Opinion
How procurement reforms engineered a trillion-naira turnaround for Nigeria, By Sufuyan Ojeifo
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For decades, Nigeria’s public procurement system laboured under an unenviable reputation. It was widely perceived as a creaking colonial inheritance, labyrinthine in process, porous in execution, and more feared as a bureaucratic choke point than respected as a tool of governance. Procurement was something to be survived, not something to be leveraged.
That understanding changed decisively in November 2024 following the appointment of Dr Adebowale A. Adedokun as Director General of the Bureau of Public Procurement (BPP).
Under Adedokun’s leadership, Nigeria embarked on an ambitious effort to reposition procurement from a procedural gatekeeper into a strategic engine of national development. Aligned firmly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the objective was nothing less than a systemic transformation.
A little over twelve months later, what has emerged is an interlocking architecture of reform. Digital by design. Rules with real consequence. Markets that reward value rather than proximity. And a procurement ecosystem increasingly conscious of its power to shape the economy, not merely police it.
■ Rules first, technology next
To be clear, the reform journey began where it had to begin: with the rules.
Service-wide prior-review and monetary thresholds were comprehensively reviewed, modernising parameters that had long lost touch with economic realities. The result was not deregulation but smarter oversight. Procurement cycles across ministries, departments, and agencies were shortened, bottlenecks eased, and compliance with the Public Procurement Act (PPA) strengthened rather than diluted.
Standard Bidding Documents were revised and redeployed nationwide. This seemingly technical intervention has had an outsized impact. Ambiguity has narrowed. Discretion has been constrained. Competition has become fairer and easier to defend.
More consequential still was the introduction of a National Debarment Policy. For the first time, Nigeria’s procurement system acquired a structured sanctions regime for non-performance and fraud. This was not merely administrative housekeeping. It was a signal that the era of consequence-free procurement malpractice was drawing to a close.
Running alongside these measures is the development of a harmonised amendment to the PPA 2007. The proposed changes strengthen sanctions, mandate digital procurement, deepen transparency, and align Nigeria’s framework with global best practice. It is an attempt to give Nigerian procurement what it has historically lacked: authority backed by enforceability.
If regulation defines intent, technology enforces discipline. This principle is embodied in the e-Government Procurement (e-GP) system. Conceived as an end-to-end digital platform, it covers planning, tendering, evaluation, contract award, and certification.
When fully operational, the system will do what policy circulars rarely achieve. It will reduce human interference, compress timelines, lower transaction costs, and create immutable audit trails. Procurement becomes traceable by default, not by exception.
Complementing this is the Nigeria e-Market initiative, a digital marketplace designed to standardise cataloguing and pricing of goods and services. It directly confronts one of procurement’s oldest vulnerabilities: price opacity.
This digital shift is reinforced by the establishment of a dedicated Price Intelligence and Benchmarking Unit within the BPP. For the first time, price review is being treated as a professional discipline rather than an intuitive exercise. The fiscal dividends are already visible.
Between January and December 2025, the BPP realised cost savings of approximately one point one trillion naira (₦1.1 trillion) for the Federal Government through improved benchmarking, tighter due-process reviews, reduced inflation of contract values, and increased competition driven by better documentation and transparency.
In June 2025 alone, the upgraded National Open Contracting Portal (NOCOPO) delivered savings exceeding one hundred and seventy-three billion naira (₦173 billion), alongside foreign-currency savings of approximately one hundred and fifty-five million dollars ($155 million) and one point seven million euros (€1.7 million). NOCOPO has evolved from a transparency platform into a digital watchdog, placing procurement information squarely in the hands of citizens and civil society.
■ Procurement as economic and industrial strategy
What distinguishes this reform cycle is its unapologetic embrace of procurement as industrial and social policy.
The Nigeria First Policy is being developed to intentionally prioritise local content, domestic manufacturing, small and medium enterprises, women-owned businesses, and innovation-driven firms. Procurement is no longer neutral. It is deliberately developmental.
This philosophy is reinforced by the forthcoming Affirmative Procurement Framework. By addressing structural barriers faced by women, youth, persons with disabilities and community-based enterprises, the framework expands participation without sacrificing competition or value for money. Inclusion here is not sentiment. It is market correction.
Moreover, sector-specific procurement frameworks for information technology, roads, health, education, power, and service contracts are in advanced stages of deployment. They recognise a simple truth. Uniform rules across unequal sectors invite abuse.
