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FOREX ban on food importation will not affect AfCFTA – Emefiele

CBN Governor, Mr. Gowdin Emefiele has said that the planned FOREX restrictions on food items import in Nigeria will not affect the AfCFTA.

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Banks' stakeholders express 4 main concerns bothering the sector right now, CBN, MARKET UPDATE: CBN’s historic agriculture lending; Is it yielding the desired results? 

The Governor of the Central Bank of Nigeria (CBN), Mr. Gowdin Emefiele has dismissed reports that the planned FOREX restrictions on food items import in Nigeria will further dampen the country’s chances of benefitting from the recently signed African Continental Free Trade Agreement (AfCFTA).

The CBN Governor disclosed this while speaking with State House correspondents at the retreat organised for ministerial designates in the Presidential Villa in Abuja on Monday. Emefiele had earlier affirmed the Presidency’s announcement at the event, having kept mum for almost a week.

Effect of the ban on AfCFTA: The CBN Governor was quizzed on how the latest restriction on food importation may affect Nigeria’s potential benefit from AfCFTA. Emefiele stated it would not affect the content of the AfCFTA just as agreement was still ongoing and the terms of engagement were still being discussed and negotiated.

[READ MORE: Kwara innovation hubs to create 2,000 jobs]

“The ban will not affect the content of the AfCFTA, in any case the AfCFTA is an agreement that is ongoing, the terms of engagement are still being discussed and negotiated.

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FOREX, CBN

“The important thing is that Nigeria needs to stand as the largest economy in Africa and the largest populated countries in Africa, we need to stand and dictate the terms under which we want to be in it and this is what we are saying. But what I am saying is that it is wrong, it is inappropriate that an item that can be produced in Nigeria should be imported into Nigeria.”

Job Creation: According to Emefiele, restricting FOREX on importing certain items that can be produced in Nigeria is also fundamental to Nigeria’s chances. While Emefiele admitted that there are challenges ahead, he, however, noted that job creation is paramount to the bank at the moment.

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“When we get into the AfCFTA issues, we will also look at the details of it, but at this time, we are saying we need to create jobs for our country, for the youths and we need to create jobs. We yearn for growth and the only way we can really accelerate growth in a Nigeria between now and next four years is to see to it that items that can be produced in Nigeria are indeed produced in Nigeria rather than being imported into the country.”

[READ MORE: CBN’s 60% LDR Target: Don’t lend to unbankable projects – LCCI warns banks]

Analysts disagreed: Reacting on how FOREX restriction on food imports can affect the Nigerian economy, Cobus de Hart, a Chief Economist at NKC African Economics, as quoted by Financial Times (FT) revealed that the President’s call for a currency ban cast doubt on Nigeria’s commitment to a landmark continent-wide trade agreement, which it signed last month after more than a year of delay.

The move “stands in stark contrast to the strategy outlined in the Africa Continental Free Trade Area agreement, and this policy will certainly not set Nigeria’s agricultural sector up to take full advantage of a liberalisation of trade barriers across the continent,” Mr de Hart wrote in a research note.

Amaka Anku, Africa Director for the Eurasia Group, stated that whether the policy was implemented or not, it was sending a troubling message for an economy suffering from high unemployment, low foreign direct investment and sluggish growth.

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“Most actors, especially the Central Bank, should know that a total ban of food imports is not practical and I doubt that will be the policy.

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“But his comments will continue to drive home the sense that Buhari has no idea how to manage an economy and will raise uncertainty about what other [foreign exchange] restrictions are coming and contribute to already low business confidence.”

[READ MORE: ACFTA a potential game changer for Africa?]

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Coronavirus

Cristiano Ronaldo now tests negative for Coronavirus

Cristiano Ronaldo tested negative for coronavirus after nearly three weeks that he tested positive.

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Cristiano Ronaldo tests positive for COVID-19

Juventus F.C. star, Cristiano Ronaldo, has tested negative for coronavirus, nearly three weeks after he tested positive.

This was disclosed by his club via its website on Friday.

It stated, “Ronaldo carried out a check with a diagnostic test (swab) for COVID-19. The exam provided a negative result.

“The player has, therefore, recovered after 19 days and is no longer subjected to home isolation.”

What you should know

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Ronaldo had tested positive for COVID-19 on October 13, while playing with Portugal. He had been in self-isolation since returning to Italy.

The 35-year-old missed four games including Wednesday’s 2-0 Champions League defeat to Lionel Messi’s Barcelona, and Juventus’s 2-0 win at Dynamo Kiev in their Group G opener.

The five-time Ballon d’Or winner’s return will be a boost for Andrea Pirlo’s faltering side who are fifth in Serie A, four points behind leaders AC Milan.

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Corporate Press Releases

Ikeja Electric launches mass metering programme

Ikeja Electric has announced the commencement of the rollout of Prepaid Meters under the National Mass Metering Programme.

