… As CFG Africa holds client engagement forum
Bongo Adi, economic expert, has called on the Central Bank of Nigeria (CBN) to further reduce interest rates, arguing that such a move would help lift Nigeria’s economy out of its current slowdown, ease pressure on households and businesses, and support job creation.
While commending the economic reforms of President Bola Ahmed Tinubu, the experts said that although the gains were beginning to emerge, a more coordinated monetary and fiscal reform agenda was needed to restore growth and ensure Nigerians feel the impact of the changes.
At its 302nd Monetary Policy Committee (MPC) meeting held on September 22–23, 2025, the CBN cut its benchmark interest rate, the Monetary Policy Rate (MPR), to 27 percent, signaling a cautious shift toward growth-focused monetary policy.
Speaking as the keynote speaker at CFG Africa’s Customer Engagement Forum in Lagos over the weekend, Bongo Adi, who is a professor of Economics and Data Analytics scholar at Pan-Atlantic University, said policy focus must now shift firmly to growth, with the CBN lowering interest rates further.
He argued that if interest rates come down, the manufacturing sector would rebound significantly, stressing that the sector is one of the country’s largest employers.
According to him, the real sector produces the goods that drive economic activity.
“Reducing the interest rate would help the sector, and we would begin to experience real growth. The man on the street would begin to feel the impact of the reforms. People are still in pain. The focus should be on growth in the economy, and by lowering the MPR now, we would have stability in the equity market,” he said.
The forum, themed “2026 in Focus – Opportunities for Growth, Navigating Uncharted Terrains,” attracted CFG Africa’s clients from Lagos and across the country.
Also speaking, Oluwatosin Ojo, Partner at Sahel Capital Limited, said Nigeria was on the brink of economic instability and crisis until President Tinubu’s reform programme commenced. She noted that although the implementation was not perfect at the start, the reforms were beginning to yield results.
Ojo argued that policies such as tax reforms were necessary to help Nigeria build predictable revenue sources outside oil.
According to her, liberalising the downstream sector, exchange-rate reforms, and tax restructuring are crucial, although many Nigerians may not fully understand their implications due to distrust rooted in past corruption.
“One of the problems we have had is that our economy is fundamentally exposed to price shocks because our revenue comes from oil,” she said.
She added that it would be difficult for Nigeria to plan its future without predictable revenue.
“Most countries that have developed rely on revenue from taxes. That is what we are trying to fix. I don’t think we have had real tax reform in the last 40 years. This would help us build revenue sources outside oil,” she stressed.
Speaking on the essence of the maiden client forum, Babajide Lawani, MD/CEO of CFG Africa, said the firm aims to create a community with its clients and foster open communication and engagement.
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He noted that the event was designed to strengthen relationships and enhance long-term sustainability.
“This is important to us because we want to build markets and sustainability,” Lawani said.
According to him, the day was significant for CFG Africa as it hosted its maiden Client Engagement Forum and also launched an Ethical Fund, a product that merges investment with ethical values.
Adedoyin Wilson-Diamond, Chief Investment Officer, CFG Africa, said the engagement forum provided an opportunity for clients to deepen their understanding of the economic outlook and risk-management considerations for the coming year.
“It is about helping them understand what would happen in the equity and commodities markets, and bridging the information gap between us and our clients,” she said.
On Nigeria’s reform agenda, she noted that the Tinubu administration had reshaped the FX market, bringing stability to what had been a volatile and uncertain environment, and encouraging renewed investor interest.
“What we see now is that a lot of people are investing and wanting their money to work for them rather than keeping it dormant. The gains will be gradual, but we are beginning to see investment flows return.
“Alpha Morgan, which left more than a decade ago, is considering coming back to Nigeria. So, the government must remain consistent with these reforms and policies to chart a path forward for the economy,” she said.
