Economy

FG’s Infrastructure Development Company Takes off 3rd Quarter – CBN Governor

Published

2 years ago

July 14, 2021

Sunrise Nigeria

Emefiele

… To Attract N15 Trillion Fund

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday said that the N15 trillion Infrastructure Company Limited (InfraCo) created by the federal government to bridge the huge infrastructure gap will take off this quarter.

Emefiele who spoke at investors’ webinar forum designed to showcase the investment opportunities in Nigeria’s privatisation and economic reforms programmes said the federal government had approved KPMG as the financial adviser to InfraCo.

He stated that for Nigeria to attain meaningful growth, there must be huge investments in key sectors of the economy, including infrastructure such as rail and power, among others.

He further said the COVID-19 pandemic and developments in the global crude oil market had created negatively affected not only the global economy but also the Nigerian economy in the past 18 months.

He said in June 2021, investments in the importers and exporters (I&E) window stood at over N3 trillion at an average rate of N412 to the dollar, adding that this meant that on an average working day of 20 working days, close to $150 million was posted in that market.

“For Nigeria, we witnessed a drop in foreign exchange earnings, government revenues along with supply chain disruptions which ultimately led to the economy falling into a recession during the third quarter of 2020. Significant interventions by the monetary and fiscal authorities in key sectors of our economy such as in the manufacturing and agricultural sectors eventually helped and led to the rebound of growth during the fourth quarter of 2020 as gross domestic product (GDP) grew by 0.11 per cent.

“The sustenance of these measures has also helped to support growth of 0.51 per cent during the first quarter of 2021. Nonetheless, we consider this growth as fragile and therefore seek the support of those of us here at this webinar to continue to work with us to grow our economy,” he said.

Investors in the N15 trillion InfraCo include the CBN, Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation (AFC).

Emefiele said InfraCo had generated huge interest in deploying private capital to for infrastructure, adding that the approval of the vice president has been secured to appoint KPMG as transaction advisers.

In his keynote address, the vice president, Prof Yemi Osinbajo aid the seminar was organised to showcase investment opportunities arising from Nigerians economic reforms and privatisation activities.

I think that many who have observed the current Nigerian government would agree with me that an article of faith for this government is the importance of mobilising private capital and participation for improving efficiency and driving economic growth and this really explains why we have this collaboration today between the Bureau of Public Enterprises (which you know is in charge of our sectoral reform programme) with the Nigerian Investment Promotion Commission and the Nigerian Exchange Group (NGX) to host this seminar as an important platform drawing attention to investment opportunities to both our local and foreign friends and collaborators,” he added.

He stressed that privatising utilities of the size of the former PHCN “simply calls for deeper intentional consideration of the right models and the right type of investors and also looking at funding for these investors over an extended period of time.

“These are some of the challenges that we have seen, but I think that it’s an excellent lesson and there is so much that we are learning in approaching privatisation, especially our utilities, going forward,” he said.

Also speaking, the director general of the Bureau of Public enterprises, Mr. Alex Okoh, said the agency had listed over 36 assets for sale and giving them out to concessionaires under its 2021 work plan.

He disclosed that about N500 billion is expected to be contributed into the federal government coffers from the privatisation proceeds this year.

He further disclosed that 234 public assets had been sold in the last 32 years while N1 trillion was generated by the agency.

The event was organised by the BPE in collaboration with the Nigerian Investment Promotion Commission (NIPC) and the Nigerian Exchange Group (NGX).

Economy

Senate Confirms Nomination of Yemi Cardoso as CBN Governor

Published

2 months ago

September 27, 2023

Sunrise Nigeria

By Elizabeth Okwe and Ojone Grace Odaudu
…

The Senate on Tuesday confirmed the nomination of Dr Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria, CBN.

This is as questions are being raised as to the legal status of suspended CBN Governor Godwin Emefiele whose sack or resignation hasn’t been confirmed by the Federal Government.

According to the CBN Act, the President requires the endorsement of 2/3 majority of the Nigerian Senate to remove the Governor. There are other conditions that may lead to his removal, none of which has been established.

Cardoso was screened alongside four nominees for the positions of CBN Deputy Governors, to steer affairs of the apex bank in the next five years.

The deputy governors include: Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

Recall that last week, Cardoso resumed as the CBN governor in an acting capacity pending his screening and expected confirmation by the Senate.

Meanwhile, the Senate has also scheduled the screening of two additional ministerial nominees by President Bola Tinubu for Tuesday, October 3, 2023.

The President, while the National Assembly was on break, appointed the duo of Dr. Jamila Ibrahim and Ayodele Olawande as Minister of Youths and Minister of State for Youths respectively.

Economy

Cost of Living: Kogi, Lagos and Rivers Dwarf Other States in NBS Report

Published

2 months ago

September 16, 2023

Sunrise Nigeria

By Elizabeth Okwe
…

The Nigeria Bureau of Statistics (NBS) has revealed that Kogi, Lagos, and Rivers are the most expensive states to live in, based on inflation rates for August 2023.

In its latest Consumer Price Index data released on Friday, the NBS said on a year-on-year basis, Kogi led the way with the highest all-items inflation rate at 31.50 per cent, followed closely by Lagos at 29.17 per cent and Rivers at 29.06 per cent.

In contrast, Sokoto recorded 20.91 per cent, Borno 21.77 per cent, and Nasarawa 22.25 per cent, recorded the slowest rise in headline inflation on a year-on-year basis.
When examined on a month-on-month basis, the trend continued, with August 2023 seeing the highest increases in Kwara at 6.07 per cent, Osun at 4.36 per cent, and Kogi at 4.35 per cent.

While Sokoto recorded 1.38 per cent, Borno at 1.73 per cent, and Ogun at 1.89 per cent recorded the slowest rise in month-on-month inflation.
Specifically for food inflation, the figures for August 2023 showed a similar pattern, with Kogi again taking the lead with the highest year-on-year basis food inflation rate at 38.84 per cent. Lagos followed closely at 36.04 per cent, and Kwara at 35.33 per cent.
On the other hand, Sokoto 20.09 per cent, Nasarawa 24.35 per cent, and Jigawa 24.53 per cent recorded the slowest rise in food inflation on a year-on-year basis.

On a month-on-month basis for the same period, Rivers at 7.12 per cent, Kwara at 5.89 per cent, and Kogi at 5.80per cent recorded the highest increases, while Sokoto recorded 0.50 per cent, Abuja at 1.30 per cent, and Niger at 1.40 per cent experienced the slowest rise in food inflation.
The report noted that the surge in food inflation can be attributed to the significant price hikes in various essential food items, including oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, vegetables, milk, cheese, and eggs.

Economy

Tinubu Nominates Olayemi Cardoso to Replace Emefiele as CBN Governor

Published

3 months ago

September 15, 2023

Sunrise Nigeria

Cardoso

By Elizabeth Okwe and Ojone Grace Odaudu
…
President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

A statement issued on Friday by Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said the directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

Currently Chairman of the Board of Directors of Citibank Nigeria, Dr Yemi Cardoso is a financial and development expert with over thirty years’ experience in the private, public and not-for-profit sectors.

Furthermore, President Bola Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate, as listed below:

Glo
(1) Mrs. Emem Nnana Usoro

(2) Mr. Muhammad Sani Abdullahi Dattijo

(3) Mr. Philip Ikeazor

(4) Dr. Bala M. Bello

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all”, the statement added.