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Economy

CBN forecasts 3.24% growth in 2022 despite rising inflation

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Governors Invite CBN Governor, Emefiele for Meeting over New Naira notes

 

CBN forecasts 3.24% growth in 2022 despite rising inflation

Mr Godwin Emefiele, the CBN Governor

… Disburse N1.3 trn to support power supply in 5 years***

The Central Bank of Nigeria (CBN) has projected that the Nigerian economy will grow by 3.24 per cent in 2022, inspite of rising inflationary challenges occasioned by global socio-economic events.

Mr Godwin Emefiele, the CBN Governor, made this known on Monday while presenting a communique from the apex bank’s Monetary Policy Committee (MPC) meeting.

Also read: Financial Inclusion: CBN releases guidelines for BNCH operations

He said the International Monetary Fund (IMF) also projected the economy to grow at 2.7 per cent, while the Federal Government projected a 4.21 per cent growth.

Emefiele, however, said the MPC was concerned about the impact the global increase in petroleum and other products was having on the Nigerian economy.

“The committee further noted that this has resulted to inflation, and believes that specific actions need to be taken to ensure that this trend does not continue,” he said.

He urged the Nigerian National Petroleum Corporation (NNPC) to take urgent steps to ensure an adequate supply of petroleum products.

The CBN Governor condemned the rate of oil theft recorded in recent times, which had a debilitating impact on government revenue.

He assured that the proposed take-off of the Dangote Refinery within the year would help to improve the supply of petroleum products across the country.

Financial Inclusion: CBN releases guidelines for BNCH operations

In the same vein, the Central Bank of Nigeria (CBN) says it has disbursed over N1.3 trillion to support the provision of power supply to Nigerians in the last five years.

The CBN Governor, Mr Godwin Emefiele, made the remark at a news conference following a meeting of the Bankers Committee in Abuja on Monday.

“So, what we are trying to say here is that the CBN has always been there to support the power sector.

‘’Like you all know, we have disbursed over 1.3 trillion naira in the last five years to support through the Generators or Discos or to acquire equipment or to buy meters or to improve what is being paid to electricity generating companies;

‘’So that they can continue to pay for their gas and then the system can continue to operate.’’

Emefiele further said that the bank had disbursed N11.11 billion to power sector players under the Nigeria bulk electronic trading payments assurance facility, bringing the cumulative disbursement under this facility to 1.28 trillion naira.

‘’The sum of N12.64 billion was also released to Discos under Nigeria electricity market stabilisation facility phase two line two.

“Community disbursement under names two, first stand at 232.93 billion naira.

“Both interventions were designed to improve access to capital and ease development of enabling infrastructure in the Nigeria electricity supply chain sector,’’ he added.

Emefiele, however, pledged the apex bank’s commitment to continue to support Distribution Companies (DISCOs) to provide stable power supply to Nigerians.

He said that the apex bank would be engaging with the Power Minister and NERC to see what could be done to support them.

Emefiele also said that the bank would be providing interventions for the NNPC to ensure they import petroleum products that would end the shortage in the country.

He noted that the Minister of Finance was holding engagements with Monetary Policy Committee (MPC) to see to what could be done to ensure that adequate funding was provided to make petroleum products adequately available in the country.

“We are also saying we will be engaging NNPC ourselves if there’s any kind of intervention that we can provide to help make it easy for them to bring in these products so that this shortage can stop.

“Then we will see that when supply increases, people are relatively confident that when they sell whatever they’re holding, be it petrol or diesel that they can easily go and replace them, then the arbitrary price increases will reduce.

“When arbitrary price reduces, of course, we can begin to see that there will be gradual moderation in the price of this product.

’’This would ultimately result in the moderation in the prices of other products that its price would have gone up as a result of the arbitrary increase in the price of these items.

“This is simply how we think CBN can work with them,’’ he said.

Emefiele, therefore, urged NNPC to take urgent steps to ensure adequate supply of petroleum products in Nigeria, so as to reduce the rate of arbitrary increase in the price of these petroleum products by oil marketers.

He also noted the unprecedented rate of oil theft recorded in recent times and its debilitating impact on government revenue and the nation’s reserve.

“In the medium term, MPC is hopeful that a proposed take-off of the Dangote Refinery in the course of the year would help to improve the supply of petroleum products in Nigeria.

“MPC also noted that the rising price of diesel is compounded by the problem of inadequate electricity supply in Nigeria, which has adversely impacted domestic prices.

“MPC advises the CBN management and fiscal authorities to take specific and urgent action to avoid many power generating stations shut down for turnaround maintenance, resulting in the current unwarranted shutdown of our generated assets,’’ Emefiele said

 

Economy

Unstable Economy: UK Firm Presents Solutions To Nigerian Business Leaders

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SOAN Inaugurates New Leadership, Boosting Hopes Of Crushable Inflation

Nigerian business leaders are to benefit from the programme of United Kingdom-based leadership development organisation TEXEM UK on how to win despite the exodus of staff, very high inflation and turbulent operating landscape.

TEXEM’s Director of Special Projects, Caroline Lucas, said on the organisation’s website, www.texem.co.uk, that the programme with the theme “Strategies for Sustainable Organisational Success” is slated for April 24 and April 25 in Lagos.

According to Lucas, in today’s volatile and disruptive business landscape, organisations face numerous strategic challenges.

“TEXEM’s programme, “Strategies for Sustainable Organisational Success,” offers tailored solutions to address these pressing issues.

