian government to embrace tourism as a central pillar of national development.
    Badaki stated that the Nigeria Tourism Investors Forum and Exhibition (NTIFE) 2025 represents far more than an annual event; but symbolises Nigeria’s readiness to embrace a bold new future.
    Speaking at the 2025 NTIFE, with the theme: National Tourism Investment and Global Partnership, held recently in Abuja, Badaki noted that the new future is where tourism becomes a significant contributor to economic growth.

    He disclosed that one of FTAN’s most significant contributions this year was full participation in the final review of the National Tourism Policy, an exercise coordinated by the Nigeria Economic Summit Group under the guidance of the Ministry.

    Badaki pointed out that participating in the tourism policy was a landmark moment for the private sector, as FTAN’s voice was not only heard but deeply integrated into the policy.

    He added that the final document reflects shared priorities, private-sector realities, and global best practices, stressing that it is a policy Nigerians can proudly present to the world.

    FTAN President emphasised that: “Another major milestone we achieved was the signing of a historic Memorandum of Understanding between FTAN, the Ministry of Arts, Culture, Tourism and Creative Economy, the Nigerian Tourism Development Authority, and the National Gallery of Art. This MoU marks a new era of structured collaboration. It acknowledges the private sector as a major engine of tourism development and creates formal pathways for joint programming, marketing, destination development, cultural tourism integration, standards improvement, and investor support.
    “For the first time, FTAN is not participating from the sidelines; we are now embedded in the architecture of national tourism planning and implementation.”

    Badaki explained his Tourism Transformation Mandate, which distilled his aspirations into three major areas, which include the need to grow tourism through strong partnerships and meaningful policy influence, the transformation and unification of FTAN’s institutional framework; and the expansion of market development, national image amplification, and legacy-building initiatives.

    He noted that the Tourism Transformation Mandate is no longer an idea on paper; but an active, living blueprint guiding its actions and shaping its results.

    In his words: “Every step we have taken since our inauguration has been intentional. Immediately after the elections, we convened a strategic executive retreat. That retreat was our starting point, a space where we aligned our priorities, agreed on implementation pathways, and unified our collective understanding of FTAN’s role in Nigeria’s tourism journey. ”
    Badaki noted that the clarity and cohesion that emerged from that retreat set the pace for the progress they are now celebrating.

    He said FTAN has embarked on a series of courtesy visits to key government agencies, including the Ministry of Arts, Culture, Tourism, and Creative Arts, the Nigerian Tourism Development Authority (NTDA), and the National Gallery of Art (NGA).

    Badaki further observed that these engagements strengthened institutional trust, reinforced public-private alignment, and ensured that FTAN is firmly recognised as a reliable partner in national tourism development.
    Badaki stated that FTAN will be taking it a nudge higher by signing strategic MoUs with them.
    FTAN President lauded the Minister’s unwavering partnership, visionary support, and exemplary leadership which have been instrumental in strengthening its efforts, qualities that deserve not only its admiration but their collective emulation.

    Badaki explained that: “Understanding that international collaboration is essential to any competitive tourism economy, we expanded our diplomatic engagements by visiting embassies and high commissions across various regions. These meetings were strategic, and they opened channels for cultural exchange, tourism promotion partnerships, investment interest, and bilateral cooperation.
    Nigeria’s tourism potential is vast, and our discussions with foreign missions confirmed that the world is paying attention”.
    Badaki noted that with the new tourism policy in place, stronger public-private collaboration, an energised creative industry, improved visibility for Nigerian culture, and a large domestic market, Nigeria is primed for unprecedented tourism investment.
    He informed investors that Nigeria offers limitless opportunities in hospitality, ecotourism, entertainment, and creative festivals, MICE tourism, community tourism, travel technology, transportation, culinary tourism, cultural infrastructure, and much more.
    Badaki noted that the FTAN family welcomes increased incentives for tourism investors, improved safety and infrastructure around tourism sites, enhanced national marketing, and the activation of structures such as the Presidential Council on Tourism.

