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Nigeria News (Standard)

Manufacturers Association Reports ₦1.9trn Decline in Bank Credit as Capacity Utilisation Falls Nationwide

MAN urges urgent reduction of benchmark interest rate after sector credit drops to ₦6.61trn by end of 2025

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MAN urges urgent reduction of benchmark interest rate after sector credit drops to ₦6.61trn by end of 2025

Bank lending to Nigeria’s manufacturing sector has dropped sharply by ₦1.92 trillion, falling from ₦8.53 trillion in December 2024 to ₦6.61 trillion at the close of 2025, according to the Manufacturers Association of Nigeria (MAN). The development, which MAN described as a severe financial constraint, has led to reduced capacity utilisation and job losses across the country.

The Director-General of MAN, Segun Ajayi-Kadir, disclosed this data on Tuesday while highlighting the challenges manufacturers are facing amid declining commercial credit from banks. He stated that the manufacturing sector experienced a significant 22.5 percent contraction in bank credit allocation within the year—one of the largest drops among all major economic sectors, with only general services posting a higher shortfall at 25 percent.

Ajayi-Kadir explained that the reduction in available credit has suppressed manufacturers’ ability to operate at optimal levels, stagnated their contribution to Nigeria’s GDP, and intensified price pressures due to production shortfalls. He warned that unless urgent steps are taken, including an adjustment in monetary policy, the sector’s performance would remain hampered.

“The present funding arrangement is not sustainable for our members or the wider economy,” Ajayi-Kadir said, urging monetary authorities to lower the benchmark interest rate by at least 200 basis points over the next two quarters. He emphasised that improved access to affordable financing is critical if manufacturers are to boost output and sustain jobs amid current economic headwinds.

MAN called on policymakers and relevant agencies to urgently address these concerns through coordinated interventions targeting lower lending rates and better access to long-term capital for industrial players. Without such action, stakeholders warned that further contractions could undermine Nigeria’s ambitions for industrial growth and economic diversification.

Source: https://guardian.ng/business-services/credit-to-manufacturers-down-by-23-to-n6-6tr-as-capacity-utilisation-drops/

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Nigeria News (Standard)

Brazil Top Group C as Morocco Edge Haiti in World Cup Group Stage Thriller

Morocco secure narrow win over Haiti to clinch qualification spot, as Brazil finish first in Group C

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Morocco secure narrow win over Haiti to clinch qualification spot, as Brazil finish first in Group C

Brazil have finished top of Group C at the ongoing FIFA World Cup after an impressive display in their final group match, while Morocco booked their place in the next round with a hard-fought victory over Haiti. The deciding matches were played on Thursday, 25 June 2026, with both fixtures drawing attention from football fans across Nigeria and beyond.

The Brazilian side, known for their attacking flair and disciplined defence, maintained their unbeaten run in the group stage to secure the top position. In a dramatic contest elsewhere, Morocco overcame a resilient Haitian team in a tightly contested encounter that saw both teams pushing for qualification till the final whistle.

These results are significant for Nigerian football followers who have closely monitored Group C outcomes, given the implications for potential knockout round opponents. Brazil’s dominance reaffirms their status as tournament favourites, while Morocco’s progress continues the strong showing from African teams at this year’s World Cup.

With Brazil sealing the group’s leadership and Morocco joining them in qualification, attention now shifts to the knockout stages where they will face new challenges. The excitement generated by these group stage finales highlights growing interest among Nigerian supporters in global football competitions.

Source: https://www.premiumtimesng.com/sports/football/890537-world-cup-brazil-top-group-c-as-morocco-edge-haiti-in-thrilling-group-final.html

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Nigeria News (Standard)

Amusan, Ashe, Brume Lead Nigeria’s 29-Athlete Camp for Commonwealth Games in Lagos

Athletics Federation selects top performers as Team Nigeria begins intensive training ahead of upcoming international competition

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Athletics Federation selects top performers as Team Nigeria begins intensive training ahead of upcoming international competition

Nigeria’s preparations for the upcoming Commonwealth Games have entered a crucial phase as 29 athletes, including stars Tobi Amusan, Favour Ashe, and Ese Brume, commenced camp in Lagos on Thursday. The Athletics Federation of Nigeria (AFN) confirmed the selection as at June 25, with the athletes set to undergo rigorous training in readiness for the continental event.

The AFN’s list features leading names in Nigerian athletics, with Amusan (women’s 100m hurdles), Ashe (men’s sprints), and Brume (women’s long jump) expected to spearhead the country’s medal ambitions. The selected team represents a mix of experienced internationals and promising talents drawn from various states across the country.

The Commonwealth Games remain a significant platform for Nigerian athletes to showcase their abilities and compete against some of the best globally. This year’s event is particularly important as it offers opportunities for Olympic qualification and serves as a test of Nigeria’s depth in track and field disciplines ahead of Paris 2024.

Officials from the AFN said the selection process was based strictly on recent performances at national trials and international competitions. The federation noted that preparations would include technical drills, tactical sessions, and medical screening to ensure all athletes are in peak condition before departure. The names of alternates will be announced after final assessments next week.

Team officials expressed optimism about Nigeria’s chances at the Games, highlighting the presence of seasoned competitors like Amusan and Brume as a morale boost for younger team members. Stakeholders expect that strong performances will reinforce Nigeria’s status as an athletics powerhouse within Africa and inspire future investments in sports development.

Source: https://www.premiumtimesng.com/sports/nigeria-sports-news/890540-amusan-ashe-brume-headline-nigerias-29-athlete-commonwealth-games-camp.html

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Nigeria News (Standard)

Abuja Court Hears EFCC Allegedly Lured Ex-Accountant-General Idris’ Witness in ₦109bn Fraud Trial

Witness claims anti-graft agency pressured her to sign statement; case continues amid scrutiny of investigation process

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Witness claims anti-graft agency pressured her to sign statement; case continues amid scrutiny of investigation process

A Federal High Court sitting in Abuja on Thursday heard testimony from a defence witness in the ongoing trial of former Accountant-General of the Federation, Ahmed Idris, who is facing charges over alleged diversion of ₦109 billion. The witness claimed officials of the Economic and Financial Crimes Commission (EFCC) compelled her to sign a statement linked to the case.

The hearing, which took place on 25 June, forms part of the high-profile prosecution against Idris and others accused of large-scale financial mismanagement during his tenure. According to details presented in court, the witness asserted that she was not given adequate opportunity to review or amend the document before being asked to endorse it by EFCC investigators.

The trial has attracted public interest due to the size of the funds involved and its implications for Nigeria’s ongoing anti-corruption efforts. The EFCC had earlier arraigned Idris and his co-defendants on multiple counts related to criminal breach of trust and money laundering, following an extensive investigation into alleged irregularities at the Office of the Accountant-General.

The development raised questions about investigative procedures and due process within Nigeria’s anti-graft agencies. While EFCC officials have consistently maintained that all protocols were followed in securing evidence, legal observers say the defence’s latest claim could become a key issue as proceedings continue.

The case was adjourned for further hearing. Legal practitioners expect that both prosecution and defence will present additional witnesses as the trial progresses. The outcome is likely to influence future anti-corruption prosecutions involving top government officials.

Source: https://www.premiumtimesng.com/news/top-news/890547-alleged-n109bn-fraud-trial-ex-accountant-general-idris-witness-says-efcc-lured-her-to-sign-his-statement.html

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