Connect with us

COVER

Cardoso Unveils 2024 Forex Initiatives, Launches Economic Outlook

Published

on

Share

By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) has unveiled some of the policy directives that will boost foreign exchange inflow and improve naira valuation against foreign currencies especially the United States dollar.

The CBN Governor, Olayemi Cardoso said the bank has approached the Ministry of Finance and the Nigerian National Petroleum Company Ltd (NNPCL) to return all foreign exchange inflows to the bank.

According to him, the move is targeted at enhancing CBN’s Forex flows and contributing to the growth of the country’s reserves.

Cardoso stated this in his keynote address at the launch of the NESG 2024 Macro Economic Outlook with the theme: “Economic Transformation Roadmap: Medium-Term Policy Priorities” held in Lagos on Wednesday.

He said, “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate.

“Our collaboration with the Ministry of Finance and the NNPCL to ensure that all FX inflows are returned to the Central Bank. This coordinated effort will greatly enhance the Bank’s FX flows and contribute to the accretion of reserves.”

The apex bank boss pointed out that the country’s FX situation will improve in 2024 despite the setback of the naira which is trading at N1,390 per dollar at the black market.

He, however, linked the expected stability in the foreign exchange market in 2024 to the reduction in petroleum product imports and the market-determined exchange rate.

Cardoso said, “We are implementing a comprehensive strategy to improve liquidity in our FX markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years.

“Upholding the integrity of financial markets is crucial for building confidence. With the completion of an independent forensic review and the subsequent clearance of the backlog of valid FX transactions, we remain steadfast in our commitment to decisively address any infractions and abuses.

“In our efforts to stabilize the exchange rate, it is imperative that we prioritize transparency and create a market environment that enables the fair determination of exchange rates, ensuring stability for businesses and individuals alike.”

In his opening remarks, the Chairman of the NESG, Mr. Niyi Yusuf said the year 2023 presented challenges, marked by the rigorous implementation of demonetisation policies, widespread insecurity and a fiercely contested general election, aggravating pre-existing macro and structural issues.

According to him, these challenges significantly impacted Nigeria’s socio-economic landscape and macroeconomic performance, adding that with the dawn of a new government, “we find ourselves at a transformative juncture ripe with political and economic opportunities to address these challenges, optimise our potential, and achieve vital developmental objectives.”

Yusuf pointed out that despite a trade surplus, foreign capital receipts were below expectations on the external front, and the official and unofficial naira exchange rates depreciated beyond the planning expectations of most businesses, adding that Nigeria’s reference crude oil price declined, posing fiscal challenges as public debt rose.

He said, “notably, higher prices in 2023 resulted in a decline in the real purchasing power of the minimum wage, and an estimated 4 million Nigerians were pushed into poverty. While the government has implemented interventions, more effort is urgently needed to reverse the country’s weak and non-inclusive growth narrative.

“Building on the NESG #NES29 theme, “Pathways for Sustainable Economic Transformation and Inclusion,” this year’s macroeconomic outlook underscores “Medium-term Policy Priorities” to expedite the transformation process and enhance the socio-economic well-being of Nigerians.

“The Economic Transformation Roadmap outlines three phases of policy sequencing, focusing on monetary stability, effective fiscal management, local content improvement, domestic productivity enhancement, incentives to motivate private sector investments, and human, social, and natural capital development.

“As we delve into these policy priorities, we must emphasise the pivotal role of a robust policy environment in laying the foundation for sustainable Macroeconomic stability and economic transformation.

“We recognise the current administration’s efforts in stabilising the economy, but given the depth of the problems, more still needs to be done and quickly too. We must not relent to build the Nigeria of our dreams. I implore every stakeholder to rise to this occasion and contribute to our quota in rebuilding our economy.”

Further, the Chairman said the NESG stands ready to continue its collaborative efforts with the Federal and subnational governments to achieve these transformative goals; a concerted and coordinated approach and effective policy implementation will propel Nigeria towards a more resilient, inclusive and prosperous future.”We trust that this Macroeconomic Outlook launch event will not only stimulate discussions but also serve as a catalyst for decisive actions. I extend my best wishes for fruitful deliberations,” he added.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

COVER

NNPCL Reduces Petrol Price to Match Dangote’s N899 Per Litre

Published

on

Share

By David Torough, Abuja

In what appears like a marketing war, the Nigerian National Petroleum Company Limited (NNPCL) has reduced the petrol pump price from N1,020 to N899 per litre.

