News
CBN lists FX gains restriction on 41 Items …projects foreign reserve to hit $40bn
The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele
By Joseph INOKOTONG
The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the dogged implementation of the Bank’s policy, which restricts importers of certain items access to foreign exchange from the Nigerian Forex market, has led to improvements in the domestic production of those items and a reduction in Nigeria’s import bill.
Mr. Emefiele said this while delivering the 2017 Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos at the weekend.
Specifically, he noted that, “barring any unforeseen shocks, Inflationary pressure will continue to ease”, expressing optimism that “the rate may return to very low double digit or high single digit levels during the next year”.
He also expressed hope that “the foreign exchange reserve will continue to grow”; stressing that “Nigeria can attain a foreign reserve position of about US$40 billion by end of 2018”.
He asserted that local manufacturers were recording profits and major boosts to their revenue due to the policy.
According to him, in spite of opposition to the introduction of the policy restricting 41 items from Nigeria’s foreign exchange market, the faithful implementation of the policy had seen to the considerable decline in Nigeria’s import bills.
He disclosed that “from an average of about US$5.5 billion, the nation’s monthly import bill had fallen consistently to US$2.1 billion in 2016 and US$1.9 billion by half year 2017.
Citing the example of Psaltry International Limited (PIL), an agro-allied company based in Oyo State, he said the introduction of the policy had reversed the fortunes of the starch-producing company.
The CBN Governor noted that prior to the policy, Psaltry had only few customers and a huge backlog of inventory.
However, due to the policy, he disclosed that the company now has over 50 multinational clients including Nestle and Unilever, thereby saving the country $7 million in foreign exchange drawdown over the two years of the policy.
While also asserting that the access restriction policy had freed Nigeria from the perennially embarrassing importation of toothpicks, the CBN Governor disclosed to the delight of the audience that as part of the gains from the policy and in line with an agreement reached with Unilever, which moved its production facility to another country a few years ago, the company had agreed to commission a new Blue Band Factory in Agbara, Ogun State before the end of 2017.
Mr. Emefiele further disclosed that the implementation of the policy had a great impact on Nigeria’s import bill and boosted local rice production in Nigeria.
He recalled that Nigeria, in 2012, imported about 1.2 million metric tonnes of rice from a trading partner, noting that, in 2016, after one full year of implementation of the policy, rice exports to Nigeria had fallen by 99 percent to only 784 metric tonnes.
“These are clearly verifiable successes of government’s attempts to create jobs locally, improve the wealth of our rural population, improve industrial capacities and ultimately attain economic growth in Nigeria,” he noted.
On the current position of the economy, Mr. Emefiele expressed delight that the Nigerian economy had recorded positive growth after five consecutive quarters of negative growth, thereby signaling its exit from recession.
He also noted the downward trend in headline inflation from 18.72 per cent in January 2017 to the September 2017 figure of 15.98.
The CBN Governor equally expressed gladness that the Naira had appreciated from over N500/US$1 to about N360/US$1.
While noting that the economy had seen stability in the exchange rate of the naira for over six months, he affirmed that the exchange rate was not only stable, but was also converging across various windows and segments of the market.
He noted that since the establishment of the Import and Export Window, the CBN had recorded about US$10 billion in autonomous inflows through this window alone.
According to him, this reflected the effect of the increased transparency which that window accorded the foreign exchange market and its impact of improving investor confidence and business sentiments.
Speaking on the country’s reserves, Emefiele noted that the reserves had recovered significantly from about US$23 billion in October 2016 to over US$34.3 billion as at November 3, 2017.
“The accretion in reserves does not only reflect increased inflow but also our shrewd FX demand management strategy,” he added
In assessing the country’s rating on the ease of doing business, he disclosed that the World Bank’s ease of doing business indicator for 2018 showed that Nigeria, with a score of 52.03, improved 24 places to rank 145 out of 190, standing above the regional
average score of 50.43 recorded for sub-Saharan Africa. This is even as he noted that the Bank’s effort had reinforced the Presidential initiatives to improve ease of doing business in Nigeria.
