As the Central Bank of Nigeria (CBN) prepares for the next five years under the leadership of its Governor, Mr. Godwin Emefiele, top of the agenda for the apex is to end the dumping of smuggled banned products into Nigeria.
The CBN Governor, Mr. Emefiele disclosed this on Saturday while Speaking at a consultative round table, in Lagos, which was titled: “Growing for growth”.
According to the CBN Governor, Nigeria has had brilliant economic policies over the years, but smuggling and dumping activities are largely responsible for sabotaging all efforts.
“Smugglers and dumpers are the major sabotage to the country’s economic policies. Nigeria is very good at making brilliant economic policies but we have identified smugglers and dumpers as those who sabotage these policies and we have decided we will deal with them and the strategy we came up with is that we will not bother ourselves.” – Emefiele
CBN goes tough: While addressing stakeholders present at the consultative forum, Mr. Emefiele revealed that there is an agency responsible for border control. However, smugglers still find their way into the country. Hence, Emefiele revealed that the apex bank is all out to use the instrumentality of being the regulator for Nigerian Banks to provide all details about smugglers and dumpers.
“We would use the instrumentality of being the regulator for the banking system, to make sure that we get the banks to provide all details about these smugglers and dumpers, to provide investigation and if they are found culpable in economic sabotage bordering on dumping and smuggling in Nigeria.”
The Plan: The CBN stated that the essence of liaising with deposit money banks to obtain details of smugglers is to close all accounts of anyone, firm or organization found culpable. According to Mr. Emefiele, top managers in any organization involved in smuggling will also have their accounts blocked.
“We will not only block their accounts, but we will also close their accounts in all the Nigerian banks simultaneously. We will close the accounts of the owners of those companies and we will close the accounts of top management members of those companies because they know that their companies are involved in smuggling and they should not be supporting those keep and of things.”
On CBN’s 5-year plan: As part of the CBN’s 5-year agenda, Mr. Emefiele stated that creating enabling environment for investors in the private sectors will form part of the bank’s agenda.
“We are here today as part of the engagement that we have planned, preparatory to the CBN releasing another five-year vision and agenda for the next tenure of the Governor of CBN. As you can see, we have at this session private sector leaders like Aliko Dangote, people in telecommunications, people in manufacturing, people in the IT sector, people in the agricultural sector and banking sector. All of them are represented.
“Basically, what we are saying here is that we want to give them the opportunity, I will use the word to vent their view about what they think the CBN, the monetary policy committee should be doing in the next five years to support the economy and indeed to support the growth of the economy.”
While giving his remark at the forum, Africa’s richest man and Chairman of Dangote Group further spoke on the need for private sector partnerships with the government.
“Government needs to have a partnership with the private companies to access growth. It needs to encourage private sector investors so that they do not rely on oil to pay salaries.”
ECOWAS COVID-19: Nigeria drops to 7th position in recovery rate
According to data from ECOWAS Centre for Surveillance and Disease Control, Nigeria has dropped to 7th position in recovery rate.
The ECOWAS COVID-19 daily update report, as of November 22nd, 2020, shows that Nigeria is ranked 7th on recovery rate (93.5%), 10th on death rate (CFR – case fatality ratio) at 1.76%, and 9th on active cases (4.7%) amongst the 15 member countries of the ECOWAS (Economic Community of West African States).
This data can be seen on the Twitter handle of the ECOWAS Centre for Surveillance and Disease Control.
— ECOWAS Centre for Surveillance and Disease Control (@Ecowas_cdc) November 23, 2020
A week ago, as of 15th November 2020, Nigeria occupied the 6th position in recovery rate (93.7%), 9th position in CFR (1.79%) and 11th position in active cases (4.5%).
According to the report, there are 209,614 confirmed cases, 2,842 deaths, 189,917 recoveries, and 8,849 active cases in ECOWAS countries. This data represents in Africa, 9.8% of the confirmed cases, 5.7% deaths, 10.9% recovery rate and 3.3% active cases.
As regards the death rate (CFR), Liberia tops the list with 5.29%, followed by Niger 5.12% and Mali 3.41% while Guinea is the least with 0.58%.
On recovery rate, Cote D”Ivoire tops the list with 98.3%, followed by Senegal 97.5% and Ghana 97.1%, with the least coming from Mali with 71.1%.
Mali has more active COVID 19 cases with 25.5%, followed by Sierra Leone 20.9% and Togo 20.9% and with Senegal contributing the least with 0.4%.