This pricing competition emerged in the downstream sector emerged on Saturday after NNPCL reduced its depot price of petrol.

This just few days after the Dangote Refinery reduced its price to N899.

The new price indicates a reduction of N141 or 13.

56 percent, from N1,040 per litre it sold to customers living in the Federal Capital Territory (FCT).

According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the price reduction was based on regional pricing scheme.

The association said under the arrangement, it would sell for N970 per litre in parts of the South South region.

A statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, and quoting a document released by NNPCL’s Commercial Department, said marketers could offtake products based on the regional pricing scheme.

The document indicated that marketers would buy the product at N899 per litre in Lagos State, matching the price offered by the Dangote refinery a few days ago.

Marketers purchasing from its Warri, Oghara, Port Harcourt, and Calabar depots would pay N970 per litre to offtake products.

The statement read, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.

“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.

“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”

However, the NNPC spokesperson, Olufemi Soneye, declined to speak when contacted.

But Obele noted that the price reduction by the national oil firm was a response to the competitive impact of deregulation, which had led to increased competition in the downstream sector.

He expressed optimism that PMS prices would drop further before the end of January 2025 given the global decline in crude oil prices and the naira’s recent gain against the dollar.

Obele described the trend as a price war and emphasised that the price reduction by the Dangote refinery and the NNPCL demonstrated the benefits of competition. He advocated the immediate privatisation of government-owned refineries.

The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.

In his reaction, National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, said Nigerians would get fuel at cheaper rates once the marketers start taking the product at the reduced rate from NNPCL.

“The two most critical stakeholders in the sector have already reduced the rate, which is a very good development for us.

“So once we start taking fuel at the reduced rate, we are going to reduce our price too. We will also apply the price reduction percentage of the NNPCL,” he stated.

Also, the National Publicity Secretary of IPMAN, Mr Chinedu Ukadike, expressed satisfaction with the price reduction.

According to him, the price adjustment underscores the benefits of healthy competition brought about by the deregulation of the downstream sector.

“It’s a welcome development. And that is the duty of deregulation. Once the competition is held, there will be constant reduction in price of fuel,” Ukadike said.

He attributed the price drop not only to NNPCL’s readiness for the deregulated pricing regime but also to a reduction in the foreign exchange rate.

“As we continue to have multiple choices, we will also have multiple chances of continuous reduction. So IPMAN is very happy, and as we are buying the product cheaper, we will also see it cheaper to the consumers,” he added.

Continue Reading

COVER

Tinubu Cancels Engagements after Stampedes Kill 39

Published

on

Share

By Johnson Eyiangho & Laide Akinboade Abuja

Following the tragedies that followed attempts to distribute food to Nigerians, President Bola Tinubu yesterday cancelled all his official events in Lagos, including his attendance at the 2024 Lagos Boat Regatta to mourn the stampede victims in Abuja and Okija, Anambra.

Tinubu was scheduled to watch the boat parade and other activities of the Boat Regatta from the waterfront of his Queen’s Drive residence in Ikoyi, his spokesman, Mr Bayo Onanuga, said in a statement.

Dignitaries, including top officials of the Lagos State Government and chiefs from the state, were already seated when the president cancelled his appearance following briefings on the tragedies.

Commiserating with the victims of the incidents in Anambra and the FCT, Tinubu urged states and relevant authorities to enforce strict crowd control measures immediately.

Tinubu said local and state authorities should no longer tolerate operational lapses by organisations and corporate bodies involved in charitable and humanitarian activities.

No fewer than 39 Nigerians have lost their lives following stampedes during food-sharing events in Okija, Anambra State, and Maitama, Abuja during the weekend.

In the struggle to get ahead and obtain the free food items distributed by organisers, the residents trampled upon one another, leading to the deaths.

While 10 residents died in Abuja, 29 were reported killed in Anambra.

These stampedes came days after a similar incident occurred in Ibadan, Oyo State, where 35 children lost their lives and several others were left critically injured during a funfair.

Similarly, 10 persons were confirmed dead at the Holy Trinity Catholic Church, Maitama, Abuja in a stampede, where a food outreach was held on Saturday.

