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MAN welcomes CBN’s unification of exchange rates
The Manufacturers Association of Nigeria (MAN) says the unification of the country’s exchange rate is a welcome development that will engender increased investment inflow in the real sector of the economy.

Mr Mansur Ahmed, MAN President, made this remark in a report made available to newsmen on Friday in Lagos.
Ahmed said that the association had, over the years, been advocating for a unified exchange rate to promote a market-friendly rate in the country.
The unified rate, he said, is capable of facilitating stable production planning and engender sustainable economic growth.
He said that drawing from basic knowledge of the transmission mechanism of exchange rate management and experiences of Cuba and India, the current forex unification agenda would entrench a convergence and enhance exchange rate stability.
“It is, therefore, gratifying as it appears that the Central Bank of Nigeria (CBN) has now unified the country’s exchange rate.
“Clearly, this is a welcome development and a laudable initiative that has come at the right time.
“`This is more so, particularly, now that the economic outlook is gloomy in light of the impact of the ravaging COVID-19 pandemic that has culminated in uninspiring macroeconomic situations,’’ Ahmed said.
He recalled with delight that IMF and World Bank had at different times advised the country on the need to unify the multiple exchange rate windows to prevent distortions in investment decisions in the public and private sectors of the economy.
“In fact, the World Bank had attributed the country’s loss of Foreign Direct Investment (FDI) to investors’ exasperation from perceived manipulation of the foreign exchange market.
“The unification will also boost investors’ confidence, control rising inflation and promote transparency, entrench better exchange rate management and eradicate distortions to the barest minimum.
“It is expected to also eliminate the notorious socially destructive rent-seeking activities, halt the incidence of round-tripping, ensure better allocation of resources, facilitates income expansion and stimulate the inflow of foreign investment into the economy.’’
The News Agency of Nigeria (NAN) recalls that the CBN had on July 7 made an adjustment which moved the rate at the Special Secondary Market Intervention Sales (SMIS) to N381 per dollar.
The MAN President, however, stressed the need to recognise the existence of the unavoidable pains that naturally came with the transition from a multiple exchange regime to the domain of a single exchange rate.
Particularly, he said, there is the burden of dollar-denominated loans and offsetting existing credit commitments to foreign suppliers of raw materials.
He advised that the CBN put a measure in place to minimise the intensity of the pain by considering outstanding obligations of manufacturers from the second quarter 2019 till date.
“Given at N345 to a dollar prior to unification and allows such to settle at between N330 and N360,’’ he said.
According to him, this will enable banks to redeem these obligations to foreign suppliers of manufacturers.
He said that many factories might close and the CBN stimulus packages to the manufacturing sector would suffer a huge setback as cash flow crunch becomes the order of the day.
Ahmed also recommended that the apex bank should develop an appropriate implementation strategy that would engender a successful transition from the current multiple windows to a single efficient one.
“The CBN should also ensure that the strategy pursues two fundamental objectives.
“The first, is to limit the short-term pains until efficiency gains materialise by responding swiftly with an inward-oriented rescue guideline while the second should seek to boost the pace at which such efficiency gains materialise.
“It should also submit all the instruments of exchange rate determination gradually to the unseen forces of demand and supply as a matter of necessity,’’ Ahmed advised.
He also urged the apex bank to completely avoid the temptation of interference in order to fully harvest all the benefits that foreign exchange unification can offer. (NAN)
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Dangote Refinery, national asset every Nigerian must defend — BAVCCA President declares
President of the Bloggers and Vloggers, Content Creators Association in Nigeria (BAVCCA), Ikechukwu Chukwunyere, has charged Nigerians on the need to protect Dangote Refinery, describing it as a “national asset that every citizen must protect, nurture, and defend against any form of sabotage or doubt.”
Chukwunyere made this declaration on Wednesday at BAVCCA’s National Secretariat in Abuja, following a visit by a 15-man delegation of the association to Dangote Industries in Lagos.
Adding that the visit to the Dangote Refinery was more than a familiarization tour but “a pilgrimage to witness firsthand the embodiment of Nigerian ingenuity, resilience, and vision.”
According to him, the team’s interaction with Dangote Industries’ Vice President, Mr. Edwin Devakumar, provided deep insight into the sacrifices and determination behind what he described as one of Nigeria’s greatest industrial achievements.
While recalling Devakumar’s powerful testimony about believing in Alhaji Aliko Dangote’s vision for the refinery, even when many investors doubted its feasibility.
“Despite the doubts from potential backers, Mr. Devakumar provided crucial support, backing Alhaji Dangote’s dream every step of the way,”
Chukwunyere said. “Alhaji Dangote himself made extraordinary sacrifices, selling most of his assets to fund the project amid those investor doubts.”
He said the refinery, valued at over $20 billion, was “a testament to this unyielding faith” and a model of how personal commitment can turn vision into reality.
Quoting Devakumar, he said Aliko Dangote’s motivation was rooted not only in business ambition but in a “deep prioritization of Nigerians’ well-being.”
“This passion fuels his endeavors, placing the welfare of our people at the heart of every decision,” he added.
The BAVCCA President noted that despite setbacks such as the closure of the Arewa Textile Industry in Kaduna, Dangote “persevered, keeping his vision alive against all odds.”
He described the refinery as the largest in the world, with the capacity to refine 650,000 barrels of crude oil per day, set to expand to 1.4 million barrels daily. The project, he said, has created over 65,000 jobs, saved billions in foreign exchange, and generated an estimated $55 billion in annual revenue potential.
