Former Nigerian President Goodluck Jonathan and former Mozambican President Filipe Nyusi were among several high-level dignitaries stranded in Guinea-Bissau after the country’s military announced a takeover. The leaders, who were in the country on an election observation mission, were reported safe in their hotel rooms, but all flights were suspended, leaving them and other observers unable to leave. The coup occurred a day before provisional results from a tightly contested presidential election were due to be announced.
A group of army officers stated on national television that they had overthrown President Umaro Sissoco Embalo, suspended the electoral process, closed the borders and imposed a curfew. President Embalo later confirmed he had been deposed. The officers formed a junta called the “High Military Command for the Restoration of Order,” alleging their action was to prevent destabilisation by politicians and drug traffickers, as well as manipulation of election results. Gunfire had erupted earlier around key government buildings, sparking panic across the capital. Both Embalo and his main challenger, Fernando Dias, had claimed victory in the election’s first round.
Election observer groups from the African Union, ECOWAS, and the West African Elders Forum, including Jonathan and Nyusi, condemned the coup as a blatant attempt to derail Guinea-Bissau’s democratic process. They called for immediate restoration of constitutional order and the release of all detained electoral officials. The country, long prone to coups, has experienced several attempts since independence, further complicating stability efforts.
In a separate development, the Manufacturers Association of Nigeria (MAN) commended the Central Bank of Nigeria (CBN) for maintaining the Monetary Policy Rate at 27% but urged a further reduction to ease manufacturers’ borrowing costs. MAN expressed concern that despite the rate being held steady, lending costs of 30–37% remain too high and hinder production, competitiveness, and access to credit—especially for small and medium industries. The association highlighted challenges such as poor infrastructure, high energy costs, and insecurity, which amplify production expenses.
MAN recommended that the CBN continue lowering rates in upcoming meetings, introduce additional incentives to boost credit flow to the manufacturing sector, and evaluate the impact of previous monetary decisions. It also urged the federal government to strengthen fiscal discipline, improve infrastructure, stabilise the naira, and implement structural reforms in key sectors like agriculture, manufacturing, and energy. According to MAN, stronger coordination between fiscal and monetary authorities is essential to ensure that monetary policy supports inclusive growth and industrial development.
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