Business

Why We’re Happy With IMF Growth Forecast For Nigeria – Emefiele

Published

2 years ago

April 14, 2023

Against the backdrop of a flat rate forecast by the International Monetary Fund, IMF, for Nigeria’s economic growth rate in the 2023 and 2024, the Central Bank of Nigeria, CBN, seems to be impressed, and is set to sustain its recent policy directions.

While the IMF retained its 3.2 percent forecast for 2023 it dropped the 2024 forecast to 3.0 percent from 3.1 percent. The World Bank dropped its forecast to 2.8 percent from 3.0 percent.

Speaking to the journalists on the sidelines of the on-going World Bank and IMF Spring meetings in Washington DC, USA, today, the CBN Governor, Godwin Emefiele, said that by retaining its 3.2 percent forecast for 2023 it means the IMF is endorsing the policies the monetary and fiscal authorities have put in place in recent months to address the adverse fallouts from the global economic challenges arising from the war in Ukrain and the global financial crises.

He stated: ‘‘We are delighted that in Sub-Saharan Africa, the growth levels in Nigeria, even though by our assessment is still sub-optimal, that the IMF would, among all the countries in Africa, say that growth in Nigeria should be retained at 3.2%; it gladdens our heart.

‘‘It means we are doing certain things that are correct, and we’ll continue to do those things that are right.

‘‘But it also means that we are not going to remove our eyes on monetary policies, which is to focus extensively on how to moderate inflation, but at the same time, ensure that banking system stability remains resilient and then strong as it is right now’’.

Reflecting on the current challenges in the Nigerian economy, Emefiele also stated: ‘‘The forecast at the meeting remains that yes, a lot of work has been done in 2022, and growth is gradually returning again, but it is still at the sub-optimal level.

” Inflationary pressures continues, and even though inflation is coming down as a result of measures being taken by monetary authorities to bring down the inflation rate, it still remains at very high levels globally to the extent that even as global inflation is projected at 7 per cent it remains very high.

“And the high point of all the consequences of what we’ve seen in 2022 is that poverty which was very well discussed here has risen quite astronomically and over 700 million people are being struck by poverty.

‘‘Food insecurity has also risen quite tremendously to the extent that over 350 million people globally are hit by extreme food crises.

‘‘The IMF also talked about the fact that the debt portfolios and lending portfolios have reached all-time highs. In two decades, this is the highest level of debt portfolio that the IMF has seen in its books and unfortunately warning that they may not be in a position to do much for countries that really require more money to be able to restructure the balance sheet and then keep going on.

‘‘So, the focus remains that monetary policy authorities must continue to focus on inflation so as to continue to bring it down.

‘‘While monetary authorities are doing their work, to bring down inflation, they must also keep their eyes on banking systems’ stability, through monitoring, supervision, and regulatory frameworks and the rest of them.

‘‘For the fiscal, of course, because of the limited fiscal space, the IMF insists that countries need to reduce their spending but, in my case, I will say, well if you want to spend then raise revenue to be able to spend.

“I think it’s important that we must raise revenue and not get ourselves constrained in an environment where there is no debt, where financial market conditions are very tight and very limited, and where interest rates are high and could create a lot of burden for economies and the only option for fiscal in this case is to expand the revenue base so as to be able to spend’’.

Business

Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

Published

4 days ago

October 3, 2025

Editor

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.

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.

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.

Business

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

Published

1 week ago

September 29, 2025

Editor

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.

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.

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.

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.

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.

“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.

Business

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

Published

1 week ago

September 28, 2025

Editor

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.

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.

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.

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?”

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.”

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.