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Ikeja Electric reacts to viral videos, declares war on anyone who assaults its staff

This is to notify our esteemed customers that Ikeja Electric has commenced the rollout of Prepaid Meters under the National Mass Metering Programme, approved by the Federal Government, with effect from today, Friday, October 30, 2020.

This programme is part of the Federal Government’s effort to further bridge the country’s metering gap and also cushion the effect of the Service Reflective Tariff on electricity consumers in Nigeria.

In line with this programme, Ikeja Electric Plc (IE) is committed to driving the rollout through a series of one-day metering initiative across different locations in its network. This metering initiative is designed to ensure a seamless metering process that allows customers to register and be metered on the same day after following due process.

For the first phase of the programme, which will run till the end of the year, Ikeja Electric is rolling out over 106,000 prepaid meters to customers across its six Business Units – Ikeja, Abule-Egba, Akowonjo, Oshodi, Ikorodu and Shomolu.

Beneficiaries of this programme, which will cut across all locations in IE network, will not be required to pay upfront for the installation of meters. Rather, the modalities of cost recovery for the meters will be clearly defined and communicated to the beneficiaries.

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The primary objective of the National Mass Metering Program is to increase the metering rate in the country and close the gap of unmetered customers. It is also expected that it will assist in reducing Collection losses, while at the same time, increasing financial flows to achieve 100 percent market remittance obligation of the DisCos.

Part of the objectives also includes the elimination of arbitrary estimated billing, improving network monitoring capability and provision of data for market administration and investment decision-making.

Apart from its job creation potentials in the Meter value chain, the program will further strengthen the local meter value chain by increasing local meter manufacturing, assembly and deployment capacity, all in support of Nigeria’s economic recovery plan.

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Once again, Ikeja Electric wishes to restate its commitment to bridging the metering gap by metering all its customers, to ensure an efficiently managed electricity supply industry that meets the yearnings of Nigerians.

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Corporate Press Releases

Nairametrics partners Intelligence Interactive Ltd, to provide daily reports on NSE listed companies

Nairametrics has partnered with Intelligence Interactive Ltd in an effort to provide readers with daily automated intelligence reports on NSE listed companies.

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Nairametrics, Nigeria’s leading financial advocacy company, in a bid to provide cutting edge financial and non-financial intelligence report to its readers, has partnered leading digital insights, analytics, and content design platform, Intelligence Interactive Ltd.

What better way is there to start your professional day as a business owner, C-level executive or an investor, than to get the latest digitals insights on your industry and competition on a daily basis – insights that brings to the fore competitive threats that your brand can watch out for and take advantage of.

Imagine being able to get real-time insights on what customers and the media are saying about your industry and competition, and what your competitors are saying about themselves.

You could spot Threats like:

  • Customer negative sentiment trend(s) across the industry that would pique your interest.
  • New product(s) launched by competition that may be a threat to your brand.
  • Newly signed partnership agreements that could impact your market.
  • New hires in your area of dominance that could disrupt your industry.
  • New campaign launches that could change the value proposition on existing products – such as moving it closer to values you offer.
  • Market entrant(s) into new territories and what this means for you.
  • New mergers and acquisitions that could strengthen a competition.

 You could also spot these Opportunities:

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  • Consumer complaints that you can solve with a new product.
  • Competition’s product(s) failures that you can learn from.
  • Product leadership areas that you can reinforce.
  • Genuine negative sentiments of customers that you can turn into positive.
  • Media usage and mentions of industry leaders that you can learn from.

Competitions own conversations that can give you an idea into their next move or give your brand validation for a move.

All these loaded high profile information at the price of a newspaper – N500 per report (N25,000 monthly for 50 reports, twice daily: Morning and Evening).

Sign up HERE now

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Speaking about the partnership, the Managing Director of Nairametrics, Mr. Christopher Pemu, said,

”Our goal at Nairametrics is to be the trusted financial advisor/platform to business owners, C-level executives and investors, by providing them with all the information needed (Financial and non-Financial) to help them make better decisions for their business growth. We have done this successfully in the last 10 years and have become Nigeria’s number one financial advisory website.

“The growth and use of social and digital media globally and in Nigeria has accelerated the speed of information dissemination rapidly. Brands and organizations that will survive in this age, needs to listen to what is being said in real- time; process the information using artificial intelligence, analytics, and various algorithms; and bring out meaningful insights for users, which they can use in an instant or in their day to day business decision making.

“As we know it today, a single tweet can ruin or make a brand. Hence, the need to help brands stay on-top of this trends and conversations, providing the needed insight twice daily to aid quick decision making for growth and profitability.

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“The recent #EndSARS online protest has shown that the digital customers’ voice is now so powerful that it can no longer be ignored, as the coalition of customer voices online can lead to the downfall of a business or a whole industry in an instant. So, every business owner or C-level executive in Nigeria needs to constantly monitor the pulse of their industry and make quick decisions by the day, to enable the business maneuver various competitive challenges in the industry.

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“Even as an investor, you can see trends, social conversations, and sentiments around your brands of interest clearly. This new intelligence added to all your other information sources will help you make better short term and long term bets on brands, nothing is hidden to you any longer – whether it is customer complaints, competitor’s moves, product fails, etc.

“Now added to all the reports you get from us, you have this industry/competitive intelligence digital insights report, making our work of providing you with all round intelligence for decision making complete and world-class.

“It should normally cost about $1000-$5000 monthly for you to get this type of reports, but with innovation, we have painstakingly searched for the most important information you need (removing all the noise), and put it in this daily report – making it accessible to many brands, while simultaneously reducing the cost by over 90%, so that you can get the report for as low as N500 per report (N25,000 payable monthly).”

Click HERE to subscribe now.

Further more, he emphasized that “due to the quota limits that we have currently, we will only grant access to just 100-500 brands at this time on a ‘first-come-first-serve basis’. Portal for registration is already open and will be closed on the 23rd of November 2020, whether our quota is fully subscribed or not, and if our quota gets full before the 23rd of November 2020 (23 days from now), the payment portal will automatically stop taking orders.

“If you are really passionate about your business growth, continuity, and sustainability during and after this pandemic – when wallet share of customers is not growing, and the balloon market share effect kicks in ( when a brand’s market share increases, another competitor’s market share might reduce), then you know that every information you are able to get about your industry and competition is very key to your survival. A single insight on what your competition might be up to can just be what you need to defend and grow your brand. If you snooze in the fast paced digital world, you will lose out.

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“Great news is we have made it affordable, so that all brands of different sizes can benefit. If in the whole year, you get just 1 insight that gets your brand and business above the competition or saves your business from going under/making the wrong business and investment decision; then, it is worth subscribing to at just the cost of a meal – N1, 000 daily for two reports (N25,000 payable monthly).

“The reports cover all the industries on the Nigerian Stock Exchange – Banking, Insurance, Consumer goods, Construction and real estate, Conglomerates, Healthcare, Industrial goods, Natural resources, Oil and Gas, Professional, Other services, and Agriculture. It also gives insights on all the Stock Market brands.

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“All you have to do is fill in the industry you are interested, subscribe, and you start getting your reports on all the brands in that industry. If you are a banker or you run a bank-like service – Microfinance, Loans, etc., you can subscribe to the Banking industry report and get daily automated industry/competitive intelligence report on Zenith bank, Gtbank, Union bank, Fidelity bank, Access bank, Providus bank, Sterling bank, UBA, FCMB, and Heritage bank amongst others.

“The ICT sector also has listed and non-listed brands like Paystack, Andela, Flutterwave, Interswitch, and many more, while Professional service includes insights on brands like KPMG Nigeria, DELLOITTE Nigeria, PWC, Ernst and Young (EY). So, if you are an accountant, the professional service is for you and if you are into any form of Information or Communications Technology, then go for information on brands like Mtn, Airtel, e-Transact, Ntel, Globacom, Paystack, and Andela. If you are into other services like Aviation or Hospitality, it will do you good to SUBSCRIBE NOW to your report under the Other services industry.

“If you are like many businesses still using Google alerts to monitor your brand and competition, now is the time to step up, because social media insights is where the conversation happens now. Google alerts doesn’t cover that, meaning you will be missing out on almost 80% of the conversation.”

You can step up now by SUBSCRIBING NOW

Speaking to the Country Representative of Intelligence Interactive Ltd, Mr. Temiloluwa Sobowale, a Digital and Marketing Analytics Professional with over 12 years industry experience. He said,

“Nairametrics is committed to being ahead of the curve and at per with global news houses in providing the needed information to executives, investors, and business owners for quick decision making and growth.

“Adding automated digital insights industry reports to their service offerings, shows a commitment to leveraging cutting edge technology in assisting its readers to achieve the highest possible height in business, investing, professional, and individual lives. We must commend their efforts in pulling this through. Many leading brands in Nigeria already use this tool for insight at the enterprise level and is gradually becoming the preferred digital insight tool for Nigerian brands.

“The key competitive advantage of the  tool and  why it is  better suited for the Nigerian market more than any other digital insights is because of its heavy localization to the Nigerian market (training the algorithm to understand our nuances and also being able to properly categorize sentiment of conversations in English, Igbo, Hausa, and Yoruba. It’s the most suited sentiment analytics tool for the space), while also providing local technical support to boost localization and getting the needed help from the global technical team.

“You really need to thank the team at Nairametrics, because this is bringing insights needed for business growth in this digital age, hitherto, only available for Enterprise brands, and at huge prices to smaller businesses, making it available for all to have access at an affordable daily price of N1000 (N25,000 payable monthly).

“If you are serious about business growth, sustainability, and profitability in the digital age, you need to seize the opportunity to register before Nairametrics’ subscription quota gets filled up on or before the 23rd of November 2020.”

The quota will not be increased, SO NOW IS THE BEST TIME TO SUBSCRIBE HERE.

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