What you should know
- As at November 22 2020, worldwide, there are 58,649,324 confirmed cases, 1,388,068 deaths and CFR of 2.3%
- In Africa, there are 2,057,029 confirmed cases, 49,412 deaths and CFR of 2.4%
- In West Africa, there are 201,614 confirmed cases, 2,842 deaths and CFR of 1.41%, with a recovery rate of 94.2%.
Naira devaluation, FX scarcity caused increase in cost of goods – Nigerian Breweries
Nigerian Breweries has revealed that Naira devaluation, FX scarcity caused increase in the cost of its goods in 2020.
The Finance Director of Nigerian Breweries Plc, Rob Kleinjan, has revealed that the increase in the brewer’s costs of goods was due to the devaluation in naira and FX scarcity, which led to the increase in the cost of inputs such as sorghum and sugar, as they are not fully produced locally.
This disclosure was made during the Nigerian Breweries’ Fact Behind Figures results presentation today.
However, Kleinjan explained that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity, which exerts pressure on imported input materials.
He said the increase in Nigerian Breweries’ costs of goods sold, as reported in its unaudited financial results, could also be linked to the volume of goods sold, as the company’s sales volume in Q3 increased by almost the same percentage as the cost of goods sold.
However, Mr. Kleinijan reiterated that to mitigate further losses, it was important for the company to focus on the supply chain and seek ways to mitigate price increases.
What they are saying
The Managing Director of Nigerian Breweries, Mr. Jordi Borrut, while speaking at the virtual event said:
“In 2020, the results of Nigerian Breweries were adversely impacted by COVID, VAT increase, FX devaluation and scarcity of foreign exchange. The year started with a promising 1st quarter, which was heavily impacted in Q2. The Nigerian market, however, rebounded in Q3.”
Mr. Rob Kleinjan, while explaining the factors behind the increase in Nigerian Breweries’ cost of goods sold in the first nine months of 2020, said:
“It is also clear that the increase in cost is due to the devaluation and the FX scarcity which has put pressure on our input cost. If you look into the main elements we use, which are sorghum and sugar – they are not fully produced locally, so when the currency is devalued, the prices of these inputs will soar.
“That’s why it’s important that we are focused on the supply chain, and seek for ways we can mitigate any of the price increases, because the increase in cost comes from the input prices, which come from FX scarcity.”
FG petitions CNN over investigative report on Lekki shooting, threatens action
The Federal Government has petitioned CNN over its alleged bias report on the Lekki Tollgate shooting.
The Federal Government has written a petition to the US-based Cable News Network (CNN), demanding an immediate and exhaustive investigation into its report on the Lekki Tollgate shooting, to determine its authenticity and conformity to basic standards of journalism.
The government berated CNN for its investigative report on the #EndSARS protest in Lekki area of Lagos, pointing out that the media outfit breached the most basic of the core principles of journalism – balance and fairness.
In the petition written by the Minister for Information and Culture, Lai Mohammed, to Jonathan Hawkins, VP (Communications) in CNN Centre Atlanta, Georgia; the government said that if the international media organization does not carry out its demand, it will take any action within its laws to prevent CNN from making the #EndSARS crisis worse.
According to a report from Punch, the government’s letter dated November 23, 2020, is titled “Re: How a bloody night of bullets quashed a young protest movement”.
The letter reads: “Our attention has been drawn to an ‘investigation’ by CNN, entitled ‘How a Bloody Night of Bullets Quashed a Young Protest Movement’ and aired on 18 Nov. 2020, in which the international news organization said it uncovered that Nigerian security forces opened fire on unarmed protesters at the Lekki Toll Gate in Lagos, Nigeria, during the #EndSARS protest.”
“We write to put on record that the report did not just fall short of journalistic standards, it reinforces the disinformation that is going around on the issue. It is blatantly irresponsible and it is a poor piece of journalistic work by a reputable international news organization.
“In the first instance, the report did not live up to the most basic of the core principles of journalism – balance and fairness. According to the website www.ethics.journalists.org, balance and fairness are classic buzzwords of journalism ethics: In objective journalism, stories must be balanced in the sense of attempting to present all sides of a story. Fairness means that a journalist should strive for accuracy and truth in reporting, and not slant a story that makes a reader draw the reporter’s desired conclusion.”
What you should know
It can be recalled that CNN in its investigative report broadcasted on November 18, disclosed that the Nigerian army allegedly fired live ammunition directly at unarmed protesters, who peacefully assembled at the Lekki Tollgate during the #EndSARS protests. While confirming some deaths, CNN said it spoke with over 100 protesters and family members, but didn’t speak to any government official.
In response to the Federal Government’s criticism of the report, which it described as a blatantly irresponsible and a poor piece of journalistic work, CNN insisted that it was standing by its report.