News
Recession: MAN, LCCI, Rewane, ors ask CBN to cut interest rate
The Manufacturers Association of Nigeria, the Lagos Chamber of Commerce and Industry, the Abuja Chamber of Commerce and Industry and other organised private sectors on Thursday called on the Federal Government to drastically slash interest rate in order to stimulate economic recovery.
Professional bodies such as the Chartered Institute of Finance and Control and the Institute of Fiscal Studies of Nigeria and renowned economists including the Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, advised the government to urgently review its policies and spend more to attract both local and foreign investors to invest in the economy.
The National Bureau of Statistics had on Wednesday released the Gross Domestic Product figures for the second quarter of 2016, whose growth rate slid from -0.36 per cent in the first quarter to -2.06 per cent.
It also released the capital importation report for the second quarter, the unemployment statistics report, the inflation report for the month of July and the labour productivity report for the month of July, all of which painted a negative picture of the Nigerian economy with inflation rising as high as 17.1 per cent from 16.5 per cent, unemployment rate increasing to 13.3 per cent from 12.1 per cent and investment inflows dropping to its lowest levels at $647.1m from $710m.
But speaking to one of our correspondents in a telephone interview on Thursday, the President of MAN, Dr Frank Jacob, said the interest rate should be reduced from over 22 per cent to five per cent.
This, he added, would enable manufacturers to borrow for productive purposes.
He said, “Some of the requests that we’ve been making from the government should be looked into. To reflate this economy, they need to reduce the interest rate on loans to five per cent.
“They can also create a special window for manufacturers to source foreign exchange and make it readily available for them as and when they are needed.
“And of course, the issue of infrastructure should be addressed, especially power and road.”
Reacting, the Director-General, Nigeria Employers’ Consultative Association, Mr. Olusegun Oshinowo, said most nations that had been in recession embarked on prudent spending as a way out.
He said, “We have to be able to identify critical sectors of the economy that have impact on other sectors, such as infrastructure which is about road, rail, air and sea transportation.
“This sector makes for easy movement of goods and services from one location to the other and should be given a lot of attention by the government.
“The government should also settle domestic debts. People who have worked for government should be paid.
“The focus should also be on social infrastructure with initiatives like the National Health Insurance Scheme and others being empowered to promote health care in the nation.”
The Director-General, LCCI, Mr. Muda Yusuf said what was important was to inspire the confidence of investors and called on more investment in infrastructure.
He added that there was a need to fast-track the implementation of the 2016 budget so that funds could be released into the system for infrastructure development.
Another solution, according to the LCCI DG, was on the trade policies and the various tariffs, which he said the government needed to review downwards to drive down costs in the manufacturing sector.
“The rising inflation is cost-driven inflation owing to duties paid by manufacturers who import critical raw and packaging materials.
“The government should review the shipping charges and charges imposed by terminal operators so that the cost of manufacturing can go down.”
The President, Nigeria Employers’ Consultative Association, Mr. Larry Ettah, warned that the imposition of excessive taxes and levies on businesses is not the best solution to recession.
Rather, he said the role of government regulatory agencies should be to make the business environment conducive for organisations to thrive and create jobs.
While speaking at the 59th Annual General Meeting of NECA in Lagos on Thursday, Ettah said:
“We believe that it is okay if regulators regulate but we are averse to a situation where there is overreach of regulation.
“In which case, you are not trying not to look at the spirit of regulation, which was really to encourage businesses to survive but to see regulation purely from revenue generation perspective.”
The Executive Director, Corporate Finance, BGL Capital Ltd, Mr. Femi Ademola, said the high yield on treasury bills had made banks to be lazy as they now preferred to channel their funds to invest in the T-bills rather than for productive activities.
He said if the CBN could reduce the interest to about eight per cent, more funds would be made available to stimulate economic activities.
He said, “The government needs to start working now by implementing its programmes particularly the capital components of the budget.
“This is the time for both the monetary and fiscal authorities to come together to stimulate economic activities.
“On the monetary side, the CBN needs to reduce the interest rate from the current rate to eight per cent.
“Enough of fighting inflation because the inflation that the CBN is fighting is not induced by too much of money in circulation but it’s a structural issue that is outside the control of monetary policy.”
News
‘Gate of Hell’ Will Open on Gaza’– Israeli Defence Issues Finally Warning to Hamas

