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X-Raying Cardoso’s Impactful Gains At CBN

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By Okanga Agila

In the not-so-distant past, Nigeria’s economy was a fragile patient, clinging to life support. The symptoms were all too familiar: hunger, deprivation, and a crippling sense of hopelessness. But then, something changed. 

A new leadership emerged with a bold vision for a prosperous Nigeria. President Bola Ahmed Tinubu’s administration was determined to break the cycle of economic instability, and they started by making some tough decisions.

One of those decisions was the appointment of Dr. Olayemi Cardoso as the Governor of the Central Bank of Nigeria. Dr. Cardoso was a man on a mission, armed with a deep understanding of the economy and a passion for reform. With Dr. Cardoso at the helm, the Central Bank began to implement a series of innovative policies, designed to stimulate growth, create jobs, and empower Nigerian citizens.

It wasn’t easy, of course – there were obstacles to overcome, and tough choices to make. But Dr. Cardoso and his team were undeterred, driven by a shared vision of a brighter future for Nigeria. And then, something remarkable happened.

The economy began to stir, like a sleeping giant awakening from a deep slumber. Infrastructure projects sprouted up across the country, creating jobs and opportunities for thousands of Nigerians. The education and healthcare sectors received a much-needed boost, giving citizens access to quality services and a chance to build a better life.

Dr. Cardoso’s bold move to tackle Nigeria’s inflation problem began with a deliberate attempt to rectify the negative effects of past monetary policies. By holding down excessive money supply, considered a major driver of inflation, Dr. Cardoso introduced measures that would eventually lead to a decrease in prices of goods and services.

The initial impact of these measures was a short-term shock, marked by an increase in interest rates, reduced spending and investment, and a decrease in demand for goods and services. Banks also played their part by mopping up excess liquidity from the system, increasing the Monetary Policy Rate (MPR) by 50 basis points.

However, the long-term effects of Dr. Cardoso’s measures have been remarkable. Prices of goods and services, especially food items, have consistently fallen, leading to an improvement in the standard of living and a rapid decline in poverty and hardship. The impact is clear: inflation has begun to decline. After a rise from 2022 to 2024, the inflation rate dropped to 24.48% in January 2025 from 32.49% in December 2024.

Food inflation, which accounts for about 50% of Nigeria’s inflation, dropped from 39.84% to 26.08% year-on-year in January. This decrease led to a sharp drop in food prices. For example, beans went from over N11,000 to N8,000, and garri decreased from over N4,000 to between N2,000 and N1,500.

Cardoso introduced the Inflation-Targeting framework, which brought sweeping changes to stabilize prices, reduce currency volatility, and boost economic growth. His policies increased investor confidence, attracted foreign investments, and positively impacted businesses.

Dr. Cardoso also achieved Nigeria’s delisting from the FATF Grey List through transparent market stabilization measures. He introduced new guidelines for dormant accounts, suspended processing fees on cash deposits, and implemented the Early Warning Systems to further consolidate these gains.

Dr. Cardoso’s expertise and fiscal discipline transformed the forex market. By streamlining operations into a single framework, he brought stability, increased liquidity, and reduced market distortions. To promote economic management and coordination, Dr. Cardoso cleared 57 backlogged forex requests, reduced volatility, and increased external reserves.

He also strengthened monetary-fiscal coordination through the Fiscal and Monetary Policy Coordination Framework (FMPCF) and the Financial Services Regulation Coordinating Committee (FSRCC). Dr. Cardoso utilized advanced tools like Dynamic Integrated Analytic Modelling (OIAMOND) and the Macro Diagnostic Framework to build a robust fiscal regime. He prioritized staff training and capacity building, enhancing their competence in key areas.

His efforts led to the emergence of reliable, efficient, and customer-friendly financial institutions. Dr. Cardoso also regulated the activities of Bureau de Change operators, ensuring they complied with standard procedures and promoted national security and citizens’ well-being. Through effective control and deliberate reforms, he has brought about an outstanding level of customer protection, ensuring compliance with rules and objectivity, thereby limiting Fintech risks, fostering robust customer satisfaction and better engagement with formal financial institutions, going to the extent of enforcing sanctions on violators of unethical conducts to serve as deterrence.