The National Guideline on the Procurement of Food is another quietly radical intervention. By standardising food procurement for schools, hospitals, internally displaced persons’ camps, and federal institutions, the BPP is tackling leakages in one of the most recurrent and politically sensitive areas of public expenditure. Food procurement is no longer an informal routine. It is a governed policy.
Beyond policy design, the reform agenda has deliberately constructed an integrated procurement-led industrial ecosystem.
Collaboration with the National Automotive Design and Development Council (NADDC) is harmonising a single authentic list of qualified local vehicle manufacturers and assemblers. This list will be embedded in procurement guidelines and the e-GP system, ensuring that public demand supports genuine domestic capacity.
Partnerships with the National Agency for Science and Engineering Infrastructure (NASENI) are directing procurement demand towards locally developed and adapted technologies, from solar infrastructure to agricultural machinery and laboratory equipment.
The revision of the policy on tropicalised health and medical equipment, undertaken with the Federal Ministry of Health and Social Welfare, the Standards Organisation of Nigeria (SON) and the Nigerian Nuclear Regulatory Authority (NNRA), addresses a long-standing source of waste. Equipment procured with public funds must now be suited to Nigeria’s climate, infrastructure, and maintenance realities.
Collaboration with the Equipment Leasing Registration Authority (ELRA) and the Bank of Industry (BOI) completes the circle. Leasing frameworks prioritise locally manufactured equipment, while financing schemes ensure manufacturers and leasing companies can scale to meet demand.
The logic is straightforward. The BPP generates demand through policy. NASENI and NADDC support supply. SON certifies standards. ELRA structures acquisition. BOI provides financing. Public expenditure becomes industrial policy in motion.
■ Institutions, credibility, and the long view
As experience has shown, reform collapses without people who understand it. Over the past year, the BPP institutionalised continuous capacity building for procurement officers, auditors, contractors, civil society organisations, and the media. Thousands have been trained nationwide through certification programmes and international collaborations.
Control over the mobility of procurement officers has been restored to the BPP, strengthening professionalism and reducing vulnerability to external pressure. The Contractors, Consultants, and Service Providers database is being comprehensively upgraded to deliver credible profiling, performance histories, and sanctions records. A National Repository of Procurement Experts and Agents is also taking shape, creating a reliable pool of professional advisory capacity for both federal and sub-national entities.
Perhaps the most far-reaching institutional reform is the planned introduction of a mandatory national licensing regime for procurement officers. Licensing professionalises the ecosystem, links competence to accountability, and ties career progression to ethical practice. Only trained and certified professionals will manage public procurement. Institutional memory is being deliberately built.
Turnaround time for procurement reviews has been capped at twenty-one days. More importantly, the Bureau is moving from measuring time to managing efficiency, supported by process re-engineering and the automation embedded in the forthcoming e-GP system.
Nigeria’s procurement reforms are also being benchmarked against global standards. Under Dr Adedokun’s leadership, the country commenced the Methodology for Assessing Procurement Systems in collaboration with international partners.
This commitment to excellence received international recognition in 2025 when the Chartered Institute of Procurement and Supply (CIPS) named Dr Adedokun among its fifteen global Procurement Pioneers. It was recognition not of promise but of delivery.
Through the World Bank-supported Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE) project, procurement excellence is being embedded in Nigerian universities via accredited undergraduate and postgraduate curricula. This is reform with a generational horizon. A domestic pipeline of world-class procurement professionals is being deliberately cultivated.
Even the Bureau’s temporary relocation to the Bank of Industry building, necessitated by the renovation of its headquarters, reflects the reform ethos. Operations continued seamlessly. Resources were managed prudently. Substance took precedence over symbolism.
After one year, the story of Nigeria’s procurement reform is one of clear, and straightforward architecture. Rules reinforced by technology. Policy aligned with production. Savings translated into credibility. Inclusion treated as economic sense rather than charity.
In repositioning the Bureau of Public Procurement, Dr Adebowale Adedokun has demonstrated that the most consequential reforms are often the least theatrical. When procurement works, roads appear, hospitals endure, schools function, industries grow, and public money stops leaking and starts building.
That is not a footnote in national development. It is the foundation.
■ Sufuyan Ojeifo is a journalist, publisher, and communication consultant.
