By Tony Obiechina, Abuja

As the Monetary Policy Committee (MPC) meets on Monday, a financial expert, Prof. Uche Uwaleke, says the committee will likely increase the baseline lending rate by another 100 basis points.

Uwaleke, a Professor of Capital Market and the President of Capital Market Academics of Nigeria, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

NAN reports that the MPC, under the leadership of Mr Yemi Cardoso, had increased the Monetary Policy Rate (MPR) by 400 basis points in February and 200 basis points in March,

This led to a cumulative increase of 600 basis points, moving the MPR from 18.

75 per cent to 24.75 per cent, in line with aggressive tightening of the CBN to target spiralling inflation.

According to Uwaleke, we should expect another increase of at least one percentage point.

“Inflation rose year-on-year in March in spite the hike in February, and the exchange rate has yet to stabilise.

“So, MPC will still be concerned about the need to narrow the negative interest rate.

“Again, following the IMF/World Bank spring meetings last April, the CBN has received praise from the IMF and some global rating agencies such as Fitch for its monetary policy tightening stance.

“MPC will be mindful of that in order not to create a different impression, especially when the Bretton Woods Institutions are urging the apex bank to do more,” he said.

He, however, urged the committee to retain the prevailing rates to mitigate the impact of its aggressive policy tightening on Nigerians.

“If I were a member of the MPC, I will vote for a hold position as the aggressive policy rate hike is taking a toll on output.

“Production is stiffled because of the very high cost of funds. Moreover, the seeming over reliance on the MPR as a tool to tame inflation does not appear to be making any meaningful impact.

“This is due to the significant non-monetary factors driving inflation in Nigeria, such as high cost of energy, transport as well as insecurity in the food-belt regions of the country,”  he said.

By Tony Obiechina, Abuja

The Development Bank of Nigeria (DBN) has announced its sponsorship of the 10th edition of the Okpekpe International Road Race, scheduled to take place on May 25th, 2024, in Edo State.

This enduring partnership underscores DBN’s commitment to advancing sports and promoting tourism development in Nigeria.

The Okpekpe International Road Race is a prestigious event that attracts athletes from around the world.

It is recognized by the World Athletics and serves as a platform for showcasing talent and promoting physical fitness.

The 10-kilometer race which is the first to be granted a gold label status in Nigeria is set in the scenic hills of Okpekpe town near Auchi, highlighting the beauty of Edo State and its significant economic benefits to the local community.

Managing Director/CEO, Development Bank of Nigeria Plc, Dr Tony Okpanachi in a statement released on Monday, 20th May 2024 said “DBN is honored to support the historic Okpekpe International 10km Road Race for the seventh consecutive year.

“Our involvement in this event reflects our broader mission to foster community engagement, promote health and wellness, and stimulate economic growth through sports. The Okpekpe Race is more than just a competition; it is a celebration of resilience, unity, and excellence.

“I am very certain that DBN’s sponsorship will play a crucial role in ensuring the race’s success. Our support extends beyond financial contributions, it emphasizes our strong dedication to corporate social responsibility and our commitment to the holistic development of Nigerian society.” he added.

According to him “Supporting the Okpekpe International Road Race aligns perfectly with DBN’s mission of driving sustainable development, empowering communities, and fostering economic growth. Sports as we all know serve as a unifying force and a catalyst for economic and social development, and we are proud to play a role in this transformative event.”

Mr. Okpanachi further stated that since its inception, the Okpekpe International Road Race has grown in prestige, becoming a cornerstone of the global athletics calendar.

He, however, urged Nigerians to participate in the race festivities, support the athletes, and experience the rich culture and hospitality of Edo State.

By Tony Obiechina, Abuja
The Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, and his management team have met with the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission ( RMAFC) led by Engr.

Sani Mohammed Baba, to explore ways of diversifying the Nigerian economy.
During their working visit to NAICOM Headquarters, Mr. Olusegun Ayo Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.
He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.
He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
Speaking, Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.
Mr. Omosehin stressed the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.