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

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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.

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“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.

READ ALSO: CBN Extends Old Naira Notes Validity

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“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”.

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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.

READ ALSO: N100bn CNG Buses: Senate Rejects CBN Loans, Warns Tinubu Against Illegal Spending

“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.

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“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.

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READ ALSO: CBN May Lose Control Of The Naira

“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.

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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

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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.

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Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

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The Central Bank of Nigeria has announced sweeping regulations to take control of the Nigerian fixed income market.

The regulations expected to begin in November are aimed at boosting transparency across Nigeria’s financial sector.
The apex bank disclosed this in a recent statement.

CBN noted that the intervention is a key part of broader financial market reforms.

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READ ALSO:CBN Establishes New Unit To Tackle Financial Crime

Accordingly, it said its core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.

This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the bank’s established settlement system for financial market transactions,” the statement read.

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According to DAILY POST, Fixed income securities refer to investments which provide a return in the form of fixed periodic interest payments and the eventual return of the principal at maturity.

 

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Confusion Over Euro-Africa CCI’s $250m Investment In Edo

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The $250m investment deal Governor Monday Okpebholo claimed to have secured during his recent trip to Scotland is generating ripples over capacity of the European African Chamber of Commerce and Industry (EACCI) to make such a huge investment.

The EACCI, headed by a Drector General, Dr. Kingsley Obasohan, is not known to have made any prior investment in Edo State or any part of the country.

Obasohan, who attended the Edo State Global Investment Summit virtually, announced the $250m investment.

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He said the investment would be made for a period of three years.

An online search was launched to unravel the EACCI as well as the man Obasohan.

READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute

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A number on the site was answered by a lady who claimed not to understand English language.

Several foreign partners were listed on the site as board members and advisory council.

Some closed associates of Obasohan said he would have to get clearance from the Board members before talking to journalists on the issue.

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Spokesman for the Edo Peoples Democratic Party, Daniel Noah Osa-Ogbegi, said the party would hold Governor Okpebholo accountable to Edo people and demanded clarity on the $250m investment from Glasgow.

Osa-Ogbegi said the proposed investment has become a source of embarrassment to Edo people because of unfolding information about EACCI.

READ ALSO:JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates

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He said the party would shine light on fiscal management practices that appeared to ignore transparency and responsibility.

Secretary to the State Government (SSG), Umar Musa Ikhilo, had earlier said those that attended the Glasgow summit were interested in keying into the SHINE agenda of Governor Okpebholo.

One of the chambers of commerce that attended, the European African Chamber of Commerce and Industry signed an MoU with the Edo State Government to invest a sum of $250 million over the next three to five years.

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“Last year, diaspora remittances were the second-highest source of foreign income in Nigeria after crude oil, over $20 billion, but only 2% of that went into investment. We are creating a vehicle to help convert more of that into direct investments.”

He added that a delegation from Scotland was expected to visit Edo State in the coming months to explore specific investment projects as a follow-up to the summit.

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Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’

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The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.

In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.

“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.

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Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.

READ ALSO:Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.

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Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”

“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”

READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

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The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.

In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.

Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”

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According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.

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