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CBN Promises Tight Monetary Policy, Lists Priorities in 2020

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CBN Plans to Recapitalize the Banking Sector Soon – Emefiele
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By Tony Obiechina, Abuja

The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said that the Bank’s top priorities for 2020 will include support for greater economic growth, price stability and low inflation.

The Governor who restated the Apex Bank’s continued operation of tight monetary policy at the Banker’s Committee Dinner on Friday night, announced the establishment of a Bankers’ Charitable Endowment Fund.

Emefiele unveiled the bank’s plans for next year while delivering the keynote address titled: “Strong Sustainable Growth for the Nigerian Economy” at the 54th Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

The governor explained that the proposed Bankers’ Charitable Endowment Fund will enable the Bank to fund a major charitable initiative every year, starting in 2020. 

According to him, the Bankers’ Charitable Endowment will directly fund strategic social programmes in states and local communities across Nigeria. He expressed the hope that the Fund would spur a trend across other industries and sectors to collaborate and work together to better the lives of all Nigerians. 

Speaking on the developments in the country’s economic and financial sector, over the past year, and how they affect the macro-economic outlook for 2020, he said in spite of the positive growth the economy experienced, growth had remained slow due to “some structural constraints” in the economy. 

According to him, the pace of growth, given Nigeria’s growing population, exposed the economy to shocks, such as changes in the oil price, and sentiments in the global financial markets. 

Disclosing plans by the CBN to support the economic recovery and enable stronger growth for the country’s Gross Domestic Product (GDP), Mr. Emefiele said that the Bank would continue its current tight stance, particularly in view of rising inflation expectations. 

“Though we will act to appropriately adjust the policy rate in line with unfolding conditions and outlooks, the CBN will continue to ensure that the policy interest rate is delicately set to balance the objectives of price stability with output stabilization,” he explained. 

Recalling the highlights for 2019, Mr. Emefiele stated that the country’s GDP had remained positive, adding that the positive growth in GDP had been driven by improvements in Agriculture, Oil and Gas, Manufacturing and ICT as well as the intervention programmes of the CBN, along with sustained supply of foreign exchange and stability of the naira. 

He also attributed the decline in inflation to the Bank’s maintenance of a tighter monetary policy rate at 13.5 percent, and its efforts at improving local production of key staple items.

Speaking further, he said the Nigerian financial system was now stronger due to the fact that capital buffers and liquidity in the banking system have continued to improve. 

According to him, industry-wide Capital Adequacy Ratio (CAR) had increased from 10.2 percent in December 2017 to 15.5 percent in September 2019. He added that the percentage of non-performing loans in the banking sector had reduced from a high of 14.7 percent in January 2017 to under 7 percent as at October 2019. 

He equally disclosed that credit conditions in the banking system had improved supported by the CBN’s new policy measures announced in June 2019, which require banks to maintain a minimum 65 percent loan to deposit ratio. 

The Governor further stated that banks in the country are now able to recover delinquent loans from customers’ accounts in other banks, adding that the measures now placed Nigerian banks in a much better position towards supporting a stronger economic recovery. 

This, he added, had increased gross credit by N1.16 trillion between May and October 2019. 

On the country’s External Reserves, the Governor said the Bank’s effort at  supporting domestic production in the agriculture and manufacturing sectors among other policies, had continued to encourage foreign exchange inflows into the Nigerian market. 

According to him, over $60 billion worth of transaction had taken place since the inception of the Investors’ and Exporters’ window in April 2017, adding that Nigeria’s foreign exchange reserves were above $40bn as at October 2019, compared to $23bn in the same period in 2016. 

The Governor also highlighted the Bank’s effort in development financing, which he said the CBN had sustained in order to help support growth in critical sectors of the economy such as agriculture and the manufacturing sectors, through programmes such as the Anchor Borrowers’ Programme, the Commercial Agriculture Credit Scheme and the Bankers Committee Agri-Business/Small and Medium Enterprises Investment Scheme(AGSMEIS). 

Alluding to the economic face-off between some countries, as well as the likely challenges the economy could face due to moderate oil prices, he stressed the need for Nigeria to build up the necessary buffers that would protect the economy from pressures in the global market.

 He then restated the need to boost local production and diversify the country’s export base.