Speaking on the economic outlook for 2018, Emefiele warned fiscal and monetary authorities against complacency and over-confidence because of current positive developments in the economy. Rather, he urged all to strive to improve and sustain the pace of recovery.
Although he noted that the import bill had dropped, he stressed that Nigeria’s manufacturing and agriculture sectors still had a long way to go if the country were to attain self-sufficiency in those sectors.
Nevertheless, he assured that the CBN, on its part, would continue to fine-tune its policies and strategies based on its understanding of evolving developments and supported by in-house technical analysis and simulations.
He assured that the CBN would remain proactive in ensuring that the welfare of Nigerians is optimised at any point in time.
Mr. Emefiele also expressed hope that the economic recovery would consolidate and that the exchange rate stability currently being witnessed would continue.
While expressing hope for even stronger policy coordination, collaboration and cooperation in 2018, he hinted that monetary policy stance could change when the underlying fundamentals become supportive.
The CBN Governor expressed delight that some of the pains that were associated with some of the CBN’s policies had become major gains in Nigeria’s economy, and urged all stakeholders to work towards creating a Nigeria, where balanced growth and shared prosperity is guaranteed for all.
News
Centre for Credible Reforms Lauds Transparency in Ongoing Insurance Sector Reforms
The Centre for Credible Reforms and Institutional Accountability (CCRIA) has commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, for promoting transparency and accountability in the ongoing reforms of Nigeria’s insurance industry.
The centre said the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 had ushered in a new phase of development for the sector, with stronger regulatory standards, improved capitalisation and greater emphasis on protecting policyholders.
Dr Aminu Abubakar Aminu, president of the centre, said this in a statement at the weekend.
Aminu commended President Bola Tinubu and the National Assembly for the enactment of NIIRA, describing the legislation as a major step towards addressing longstanding challenges in the insurance industry.
“The enactment of the Nigerian Insurance Industry Reform Act is a significant milestone in the development of Nigeria’s insurance sector. We commend Mr President and the National Assembly for recognising the need to modernise the legal and regulatory framework governing the industry. NIIRA provides the foundation for an insurance sector that is better capitalised, more accountable, more responsive to policyholders and better equipped to contribute meaningfully to the Nigerian economy,” he said.
The centre also praised Omosehin for his leadership of NAICOM, saying his extensive experience as an insurance professional had positioned him to effectively implement the new regulatory framework.
“We consider the appointment of Mr Olusegun Ayo Omosehin as Commissioner for Insurance and Chief Executive Officer of NAICOM a timely and appropriate decision. He is a seasoned insurance professional with many years of experience in the industry, and his understanding of the sector gives him the practical knowledge required to lead an important reform process of this nature. We commend him for the direction he has provided since assuming office and for his commitment to strengthening the industry,” Aminu said.
According to the centre, the ongoing recapitalisation exercise was among the important steps taken to strengthen the financial capacity of insurance companies and improve their ability to meet obligations to policyholders.
Aminu said the reforms were already producing early gains and should be sustained through consistent implementation.
“The early developments under NIIRA demonstrate that the reform is not merely a legislative exercise but a process capable of producing measurable improvements in the industry. Stronger capital requirements, improved supervision and greater attention to policyholder protection will ultimately create an insurance market that Nigerians can trust. We encourage NAICOM to remain focused on the implementation of the Act and to continue providing clear guidance to operators and other stakeholders,” he said.
The centre noted that the reforms would also help deepen insurance penetration and strengthen the industry’s contribution to national economic development.
It urged insurance companies, brokers, reinsurers, professional bodies and other stakeholders to embrace the new framework and work with NAICOM to achieve the objectives of the legislation.