The introduction of several key initiatives has transformed Nigeria’s financial landscape. The unified tracking system (UCTS) and USSD verification of licensed financial institutions have enhanced transparency and security. Additionally, registering Point-of-Sales operators with the Corporate Affairs Commission (CAC) has helped curb fraudulent activities.

Empowerment initiatives, such as the Women Entrepreneur Finance Initiative (We-Fi) Code and the updated National Financial Literacy Framework, have also been launched to support youths and women. These initiatives aim to improve the well-being of Nigerians, revive the agricultural and manufacturing sectors, and promote financial inclusion, business mentorship, and capacity building.

This indeed is the joyous story of pains to impactful gains. Dr. Olayemi Cardoso is turning around the story of the nation’s economy and things are getting better for the citizens through the reforms that he has initiated. As the months passed, the evidence of Nigeria’s transformation has become impossible to ignore. The economy is growing, and the people are beginning to feel the benefits.

A sense of hope and optimism began to spread as Nigerians from all walks of life started to believe in a brighter future. Today, Nigeria’s economy is unrecognizable from the fragile patient it once was. The country is on the move, driven by a newfound sense of purpose and determination. And at the heart of it all is a leadership that’s committed to creating a better future for all Nigerians.

The story of Nigeria’s economic rebirth will be etched in history, with Dr. Olayemi Cardoso’s name forever linked to its triumph. Like a phoenix rising from the ashes, the nation has emerged stronger, more resilient, and poised for greatness. Dr. Cardoso’s leadership has been the catalyst for this transformation, igniting a fire of hope that will continue to burn bright for generations to come.

Okanga a writes this piece from Abuja.

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BREAKING: Electoral Violence Erupts in Wakama Ward as APC Campaign DG, 12 Party Members Attacked

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A wave of electoral violence has reportedly rocked Wakama Ward, where the Director-General of the APC campaign organisation and 12 members of the All Progressives Congress (APC) were allegedly attacked by suspected ethnic militia believed to be loyal to Labour Party candidate, Labaran Maku.

Sources from the area disclosed that the attackers, armed with machetes and axes, inflicted serious injuries on several victims during the assault. Many of those attacked sustained varying degrees of injuries, while two victims are currently receiving treatment in hospital for severe wounds.

One of the victims, Ezekiel Baba, was initially declared missing in the aftermath of the attack, raising fears about his safety. However, following a swift response by personnel of the Nigerian Security and Civil Defence Corps (NSCDC), he was rescued and taken to hospital for medical attention.

Sources further alleged that operatives of the NSCDC apprehended one of the suspected attackers, identified as Peter Assi, a former Councillor of Wakama Ward and a known political associate of Labour Party candidate, Labaran Maku. Security authorities are yet to issue an official statement on the arrest and the circumstances surrounding the incident.

The incident has heightened tensions in the area and raised serious concerns about voter safety and the conduct of the ongoing Nasarawa North Senatorial Bye-Election. Residents and political stakeholders have called on security agencies to swiftly investigate the attack, bring the perpetrators to justice, and ensure adequate security for voters and election officials.

The APC has strongly condemned the incident, describing it as a dangerous act of political violence capable of undermining the credibility of the electoral process.

Security authorities are yet to issue a comprehensive official statement on the incident, while efforts to obtain a response from the Labour Party candidate and other relevant stakeholders were ongoing at the time of filing this report.

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Judicial Battle Reboots Kwara ADC’s 2027 Election Machinery

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The Kwara State chapter of the African Democratic Congress (ADC) has converted a recent legal threat into a political launchpad. Following an appellate court victory that halted an attempt to deregister the party, the Kwara ADC has declared its full readiness to contest the 2027 general elections.

A Federal High Court judgment by Justice Peter Lifu originally ordered the Independent National Electoral Commission (INEC) to deregister the ADC along with four other opposition parties.

The decision was met with an outcry by opposition coalition who alleged the judicial action was another manipulative scheme to cripple opposition politics in the nation and give an unearned leap to ruling parties for the 2027 election cycle.

The “threat however, disappeared into thin air as the Court of Appeal in Abuja swung into action and delivered a strong rebuff on the lower court. A stay of execution of the deregistration order was issued by the Court of Appeal.

