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Inflation, Exchange Rate To Decline In 2024 – CBN

By
Rhoda Onuzulike
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The Central Bank of Nigeria (CBN), says the soaring inflation and exchange rates currently being recorded in the country will witness a sharp decline in 2024.

CBN Governor, Olayemi Cardoso gave the assurance while addressing the National Assembly joint committee on Banking, Insurance and other Financial Institutions in Abuja on Thursday.

Nigeria’s Inflation Climbs to 28.20% in November

Cardoso also projected less revenue from oil exports in the fiscal year, just as it declared that total trade from Nigerian Foreign Exchange Market ( NFEM), stood at N18.804billion in the third quarter (Q3) of 2023.

The Apex bank boss, explained to members of the joint committee from both chambers of the National Assembly, that the outlook for domestic economy in Nigeria for 2024 is very positive as both the inflation and exchange rates, would withstand fluctuating  pressures on them and get stabilised.

“The outlook for the domestic economy remains positive and expected to maintain the positive trajectory for 2024. Inflation pressures may persist in the short – term but is expected to decline in 2024. Exchange rate pressures are also expected to reduce significantly with the smooth functioning of foreign exchange market,” he said .

Cardoso specifically informed the committee members that the unification of the exchange rate windows in June 2023, has ushered in a new approach to the management of the exchange rate, aimed at reducing arbitrage, rent seeking behaviour and speculation in the market.

“The policy aims at creating a market where the demand and supply of foreign exchange determines the exchange rate. The premium has narrowed and our focus on increasing the autonomous FX supply , would lead to more stability and further narrowing of the premium. Total Trade in the third quarter of 2023 , stood at N18.804.68billion. Exports were valued at N10.346.60billion while total imports stood at N8.457.68billion. This represents positive trade balance, which would lead to increase of the external reserves”, he added .

The Nigerian Apex Bank governor however believed that due to prevailing domestic factors, less revenue would be earned from oil exports in 2024 .

He said : “We expect less revenue from oil exports due to the production limit of 1.78mbpd in 2024. OPEC approved quota for Nigeria is 1.8mbpd , which is higher than the 2024 budget assumption. However, the country ‘s production has been below these thresholds. The budget benchmark for 2023 was 1.69mbpd , but the highest level of production during the year, was about 1.35mbpd in Q3 of 2023. The reasons for the underperformance of the oil production target , include , crude oil theft and pipeline vandalisation , production shut – ins and divestments by major oil companies”.

Earlier before the CBN Governor’s presentation, the Chairman of the joint committee,  Senator Tokunbo Abiru (APC Lagos East), said the interactive session was organised for statutory briefing by CBN in line with extant laws.

The co-Chairman of the committee, Bashir Bello El-Rufai in his remarks, commended the CBN governor and the entire management team on measures being put in place to stabilise the Nigerian economy.

Minister Seeks Quality Training To Bridge Skills Gap

By
Rhoda Onuzulike
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0

Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo has said the provision of quality Aviation training is critical to the development of a sustainable, and safe air transport industry in Africa.

Keyamo made the statement at the 29th Africa Aviation Training Organisation AATO Council meeting and 10th year anniversary of the organisation held in Abuja the nation’s capital.

The Aviation minister represented by the Permanent Secretary, Federal Ministry of Aviation, Emmanuel Meribole said there is the need to plan, cordinate and oversee all complex operations in various aviation infrastructure as the region faces shortage in critical skills in key areas of civil aviation.

“Aviation is a sector of strategic importance that supports a broad set of economic and social development.”

The President, Africa Aviation Training Organisation AATO, Tendani Ndou called on African nations to focus on the development of skills and capacity to bring the expected changes in the aviation industry.

It’s necessary to join forces  together in ensuring that the African Aviation Training Organisation is improving the levels of aviation safety in Africa.

While reacting, the Secretary General,  African Civil Aviation Commission AFCAC  Adefunke Adeyemi represented by the Director, Safety and Technical Service, Henry Okech emphasised on the need for training and empowerment of women and young aviation experts in Africa for the development and sustainability of the sector.

Similarly, the Regional Director for the Eastern and Southern African Office at the International Civil Aviation Organisation, ICAO, Lucy Mbugua highlighted some of the challenges aviation training in Africa is experiencing.

Keyamo: 774,000 jobs to kick off on Tuesday, January 5

“Africa With its vast and diverse landscapes,  faces unique challenges in establishing adequate and sustainable aviation training infrastructure.

