Economy & Politics
CBN and NIPOST may partner on retail banking
The Central Bank of Nigeria (CBN) has unveiled plans to commence retail banking services next year in partnership with the Nigerian Postal Service (NIPOST). CBN Governor Godwin Emefiele disclosed this yesterday at a retreat organized by the bankers’ committee.
In order to collectively address the challenges militating against the achievements of the objective of the AGSMEIS initiative, the CBN is considering the proposal for the establishment of the national microfinance bank, which would leverage on the Nigerian Postal Service presence in 774 local government areas across the country.
He continues
“We have called on NIPOST and they have agreed to join us in this. They would provide their facilities in 774 local governments and this would be their own contribution by way of equity into the establishment of the national MFB. We would provide the infrastructure.”
What is AGSMEIS
The Agri-Business and Small and Medium Enterprises Investment Scheme was established in 2017, following the approval of the bankers’ committee at its 331st meeting held on the 9th of February 2017.
Other reasons for the move
Emefiele also disclosed that the bank would enable the CBN to create jobs and enhance skill acquisition in the rural communities.
“The task and responsibility to improve our rural communities lies in our hands and we believe strongly that using this infrastructure of the national MFB, we would get to achieve the objective of creating jobs, and enhance the skills of our people in our rural communities, improve and grow the economy so we can achieve the development that we so badly require in Nigeria today,”
Economy & Politics
Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu
Professor Kingsley Moghalu has thrown support behind Dr. Ngozi Okonjo-Iweala to win the World Trade Organization top job.
A former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has publicly canvassed support for Dr. Ngozi Okonjo Iweala to win the World Trade Organization (WTO) top job.
The former professor of public policy at Fletcher School, Tufts University, made the disclosure via his official Twitter handle, as seen by Nairametrics
READ: WTO: Okonjo-Iweala invites volunteers, says she has no money for PR firm
Prof. Moghalu made a strong case for why Africa’s candidate should be considered for the top shot, noting that the need for Africa to get a better deal in the world trading system should be a major criterion in selecting the next WTO DG. He also believed that correcting this negatively skewed trade deal will help tackle poverty and underdevelopment in Africa.
The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-general of @wto https://t.co/G4Fyxd1z91
— Kingsley Moghalu (@MoghaluKingsley) October 26, 2020
READ: WTO: Nigeria’s Ngozi Okonjo-Iweala gets European Union support
What you should know
Nairametrics had earlier reported that Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee have emerged as the last two candidates for the top WTO job.
Prof. Moghalu also disclosed that the final selection decision is expected this week or very early next week.
(READ MORE:WTO DG: Okonjo-Iweala gets the backing of 79 countries so far)
Prof. Moghalu said, “The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn, I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-General of @wto.
“The final selection decision is expected this week or very early next. Alongside the case for why the African candidate Okonjo-Iweala is best placed to lead WTO, I make the case for the continent more broadly as to how and why it must get a better deal in the world trading system.”
READ: WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt
What this means
If finally selected for the top job, the opportunity will present Dr. Okonjo the platform to solve some global trade-related issues, one of which is Africa’s trade position with the rest of the world.
Economy & Politics
Buhari in crucial meeting with Obasanjo, other former heads of state
President Buhari is presiding over a National Security Council meeting with some former heads of state and some security chiefs.
President Muhammadu Buhari is currently presiding over a National Security Council meeting with some former heads of state and some security chiefs.
READ: Obasanjo opens garment factory, competes with Nike Art Gallery, Sam & Sara
Although the agenda of the meeting is not made public, issues bothering on the current security situation in the country are believed to top the agenda. This follows the outbreak of violence across the country during the protest against police brutality and extra-judicial killings, which has led to the loss of lives and destruction of public assets and private properties.
READ: Update: Buhari seeks power to freeze accounts, clamp down on money launderers
According to media reports, the meeting which is coordinated from the Council Chamber of the Presidential Villa, Abuja, has in virtual attendance General Yakubu Gowon (rtd.), former President Olusegun Obasanjo, Gen Abdulsalami Abubakar (rtd.), former President Goodluck Jonathan and former head of interim national government, Chief Ernest Shonekan.
READ: #EndSARS: Feminist Coalition raise Cryptos worth $126,000
Others who are physically present at the council chambers are Vice President Yemi Osinbajo; National Security Adviser, Major General Babagana Monguno (rtd.); Chief of Defence Staff, General Gabriel Olanisakin; Inspector-General of Police, Mohammed Adamu; Director-General, Department of State Services, Yusuf Bichi; and Director-General, National Intelligence Agency, Ahmed Rufai, among others are attending with the President.
READ: #EndSARS: Buhari holds National Security Council meeting with Osinbajo, IGP, others
This meeting is coming a day after President Buhari’s national broadcast on the security situation in the country calling for an end to the #EndSARS protests as their voices have been loudly heard.
Explore Data on the Nairametrics Research Website
Details later…
Economy & Politics
Senatorial, State House of Assembly bye-elections postponed – INEC
Senatorial and State House of Assembly bye-elections slated to hold on October 31 in 11 states have been postponed by INEC.
The 6 Senatorial and 9 State House of Assembly bye-elections slated to hold on October 31 in 11 states of the Federation has been postponed by the Independent National Electoral Commission (INEC). The vacancies were as a result of death and resignation of previous members.
According to the statement issued by its National Commissioner & Chairman, Information and Voter Education, Festus Okoye Esq., INEC said the decision was taken after meeting with the 37 Resident Electoral Commissioners (RECs) on Thursday.
Breaking News: #INEC Postpones Bye Elections in 6 Senatorial Districts, 9 State Constituencies. pic.twitter.com/RWiUomBsC6
— INEC Nigeria (@inecnigeria) October 22, 2020
Though the commission did not categorically state the reason for the postponement, feelers are that it may not be unconnected with the raging #EndSARS protests across the nation.
Details shortly…
Guinness Nigeria Plc jostles to improve from its insipid 2020 financial year
How to own your first home debt-free in Lagos
Nigeria may never harness full development potentials in the Oil & Gas industry – Dr. Babajide Agunbiade
Exchange rate remains flat, currency traders resume operations after curfew is relaxed
ICIT Solutions Nigeria builds 9Business Cloud Market in partnership with Microsoft, 9Mobile
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦461/$1
#EndSARS: NBC fines AIT, Channels and Arise TV over use of “unverifiable” footages
Remittances to sub-Saharan Africa totaled $48 billion in 2019
Oil supply feared to drop by 3%, as new cases of COVID-19 infections increase