Experts and political leaders in opposition said the lower court’s ruling had contravened judicial hierarchy as courts above had already issued a stay of proceedings. It has returned to status quo, following the successful legal defence as the Kwara State chapter of the ADC has called an emergency State Executive Committee meeting at its State Secretariat, Ilorin.

Party stakeholders have already turned the page from the legal battle to an intensive grassroots mobilisation as party structures have been instructed to get set for the next election cycle.

“This issue, while appearing like a setback, has only united us more than before,” said the Kwara State Chairman of ADC, Babatunde Muhammed, who assured that “

The Court of Appeal intervention in our case has revived my confidence in the country’s judicial system, and that you cannot simply rubbish an existing political movement because you have access to some judges.

We remain unruffled” he added. Consequently, all ADC Candidates and ward executives in Kwara State have been tasked to commence voter outreach immediately with a unit-by-unit grassroots mobilisation plan that aims to put the current ruling party on the defensive by articulating how the ADC platform and agenda contrast with the performance of the incumbent administration.

The new approach of Kwara ADC will focus primarily on local security issues, fiscal and economic management and ensuring a free and fair electoral system in 2027 election.

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Voter Apathy and Money Politics Threaten Democratic Future

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Nigeria’s democracy faces mounting pressure from two persistent threats: voter apathy and the dominance of money in politics. The Institute for Peace and Conflict Resolution (IPCR), alongside Search for Common Ground, has warned that these forces are eroding citizen participation and weakening democratic institutions.

At a joint press conference in Abuja marking Democracy Day 2026, IPCR Director-General Dr. Joseph Ochogwu stressed that Nigeria’s democratic challenges stem not from the system itself but from declining civic engagement. He argued that democracy thrives only when citizens actively participate, hold leaders accountable, and reject manipulation.

Ochogwu identified several drivers of voter apathy: declining trust in institutions, fear of electoral violence, unmet governance expectations, and the widespread belief that individual votes do not matter. These factors, he said, discourage citizens from voting and weaken the legitimacy of elected governments.

When citizens withdraw from democratic processes, space opens for manipulation, misinformation, and electoral malpractice. Ochogwu warned that disengagement undermines accountability and allows narrow interests to capture democratic institutions. He urged Nigerians, especially young people, to see elections not as routine events but as the primary means of exercising sovereignty.

Beyond apathy, the monetisation of politics poses another grave danger. Ochogwu described money politics as a systemic driver of disenfranchisement. Wealthy elites dominate political participation, while ordinary citizens are excluded from meaningful influence. Within parties, financial considerations often determine outcomes, sidelining merit and ideas.

Exclusion and Inequality
The dominance of money in politics widens inequality, restricting opportunities for citizens without financial power to contest or participate. Ochogwu warned that this distortion undermines democratic fairness and entrenches a system where governance is shaped by wealth rather than public interest.

Ochogwu also highlighted terrorism, banditry, and violent extremism as enemies of democracy. These threats erode public confidence in institutions and hinder development. He stressed that insecurity compounds the challenges of apathy and money politics, creating a fragile democratic environment.

Gift Omoniwa, Director of Programmes at Search for Common Ground, raised concern about Nigerian youth being vulnerable to recruitment by extremist groups. She warned that without meaningful engagement, young people could be drawn into violence, further destabilising democracy.

Omoniwa outlined efforts to counter these risks, including a reality television programme showcasing youth resilience and alternatives to extremism. She reaffirmed her organisation’s commitment to working with government, civil society, and communities to promote peace and democratic governance.

Ochogwu closed his remarks by reminding Nigerians that democracy requires collective responsibility. He echoed President Bola Tinubu’s Democracy Day appeal, stressing that democracy is bigger than any individual and depends on shared commitment and continuous engagement.

Since 1999, Nigeria has maintained uninterrupted civilian rule, the longest stretch in its post-independence history. Yet this achievement remains shadowed by low voter turnout, political violence, and the outsized influence of money. The warnings from IPCR and Search for Common Ground underscore the urgent need for reforms that strengthen civic participation and reduce the grip of money on politics.

Nigeria’s democratic survival depends on citizens rejecting apathy and resisting money politics. Without active participation and fair competition, democracy risks becoming hollow, vulnerable to manipulation and exclusion. The call from IPCR and Search for Common Ground is clear: Nigerians must reclaim their democracy by engaging, voting, and demanding accountability.

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