“The success of NIIRA will require the cooperation of every stakeholder in the insurance ecosystem. Operators must see the reforms as an opportunity to strengthen their institutions, improve their services and regain the confidence of Nigerians. A well-regulated insurance industry can mobilise long-term capital, protect businesses and households against risks and support investment and economic growth. These are benefits that go beyond the insurance industry itself,” Aminu said.
Aminu emphasized that the centre was particularly encouraged by the emphasis on policyholder protection under the new framework, noting that public confidence remained critical to the growth of insurance in Nigeria.
He said Nigerians should be able to purchase insurance products with confidence that operators had the financial capacity and institutional structures required to honour legitimate claims.
The president further urged NAICOM to sustain its engagement with stakeholders while ensuring that the provisions of NIIRA were implemented transparently and consistently.
“What is required at this stage is continuity, professionalism and commitment to the objectives of the law. The reforms must be sustained beyond the initial implementation period so that the gains can become permanent features of the industry. We believe NAICOM, under the leadership of Mr Ayo Omosehin, has an important responsibility to ensure that the momentum is maintained, and we encourage all stakeholders to support the commission in delivering on this mandate,” he said.
The centre said the successful implementation of NIIRA would strengthen confidence in the insurance sector, improve the protection available to policyholders and position the industry to play a greater role in Nigeria’s economic transformation.
It also called for continued collaboration between NAICOM, insurance operators and other stakeholders to ensure that the objectives of the new law were fully achieved.
News
Hon. Amb. Jim Okolo Promotes Nigeria’s Vast Potential at New York Independence Day Celebration
As Nigerians from across the United States gathered in Manhattan to celebrate Nigeria’s Independence Day in grand style, Hon. Amb. Jim Okolo used the occasion to share an inspiring message about Nigeria’s immense possibilities, rich cultural heritage, and promising future.
Speaking with members of the media during the colourful celebration, Hon. Amb. Okolo described Nigeria as one of the most blessed nations in the world, endowed with abundant natural resources, a dynamic population, and a cultural heritage that continues to earn global recognition.
According to him, Nigeria possesses enormous deposits of valuable minerals and other natural resources that, if fully harnessed, can accelerate economic growth and create prosperity for millions of citizens. He noted that the country is strategically positioned to become a leading destination for investment in mining, agriculture, technology, manufacturing, and infrastructure development.
Beyond its natural wealth, Hon. Amb. Okolo emphasized that Nigeria’s greatest strength remains its people. He praised the creativity, resilience, intelligence, and entrepreneurial spirit of Nigerians, pointing out that Nigerian professionals, innovators, academics, and business leaders continue to excel in various sectors across the world.
The respected diplomat also spoke passionately about Nigeria’s unique cultural identity. From the colourful festivals of its diverse ethnic groups to its globally celebrated music, fashion, literature, cuisine, and film industry, he described Nigeria as a nation whose cultural influence extends far beyond its borders.
He noted that Nigeria’s diversity is one of its greatest treasures, bringing together hundreds of ethnic nationalities with distinct traditions and languages that collectively form a vibrant and unified national identity.
While addressing questions on security, Hon. Amb. Okolo maintained that although Nigeria faces certain security challenges, the situation is not always as severe as often portrayed by social media discussions and sections of the international media. He stressed that millions of Nigerians continue to live, work, study, invest, and contribute meaningfully to society every day.
He called on the international community, investors, and members of the diaspora to focus on Nigeria’s strengths, opportunities, and achievements rather than allowing negative narratives to define the country’s image.
“Nigeria remains a land of opportunity, innovation, and hope. It is a nation blessed with extraordinary human capital, abundant resources, a rich cultural heritage, and a people whose determination and resilience continue to inspire the world,” he said.
The celebration was attended by several distinguished personalities, including the United Nations Secretary-General, Hajia Amina Mohammed, the Nigerian Ambassador to the United Nations, diplomats, business leaders, community stakeholders, and prominent members of the Nigerian diaspora.
