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CBN lists FX gains restriction on 41 Items …projects foreign reserve to hit $40bn

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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.

 

 

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Ex-gov candidate Nwosu, Akpabio’s SA Ibritam, others bag MSc from UniAbuja

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Former Chief of Staff to the Imo State Government and ex-governorship candidate, Uche Nwosu, along with Sir Richard Odibo, a former Federal Commissioner on the Board of the Nigeria Population Commission, Barr. Freedom Friday Ibritam, a Senior Legislative Aide to Senate President Godswill Akpabio, and three others have been awarded Master’s degrees (MSc) in Public Governance and Leadership, as well as in Policy and Strategic Studies. These degrees were conferred by the Abuja Leadership Centre (ALC) at Yakubu Gowon University, previously known as the University of Abuja.

Professor Philip Dahida, the Director of the Centre, disclosed that these achievements were awarded after the recipients completed all requirements, including the successful external defense of their dissertations on Monday, March 16, 2026.

Nwosu, who previously served as Deputy Chief of Staff to the Imo State Government, Ibritam—a former senior police officer—and Odibo received their MSc degrees alongside real estate developer Egbe Oloche Daniel and Gila Ibiere Dikko. Additionally, Dr. Success Tosin Ademeso, a lecturer at the University of Abuja, earned an MSc in Policy and Strategic Studies.

After the event, Professor Dahida praised the external examiner, Professor Charles Nwekeaku from Nasarawa State University, for his thorough and professional evaluation of the MSc candidates. He urged the graduates to strictly adhere to the examiner’s counsel and ensure all suggested corrections are implemented. Dahida also encouraged them to apply the knowledge they gained for the betterment of society.

Reacting to this academic achievement, Sir Richard Odibo explained that he chose the programme (public governance and leadership) because of his interest in the subject. He noted that his research on the census in Nigeria could help the country plan more effectively and take its rightful place among nations. Odibo emphasized that the findings from his academic work could motivate scholars and citizens to advocate for the depoliticization of the census process.

He advised the Federal Government to conduct a new national census, recalling that the last one occurred in 2006. Odibo stated, “For Nigeria to have a good development plan, reliable census data is essential. Without accurate figures, planning becomes impossible. You can’t develop evenly.”

He further explained, “The need for a census is critical for us; it’s like oxygen. Without it, we’ll continue to make misguided plans, and if you fail to plan, you plan to fail.”

Odibo expressed that one major challenge Nigeria faces is obtaining reliable and acceptable census data, a problem that has persisted since before independence. As a former Federal Commissioner, he felt a personal responsibility to investigate these challenges, stating, “This became a challenge that drove me to look deeper into the reasons behind our difficulties with censuses. I believe my research will help persuade citizens and scholars alike that we must remove politics from the census process. If we can achieve that, Nigeria will benefit greatly.”

The Abuja Leadership Centre at the University of Abuja is recognized as a TETFUND Centre of Excellence for Public Governance and Leadership, dedicated to enhancing public governance and leadership in Nigeria and beyond.

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RED ALERT: Borno Under Tight Security Cordon

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☆☆As Reports inficate Possible Insurgent Threats.
By: Special Correspondent.
In apparent response to recent security developments relating to insurgent movements and emerging operational concerns within the Maiduguri, the Borno State Capital and surrounding areas, security operatives have been placed on red alert.
Our correspondent gathered over the past few days indicate that insurgent elements have been attempting to regroup and reorganise their activities in across the state, especially around Maiduguri metropolitan axis.
This is even as the Borno State Government have assured of adequate security arrangements to ward off any possible security threat.
According to findings, these developments have generated growing concern among local communities and security observers, who in turn called the attention of the Borno state government..
Although intelligence monitoring over the last three days,indicates reduction in their vissible activities, owing to patrols by security personnel and frontline defence groups, the city remains under intense watch..l
Further reports available to us indicate that some of the insurgent elements were sighted operating around Duwari village under Konduga Local Government Area, where they appear to be attempting to regroup and reposition themselves, for possible mischief during the upcoming Eid prayer gatherings, which they may perceive as opportunities to exploit large public gatherings.
Highly placed security source told our correspondent that, the current surveillance and intelligence monitoring across the state by soldiers, members of the Civilian Joint Task Force (CJTF), and other frontline defenders remains a capable check against any mischief.
“Our level of preparedness against any mischief remains on high and we are prepared to confront any insurgent threat should the situation call for it”.