It was gathered that the incident occurred around 6am during an annual charity event organised by parishes of the Catholic Church to distribute foodstuffs to the poor and the vulnerable in the community.

An eyewitness said the crowd remained orderly until around 5am.

He said, “Many people came from Mararaba, Nyanya, and Mpape areas to benefit from the church’s food distribution.

“To be honest, the church didn’t anticipate the size of the crowd that showed up. Although there were two security operatives on duty, they couldn’t manage the growing crowd effectively.

“Initially, everyone was orderly, but as the day broke, the number of people doubled. In their desperation to get the rice first, people began pushing and shoving.

“Before we knew it, we started hearing cries for help from those who had fallen or sustained injuries. The police came to rescue those injured and dispersed others who waited behind with the hope that the distribution would continue.”

 In Anambra, no fewer than 29 persons have been reported dead and many others injured during a stampede that occurred at the gate of the Charity Event at the Obijackson Centre in Amanranta, Okija, Ihiala LGA of Anambra State.

It was also gathered that the stampede, which occurred at the venue of the sharing of palliatives, including 25kg bags of rice, vegetable oil, and money, was a result of poor crowd control.

It was learnt that the victims, particularly elderly women and children, were trampled upon as they struggled to gain entrance amid a large and uncontrollable crowd.

It was observed at the scene that many shoes and slippers belonging to the victims were littered on the ground in front of the gate as security operatives battled to control the surging crowd, who were still forcing their way onto the premises.

Despite the stampede and the tragic incident, the sharing of palliatives continued, with beneficiaries going home with 25kg bags of rice, vegetable oil, noodles, and cash gifts from the foundation.

The palliatives were being donated by a notable member of the community, Chief Ernest Obiejesi (Obijackson), on behalf of the Obijackson Foundation.

Eyewitnesses at the venue said many who collapsed were rushed to hospital, while those who died were taken to the morgue.

Anambra State Commissioner for Information, Dr Law Mefor, confirmed the incident.

The 2023 presidential candidate of the Labour Party, Peter Obi, also mourned victims of the stampedes, describing the development as a reflection of poverty and systemic failure.

Obi, in a tweet on his official X handle at the weekend said the desperate quest for survival in the harsh economy drove the people to the extremes in search of food at the cost of their lives.

He said, “While I will not cast blame, but instead appreciate the organisers of these respective events for their kind gestures in providing palliatives and support to society, especially the poor, these tragedies reflect the systemic failures that plague our society.”

Similarly, the Peoples Democratic Party (PDP) described the widespread food stampede in the country as a testament of an alarming level of misery, poverty, hunger, starvation, sense of hopelessness and desperation for survival by the citizens under the All Progressives Congress (APC)-led administration.

The party said it was devastated that the APC-led administration had wrecked the nation’s once thriving economy and pushed millions deeper into abject poverty and hunger with many citizens, not being able to afford their daily meals, now resorting to desperate measures including slavery mission abroad and fighting for crumbs for survival.

In a statement by its Spokesman, Hon. Debo Ologunagba, yesterday lamented the tragic stampede at private events in Oyo and Anambra states as well as Abuja which claimed the lives of more than 60 vulnerable citizens including children in their desperate struggle for food as a result of the pervasive hunger in the land.

The statement called on Nigerians to hold the Tinubu-led APC administration responsible for the remote cause of those tragic occurrences for which it must recompense.

The PDP accused the APC of false performance claims including empty assurances of food sufficiency while deliberately failing to make the required investments to boost the productive sector, particularly in agriculture and food production.

It demanded the immediate review of all the ‘suffocating economic and tax policies’ of the APC administration which it said are bringing misery and death to Nigerians daily.

The Inspector-General of Police, Kayode Egbetokun, expressed deep concerns over the unorganised distribution of palliatives and relief items across Nigeria during the festive period.

The Force Spokesperson, Muyiwa Adejobi, said the IG had ordered the Commissioners of Police in the affected states to investigate the deaths for possible legal actions.

He stated that the organisers of this charity are liable for criminal offences, citing relevant provisions in Nigeria’s Penal and Criminal Codes.

Continue Reading

COVER

Tinubu Orders Investigation into Ibadan Stampede Incident

Published

on

Share

By David Torough, Abuja

President Bola Tinubu has directed the relevant authorities to investigate the circumstances that led to the tragic incident at the Children’s funfair in Ibadan, which resulted in the loss of lives and injuries.