The event transformed parts of Manhattan into a vibrant showcase of Nigerian pride, featuring cultural exhibitions, traditional performances, business networking sessions, authentic Nigerian cuisine, and displays highlighting the country’s achievements and diversity.
Adding excitement to the festivities were thrilling performances by internationally acclaimed Nigerian music stars Patoranking, Runtown, and BNXN (formerly known as Buju), who entertained thousands of attendees and demonstrated the growing global appeal of Nigerian music.
As the celebration came to a close, the message from Hon. Amb. Jim Okolo resonated strongly among participants: that Nigeria is far more than the challenges often highlighted in headlines. It is a nation blessed with extraordinary talent, vast opportunities, cultural richness, and the potential to achieve even greater success on the global stage.
News
Mailafia: Critics Won’t Stop My Peace Cup Mission
…as Mailafia 10th Edition Peace Cup set to kick off 10th October
Amb. Dr. Yakubu Agabi Mailafia, organiser of the Mailafia Peace and Unity Football Competition, has said he will not be deterred by criticisms over the resources he commits to the annual grassroots football tournament, insisting that his focus remains on creating opportunities for young talents.
Mailafia stated this on Saturday during the draws for the 10th edition of the competition, where he said he derives peace and fulfilment from organising the tournament because of its contribution to youth development, talent discovery and peaceful coexistence.
He said despite comments by some people that he was wasting his resources on the competition, he remained committed to the initiative because of the opportunities it provides for young footballers.
“People have said that I am wasting my resources in organising the competition, but I am not perturbed by what they are saying,” Mailafia said.
According to him, his major concern is to ensure that young and talented players are given the opportunity to showcase their abilities and pursue football careers, not only in Nigeria but also abroad.
Mailafia said the competition had continued to enjoy grassroots support, describing it as a platform that has attracted attention beyond Nasarawa State and Nigeria.
“I find peace organising this competition,” he said, adding that it was “the only competition that carries grassroots support, not just in Nigeria but in Africa.”
He said the tournament was more than a football competition, stressing that it was intended to provide young people with a platform through which their talents could be identified, developed and exposed to opportunities.
Mailafia therefore charged the organisers of the 10th edition to remain committed and focused, urging them to take ownership of the competition and ensure that it was conducted according to acceptable best practices.
“I want the organisers to be committed and focused and see the competition as their own, to take over ownership of the competition and ensure that it is done with the best practice needed,” he said.
The 10th edition of the Mailafia Peace and Unity Football Competition is scheduled to commence on October 10, 2026, with 32 teams drawn from across Nasarawa State expected to participate in the tournament.
Speaking during the draws, President of the Dedere Progressive Mandate Youth, Comrade Aminu Musa Rilwanu, said the exercise was organised to prepare the teams and officials for the commencement of the competition.
Rilwanu said the competition, hosted annually by Mailafia, Majinkiran Daddere, had contributed to the discovery and development of football talents at the grassroots.
He said thousands of youths had benefited from the competition at the state, national and international levels, citing Anas, a former Nasarawa United player, as one of the players discovered through the tournament.
According to him, Anas was spotted through the competition and has since progressed in his football career abroad.
Rilwanu said the tournament had therefore continued to serve as a platform for young footballers to demonstrate their abilities and pursue opportunities beyond their communities.
“The draws are to prepare the players and organise for the competition proper,” he said.
He urged all the 32 participating teams to approach the tournament with the spirit of peace and unity, stressing that their participation should contribute to peaceful coexistence among youths across Nasarawa State.
“We urge all the 32 teams from across Nasarawa State to ensure that their participation will bring about unity and peace in the state,” Rilwanu said.
He also called on officials involved in the competition to demonstrate commitment and maintain effective communication throughout the tournament.
Rilwanu said dignitaries from within and outside the state were expected to grace the opening ceremony on October 10, as activities begin for the 10th edition of the competition.
According to verifiable reported, the annual tournament has over the years provided a grassroots platform for young footballers to compete, develop their skills and seek opportunities for progression within and outside Nigeria.
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