Business News
CBN Governor Godwin Emefiele reveals his 2018 forecast
The Central Bank of Nigeria (CBN) may change its monetary policy stance next year from the current tightening position to an easing stand that will see the benchmark interest rate come down from the current 14 percent. Governor of the bank, Godwin Emefiele made this known at an event organized by the Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers Dinner held in Lagos. The apex bank has left the interest rate unchanged at 14% since mid 2016.
Why Emefiele is bullish
Emefiele hinged his forecasts on the foreign exchange and exchange rate management policies of the apex bank in recent months, which has led to a drop of 65 per cent in the monthly food import bill of the country from an average of $5.5bn to $1.9bn as of June 2017. Foreign reserves have also recovered to over $34.3 billion as at the first week of November.
“We have also seen a significant appreciation of the naira from over N500/$1 to about N360/$1. In addition, we have seen stability in the rate for over six months now. I am glad to note that the exchange rate is not only stable, it is also converging across various windows and segments of the market.
Risks remain
As realistic as the Governor’s forecast is, significant risks abound. Nigeria’s fortunes are heavily dependent on oil. While global crude oil prices remain reasonably stable, militants in the Niger Delta have called off a ceasefire and threatened to resume attacks on oil installations. Should this happen, Nigeria’s oil production volumes could decline, leading to a drop in foreign exchange revenue. This in turn, would lead to a drop in foreign exchange reserves.
Economy & Politics
Lagos to shut down Marine Beach bridge for emergency repairs
The closure will allow the Federal Ministry of Works to carry out emergency repairs on the bridge, in line with the government’s vision of providing a better transportation system in the state.
Lagos state government has announced that the Apapa Marine Beach bridge will be closed for five months, from Wednesday 27th May, to Wednesday 21st October, 2020.
The closure will allow the Federal Ministry of Works to carry out emergency repairs on the bridge, in line with the government’s vision of providing a better transportation system in the state.
In a statement from the Lagos state Ministry of Transportation, the Commissioner, Dr. Frederic Oladeinde, noted that the repairs were long overdue, and necessary to ensure safety of Lagosians, given the number of motorists that use the route.
READ MORE: Nigerians knock Fashola over comments on “bad roads”
The Commissioner noted that the repairs included bearing and expansion joint replacement and would be executed in two phases, taking one lane of the bridge at a time.
“The first phase will involve handling the lane inbound Apapa while the second phase will be designated to work on the lane that conveys vehicles outside the axis,” he said.
Alternative routes
Oladeinde noted that alternative routes around the bridge had been improved to make them motorable, and ease movements for road users.
READ ALSO: Osinbajo sets up committee on reopening of Nigerian economy, suspends loan deductions for states
To manage the construction period, the statement noted that Traffic Management Authorities would be hard at work to ameliorate the expected traffic issues and supervise other arrangements.
“Motorists inwards Wharf road will be diverted to the other section of the bridge outwards Apapa, a contraflow of 200metres has been put in place for vehicles to realign with a proper direction inwards Ajegunle or Wharf road, Apapa, while Motorists descending to Total Gas under bridge will drive without any hindrance,” it read.
The Commissioner called for the understanding and cooperation of motorists and road users during the period to ensure a smooth flow of plans.
Economy & Politics
Fayemi set to activate digital economy with N5billion broadband infrastructure
Governor Fayemi plans to activate Ekiti state’s digital economy, this would help generate healthy competition within the ICT sector
Ekiti state government has concluded plans to create a digital hub, with the laying of a 606-kilometer broadband infrastructure.
The project is expected to lift the state from 16% internet penetration to 90% and is estimated to be worth N5 billion, with the Federal Government contributing N1.1 billion of the total sum.
Digital economy: Ekiti to lay 606km broadband infrastructure – https://t.co/Ot67wFn6yL pic.twitter.com/ligXcgeQDM
— Government of Ekiti State (@ekitistategov) May 24, 2020
This plan is part of the memorandum of Understanding (MoU) which the state Governor signed with O’odua Infraco Resources Limited, a consortium that develops high speed and efficient Fibre Optic Cable (FOC) Open Access Network (OAN) across the South-West region of Nigeria.
According to the Managing Director of O’odua Infraco Resources Limited, Mr Sammy Adigun, the project will be officially flagged off in October and completed within 14 months.
(READ MORE: What Nigeria stands to gain from new National Broadband Plan)
This decision is a follow-up to the recent crash of Right of Way charges from N4,500 to N145 per meter for broadband infrastructure, and in line with one of the five pillars of Governor Kayode Fayemi’s development plan for Ekiti state.
The Governor noted that these decisions would help generate healthy competition within the ICT sector, thus activating Ekiti state’s digital economy and digital education.
Fayemi noted that the project execution, as well as the broadband policy in the state would be coordinated and supervised by a Digital Infrastructural Committee, made up of various relevant government institutions critical to the implementation of the project.
READ MORE: NCC, Infracos to boost broadband infrastructure with N265 billion
“For us the roadmap is first the fibre connectivity itself, the second is the adequate data center infrastructure, the third is the e-learning programme which will cover our educational institutions, then our safe city, our security programme will also be included.
“With our geographical land information system (GIS), we would digitalize all our land records, and of course, commercial investment as well as digitalisation of our government assets and our health education initiative,” Fayemi explained.
Economy & Politics
NCC reacts to claims that minister chased Diaspora Commission’s staff from office complex
The NCC denies claims of the video on social media, pointing out that the staffs of NIDCOM were not sent packing from the digital economy complex
The Nigerian Communications Commission (NCC) has reacted to claims by the Chief Executive of Nigeria Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, that her staff members were chased out of its premises by armed men on the orders of the Minister for Communication and Digital Economy, Isa Pantami.
The NCC, through a press statement on May 24, 2020 signed by its Director, Public Affairs, Dr. Henry Nkemadu, has said that nothing of such happened as it denied claims in a video making rounds on social media that the staff of NIDCOM were sent packing from the digital economy complex.
According to the press statement from NCC:
“Following the completion of the NCC building at Mbora, Abuja designated as NCC Annex and the acute shortage of accommodation space for the staff of the commission in the NCC head office at Maitama, Abuja, the Board of the commission directed the decongestion of the Head office building. Some of the departments of the NCC had started moving to the new office complex of 5 floors when discussions were held between the NCC and the Diaspora Commission to enable the Diaspora Commission also utilize any free offices within the complex.
“The fifth floor allocated to them had to be used to accommodate other departments from the NCC headquarters to ease the congestion. NCC’s offer to house the Nigeria Diaspora Commission was predicated on the long held position of the NCC that agencies of government will achieve more through strategic collaboration, partnership, synergy and sharing to the extent allowed by relevant laws.”
(READ MORE: PenCom dissolves interim management committee for First Guarantee Pension, appoints new board)
NCC disclosed that it had secured approval for the commissioning of the office complex by President Buhari, and also the launching of 4 important projects of NCC, together with the renamed Ministry of Federal Ministry of Communication and Digital Economy.
It also stated that the offer to NIDCOM had not been withdrawn, but had only hit a bump arising from the preparation for the visit of President Buhari to launch the projects and inaugurate the complex. It said that the Board and Management of NCC took a decision to ensure that every activity in the building was in line with the Federal Government’s agenda.
Going further, the statement reads:
“Incidentally, after the offer of the office spaces to the Diaspora Commission, the Director General, Mrs. Abike Dabiri-Erewa had not visited the complex to take possession of any of the offices and also the commission had not started using any of these spaces as offices.
‘’As is usual in ensuring security and accountability before, during and after presidential visits, the building had to be cleared to allow for only known and identifiable persons to have access within the complex. Therefore, the Honourable Minister of the Federal Ministry of Communications and Digital Economy Dr. Isa Ali Ibrahim Pantami could not have sent armed men to drive the staff of the Diaspora Commission out of the Communication Economy Complex.”
As with every path to success challenges are bond to surface what have been the major challenges since the establishment of the Nigerians in Diaspora Commission – Hon. Abike Dabiri-Erewa, Chairman/CEO of Nigerians in Diaspora Commission. pic.twitter.com/x2yp5CDGs0
— CBN Gov Akinsola Ak🇳🇬 (@cbngov_akin1) May 23, 2020
The statement also pointed out that as at that time, only NCC staff were accredited to have access within the premises and that all properties belonging to NIDCOM were safely warehoused in some of the offices within the complex.