Presidential Spokesman Bayo Onanuga, in a statement stressed the importance of determining whether negligence or deliberate actions contributed to this painful development, ensuring a transparent and accountable process.

The president, who expressed profound sadness over the tragic incident on Thursday, extended condolences to the government and people of Oyo State, as well as to the grieving families who have lost their beloved children.

The statement read, “In this moment of mourning, President Tinubu stands in solidarity with the affected families and offers prayers that the Almighty God will grant peace to the souls of those who have departed in this unfortunate event.

“President Tinubu has urgently directed the relevant authorities to investigate the circumstances of this tragedy thoroughly. He emphasises that it is imperative to determine whether negligence or deliberate actions contributed to this painful incident, ensuring a transparent and accountable process.

“The President urges the Oyo State Government to take every necessary measure to prevent such a tragedy from reoccurring.”

The president wants a comprehensive review of all public events’ safety measures, strict enforcement of safety regulations, and regular safety audits of event venues.

He called on event organizers to prioritize the safety of all attendees, especially children, just as he stressed the importance of integrating professional security, protocol, and logistics at events to ensure the utmost safety of all participants.

According to the president, “Our children’s safety and well-being remain paramount. No event should ever compromise their safety or take precedence over their lives.”

So far, police have confirmed that 35 children died while six others were critically injured.

According to a statement by the Oyo State Police Command through the spokesman, Adewale Osifeso, yesterday, the organisers of the event, including the main sponsor, Naomi Silekunola, the estranged wife of the Ooni of Ile-Ife, Oba Adeyeye Enitan Ogunwusi, and her media partner, Agidigbo FM, the principal of the school, and five others, have been arrested in connection with the tragedy.

The police stated that the event was organised by the Wings Foundation and media partners Agidigbo FM, without proper permission or safety measures in place.

The police said they have commenced an investigation into the incident and have promised to bring those responsible to justice.

Continue Reading

Read Our ePaper

Top Stories

NEWS3 hours ago

Abuja Stampede: CAN Mourns

ShareBy Laide Akinboade, Abuja The National Leadership of the Christian Association of Nigeria (CAN) at the weekend, said it is...

NEWS3 hours ago

Benue unveils Zeva Premium Lager Beer

Share The Benue Government on Sunday unveiled a new beverage, Zeva Premium Lager Beer, produced by Benue Investment and Property...

NEWS3 hours ago

NAFDAC, Manufacturers Collaborate to Strengthen Food Safety Culture in Nigeria

Share The National Agency for Food and Drug Administration and Control (NAFDAC) has partnered with the Association of Food, Beverages,...

NEWS3 hours ago

CHAN: Nigeria, Ghana Clash Ends in Goalless Draw

ShareThe Nigeria, Ghana final qualifying fixture in the race to next year’s African Nations Championship ends a goalless draw in...

NEWS3 hours ago

FG Lifts Ban on Mining to Boost Zamfara IGR – Minister

Share Alhaji Bello Matawalle, Minister of State for Defence, says President Bola Tinubu has lifted the ban on mining in...

NEWS3 hours ago

Kaduna’ll be Secure During Yuletide-CP

Share The Police Command in Kaduna State said it  has enhanced security measures ahead of the yuletide festivities in the state....

NEWS3 hours ago

IG Visits Family of Man Who Died in Police Custody in Ilorin 

ShareThe Inspector-General (IG) of Police, Kayode Egbetokun, on Sunday paid an unscheduled visit to Ilorin in view of the death...

NEWS3 hours ago

2024 was Turbulent for us But God Strengthened us, Makinde Says

ShareGov. Seyi Makinde on Sunday in Ibadan said God’s intervention helped the government and people of Oyo State to go...

SPORTS3 hours ago

NPFL: Late Penalty Kick Helps Kwara United to Narrow Win

ShareA penalty kick awarded late in the game on Sunday helped hosts Kwara United Football Club of Ilorin to a...

Missing N500bn: Probe CBN, Falana, Others Tell PMB Missing N500bn: Probe CBN, Falana, Others Tell PMB
POLITICS4 hours ago

Poverty, Behind Deadly Stampedes Across Nigeria, says Falana

ShareBy Mike Odiakose, Abuja Human rights lawyer, Femi Falana, SAN, on Sunday attributed the deadly stampede that claimedmore than 105...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc