Business

Nigeria Economic Society Wants Collaboration With CBN To Reshape Nation’s Economy

Published

2 years ago

November 16, 2023

The Nigeria Economic Society (NES) has called for the strengthening of collaboration between the group and the Central Bank of Nigeria (CBN) to support the reshaping of the Nigerian economy to boost growth and development.

The president of NES, Prof. Adeola Adenikinju made the call during a courtesy visit to the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso on Tuesday, 14 November.

While lauding some of the policy initiatives of the new Central Bank Governor and his management team, Prof. Adenikinju called for the reconfiguration of the nation’s monetary architecture to align with the uniqueness of the Nigerian economic ecosystem.

“The NES lauds the positions and actions that the CBN has taken in recent times. Your decision that the CBN under your watch would stick to its primary responsibility of monetary and price stability is laudable.

“You have also indicated that there would be compliance with Statutory Laws and Regulations, and that the Bank would invest more in human capacity development.

“You have also indicated that you would work closely with your fiscal counterparts so as to promote a harmonious monetary and fiscal coordination.

“The steps taken by the CBN towards achieving exchange rate unification, and paying down on FX liabilities are steps in the right direction. Mr. Governor Sir, for us at NES, we are committed to partnering with the CBN to deliver a strong post-Covid 19 and post-oil Nigerian economy.

“In pursuing an effective monetary policy through the market, you should remember Keynes warnings that “When the facts change, I change my mind”.

He warned about the possibility of markets not being moved by reason but some animal spirits, implying that monetary policy should not just surrender to either the market or the government, given the well-known path to the failure of both in achieving optimal resource allocation.

“The monetary policy architecture should be configured to fit the uniqueness and urgent imperatives of the Nigerian economic ecosystem to leapfrog it unto a path of sustainable economic growth and development.

“In this onerous national task, the CBN should always count on us as dependable partners ready to give our hand of friendship and needed support when called upon,” he added.

While advocating for new areas of collaboration, the NES President emphasised the need to strengthen economic research and policy reform collaborations between CBN and the NES in line with with global best practices.

“On Collaborative research, we think there are two key areas of need that NES can play an important role in helping the bank deliver on its mandates. First, although the bank has great capacity and resources for research, assessment studies of the effectiveness of bank’s own policies and interventions are best undertaken by independent reputable external entities, in line with international best practices, and are regarded more credible.

“Secondly, collaboration with NES can also focus specifically on advocacy, focusing on certain specific issues that the bank may choose from time to time, hence complementing the bank’s policy communication”.

Responding, the Governor of Central Bank of Nigeria, Dr Olayemi Cardoso appreciated the NES Council members for the courtesy visit and lauded their continued policy advocacy in the Nigerian economy.

While promising collaboration with the NES as done by his predecessors, the new CBN Governor assured of his desire to take it a notch further for the mutually beneficial gains for the overall economic development and policy formulation in Nigeria.

He reaffirmed the Banks commitment to stick with the price stability goal of CBN as its overall objective and harped on the need for the NES to continue to train the up-coming economists in the country through well targeted capacity building programmes for an inclusive growth, while also supporting gender-equality.

In attendance were President: Prof. Adeola Adenikinju , Vice Presidents: Prof. Stella Madueme, National Secretary: Dr. Frank I. Ogbeide, Associate Editors: Prof. Mohammed Yelwa; Business Manager: Dr. Idris Mohammed Idris, Publicity Secretary: Dr. Oluwafemi Mathew Adeboje, Ex-Officio: Dr. Rislanudeen Muhammad , Ex NES President —Prof. Sarah Anyanwu

Also present was the host and CBN Governor, Dr Olayemi Cardoso, Dr Muhammad Abdullahi Dattijo, Deputy Governor (Economic Policy), Dr. Hassan Mahmud, Director, Monetary Policy Department and Philip Ndanusa Wondi, the Senior Special Assistant to the Governor.

Business

Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

Published

1 day ago

September 15, 2025

Editor

Human rights activist Femi Falana, SAN, has lamented that fuel taken from Dangote is cheaper in Togo than in Nigeria.

Falana expressed his concerns on Sunday while responding to questions in an interview on Politics Today, a programme on Channels Television.

He urged the federal government to review the proposed 5 per cent fuel surcharge and ensure that further hardship is not imposed on Nigerians.

“I guess the government wants to go back to the drawing table and ensure that it is not accused of multiple taxes or double taxation because consumers will pay VAT for buying fuel. They will now put an additional 5 per cent tax.

“I think this is what Nigerians are complaining about. And from what we just read today is that the Dangote fuel taken from Nigeria is now cheaper in Togo than in Nigeria I think about 65 naira.

“So, the government will have to review these developments (the proposed 5 per cent fuel surcharge) and ensure more hardship is not imposed on Nigerians,” he said.

Business

Falana Reveals Those Behind Subsidy Removal

Published

1 day ago

September 15, 2025

Editor

A Senior Advocate of Nigeria, Femi Falana, has once again criticised President Bola Tinubu’s removal of the fuel subsidy.

Speaking in an interview on Sunday’s Politics, a programme on Channels Television, the human rights activist stated that no country in the world has completely abolished subsidies.

“There’s no way you can remove subsidy completely. No country in the entire world has abolished subsidies completely.

“Even leading Western countries like the United States, the United Kingdom, France and others subsidise electricity, agriculture, and many aspects of the lives of their people.

“So, when the Nigerian Government said it was removing subsidies, as a matter of fact, if I must say this, it was the World Bank and the International Monetary Fund, IMF, that insisted that the government must remove all subsidies,” he said.

Business

‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction

Published

3 days ago

September 13, 2025

Editor

The decision of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to warn Nigerians against accepting Dangote Refinery’s recent fuel price reduction has drawn heavy backlash on social media, with many citizens mocking the union and embracing what they described as “much-needed relief.”

Dangote had announced lower petrol pump prices in several states alongside a new scheme to deploy compressed natural gas (CNG) trucks directly to filling stations, a move expected to reduce logistics costs.

But NUPENG dismissed the offer as a “Greek gift,” alleging that the refinery was undermining workers’ rights, sidelining the union, and pushing drivers into a rival association.

However, netizens have lambasted the union, querying that during hard times, NUPENG has never supported the masses.

On X (formerly Twitter), Nigerians quickly turned NUPENG’s warning into a trending topic, using humour and sarcasm to lampoon the union.

Oloye Somorin Osifeso (@OloyeSomorin) wrote: “We like Greek gifts in my garage.”

Just Jude (@JustJude) asked bluntly: “Is it your deception?”

Oladele (@Oladele) quipped: “As Dangote Refinery dey offer Nigerians Greek gift, why can’t NUPENG too offer Nigerians French gift?”

Agbalaka (@Agbalaka) queried: “Can they tell Nigerians what exactly they are fighting about?”

CBN Gov Akinsola (@Akinsola) joked: “Then give us Trojan gift now 😆. Man do man. Man no go vex.”

Omobalaji (@Omobalaji) teased: “NUPENG, oya surprise us with Arabian gifts.”

Habdulakeem Bahdmus (@BahdmusHabdulakeem) added: “If Dangote is showering Nigerians with Greek gift, NUPENG can also set up a Roman gift now.”

Femi Yekinni (@FemiYekinni) steered it back to reality: “We thank them for their advice. Now, @DangoteGroup pls how do we schedule deliveries to Badagry?”

Curtis Abbi (@CurtisAbbi) slammed the union: “Nigerians will manage the Greek gift. @officialNUPENG9, what gift have you given Nigerians in your entire years of existence? NUPENG should offer Nigerians their own Somalian gift 🤣.”

Akin Adejola (@AkinAdejola) echoed the sentiment: “LOL. I can bet Nigerians don’t mind the gift. NUPENG should gift Nigerians same ‘Greek gift’ too if they have any goodwill. NUPENG is the enemy of progress in the oil & gas sector.”

Adeola Akinwande (@adeolarewaju9) criticised union leaders: “Does NUPENG remember Nigerians at hard times? They have all failed Nigerians the same way the @NLCHeadquarters has failed. They are living big on unionism and cashing out big time. Without unionism, some of their excos are nobody. They should stop the crocodile tears.”

Okunwa U. U. Azikiwe (@OkunwaUUazikiwe) argued: “Competition has created jealousy by the previous monopoly in the sale of fuel. They have lost control, and it is paining them that they are no longer in control. SMH!!!”

Solihull Abdulkareem (@SolihullAbdul) chipped in: “NUPENG or whatever, do you want the market to be monopoly? You’ve been doing what you want for many years. It’s time for change, just accept it and move forward.”

Temidayo (@Temidayo) asked: “It’s a lie. What benefits has your union provided for Nigerians? Middlemen syndrome has been room for corruption. Your association should go and buy shares in Dangote and work together to make Nigeria great.”

And LegalTech Sam Akanbi (@SamAkanbi) summed up: “Nigerians no longer want your Nigerian gift, we want the Greek gift. If you have a better offer, we’d abandon Dangote’s Greek gift and take yours. But for now, let the Greek gift go round.”

Recall that NUPENG earlier alleged that Dangote Refinery was forcing truck drivers to abandon its union for a rival group, the Direct Trucking Company Drivers Association (DTCDA).

The union also accused Dangote of undermining collective bargaining rights and violating a Memorandum of Understanding (MoU) signed under government supervision.

Dangote, however, denies the claims, insisting that union membership remains voluntary and that its delivery scheme is designed to cut costs and ease supply.

The federal government has intervened, with the Ministry of Labour and the Department of State Services mediating between both parties.