Opinion
5G: Africa still on the outskirts of connectivity
By Sonny Aragba-Akpore
Global System of Mobile Communication Association (GSMA) said that between
2023 and 2030, capital expenditure on fifth-generation (5G ) technology in Sub-Saharan Africa is expected to reach $62 billion, as part of a larger, broader $1.5 trillion global investment in the next-generation networks. These figures, released at the last Mobile World Congress (MWC) in Barcelona, Spain, early in 2026, underscore the fast growth being recorded in 5G across the globe. Although Africa is seen as recording some measure of growth, there are no indications that the continent will quickly get out of the outskirts of globalisation. Only about 11% of the African population has coverage. South Africa leads the pack while Nigeria, Egypt and others trail behind.
By December 2025, 5G in Africa reached a significant milestone with 53 operators launching commercial services in 29 countries, driven heavily by Fixed Wireless Access (FWA) to bridge the digital divide. While adoption remained in early stages—estimated at ~3.8% of total mobile connections—14 additional markets are planned, focusing on urban areas in Nigeria, Kenya, and North Africa to boost connectivity and economic growth, according to GSMA Intelligence. 25 operators use 5G for Fixed Wireless Access (FWA) to provide home and office broadband in underserved areas. This is viewed as the primary near-term revenue generator, offering high-speed connectivity without extensive fibre installation. South Africa is the clear leader with significant investment from operators like MTN South Africa. In Nigeria, MTN and Airtel provide 5G coverage, with MTN deploying over 2,100 sites and offering unlimited, high-capacity data plans. Safaricom significantly scaled up its sites to 1,700+, covering roughly 30% of the population and dominating in Kenya. Strong expansion is seen in Tunisia, Egypt, Morocco, and Algeria, often using mid-band spectrum for better coverage. But despite rapid rollouts, 5G penetration is only about 3.8% of total mobile connections, with 2G–4G still accounting for the vast majority of connectivity in Africa.
Power challenges are being tackled with solar-battery systems and infrastructure sharing, often using a “Network-as-a-Service” model. 5G is projected to contribute $ 10 billion to Africa’s economy by 2030, enhancing the fintech, health, and agriculture sectors. It’s been five years now since the introduction of 5G technology in Nigeria, but its coverage has been anything but robust. Penetration is still very low, primarily because of poor and limited coverage. Apart from Lagos, Abuja, Port Harcourt, among a few other semi-urban and urban centres, the beauty of 5G is lost to a majority of the population despite its promise. While Lagos and Abuja have average coverage of 70% and 65%, respectively, the average in other parts of the few semi-urban and urban centres appears miserable. Indeed, there is no coverage in many towns and cities at all. Early in 2026, Nigeria recorded 7.2 million 5G subscribers, representing 3.94% of the 182 million connected subscribers to various networks. MTN and Airtel are believed to be the only visible operators for now. The other licence holder, Mafab Communication, is yet to show any serious sign of the licence it acquired in 2021, at the same time as MTN. In all, 5G coverage is in pockets across the country despite the Nigerian Communications Commission (NCC) ‘s commitment to driving sector improvement by enforcing fair competition and pushing for network modernisation. Subscribers are basically connected to 4G and 3G networks. When the regulator released industry performance data the other day in collaboration with Ookla, there was a manifest demonstration that the adoption of Niche Performance with newer technologies offers a significant boost to network performance, reinforcing this Technology Gap.
commitment. “Key opportunities for sector advancement of 5G include overall national Quality of Service (QoS) in the data analysis. The NCC thinks that in order to close the Digital Divide, expanding 4G/5G coverage into underserved rural regions to acceptable results is certain to ensure equitable access and performance for all Nigerians. Accelerating 5G deployment is expected to boost the significant coverage gap in high-demand areas to fall further behind competitors in urban areas (Lagos and Abuja) to serve the growing number of 5G-capable device users. “Focusing investment on improving latency and reducing jitter across all networks will ensure a high-quality experience for real-time applications. The NCC says Nigeria is deploying 5G, but having the infrastructure is only half the battle. A true 5G experience means high speeds, low delay, and seamless connectivity. “But the report analyses the ‘5G Gap’, the difference between the theoretical capacity of the network (what it could do) and the experience users are getting (what it is doing). “Our goal is to identify exactly where investment is needed to turn ‘coverage’ into ‘real time performance “according to the NCC report. On the global level, GSMA, the platform for mobile communication service providers and equipment providers, said that 5G now covers over 50% of the global population, adding that Global 5G connections exceeded 2.7 billion by the end of 2025. Approximately 20% of operators with 5G have launched live Stand Alone (SA) networks and project that this figure will be over 70 operators with faster adoption in 2026 The GSMA Intelligence 5G Connectivity Index highlights top performers to include Kuwait, UAE, Norway, Finland, Qatar, Denmark, Hong Kong, South Korea, China, and the USA.5G Fixed Wireless Access (5G FWA ) is a key use case, projected to reach 80 million connections by 2030, with 67% in Asia Pacific and 23% in Europe.