“Insufficient funding,  outdated facilities,  and a scarcity of qualified instructors also pose formidable challenges, limited access to cutting-edge technologies training facilities and equipment further compounds the challenges, hindering the development of a skilled workforce capable of navigating  the complexities of modern aviation,” Lucy added

The African Aviation Training Organisation AATO was established in Abuja, Nigeria’s capital in 2023 at a constitutive Assembly hosted by the Nigerian Collage of Aviation Technology Zaria, Kaduna State North West Nigeria.

 The goal was to promote and harmonise aviation training in Africa and encourage the sharing of expertise among its members and other Aviation organisations within the African continent.

Power Sector Liquidity Climbs To N900bn – FG

By
Rhoda Onuzulike
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0

The Nigerian Government has announced that the liquidity in it’s power sector increased from N282bn in 2015 to N900bn, adding that its financial burden in the industry had been reduced by about N373bn.

The Nigerian Electricity Regulatory Commission made the disclosure at the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Policy.

Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price. The most liquid asset of all is cash itself.

In a presentation at the event, the Chairman, NERC, Sanusi Garba, said, “Liquidity in the market has moved from N282bn in 2015 to N900bn now. We have also created a mechanism for enforcing payment discipline in the industry. This has seen Disco revenue improve greatly.

Power Sector Vital For Economic Growth – Minister

“We have reduced the fiscal burden on the government from N528bn to N155bn in 2022. Without our actions, the subsidy would have been in the region of N665bn.”

Speaking on the sidelines of the closing ceremony of the summit, the Minister of Power, Adebayo Adelabu, appealed to operators and agencies in the sector to work with the government, stressing that those who fail to deliver would be shown the way out.

“I appeal to the people working with me, the agencies and public servants, that they should support us to ensure that we deliver and not disappoint Mr President. And I say we are using the carrot and stick approach. We are using the carrot now by appealing to ourselves.

“If this does not work, we are going to wield the big stick. Before I’m shown the way out, of course, a lot of people will also leave before me. So this (summit) is just a way of preparing ourselves to achieve the mandate and target of the power ministry,” he stated.

Debt Servicing: Developing Countries Pay $443.5 Bn

By
Rhoda Onuzulike
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The World Bank says developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022.

In a statement published on its website, the Bank said the increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.

In its latest International Debt Report the Bank indicated that Debt-service payments—which include principal and interest—increased by 5 percent over the previous year for all developing countries.

The 75 countries eligible to borrow from the World Bank’s International Development Association (IDA), paid a record $88.9 billion in debt-servicing costs in 2022.

Over the past decade, interest payments by these countries have quadrupled, to an all-time high of $23.6 billion in 2022, the Bank noted.

“Overall debt-servicing costs for 24 countries are expected to balloon in 2023 and 2024—by as much as 39 percent.”

“Record debt levels and high interest rates have set many countries on a path to crisis,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President.

“Every quarter that interest rates stay high results in more developing countries becoming distressed—and facing the difficult choice of servicing their public debts or investing in public health, education, and infrastructure.

Debt Service: Tinubu Bemoans Use Of Lean Resources

“The situation warrants quick and coordinated action by debtor governments, private and official creditors, and multilateral financial institutions—more transparency, better debt sustainability tools, and swifter restructuring arrangements. The alternative is another lost decade.’’

Surging interest rates have intensified debt vulnerabilities in all developing countries, according to the World Bank.

In the past three years alone, there have been 18 sovereign defaults in 10 developing countries—greater than the number recorded in all of the previous two decades.

“Today, about 60 percent of low-income countries are at high risk of debt distress or already in it,” the statement added.

The report qlso indicated that; “Interest payments consume an increasingly large share of low-income countries’ export, the report finds. More than a third of their external debt, moreover, involves variable interest rates that could rise suddenly. Many of these countries face an additional burden: the accumulated principal, interest, and fees they incurred for the privilege of debt-service suspension under the G-20’s Debt Service Suspension Initiative (DSSI).

“The stronger US dollar is adding to their difficulties, making it even more expensive for countries to make payments. Under the circumstances, a further rise in interest rates or a sharp drop in export earnings could push them over the edge.”

The International Debt Report (IDR), formerly known as International Debt Statistics (IDS), is a longstanding annual publication of the World Bank featuring external debt statistics and analysis for the 122 low- and middle-income countries that report to the World Bank Debt Reporting System (DRS).

Mining Sites: Defence, Solid Ministries Collaborate

By
Rhoda Onuzulike
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0

The Minister of Solid Minerals Development, Dele Alake, and the Defence Minister, Abubakar Badaru, say plans to secure Nigeria’s mining sites are about to be finalized.