Israeli Defence Minister Israel Katz has issued a fierce warning to Hamas, declaring that Gaza City will face complete destruction if the militant group refuses to accept Israel’s conditions for ending the war.
Katz, in a statement shared on social media on Friday, August 22, 2025, used sharp words to describe Israel’s next steps.
He said the “gates of hell” would open on Hamas if it failed to disarm and release all hostages.
“Soon, the gates of hell will open upon the heads of Hamas’s murderers and rapists in Gaza until they agree to Israel’s conditions,” Katz wrote.
He added that if Hamas refused, Gaza City would suffer the same fate as Rafah and Beit Hanoun, two cities previously flattened by Israeli offensives.
His comments mark one of Israel’s strongest warnings since the escalation of the conflict.
The minister’s remarks came only hours after Prime Minister Benjamin Netanyahu announced that negotiations had been ordered to free the hostages held in Gaza.
Netanyahu explained in a video address that Israel’s military operation in Gaza City would not stop during talks. “Defeating Hamas and releasing our hostages go hand in hand,” he said.
The prime minister also confirmed the mobilisation of 60,000 reservists to join the offensive.
Meanwhile, mediators have been waiting for Israel’s response to a ceasefire plan that Hamas accepted earlier in the week.
The proposal suggests a phased release of hostages, but Israel insists that only a deal ensuring the release of all captives at once will be accepted.
Israel’s hardened stance has sparked growing concern worldwide.
International leaders have cautioned that an expanded assault on Gaza City could worsen the humanitarian disaster already unfolding in the region.
Gaza’s health ministry says more than 62,000 Palestinians, most of them civilians, have been killed since Israel’s military campaign began.
The United Nations considers these figures credible.
The war was triggered by Hamas’s October 2023 attack, which left 1,219 people dead in Israel, mostly civilians.
Since then, the conflict has intensified, with both sides showing little sign of compromise.
With Katz’s threat to turn Gaza City into rubble if demands are not met, the conflict appears to be entering an even deadlier stage.
The international community continues to press for a ceasefire, but Israel’s leadership insists that victory over Hamas and the release of all hostages remain its top priorities.
Health
NAFDAC Raises Alarm as Fake Cowbell Milk Floods Nigerian Markets

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised alarm over the circulation of fake Cowbell “Our Milk” 12g sachets in Nigeria.
In a statement issued on Friday, August 22, 2025, the agency explained that the counterfeit milk is packaged to look like the discontinued Cowbell “Our Milk,” but it is unauthorised and unsafe for consumption.
NAFDAC clarified that Promasidor Nigeria Ltd, the authentic manufacturer, stopped producing Cowbell “Our Milk” in September 2023.
The product was replaced with Cowbell “Our Creamy Goodness.” Despite this, fake versions of the old product have found their way into Nigerian markets.

Picture of Fake cowbell milk.
The counterfeit sachets bear the brand name, NAFDAC registration number, and familiar packaging design, making them difficult for unsuspecting buyers to identify as fake.
Health Dangers of Fake Cowbell Milk
NAFDAC warned that the consumption of these counterfeit products poses serious health risks.
Fake milk could contain toxic chemicals, harmful additives, or diluted ingredients that endanger human health.
Infants, children, pregnant women, and the elderly are the most vulnerable. Possible dangers include:
- Foodborne illnesses
- Allergic reactions
- Organ damage
- Long-term health complications
- In extreme cases, death
Counterfeit Product Details
- Product Name: Cowbell “Our Milk” 12g sachet
- Purported Manufacturer: Promasidor Nigeria Ltd
- Production Date: 04/2025
- Expiry Date: 12/2028

Picture of original cowbell milk.
NAFDAC Issues Strong Warning
The agency urged Nigerians to remain vigilant and avoid purchasing the counterfeit milk.
Healthcare professionals, distributors, and consumers have been advised to report suspicious sales of substandard or fake products immediately.
Reports can be made through:
The nearest NAFDAC office
Toll-free line: 0800-162-3322
Email: sf.alert@nafdac.gov.ng
NAFDAC also called on traders and retailers to stop selling the fake sachets.
The agency assured the public that strict enforcement measures are being taken to remove the counterfeit products from circulation.
This is not the first time Nigerians have faced risks from fake food and beverages.
Experts warn that counterfeit consumables are becoming more sophisticated, often making them difficult to spot.
Consumers are advised to always check product details, expiry dates, and packaging changes announced by manufacturers.
By highlighting the dangers and raising awareness, NAFDAC says it hopes to protect Nigerians from avoidable health crises linked to fake milk products
Africa
‘Misplaced Priority’: Peter Obi Blasts FG’s ₦142bn Bus Terminal Project