    He maintained that with deeper collaboration, Nigeria can unlock billions in untapped tourism value.
    According to him, “Nigeria has everything it needs to become a leading tourism destination in Africa: diversity, creativity, cultural richness, natural beauty, and the warmth of our people. What remains is sustained collaboration, bold investment, and long-term commitment.”
    He urged stakeholders to build partnerships that endure, attract investors who see Nigeria not as a risk, but as a rising opportunity and to leave behind a legacy of growth, unity, and transformation.

  • Akwa Ibom International Airport Status a Major Boost to Nigerian Tourism — Onung

    Akwa Ibom International Airport Status a Major Boost to Nigerian Tourism — Onung

    Nigeria’s newest aviation landmark, the Akwa Ibom International Airport in Uyo, has been hailed as a significant catalyst for the country’s tourism advancement.

    The airport—recently designated an international facility by the Minister of Aviation and Aerospace Development, Festus Keyamo—is located adjacent to the state’s domestic terminal and features cutting-edge aviation and travel technology, five-star lounges, recreational amenities, and modern shopping arcades. It is the first of its kind in the South-South economic region.

    President of Experience IBOM and Chairman, Board of Trustees of the National Association of Nigeria Tour Operators (NATOP), Mr. Nkereweum Onung, described the airport as a major enabler of Nigeria’s cultural tourism growth. He commended Akwa Ibom State Governor, Pastor Umo Eno, for his strategic influence in positioning the state as a major tourism destination.

    Onung, who is also the immediate past President of the Federation of Tourism Associations of Nigeria (FTAN), noted that the airport would attract travellers from across the world, expanding cultural tourism opportunities within the South-South region, creating jobs, and stimulating socio-economic and tourism-related trade.

    “Pastor Umo Eno has shown that he is a professional, a cultural tourism ambassador, and a strategic reformer. His infrastructure initiatives will not only enhance tourism and hospitality in Akwa Ibom State but also serve as sustainable drivers of economic growth and improved security. At Experience IBOM, we are proud and eager to partner with the state’s airport management authority to ensure these facilities are effectively utilized and protected,” Onung said.

    He revealed that Experience IBOM, a tourism promotion company, will soon roll out marketing campaigns with local and international partners to promote Akwa Ibom— and by extension Nigeria—on the global tourism stage. According to him, infrastructure investments such as the Akwa Ibom International Airport intentionally open populous nations like Nigeria to expanded travel, commerce, and tourism opportunities, thereby boosting local community development.

    Onung also commended the Minister of Aviation and Aerospace Development, Festus Keyamo, for his leadership and for elevating Nigeria’s presence within the global aviation community.

  • NTIFE 2025: Tourism Minister Musawa Seeks Partnership, Investment to Transform Nigeria Into a Global Destination

    NTIFE 2025: Tourism Minister Musawa Seeks Partnership, Investment to Transform Nigeria Into a Global Destination

    The Minister of Arts, Culture, Tourism and Creative Economy, Barrister Hannatu Musa Musawa, has renewed her call for strategic partnerships and increased private-sector investment to accelerate Nigeria’s transformation into a globally competitive destination for tourism, culture, and creative enterprise.
    She made the appeal at the eighth edition of the Nigeria Tourism Investors Forum and Exhibition (NTIFE) 2025, organised by the Federation of Tourism Associations of Nigeria (FTAN), the umbrella body for private-sector operators in the tourism industry. This year’s edition has the theme “National Tourism Investment and Global Partnership” with the sub-theme “Investing in Nigeria’s Tourism Future.”
    Speaking in Abuja at the one-day event, the minister described NTIFE as more than a gathering of stakeholders, but a platform for harnessing Nigeria’s rich cultural wealth and converting it into sustainable economic value.
    “NTIFE is not just a platform for bringing people together to celebrate Nigeria’s cultural wealth but an invitation to transform that wealth into lasting economic growth and global impact,” Musawa said.
    She noted that the creation of the new Ministry signalled the Federal Government’s renewed commitment to position culture, tourism and the creative industries as central pillars of national development. Under this vision, the sector aims to contribute $100 billion to the economy by 2030 and create more than two million jobs, especially for young people.
    Musawa highlighted ongoing efforts to address infrastructure gaps and policy bottlenecks that have historically slowed growth in the sector. She explained that the Ministry has begun implementing frameworks and infrastructure plans to strengthen the industry and attract investors.
    Calling on investors to take advantage of Nigeria’s vast cultural and creative potential, she said:

    “I extend a call to investors, stakeholders, and partners: invest in Nigeria’s heritage, creativity, and natural beauty. Partner with us to build world-class cultural hubs, heritage sites, resorts, creative cities, entertainment infrastructure, and more.”
    She added that collaboration is essential to nurturing talent, promoting Nigerian heritage globally, and creating opportunities for millions of citizens.
    Musawa also disclosed that the Ministry is signing Memoranda of Understanding with state governments and private organisations in line with the Presidential directive to expand Public-Private Partnerships (PPP) across the sector.
    “I urge you to engage with the Ministry to see what we are doing and how you can add value. Together, we can transform Nigeria into a global destination where culture meets commerce, tradition meets innovation, and our diversity becomes a source of pride, unity and prosperity,” she said.

  • Bonu Calls for Full Implementation of Lagos Tourism Master Plan

    Bonu Calls for Full Implementation of Lagos Tourism Master Plan

    …..Unveils Diaspora Housing and Return Voyage Initiative

    Lagos State’s drive to position itself as a leading global tourism destination has received renewed advocacy, as a lawmaker, Hon. Solomon Bonu, emphasised the urgent need for the full implementation of the Lagos State Tourism Master Plan.
    Bonu noted that the master plan, already backed by legislation, provides a comprehensive roadmap for tourism growth, integrating critical sectors such as transportation, cultural heritage, and agro-tourism.
    He said proper execution of the plan would maximise returns on the state’s tourism investments and improve overall sector coordination.
    He also proposed stronger collaboration between government and the private sector, stressing that such partnerships are essential for funding, expertise, and efficient management of tourism projects.
    According to him, enabling private sector participation would help expand infrastructure, attract more visitors, and accelerate Lagos’ economic diversification.
    Bonu further advocated improved accountability in tourism funding.
    He urged the Lagos State Government to increase budgetary allocation to the sector and ensure regular audits and transparent financial reporting to guarantee that funds are effectively utilised.
    As part of broader efforts to deepen cultural tourism, Bonu also unveiled an ambitious diaspora initiative ahead of the 2026 Diaspora Festival in Badagry.
    The plan includes a dedicated housing scheme for diaspora visitors, with Lagos State set to allocate a portion of coastal land in Badagry for a diaspora-exclusive residential estate.
    The project aims to create a “home away from home” and encourage investment from Africans in the diaspora.
    He added that the housing scheme, which will offer waterfront property options, could become a new revenue stream for the state while enhancing its global tourism appeal.
    Another component of the initiative is a proposed “return voyage” experience that will retrace historic slave routes along the coastline.
    The journey will culminate in a week-long cultural immersion in Badagry, designed to strengthen emotional and ancestral bonds for diaspora participants.
    Bonu said the initiatives, if fully executed, would not only enrich the cultural tourism offering of Lagos State but also reinforce Badagry’s status as a significant heritage destination.

  • FTAN, NTDA pledge strategic partnership to achieve shared goals

    FTAN, NTDA pledge strategic partnership to achieve shared goals

    … to sign MoU on joint marketing at NTIFE 2025

    A new dawn is in the offing for Nigerian tourism as the Federation of Tourism Associations of Nigeria (FTAN) and the Nigerian Tourism Development Authority (NTDA) have pledged strategic collaborative efforts, with the endgame of achieving shared goals.

    As part of this strategic partnership, NTDA will sign a Memoraunda of Understanding (MoU) with FTAN on the joint marketing of Nigeria across international channels, as Nigeria looks to reclaiming its status at the global tourism marketing scene having been absent for years.

    These developments were part of the fallouts from the strategic meeting FTAN, led by its President, Dr Aliyu Badaki, had with the management of NTDA led by its Director General, Olayiwola Awakan, when FTAN paid a courtesy visit to Awakan, who recently assumed office as the new DG of the Authority.