“Senior leaders grappling with skyrocketing costs, high currency risks, and disruptive technologies require practical insights and tools to navigate uncertainty effectively.

“This programme provides actionable strategies for sustainable success amidst turbulent times,” she said.

Lucas asserts that exceptional crisis management skills are essential in the face of staff exodus and geopolitical disruptions.

“TEXEM equips participants with the necessary leadership capabilities to lead through crises, ensuring organisational excellence even amidst adversity.

“Innovation becomes imperative in turbulent waters.

“TEXEM’s programme fosters a culture of innovation and provides guidance on harnessing adversity as a catalyst for profitable growth,” she said.

According to her, participants will learn to turn challenges into opportunities, driving sustained profitability.

Lucas said resilience and effective risk management are crucial in today’s volatile landscape.

She said through interactive sessions and case studies, TEXEM helps senior leaders develop unshakable qualities, enabling them to navigate uncertainty and confidently mitigate risks.

“Optimizing resource utilisation is paramount amidst soaring costs.

“TEXEM offers insights on managing resources efficiently, ensuring optimal impact even amidst cost pressures. Decisive problem-solving is paramount.

“TEXEM enhances participants’ decision-making capabilities through peer learning and observation practice, empowering them to make better decisions that drive organisational success,” Lucas said.

She said that beyond the curriculum, networking opportunities with industry peers enrich the learning experience, abound.

“Professional exchange provides valuable insights into different approaches to overcoming challenges, enhancing overall learning and impact.

“TEXEM’s programme aims to develop leadership strategies for optimum performance in an era of uncertainty.

“By helping participants understand how to manage and deploy resources more efficiently, it equips them with the skills needed to thrive in turbulent times,” Lucas said.

Saying that adversity is the mother of innovation, she added that TEXEM empowers individuals and organisations to thrive in volatile times, fostering innovation and sustained profitability.

“At the end of the programme, participants can expect to develop leadership skills for better decision-making and possess survival skills to navigate crises effectively.

“Through its comprehensive approach and proven methodology, TEXEM ensures participants unlock their potential, foster innovation, and drive sustained profitability in today’s challenging environment,” Lucas said.

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Economy

Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

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Sanwo-Olu Urges Use of Innovative Technologies in Solving Challenges

Gov. Babajide Sanwo-Olu of Lagos State has called for the use of innovative technologies in resolving the economic and social challenges of the country.

Sanwo-Olu said this on Wednesday during the pioneer graduation of the Lateef Jakande Leadership Academy (LJLA) at Konga Place in Lekki.

He said that the new platform of globalisation and Internet of things must be significantly employed to resolve new challenges encountered in the course of improving the living standards of citizens.

30 students, 15 men and 15 women, between 18 and 35 years, graduated from the academy after a one-year course and mentorship in leadership.

The Lagos Leadership Summit (LLS) is a pivotal platform dedicated to empowering Nigeria’s young professionals with the skills and insights essential for success in various leadership roles.

With a focus on leadership excellence, ethical governance, and youth inclusion in governance, the summit offers a unique opportunity for participants to engage with renowned leaders and industry experts.

” You have to be able to innovate for us, you are here as leaders of not tomorrow but today. Proffer solutions that the government can use as a tool, to solve the challenges that we are facing today but more importantly to solve global issues.

“And that is why we started the Lateef Jakande Leadership Academy. For us as a government, we felt how well can we honour a man than for us in public sector to set up a cream of new leaders.

“So we set up this school that has the first set, the one-year fellowship, who indeed have not only shown us that we took the right step, they have been outstanding individuals,” the governor said.

The guest speaker and former governor of Lagos State, Babatunde Fashola, noted that it was important for followers to trust their leaders for a successful outcome.

“The people need to trust the government, they must know the capability of their leaders so that when issues beyond human expectations happen, the followers can show empathy to the plight of their leaders.

” I have always been an advocate that believes that the process is as important as the result, the end shouldn’t justify the means, the process is crucial, it serves as a blueprint for others coming behind,” he said.

Similarly, Dr Obafemi Hamzat, Deputy Governor, who spoke on “Leadership And Community Engagement”, stated that to achieve effective leadership in Nigeria, there was the need to navigate complex political, economic and social landscapes.

Hamzat urged the citizens to be involved in governance while stressing the need for collaborations with private stakeholders and the public sector.

According to him, community engagement with government at all levels is pivotal to the nation’s development.

In her address, Mrs Ayisat Agbaje-Okunade, LIJA’s Executive Secretary, noted that the challenges faced required leaders who are not only capable but compassionate, visionary, and adaptable.

According to her, leadership must transcend rhetoric and manifest tangible outcomes.

“We need leaders who inspire confidence, foster unity, and drive transformation.”

Agbaje-Okunade urged the participants to embrace the responsibility that comes with leadership and pave the way for a generation of new leaders.

The keynote speaker, Mr Abubakar Suleiman, Chief Executive Officer, Sterling Bank, said that leadership is about leading people on a new purposeful journey.

Suleiman said being a strategic thinker and a transformational leader was what makes leadership different from management, adding that the future is being crafted in leadership.

“In essence, as a leader, you must be able to lead people to the future hence, you must be convincing for people to be bold to follow you, able to trust and believe in you.

“For one to be a leader, the people must be able to believe and trust you to take them to the future where you have never been to,” he said.

Also speaking, Mr Tunbosun Alake, Commissioner, Innovation, Science and Technology, stressed that leadership had nothing to do with being young or old but having good values and character.

The commissioner advised the participants to pursue excellence in their various career paths to succeed in life.

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Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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