Asia Pacific continues to lead in SA deployment, with China, India, and Singapore in the top spots globally.
“The fastest-growing mobile technology is driven by momentum in major markets, including high adoption in the Asia Pacific and expanding, high-performance deployments in Europe and America “The International Telecommunications Union (ITU) explains that while 5G continues to expand, addressing the gap between high- and low-income regions remains a critical challenge for global digital inclusion. ITU identifies regional disparities as a major hindrance in the race to bridge the digital divide. “While Europe and Asia-Pacific lead, coverage is significantly lower in other regions, with Africa and the Arab States lagging”.5G access is heavily concentrated in high-income nations (84% coverage), while low-income nations have only 4% coverage. It says 66% of urban residents have 5G access, compared to just 40% in rural areas. The ITU has finalised the IMT-2020 specifications, defining the global standards for 5G, including both standalone (SA) and non-standalone (NSA) deployments.While 5G grows, 4G remains the key alternative in low-income areas, covering 92% of the global population. The ITU says while 5G momentum is strong, affordability and infrastructure gaps prevent equitable global access. 5G subscriptions are estimated to reach roughly three billion, representing over one-third of all mobile broadband subscriptions by 2026. Europe leads in 5G coverage (72%), followed by the Americas (63%), and Asia-Pacific (62%). Coverage is significantly lower in the Arab States (13%), CIS (12%), and Africa (11%).
In high-income countries, 90% of the urban population has 5G access, compared to just 58% of the rural population. In low-income countries, 5G is almost non-existent in rural areas (10% of the urban population). More than 300 commercial 5G networks have launched globally, with over 2,700 new devices announced.
Opinion
Oshiomhole: Akpabio keeps selling himself as a leader who prefers partnership over division
By Rt Hon Eseme Eyiboh
A recent video of Senator Adams Oshiomhole praising Senate President Godswill Akpabio has put the spotlight back on the 10th National Assembly. In the clip, Oshiomhole called Akpabio’s leadership exceptional. He said the Senate President has brought politicians from opposition parties into the APC without threats, pressure, or public fights.
According to Oshiomhole, people who used to be fierce opponents are now joining the APC willingly because of the atmosphere Akpabio has created. He even joked that Akpabio deserves a Guinness World Record for pulling off these political shifts so smoothly and seamlessly.
The comment has elevated the positive perception of the 10th Senate and sparked conversations around the institutional integrity of the 10th Senate. For Akpabio’s admirers, it shows his skill at building bridges, cooling down political tension, and getting people to work together. Critics may see it as a typical political praise that comes with power and authority. But beyond the buzz, one thing is clear: the 10th Senate leadership has become one of the most talked-about institutions since this government started.
Since taking office in June 2023, Akpabio has positioned himself as a leader focused on unity and stability. In his first in speech as Senate President, he said his election was a collective win, not a personal one. He promised to lead with fairness and integrity, put teamwork first, and keep national interest above party lines. He admitted that disagreements are normal in democracy, but said the Senate must move past division to focus on lawmaking, oversight, security, and the economy. This demonstrated commitment has occasioned multiple vote of confidence on Akpabio’s leadership by the 10th Senate.
That message mattered because Nigerians were already worried about governance, the economy, and deep political divides. Akpabio promised that the 10th Senate would work with the executive but still do its job as a check on power. He called it “a Senate for all Nigerians” and described his approach as “Servant leadership” and “Uncommon leadership.” Those phrases have stuck.
This style has brought calm to the Senate. Unlike past assemblies marked by internal fights and clashes with the Executive arm, this Senate has kept a working relationship with President Bola Tinubu’s administration. For many analysts, this cooperation is more necessary right now than ever, with inflation, insecurity, unemployment, and debt all weighing on the country.
Several leaders have publicly backed Akpabio’s approach. Edo State Governor, Monday Okpebholo, praised his transformational and development-focused leadership. Deputy Speaker Benjamin Kalu called him visionary and patriotic, saying he has strengthened the National Assembly. Akpabio has also received several awards for legislative integrity and institutional leadership to add verve to his leadership pedigree.