The Minister of Defence who for the second time in less than three weeks, paid a courtesy visit to the Alake’s office on Friday in Abuja, stated that the meeting was in furtherance of the collaboration to secure mining sites across the country, reiterating the resolve of the President Bola Tinubu administration to stop the activities of illegal miners, tackle banditry and other security challenges.

Govt Should Leverage On Mining And Geo-Sciences Society For National Devt – Prof Olatunji

“The country needs to make huge revenue from mining, but insecurity is bedevilling the industry. That is why the minister is  pushing so hard for us to provide serious protection around the mining areas.

That is why we discuss always to see how we can protect the mining environment, bring lasting peace to the country so that mining will flourish and the country will earn the much needed foreign exchange from the sector,” Badaru added.

Responding to enquiries about the proposed new security architecture, the Defence Minister restated that plans are underway for clearance operations at flash points as a prelude to the deployment of the specialized mining police.

On the timeline for clearance operations, Badaru revealed that preparations have reached an advanced stage, citing collaboration with the Solid Minerals Ministry to get the data of all mining sites in the country to enable coordinated security operations.

In his remarks, the Minister of Solid Minerals Development, Oladele Alake, read the Riot Act, for the umpteenth time, to illegal miners and their sponsors.

Declaring that their days were numbered, he restated the federal government’s resolve to bring the full weight of the law to bear on those who refuse to desist from such nefarious activities.

Nigeria’s Inflation Climbs to 28.20% in November

By
Rhoda Onuzulike
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0

Inflation surged to 28.20 per cent in November from 27.33 per cent in October, underscoring a increased cost of living crisis in the country.

In its new ‘Consumer Price Index: November 2023’ released on Friday, the National Bureau of Statistics revealed that headline inflation surged by 0.87 percentage points in November to a new record high in almost two decades.

It said, “In November 2023, the headline inflation rate increased to 28.20 per cent relative to October 2023 headline inflation rate which was 27.33 per cent.

“Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.87 per cent points when compared to the October 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 6.73 per cent points higher compared to the rate recorded in November 2022, which was 21.47 per cent. This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).”

Nigeria’s Inflation Jumps to 25.80% in July

On a month-month basis, headline inflation in November 2023 was 2.09 per cent. Which was 0.35 percentage points higher than what was recorded in October (1.73 per cent), defeating a recent claim by the Central Bank of Nigeria that inflation is slowing down m-o-m.

Recently, the former apex bank’s Director, Corporate Communications Department, Isa AbdulMumin, said, “Available statistics showed that the first indication of deceleration in prices was recorded in September.

“Further reforms in the money market, which commenced in October had accelerated easing in prices as indicated by the substantial drop in month-on-month changes recorded in October.

“Moderation in month-on-month changes in prices observed in the headline, food, and core components of the consumer basket followed reforms in the money market and relative stability in the FX market.”

Nigeria’s inflation rate is now poised to close 2023 at about 30 per cent, aligning with recent predictions by KPMG and Stears Business.

IMF Seeks Stronger Crypto Regulation

By
Rhoda Onuzulike
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0

The Managing Director, International Monetary Fund, Kristalina Georgieva has stressed the need for comprehensive regulation in the cryptocurrency space to safeguard global financial stability.

Speaking at a digital currency conference in Seoul, on Thursday, Georgieva highlighted the potential threat posed by widespread crypto adoption, citing concerns about its impact on macro-financial stability.

Georgieva said effective regulation was essential to prevent disruptions in monetary policy transmission, capital flow management measures, and fiscal sustainability, particularly in the face of volatile tax collection.

Kenya Suspends Worldcoin Crypto Over Privacy Concerns

“Our goal is to make a more efficient, interoperable, and accessible financial system by providing rules to avoid the risks of crypto, and infrastructure by leveraging some of its technologies,” Georgieva said at the joint conference with the South Korean government and central bank.

She added that, “Rules are not meant to return us to a pre-crypto world, nor to squash innovation.

On the development of digital money, Georgieva said in a panel discussion that policymakers could either be part of it and help do it better or be left out of it because it would be done anyway.

A recent study from KuCoin found that 35 per cent of Nigerians aged between 18 and 60 were investing or trading in bitcoin or other cryptocurrencies.

In 2022, Nigeria’s Securities and Exchange Commission published a new set of rules aimed at regulating digital assets, signalling a potential change of attitude from the government towards the widespread use of cryptocurrencies.

Israel-Hamas War: Stakeholders call for peace

By
Mana Balagbogbo
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Stakeholders from Nigeria, Senegal, Kenya and Ambassadors of Israel, and Palestinian on Thursday engaged in a dialogue to fashion out ways in fostering peace between the ongoing Israeli and Hamas war, which have affected both countries, killing innocent women and children in the wake.