    Speaking at the occasion, Badaki disclosed that the visit was aimed at strengthening collaboration and advancing shared goals for the growth of Nigeria’s tourism sector. He expressed appreciation to the DG for the warm reception and congratulated him on his well-deserved appointment. He gave a brief overview of FTAN’s mandate as the umbrella body representing the private sector in Nigeria’s tourism industry. The President emphasised that FTAN, as the voice of the private sector, plays a critical watchdog role in ensuring that the interests of tourism investors and operators are protected.

    While commending NTDA for its consistent partnership with FTAN in efforts geared towards improving the sector, he pledged that with the new DG on board that the partnership will be taken to new heights, with focus on opening new frontiers for the benefits of both bodies and the sector as well.

    He noted that the Federation welcomes innovation and new ideas but stressed that such initiatives must be implemented in partnership with private-sector players. Badaki also briefed the DG the importance of the upcoming Nigeria Tourism Investors Forum and Exhibition (NTIFE), to which he has been formally invited as a Special Guest of Honour. The Forum is scheduled to hold on November 28, 2025, in Abuja.

    The First Deputy President of FTAN, Mrs Susan Akporiaye disclosed FTAN’s commitment to heading efforts at promoting and marketing Nigerian tourism at the international level, stressing the importance of joint efforts by the two bodies.

    As part of this renewed effort, she said that FTAN and NTDA would further strengthen it strategic partnership and joint marketing and promotion of Nigeria’s tourism offerings through a MoU that would be formally signed at NTIFE 2025 once it has been reviewed by NTDA.

    She highlighted the importance of active physical representation at global travel markets and exhibitions. This is as she recommended the establishment of a joint committee by both parties to ensure early and effective planning and implementation of agreed marketing strategies.

    In his remarks, Awakan expressed appreciation to FTAN for the visit, noting that he had long been associated with the Federation.

    He reaffirmed his commitment to deepening the existing relationship between NTDA and the private sector. According to him, his tenure would prioritise collaborative programmes and activities that align with the Renewed Hope Agenda of the Federal Government.

    Awakan stressed that meaningful progress in the tourism industry can only be achieved through strong partnerships, as tourism remains a private sector-driven enterprise. He welcomed the proposed MoU and confirmed his readiness to sign it at NTIFE 2025.

    He added that the success of NTIFE 2025 is, by extension, the success of NTDA.

    The DG reiterated that Nigeria is richly endowed with vast tourism opportunities that must be harnessed through sustained collaboration between government agencies and private sector stakeholders.

  • IMPI insists on 14 percent inflation rate end of year

    IMPI insists on 14 percent inflation rate end of year



    ‎*IMPI links Nigeria’s PMI to inflation decline, insists on 14% year-end projection*

    ‎Notable Think Tank , the Independent Media and Policy Initiative (IMPI) has established a link between the steady increase in Nigeria’s Purchasing Manager’s Index (PMI) and the decline in inflation in the country for the seventh consecutive month.

    ‎This according to the policy group is because the PMI reflects the state of health of the economy of a country.

    ‎In a statement signed by its Chairman Dr Omoniyi Akinsiju, IMPI posited that Nigeria’s PMI recorded eleventh consecutive month of expansion since the beginning of 2025.

    ‎It said: “By adopting the Predictive Regression (PR) model which uses Ordinary Least Squares (OLS) techniques to model inflation as a function of lagged values of key drivers, such as exchange rates or the Purchasing Manager’s Index (PMI), we were able to establish a consistent pattern of increased productivity and general price reduction with higher intensity beginning from August 2025.

    ‎”By our reading, we attest to the inverse relationship between Nigeria’s Purchasing Managers’ Index (PMI) and inflation rate movements. To put this in context, an increase in PMI reflects in a decline in inflation because a PMI hike is suggestive of a higher growth momentum in production and productivity measured across 36 sectors of the economy.