At the International arena, Senator Allwell Heacho Onyesoh credited him with helping Nigeria regain visibility in the Inter-Parliamentary Union, calling it a diplomatic win. Many say this shows the Senate leadership is thinking beyond Abuja.
Akpabio has repeatedly stressed inclusiveness. In many of his speeches, he has spoken about more roles for women, support for persons with disabilities, youth empowerment, and pushing innovation and technology. He has argued that Nigeria’s future depends on preparing young people for a knowledge-based economy and making laws that support technology, entrepreneurship, and revenue sources beyond oil.
This is evidently seen in his home state (Akwa Ibom State). The working relationship between Akpabio and Governor Umo Eno is having a clear effect on Akwa Ibom’s politics and economy. Both men have pushed for inclusive politics, and that has helped calm tensions in the state. Leaders, stakeholders, and ordinary citizens now feel like they have a place in how the state is run. That has made it easier for people across party lines to work together on projects that move the state forward.
One big result is the growing support for Governor Eno’s administration. Instead of stoking division or personal rivalries, Akpabio has publicly backed the governor’s development plans. That has taken some heat out of state politics and given people more confidence in government. For many residents, it now feels like governance is a team effort, not a fight for personal power.
Akpabio’s backing has also put Akwa Ibom more firmly on the federal radar. As Senate President, he has the clout to draw national attention and opportunities to the state. That has led to better cooperation between Akwa Ibom and the federal government on roads, human capital programmes, and economic projects. The calm between both leaders has also made investors and development partners more comfortable. Stable politics make it easier for them to commit.
Governor Eno’s government is seeing the benefits of that stability. His policies on rural development, job creation, agriculture, and social welfare are getting wider public support because political leaders are not pulling in different directions. This symbiotic relationship is the first in the annals of Akwa Ibom State since creation
These ideas line up with President Tinubu’s “Renewed Hope” agenda. The government has pushed through fuel subsidy removal, exchange rate changes, and fiscal reforms to stabilize finances and attract investment. Officials say these moves are necessary for long-term growth, regardless of the hardship for many Nigerians.
That’s why the National Assembly’s role matters now more than ever. The Senate has to pass laws that support reforms, but also keep oversight to make sure policies actually help citizens. Akpabio has said the Senate will protect national interest while backing policies that can drive recovery.
Even with all the praise coming his way, Akpabio often shifts credit to President Tinubu. He frames himself as part of a team, not the sole force behind stability. He has praised Tinubu’s push to rebuild investors’ confidence and restore trust through the Renewed Hope Agenda.
He points to ongoing projects like the Lagos-Calabar Coastal Highway and the Lagos-Maiduguri corridor as signs of long-term planning. These roads show a serious effort to connect the country and fix years of neglect in transport infrastructure.
Akpabio has also highlighted the creation of development commissions across the geopolitical zones. He says this shows the government is trying to make every region feel carried along. In a country often split along ethnic and regional lines, that message resonates.
On security, he has backed the military’s operations against terrorism, banditry, and other crimes. With kidnapping, insurgency, and communal violence still major concerns, his public support for the administration’s approach reinforces the image of the Senate and presidency working together.
One striking part of his recent comments was his mention of early endorsements for Tinubu ahead of 2027. He said the support isn’t random but tied to what he sees as real governance results.
Senator Oshiomhole’s comments also show a strategy in Nigerian politics that party strength is not just about winning elections. It’s about pulling in influential figures from other parties. Defections signal shifting power, and Oshiomhole’s remarks frame Akpabio as a unifier who expands the party through persuasion, not confrontation.
Still, Akpabio keeps selling himself as a leader who prefers partnership over division. His speeches push dialogue, teamwork, and putting Nigeria first. He reminds lawmakers that even though they came in on different platforms, they are all representing one country.
Whether you agree with his politics or not, Akpabio is now one of the deepest and most thoughtful figures in Nigeria’s political space. He has kept strong ties in the Senate, stayed aligned with the presidency, and earned public endorsements from major players. That has solidified his position and sustained the sobriquet “uncommon transformer”.
Rt Hon Eseme Eyiboh is the Special Adviser,Media/Publicity and Official Spokesperson to the President of the Senate
Opinion
CBN engages state governments on implementation of inflation targeting policy
Akpo Ojo
The Central Bank of Nigeria (CBN) has emphasised the critical role of state governments in ensuring a successful transition to an inflation targeting monetary policy framework for the country.