“We should encourage Nigerians to consume goods that can be produced in Nigeria, knowing full well that a time will come when we may not have the foreign exchange to aid such activities, if we continue to rely on earnings from the export of crude oil,” he emphasized.  

Recalling the country’s economic glorious past when the economy was heavily reliant on agriculture, with increased cultivation and exports of primary products such as cocoa, palm oil, cotton and groundnut, Emefiele posited that it possible to envision a productive Nigerian economy that is not reliant on exports of crude oil. 

The Governor urged all stakeholders to believe in Nigeria’s greatness, stressing that the country was blessed with abundant human and natural resources, which if truly harnessed would propel Nigeria into one of the world’s top 20 economies. 

“We must redouble our efforts to continue to support actions by the monetary and fiscal authorities to diversify the base of the Nigerian economy through encouragement of made in Nigeria products. 

“We must also consume what we produce and produce what we consume. We must discourage the propensity to import what can be produced in Nigeria. This is because if we do not reduce import, the same imports will kill us knowing full well that such activities do not aid our efforts to create jobs and support the growth of our local industries. 

“If we choose to follow the trend of supporting imports of goods that can be produced in Nigeria, we will lose jobs, our industries will die and insecurity and other social vices in our land will continue to increase. We must choose this alternative path of improving domestic production, which will support growth of our local economy,” he charged.

As part of the Bank’s priorities for 2020, he said the CBN was determined to maintain its stable exchange policy stance in the near to medium term given the relatively high level of reserves. He said the Bank would also sustain these efforts in 2020 as part of our plan to reduce our financial exclusion rate to under 20 percent over the next year. 

The Governor said the Bank will also improve access to credit for farmers and SMES by deepening its intervention efforts through the Anchor Borrowers’ Programme, Commercial Agriculture Credit Scheme and the Real Sector Support Funds, amongst others. 

Similarly, he said the Bank, in pushing to improve access to finance and credit, would protect them from unfair banking and lending practices by maintaining oversight on the banks and other financial institutions. 

In addition to making sure that financial institutions support the growth of the real sector, Mr. Emefiele said the CBN, working with the Nigerian Export Import Bank (NEXIM), improve access to the N500bn facility designed to support the growth of Nigeria’s non-oil exports. 

While disclosing that the Bank, working with the fiscal authorities, will support the recovery of the economy, the CBN Governor reiterated that Nigeria was open to business and urged investors to take advantage of the investment opportunities in Nigeria. He assured that investments in Nigeria would be duly protected by the authorities. 

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Customs CG Tasks Officers on Discipline, Integrity

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By Tambaya Julius, Abuja

The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has called on officers and men of the Customs Police Unit (CPU) to uphold discipline, professionalism and integrity, stressing that accountability must begin within the Service.

Adeniyi made the call while delivering the keynote address at the inaugural Customs Police Summit 2026, held at the NAF Conference Centre and Suites, Abuja.


The summit, with the theme, “Reimagining Customs Policing: Learning From the Past, Responding to the Present, and Preparing for the Future,” brought together customs personnel and representatives of security and law enforcement agencies to discuss ways of strengthening the unit and preparing it for emerging enforcement challenges.


The Customs boss, who is also the Chairperson of the World Customs Organization (WCO) Council, said the Service must first demonstrate the discipline and integrity it expects from traders and members of the public.

He described the Customs Police Unit as a critical part of the Service’s internal control system, noting that its responsibility goes beyond investigating misconduct to ensuring that officers exercise their powers within the confines of the law.

According to him, the unit, formally inaugurated in July 2019, was established to investigate erring personnel, prevent crime and promote compliance, guided by the principle that no officer is above the law.

He said the experience of the Service over the years had reinforced three important lessons: integrity must begin at home, enforcement powers must be exercised responsibly, and effective policing requires cooperation among relevant institutions.

The Comptroller-General expressed concern over the growing sophistication of criminal networks, which he said were increasingly exploiting legitimate trade routes and digital platforms to move illicit goods, including firearm components, narcotics, counterfeit medicines, protected wildlife and proceeds of illegal activities.

He maintained that tackling these threats required more than aggressive enforcement, calling instead for smarter, intelligence-driven operations supported by technology and international best practices.