The stakeholders expressed their grievances at both countries as blame fly both sides during an online discuss, Geopolitics series 4.0 Israel-Hamas War and the way forward, with the topic, ‘Bridging divides for sustainable peace in the middle east and beyond.’

The Ambassador of Israel to Nigeria and the Permanent Representative of Israel to ECOWAS Micheal Freeman delivering his perspective on the issues stressed the inhumane treatment meted on the Israelis, he lamented over the murdering, killings of families, as well as the raping of women as a means of torture in horrific ways.

Freeman disclosed that till date, Hamas has refused to release the  hostages taken during the massacre.

According to the Ambassador, from October 7th till date over 900 missiles have been fired by the  Hamas, maintaining this wasn’t just an attack as people were murdered in their numbers.

He bemoaned the attack of October 7th saying this was the largest single massacre of Jews people since Holocaust, adding  the attack have moved peace talk away  from a generation.

“We are talking about children being killed in the presence of their parents. Parents being killed in the presence of their children.

“This level of brutality have not been seen even by the ISIS attacks and the Hamas were proud of this attack as it was televised. The level of pride displayed and  saying they will do it again.

“For Isreal we want to make sure that Hamas will not do this again. If we have to cease fire, the kidnapped victims will have to be release, it is very easy if they want to end this.

“The Hamas people are not looking at ending this long time, they only want a short term cease fire to allow them regroup, so that they can continue these attacks.

“What Hamas want is to have increased numbers of casualties to use it against Isreal. They have facilities to hide their weapons. 70 terrorist surrendered today from the hospitals they are hiding. They are asking for ceasefire if we do, how do we get the hostages back. How do we stop Hamas from doing this again. Their call for cease fire is just words not intent.

Speaking further, the Ambassador  noted that, Actions from world leaders, Women organisation have condemned the sexual violence against the Isreali women yet they deny that it never happened, “this is even shocking denying that the rape never happened.”

For his part, the Palestinian Ambassador to Nigeria Abdullah Shawesh said, the recent attack by Hamas cannot be discussed from the event of October 7th, without going back to history.

According to Shawesh, the event dated as far back as 1917 when the United Kingdom sowed the seed of discord.

He said, alot of lies have been peddled as regard the Oct 7th. Althogh Isreal said it is war against Hamas, he questioned the innocent Palestinian children and women that are being killed, however he denied the allegations of rape, stating that never happened.

“The Isreali settlers are the ones burning and burying Palestinians. The Ambassador claimed many women were raped but that is not the truth. This did not happen.

“We will not disappear from our land, they have tried to finish us but they will not succeed this has been happening since 1953 to expel is from us from our land.

“We acknowledge the right of the Isreali people to live and we do not teach our children to hate the Jewish. This is not true.

“One thing is that the Isreali supremacy is deeply rooted in their leaders and over time they have made remarks in regards to this.

Responding to questions on way forward, the Isreali Ambassador, Freeman insisted that, “Before we talk about dialogue to the  solution of  this situation there are questions we need to consider before we sit at the table.

“Firstly, have they condemned what happened on the Oct 7th. Despite the fact that it was televised so many of their officials have denied that this act never happened.

“The Palestinian need to stop the education of their children to kill the Jewish people seeing them as pigs that have to be slaughtered. No Palestinian have condemned the attack on the Isrealis people.To have peace Palestinian leaders will have to stand up to condemn, the actions of Hamas, release the hostages and recognizes the Jewish people. What we are seeing is much more disturbing.

“We recognize that the Palestinian people are there we can only work together when there is a compromise

On the reports that Isreali is killing innocent Palestinian civilians, Freeman apologized for the incident stating, we are sorry to say that there have never been a war without  civilian casualties. The only way is to create safe zones to minimize  the casualties which the Isreali have done, we have  produced maps, fliers with necessary information.

While proffering solutions to foster.peace, The Palestinian Ambassador asked that an inquiry commission be established to independently investigate the claims of Isreal, stating anyone found guilty should be punished.

Shawesh said, None of the Isreali is ready to settle for peace, because you cannot be talking about peace and still be building and expanding on Palestinian lands. The Isreali settlers are known for their attacks and no one is talking about it. More than 25000 Palestinian have been killed in this attack.

“We need an inquiry commission by the international organization; the ICC to run an independent investigation on the precedents in this region, and who ever is found guilty should be made to face the consequences. What Isreal is doing is a war crime but they have denied that it is not a war crime.

“We are calling on the African union to be involved in this resolution. Since the Oct 7th attack alot have happened, we do not have anything against the Jewish people and they know this, we have a common background

An American-Isreali activist Shoshanna Keats Jaskoll lamented the sorry.state of affairs in Isreal after the attack as people are volunteering daily for funerals as parents, children are being buried.