The apex bank stressed that sustained price stability can be achieved, only through coordinated fiscal discipline across all tiers of government.
Speaking during an engagement with sub-national stakeholders, facilitated through the Nigerian Governors Forum (NGF) secretariat, the CBN Deputy Governor in-charge of the Economic Policy Directorate, Muhammad Abdullahi, described the move toward inflation targeting as a shift to a more rule-based, transparent and forward looking monetary framework that demands close collaboration with state governments.
He stated that while the CBN retains the responsibility for deploying monetary policy tools to control inflation, fiscal actions, particularly at the sub-national level, play a significant role in shaping inflation outcomes within a federal system, such as Nigeria’s.
Abdullahi explained that inflation targeting is fundamentally about managing expectations, warning that uncoordinated or expansionary fiscal actions by state governments could either reinforce or undermine monetary policy signals.
He noted that states influence inflation through multiple channels, including borrowing, domestic debt accumulation, expenditure patterns, wage bills, capital project execution, salary arrears, overdrafts, contractor financing, and weak coordination on the federal allocation receipts, cash management and debt servicing.
“In an inflation targeting regime, persistent, unpredictable or expansionary fiscal behaviour at the sub-national level can significantly undermine price stability,” he declared.
The CBN deputy governor emphasised that the absence of fiscal dominance, where government borrowing pressures compel the apex bank to monetise deficits, is a core prerequisite for successful inflation targeting.
He noted that this principle applies not only at the federal level but equally to state governments, and urged states to reduce reliance on overdrafts and short term financing.
Also, he advised state governments to ensure that borrowing decisions align with their debt sustainability thresholds, improve budget realism and revenue forecasting, prioritise expenditure, and better synchronise fiscal calendars with prevailing macroeconomic conditions.
Under the inflation targeting framework, Abdullahi outlined four key responsibilities for state governments, as maintaining fiscal discipline and predictability, pursuing responsible borrowing aligned with medium term fiscal frameworks, strengthening coordination on cash and debt management, and enhancing internally generated revenue mobilisation.
He warned that unplanned expenditures, excessive supplementary budgets and unsustainable debt accumulation could trigger liquidity shocks and elevate inflationary risks.
He reiterated that inflation targeting is a collective national commitment to stability, credibility and long-term prosperity, adding that while the CBN remains accountable for delivering price stability, the framework’s success ultimately depends on disciplined fiscal behaviour across all tiers of government.
By strengthening coordination and embedding price stability as a shared objective, he added, state governments would support the new framework and lay firmer foundations for growth, job creation and improved social welfare.
Earlier, the CBN Director, Monetary Policy Department, Victor Oboh, described inflation targeting as a “win win framework” that benefits households, businesses and governments by anchoring inflation expectations, enhancing policy credibility and reducing macroeconomic uncertainty.
He stressed that price stability cannot be achieved through monetary policy alone, particularly in a federal system, noting that sub-national fiscal operations, especially spending, borrowing and cash flow decisions have direct implications for liquidity conditions and inflation outcomes.
According to Oboh, the engagement was designed to foster mutual understanding, promote open dialogue and deepen collaboration between the apex bank and state governments on the roles, expectations and coordination mechanisms required for the success of inflation targeting.
He further noted that sub-national governments play a pivotal role in Nigeria’s macroeconomic landscape, as decisions on wage policies, capital spending, debt accumulation and revenue mobilisation directly shape aggregate demand and inflation dynamics.
The director reaffirmed that the engagement forms part of the bank’s broader partnership with the Nigeria Governors’ Forum (NGF) and state governments, anchored on a shared commitment to embedding macroeconomic stability as a collective national objective.
Delivering a goodwill message on behalf of the Director-General of the NGF, Abdullateef Shittu, the Executive Director, Policy, Strategy and Research at the NGF, Olalekan Yunusa, commended the leadership of the CBN for what he described, as the strategic foresight behind the engagement, particularly the decision to involve sub-national fiscal authorities at an early stage of the transition process.
He noted that the shift from a monetary-targeting framework to inflation targeting, reflects a deliberate commitment to price stability as the central anchor of economic policy.
Shittu added that sustainable macroeconomic stability cannot be achieved through monetary policy alone and requires disciplined coordination across all tiers of government.
The engagement featured a detailed presentation on Nigeria’s transition to inflation targeting, with participants drawn from over 20 states.
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