Former Labour Party presidential candidate Peter Obi has slammed the Federal Government’s approval of ₦142 billion for the construction of bus terminals across Nigeria, describing it as a reckless misplacement of priorities.
Obi issued a statement on Friday, August 22, via his Official X formerly Twitter platform, warning that the project reflects poor leadership and lack of focus in managing Nigeria’s limited resources. He titled his statement, “₦142 Billion for Bus Terminals.”
According to him, the true test of leadership is how scarce resources are prioritized.
He stressed that investing such a huge amount in bus terminals while critical sectors like healthcare suffer shows a government that is out of touch with citizens’ realities.
Obi said: “The difference between success and failure in any nation is how leaders prioritise resources.
The decision to spend ₦142 billion on six bus terminals exposes a lack of competence and vision. It is a clear sign of poor leadership.”
The Federal Executive Council had recently approved the funds for the construction of one modern bus terminal in each of the six geopolitical zones.
The government described it as part of efforts to modernise transport infrastructure and improve mobility nationwide.
But Obi strongly disagreed. He compared the allocation to healthcare funding, pointing out that the combined budget for all teaching hospitals and federal psychiatric centres in Nigeria is less than ₦100 billion in the 2024 budget.
“This is disturbing,” Obi continued, “because health remains one of the most critical sectors of development. Yet it is underfunded and deteriorating rapidly.
The World Health Organization has reported that over 20 million Nigerians live with mental health conditions.
This is a tragic irony. How can the government ignore this crisis and focus on bus terminals?”
He argued that the health sector, alongside education and poverty reduction programs, deserves priority attention.
Obi insisted that until government spending reflects the real needs of Nigerians, the country will remain trapped in poor governance.
Many Nigerians have also taken to social media to express anger, echoing Obi’s concerns. Critics argue that the decision proves the Federal Government is disconnected from the economic struggles of ordinary citizens.
For Obi, the ₦142 billion project is not just a case of wrong timing.
He sees it as a clear example of governance failure and misplaced priorities.
News
Why I’ll never encourage my son to visit Nigeria — Taribo West

Former Super Eagles defender, Taribo West, has strongly criticized the treatment of Nigerian football legends, vowing never to encourage his son to set foot in Nigeria due to the neglect shown to the country’s sports heroes after their deaths.
Speaking passionately during the burial ceremony of late goalkeeper Peter Rufai, in a video shared by News Central on Friday, the former Inter Milan star expressed his deep disappointment with the Nigeria Football Federation (NFF) and the Lagos State Government for allegedly abandoning Rufai’s family during their time of need.
“It’s disheartening that you have Lagos State, you have the Nigerian Football Association, and yet they drop the entire burden on the family,”West lamented.
He revealed how deeply Rufai’s passing affected him, saying: “My mother passed on, I never shed tears. My father passed on in my hands, I never shed tears. But when Rufai passed on, I had goose pimples all over my body. Tears were rolling down my cheeks. What kind of nation is this?”
West didn’t hold back in recalling similar neglect faced by other late football icons like Stephen Keshi, Rashidi Yekini, and Thompson Oliha.
He condemned the consistent abandonment of ex-players who had sacrificed so much for the country, stating that such treatment discourages him from allowing his children to represent Nigeria in football.
“With this kind of example, I will never advise even my son to put his feet for this country. Send me out! Do we have a Football Federation or a Football Association in this Lagos State? That this hero, this soldier, this football evangelist, has to be treated this way in his family”, he said.
The former defender also highlighted the financial struggles faced by Rufai’s family, revealing that they had to solicit funds from friends and well-wishers just to cover burial costs.
“Could you imagine that the family would be crying just to solicit within our groups to ask for money? That is madness”, he exclaimed, visibly frustrated.
Peter Rufai, fondly known as “Dodo Mayana,”was Nigeria’s first-choice goalkeeper during the nation’s victorious 1994 Africa Cup of Nations campaign and its debut at the FIFA World Cup the same year.
He passed away in July 2025, leaving behind a legacy that has reignited conversations about the lack of support and respect for retired athletes in Nigeria.
News
Hardship: Man commits suicide in Imo

A heartbreaking tragedy unfolded on Friday morning in Amakpu Okuku community, Owerri West Local Government Area of Imo State, as residents discovered the lifeless body of a man in his 50s, identified simply as Odomma, who reportedly died by suicide.
The father of four, who earned a living selling water in jerry cans and buckets, had been battling severe financial hardship, leaving him unable to adequately provide for his family.
Odomma’s body was found hanging in an unfinished building near his home, a grim discovery that shook the community as locals went about their daily routines.
According to residents, Odomma had expressed frustration about his struggles months earlier, threatening to end his life due to the alleged neglect by his wife and children, who reportedly stopped providing him with food because he couldn’t support the household.
A community member, Ikenna, shared insights into Odomma’s despair, saying:
“He said if the situation continued, he would take his life to end the misery. We advised him to report the matter to the village head for settlement. Sadly, he chose this path. Just see how this man ended his life because of money. He could have sold his GP tank or generator to get food, but he decided to take his life. Now others will gather to eat, and he won’t be part of it.”
Eyewitnesses described a chaotic scene as dozens of residents rushed to the unfinished building, some capturing videos of the lifeless body on their phones.
Known for his affordable water sales, with prices starting from ₦100, Odomma was regarded as a hardworking man, though visibly depressed in recent months.
Efforts to confirm the incident with the Imo State Police were inconclusive. Police Public Relations Officer Henry Okoye initially promised to verify the details with the Divisional Police Officer in Owerri West but could not be reached for further updates as of the time of this report.
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