“Only a few days ago, insurgent elements made an attempt to regroup in some areas around Maiduguri Metropolitan and Konduga, and upon receiving credible intelligence regarding their presence and movements, we immediately moved in with our swift operational response team”, the source added.
While reassuring that available security assets, including soldiers and members of the Civilian Joint Task Force (CJTF), are capable of confronting any insurgent group, our source, said, any attempt by any group to come into Maiduguri, will amount to “a suicide mission”, on their part.
Our correspondent further reports that, the Borno state Government has in the last few weeks provided enormous logistics and equipment to security operatives in what looks like a renewed fight against Boko Haram and ISWAP elements, who have been attempting a resurgence in activities.
Reports across Borno state indicate that, Boko Haram and ISWAP terrorists, who have been fleeing their enclaves following intense attacks on them by troops, have in the process been attacking vulnerable communities in search of food and other logistics.
Reports say most of their camps have been destroyed, and they are desperately making attempts at re-entering Maiduguri.
Camps around the notorious Sambisa forest are said to have been vacated ahead of oncomming onslaughts and the terrorists have retreated and fled into the Mandara mountains close to Nigeria’s border with Cameroun.
Subsequent surveillance checks conducted through intelligence monitoring channels confirmed that the fleeing elements were attempting to regroup in nearby locations, suggesting a continued attempt to maintain an operational presence within some areas.
Borno state Governor, Professor Babagana Umara Zulum, who recently concluded a statewide tour has expressed concerns about the operational coordination among community-based security groups, with a promuse to ginger them up for more action.
As a result, several community defence formations operate simultaneously, including, the Civilian Joint Task Force (CJTF), Hunters,Vigilante groups
and other local frontline defenders.
He has vowed to flush out, what inteligence observers, described as certain individuals within these formations, who may have indirect alignments or may be responsible for information leakages that could potentially compromise ongoing security operations.
The inteligence circle in Borno has often complained that, insurgent elements appear to have prior knowledge of local security movements and response patterns, even as it raised concerns about possible infiltration or operational compromise within these community security structures.

Governor Zulum, during his recent tour promised to remedy the situation, after a careful institutional review and restructuring in order to strengthen operational discipline and reduce vulnerabilities within the community defence architecture.
Information available to us indicate that, certain
security measures are being contemplateded for Maiduguri during the Eid celeberations, which may include strict monitoring of vehicular and human movements to minimize potential vulnerabilities that hostile elements could exploit to infiltrate the city.
While physical security alert remains in place, this medium gathered that, intelligence gathering is being strengthened and early warning mechanismsactivated across Maiduguri.
In the face of these, uneasy calm still pervade the citizenry as they prepare for the oncoming celeberations.

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Dogara Celebrates Baba Jang at 82, Hails Him as a Visionary Statesman

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Former Speaker of the House of Representatives and Chairman, Board of Trustees of the National Credit Guarantee Company Limited (NCGC), Rt. Hon. Yakubu Dogara, has joined Nigerians in celebrating Former Governor Jonah Jang, fondly called Baba Jang, as he clocks 82 years.

In a glowing tribute, Dogara described Baba Jang as a visionary leader whose life and service remain a beacon of hope for generations. He noted that Jang’s tenure as Governor of Plateau State was marked by courage, foresight, and an unwavering commitment to peace, unity, and development.

“Baba Jang’s life is a testimony of service and sacrifice. He invested in infrastructure, strengthened institutions, and worked tirelessly to foster unity in Plateau State. His leadership was never about personal gain but about building lasting foundations for progress,” Dogara said.

He further emphasized that Jang’s integrity, resilience, and mentorship have shaped leaders across Nigeria, adding that his legacy continues to inspire beyond the boundaries of Plateau State.

“As he celebrates 82 years, we honor him not just for the offices he has held, but for the enduring impact he has made on countless lives. Baba Jang remains a statesman, a father figure, and a model of quality leadership,” Dogara added.

The tribute underscores Baba Jang’s enduring influence in Nigerian politics and governance, highlighting his role as a leader whose footprints on the sands of time cannot be erased.

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