Chukwunyere also highlighted the achievements of the Dangote Fertilizer Plant, which he said has “an impressive production capacity of 3 million metric tonnes per annum of urea,” positioning Nigeria as a key player in global agriculture.
During the visit, Chukwunyere said he personally expressed appreciation to the Dangote Group on behalf of BAVCCA and recounted the association’s efforts in defending the refinery against social media misinformation.
“We amplified the truth, countered misinformation, and rallied public support to ensure this vital project was not undermined,” he stated.
In response, he said, the Dangote Vice President “expressed his pleasure with the bloggers’ efforts and commended the good work being done by our community.”
The BAVCCA leader also announced that the association’s forthcoming national conference, scheduled for October 31 in Abuja, would highlight “the achievements of the Dangote Refinery, showcase the visionary behind it—Alhaji Dangote—and celebrate the transformative role of such initiatives in Nigeria’s development.”
He emphasized that content creators have a patriotic role to play in defending national investments.
“Dangote Industries is not just about refining petroleum; it’s about refining our nation’s future—creating jobs, boosting our economy, and reducing dependency on imports,” he said. “Every Nigerian—bloggers, vloggers, content creators, citizens—must rise to protect Dangote Industries.”
Chukwunyere reaffirmed BAVCCA’s commitment to “lead this charge, using our platforms to educate, inspire, and unite,” while calling on Nigerians to honor the sacrifices of Alhaji Dangote and the faith of leaders like Devakumar.
“Join us at our conference on 31st October, and let’s build a Nigeria where national assets like Dangote Industries thrive unhindered,” Chukwunyere concluded.
News
Hon. Munira Applauds Governor Uba Sani for Signing Bill Establishing New College in Lere
By: Fabian Apechihin
In a major educational breakthrough for Kaduna State, Governor Uba Sani has signed into law a bill establishing the Kaduna State College of Agricultural Technology and Environmental Sciences in Lere Local Government Area.
The landmark bill was sponsored by Hon. Munira Suleiman Tanimu, the member representing Lere East Constituency in the Kaduna State House of Assembly. The new institution aims to equip young people with modern skills in agriculture, technology, and environmental management — key areas for the state’s sustainable development.
Expressing her delight, Hon. Munira said:
“I am overjoyed to announce that Governor Uba Sani has signed my bill into law. This college in Lere will empower our youth with practical knowledge in agriculture and environmental protection. It will open doors to innovation and help our communities thrive.”
She noted that the college will serve as a hub for research and practical training, boosting agricultural productivity and addressing pressing environmental challenges in the region.
“Agriculture remains the backbone of Kaduna’s economy, and this institution will help modernize the sector while creating new opportunities for our young people,” she added.
Hon. Munira also reaffirmed her commitment to effective representation and progressive legislation:
“We will continue to champion laws that make real, positive impacts in people’s lives. The future is bright, and together, we will build a better, stronger Kaduna State.”
She extended her appreciation to Governor Uba Sani for his visionary leadership and unwavering support for education and rural development.
Residents of Lere and across Kaduna have welcomed the development with excitement, describing the new college as a beacon of hope for the youth and a catalyst for growth in the state’s agricultural and environmental sectors.
With the creation of this new college, Kaduna State takes another bold step toward improving education, empowering its citizens, and building a greener, more prosperous future.
News
Soludo’s Alleged Threat to Jail Catholic Clergy After Re-election Sparks Controversy in Anambra
By Fabian Apechihin
A report claiming that Anambra State Governor, Prof. Charles Chukwuma Soludo, plans to jail Catholic bishops, priests, and other clergymen after his re-election has stirred heated debate across the state.
However, Rev. Fr. Raphael Onyekwelu, PhD, Chaplain to the Governor, has dismissed the report as “baseless, ridiculous, and malicious,” describing it as the work of desperate political opponents trying to pit Soludo against the Church.
In a statement issued on Sunday, Fr. Onyekwelu said:
“Our attention has been drawn to a fabricated, malicious, and unsigned piece currently circulating on Facebook and other social media platforms, falsely alleging that His Excellency, Prof. Charles Chukwuma Soludo, CFR, intends to ‘take on the hierarchy of the Church, especially the Catholic Church,’ after winning the forthcoming November 8, 2025 governorship election.”
He said while such falsehoods would normally be ignored, the campaign season had created fertile ground for misinformation and propaganda.
“This is an election period, and desperate politicians are churning out fake news to deceive the public and cause division. It is laughable that they first admit Soludo is likely to win, and then try to manufacture lies to undermine his relationship with his Church — the Catholic Church,” he stated.
Fr. Onyekwelu noted that the alleged statement did not specify any wrongdoing by the Church to warrant such “imaginary arrests,” calling the entire report “a pitiable fabrication.”
He reaffirmed that Governor Soludo, a devout Catholic, holds the Church in the highest regard and recognizes its crucial role in promoting moral values, education, healthcare, and community development.
“Governor Soludo is a proud and practicing Catholic who cherishes the Church’s partnership in governance and social transformation, in line with Catholic Social Teaching. He deeply appreciates the clergy and their contributions to the moral and socio-economic progress of Anambra State,” he added.
Fr. Onyekwelu emphasized that the governor remains committed to working closely with all religious bodies to advance peace, development, and good governance in the state.
“Under Soludo’s leadership, Anambra continues to experience transparent, people-centered governance anchored on faith, service, and shared values. As the governor often says, ‘Government, Church, and People — together we shall continue to build a peaceful, prosperous, livable, and God-fearing Anambra State,’” he concluded.
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