    ‎”Since the beginning of the year, the PMI has shown consistent expansion with the latest reading for October being 55.4, indicating a strong and broad-based growth. This marks the eleventh consecutive month of expansion, driven by growth in output, new orders, and employment across various sectors.

    ‎”The PMI has remained above the 50.0 threshold throughout 2025, signalling a sustained expansion in economic activities.

    ‎”This, essentially, is predictive of the general movement of household items’ prices as captured in the Consumer Price Index (CPI). This had been trending downward, effectively, since April 2025 when it eased to 23.71% year-on-year compared to March 2025, when it rose to 24.23% year-on-year from 23.18% in February 2025.”

    ‎It also noted that since April this year, Nigeria’s PMI had been recording sustained growth which reflected in the downward trend of inflation and added that whenever there is a slowdown, it also showed in the inflation figure.

    ‎”Reflecting the same quantum movement, the Central Bank of Nigeria (CBN) reported a composite Purchasing Managers’ Index (PMI) of 52.40 index points for April 2025, indicating a sustained expansion in economic activities.

    ‎”This was an increase from the 52.30 index points recorded in March 2025 and was driven by growth in both the services and manufacturing sectors.

    ‎”Nigeria’s PMI in May 2025, showed a slow uptick from a composite index of 52.1 index point for the month, indicating a 0.060 index point above the April 52.40 index point.

    ‎”The slow upward movement in PMI is evidenced in the equally slow decline in inflation rate to 22.97% in May from 23.71%, a 0.74% difference.

    ‎”Again, in June 2025, the CBN’s composite PMI expanded by a low 0.2 index point to 52.3 from the 52.1 recorded in May 2025. In the same token, Nigeria’s headline inflation rate eased to 22.22% in June 2025 on a year-on-year basis, and like the PMI movement between April and May, the reduction was by a low 0.75% from the 22.97% recorded in May 2025.

    ‎”In July, Nigeria’s economic expansion continued with the CBN PMI for the month at 52.7 showing another low 0.4% marginal growth between June and July which also reflected in the July 2025 year-on-year inflation rate that dropped to 21.88%, down from 22.22% in June with a marginal difference of 0.34%.

    ‎”However, in September, the trend with both the PMI and the inflation rate took on a higher momentum with the PMI rising to 54.0, indicating a stronger pace of economic expansion for the tenth consecutive month.

    ‎”This faster pace of increase in the PMI also reflected in the inflation rate which vastly improved from 20.12% in August 2025 to 18.02% in September 2025, a 2.1% decline from the August figure and by trend analysis, a quantum leap when compared to the rate of inflation decline.

    ‎”The trend in the relationship and movements between the PMI and inflation is further sustained by their respective October figures with the CBN Composite PMI recording 55.4 index points, a significant increase in the PMI recorded between April and September 2025.

    ‎”This larger margin of difference also reflected in the country’s headline inflation rate which declined at a much faster rate to 16.05% in October 2025 from 18.02% in September 2025, a decrease of 1.96%,” it said.

    ‎IMPI also affirmed its position on a 14% inflation figure by the end of the year as well as a reduction of the benchmark rate by the Central Bank’s Monetary Policy Committee.

    ‎”Going forward, we estimate further expansion in the PMI for the months of November and December 2025 which will also reflect in the inflation rates for the two months. In consideration of this, we reiterate that the inflation rate will decline to 14% by year end as projected in our Policy Statement 030.

    ‎”In addition, we also projected in Policy Statement 029 issued before the last meeting of the CBN Monetary Policy Committee (MPC) in September 2025 that we expect it to reduce the Monetary Policy Rate (MPR) by 150 basis points to 26% by year end. The Committee, as a first step, reduced the MPR by 50 basis points to 27% from 27.50%.

    ‎”Again, we reiterate that the softer inflation outlook validates the expectations for additional monetary easing by the CBN at its November policy meeting.

    ‎”We therefore expect as a follow-up to our earlier projection, that the MPC will reduce the MPR by 100bps to 26.0% when it meets on the 24th and 25th of this month to determine the country’s benchmark interest rate,” the think tank added.

    ‎END