Jaskoll stated that Hamas is not a solution for anyone who wants peace as it has to go for peace to reign.

The activist almost in tears, lamented the effect of the war on women and girls. She disclosed that young girls were found with evidence of  sexual assault after the attack.

She called for the need for women to be at the decision making tables when the gate of the people are determined as women bear the brunt of war more.

Jaskoll said, ” it  is important for women to be on the committee who are making decision, women with creative ideas. We need peace for our children.

“Invest your time infighting for a future for your children. Acknowledge the fact that none of us is going anywhere,” she stressed.

Earlier in her welcome address, Agnes John Thomas of West Africa Democracy Radio stated the need to advocate for unity as both sides have witnessed profound loss.

Thomas emphasised that true peace can only be achieved through dialogue as both sides needs to listen to each other.

She said, “road to lasting peace may be difficult but it is insurmountable. Together let us build bridges for peaceful coexistence as the world need peace.

House Advocates Establishment Of Nigerian Shipping Commission

By
Rhoda Onuzulike
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0

The Chairman House Committee on Shipping Services, Abdussamad Dasuki, has assured that the committee will assist in seeking legal backing for the establishment of a Nigerian Shipping Commission.

He also pledged the sincere support of his Committee towards the timely implementation of the International Cargo Tracking Note.

Dasuki said this at the opening ceremony of a two-day strategy retreat for senior executives of the Nigerian Shippers’ Council (NCS) on Thursday in Lagos.

The retreat had the theme: “Strengthening the Economic Regulation of the Marine and Blue Economy for Sustainable Development.”

Examining Nigeria’s Maritime Industry And Blue Economy

According to Dasuki, this move aims to bolster and regulate the country’s maritime sector, echoing the urgent need for an independent regulatory body.

Abdussamad Dasuki emphasized the urgency of legislative backing and echoed the call for expeditious action to enact a dedicated law providing the necessary legal framework for the Council’s operations.

He stressed that the committee members are committed to swift parliamentary processes to realize this vital legislation by next year.

“I believe one of our takeaways here is we should have a Nigerian Shipping Commission, not a council.

“You are to be independent, you are to be a commission. You are the regulator of this very important mission.

Dasuki lamented the disparity in the sector’s existing contribution to the national Gross Domestic Product (GDP) hovering around a meager one percent and the anticipated 20 percent.

He stressed the need for strategic interventions to bridge the gap and maximise the industry’s economic potential.

Tinubu Admits NASS Support In Economic Transformation

By
Rhoda Onuzulike
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0

President Bola Ahmed Tinubu says both the executive and the legislature will jointly assess the challenges facing the country in order to develop practical solutions for the benefit of Nigerians.

Speaking at a colloquium to mark the 61st birthday of the Senate President on Thursday in Abuja, President Tinubu said efforts of his administration to transform Nigeria’s economy are yielding results with the support of the National Assembly led by Senate President Godswill Akpabio and the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas.

Applauding the Senate President’s leadership qualities, the President highlighted that the Chairman of the National Assembly has consistently demonstrated dedication to national progress.

Tinubu Meets 3 Major Counterparts In Economic Development

President Tinubu recalled Senate President Akpabio’s beginning days as a commissioner in Akwa Ibom State, the President stated that he learnt from Lagos, formulated a plan, and successfully executed it during two terms as Executive Governor.

“I believe in the person of Sen. Godswill Akpabio. He is truly in God’s will for his life. I was governor in Lagos State from 1999 to 2007, and he was a commissioner.

“As a commissioner, he was extremely inquisitive about what was going on in Lagos. I didn’t know then that he wanted to be a governor. As governor, he transformed Akwa Ibom tremendously,’’ the President stated.

The President recalled how some of the economic and social programmes initiated by Senator Akpabio, when he was governor developed the state, noting that the drainage system Senator Akpabio constructed had saved many lives and livelihoods.

In his remarks, the Senate President commended President Tinubu for his visionary leadership, most recently demonstrated in the quality of decisions taken so far to ensure improved security and a revamped economy.

Akpabio assured the President that the National Assembly would work with him to transform the country, adding that, “we did not come for a boxing bout. We came to transform Nigeria.”

The Speaker of the House of Representatives appreciated the President for articulating his economic vision clearly for the National Assembly, departing from what he described as “impulsive programmes.”

The keynote speaker, Olisa Agbakoba (SAN), thanked the President for his courage and diligence in leading the nation on the path of growth and recovery with innovative ideas and for appointing competent hands to run the affairs of the country.

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