Adeniyi pointed to several World Customs Organization instruments, including the SAFE Framework, Authorised Economic Operator (AEO) Programme, advance rulings, Time Release Study and Revised Kyoto Convention, as important tools for promoting compliance, facilitating legitimate trade and reducing opportunities for corruption.

He also highlighted the role of technology and data management in strengthening customs operations, citing the B’Odogwu platform, which integrates declarations, valuation, risk management and AEO processes.

He added that the INTERPOL Data Centre at Customs Headquarters had provided the Service with access to global criminal databases, while the Nigeria Customs Service Act 2023 had strengthened the legal foundation for intelligence-led operations, joint border activities and mutual administrative assistance.

The CGC identified Consolidation, Collaboration and Innovation as the three pillars that must shape the future of customs policing.

He explained that consolidation would require stronger operational procedures, improved investigations, properly documented cases for prosecution and continuous professional development of personnel.

He called for closer working relationships with the Nigeria Police Force, Armed Forces, National Drug Law Enforcement Agency (NDLEA), National Agency for Food and Drug Administration and Control (NAFDAC), Department of State Services (DSS), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Agricultural Quarantine Service (NAQS), neighbouring countries and border communities.

He also encouraged the Service to take advantage of emerging technologies, including artificial intelligence, advanced scanners, geospatial tools and electronic cargo tracking, to improve investigations and strengthen enforcement operations.

Adeniyi urged participants to use the summit to develop practical recommendations, including a Customs Police doctrine based on the NCS Act 2023 and Revised Arusha Declaration, improved protocols for joint operations and evidence management, guidelines for the responsible use of artificial intelligence in investigations, and better training and welfare for CPU personnel.

Addressing officers of the unit, he reminded them that their red berets represented the confidence Nigerians placed in the Service and must therefore be worn with discipline, restraint and pride.

He stressed that integrity remained the greatest badge of honour for every customs officer.

The Acting Provost Marshal of the NCS, Deputy Comptroller TS Sanusi, described the summit as an important step towards strengthening the institutional capacity and repositioning the Customs Police Unit.

Sanusi said the unit was established to provide a dedicated structure for maintaining discipline, investigating misconduct and ensuring compliance with professional standards among personnel and stakeholders.

He observed that the Service could not effectively enforce laws and regulate international trade without having strong mechanisms to promote discipline and accountability within its own ranks.

He added that the increasing challenges of transnational organised crime, illicit financial flows, corruption and emerging security threats had made the work of the Customs Police Unit more important.

The Acting Provost Marshal expressed appreciation to the Comptroller-General for his leadership, support and approval of funds for the inaugural summit, noting that the gesture reflected management’s commitment to strengthening the unit.

He also recognised the contributions of former Provost Marshals and personnel who helped establish the unit’s operational structures and professional standards.

Sanusi urged serving personnel to lead by example, insisting that discipline must begin with them if they were to earn the respect and confidence required to enforce it among others.

In his remarks, Assistant Comptroller-General of Customs at Headquarters, MS Shuaibu, called for a renewed approach to customs policing, with greater emphasis on professionalism, intelligence gathering and institutional accountability.

Shuaibu said the summit provided an opportunity to reflect on the unit’s achievements, address existing challenges and develop strategies to respond to changing global trade patterns and security threats.

He acknowledged the unit’s contributions to internal discipline, investigation of infractions and the protection of the Service’s interests, but stressed the need to continually improve its operational capacity.

He identified intelligence gathering, surveillance, risk analysis, inter-agency cooperation and modern investigative techniques as key areas requiring attention.

The ACG further emphasised that the exercise of police powers must be guided by respect for human rights and due process, warning that enforcement must never become an excuse for unjust treatment.

He urged officers to remain firm but lawful, courageous but responsible, and impartial in carrying out their responsibilities.

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NELFUND Loan Improves Graduate’s GPA to 3.50

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A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.

Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.

She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.

The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.

According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.

“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.

“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.

Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.

She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.

The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.

She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.

Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.

She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)

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FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery

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The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.

Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).

The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.

The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.

“The players within the industry, all of us, operate in silos.

“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.

According to him, the various institutions must work together towards a common goal rather than operate independently.

“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.

The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.

He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.

Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.

He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.

“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.

He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.

The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.

He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.

The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.

Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.

He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.

“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.

He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.

“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.

He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.

Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.

He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.

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