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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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TETFund Begins Construction of Abuja Leadership Centre

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The Tertiary Education Trust Fund (TETFund) has initiated the construction of the Abuja Leadership Centre of Excellence in Public Governance at Yakubu Gowon University, formerly known as the University of Abuja.

The Executive Secretary of TETFund, Sonny Echono, officially launched the project alongside the Vice-Chancellor of the University of Abuja, Professor Hakeem Babatunde Fawehinmi, and the Director of the Centre, Professor Philip Dahida, during a ceremony held on Tuesday in Jahi, Abuja.

During the event, Echono emphasized the goal of making the Abuja Leadership Centre “a stopping point for every leader visiting the country.” He described leadership as a crucial element of national development, noting that the success or failure of nations often hinges on the quality of leadership they cultivate.

He highlighted that effective leadership relies on a collective effort to utilize intellectual, human, and material resources, which, when efficiently coordinated, can drive national development aspirations.

Echono disclosed that TETFund plans to commission approximately 467 projects across tertiary institutions nationwide between now and October. “It is my prayer and hope that this centre will become a stopping point for every leader visiting our country. Its location in the nation’s capital is not accidental,” he remarked.

The TETFund boss expressed optimism that the Abuja Leadership Centre would develop into a world-class facility capable of nurturing leaders across various sectors of the economy and hosting globally recognized speeches, conventions, and declarations.

The TETFund Executive Secretary urged the contractors responsible for the project to meet expectations, emphasizing that the goal is to create a facility of international standard. He assured that TETFund would provide funding not only for construction but also for high-quality furniture and equipment.

According to him, the Centre is envisioned as more than just a conference hall or auditorium; it aims to be a top-tier leadership facility where visiting heads of state and their delegations will feel at home, comparable to similar facilities worldwide.

Echono praised the leadership of the University of Abuja and the Centre for the stability and direction they have brought to the institution, reaffirming TETFund’s commitment to collaborating in order to realize the vision of the university’s founders. He emphasized that, by its name and mandate, the university must continue to promote national unity, integration, and excellence, particularly in leadership and governance.

Regarding the commissioning of projects, he noted that it would not be feasible for the agency to inaugurate all projects directly, but at least 50 iconic projects would be selected across the states, with a minimum of two to three in each state.

Earlier, in his remarks, Vice-Chancellor Professor Fawehinmi stated that the groundbreaking ceremony marks a new phase in the university’s collaboration with TETFund. He noted that the Abuja Leadership Centre would function as a center of excellence for public governance and leadership, serving as a national hub for training future leaders who will significantly impact policy formulation and national development.

The Vice-Chancellor commended Echono’s leadership at TETFund, pointing out that under his guidance, the agency has transformed tertiary education not only through physical infrastructure but also in staff development, libraries, and other essential facilities.

He expressed confidence that TETFund would ensure the timely completion and proper furnishing of the Abuja Leadership Centre so that it can be fully utilized to achieve its objectives. Fawehinmi assured that the university would maximize the use of the facility, describing the project as a historic intervention that would be remembered for years to come.

“Today, we further strengthen our long-standing partnership, and we are delighted to announce that this Abuja Leadership Centre will be a center of excellence for public governance and leadership. It will serve as a national hub for training future leaders who will be involved in policy decisions for the development of their country. We extend our gratitude to you and your team, as we recognize the importance of nurturing our relationship into the future. Executive Secretary, you have done exceptionally well over the years. You have led one of the most impactful intervention agencies for tertiary education in the country, and we are very proud of your achievements,” he added.

The Director of the Abuja Leadership Centre, Professor Dahida, praised TETFund for commencing the construction of its permanent site, stating that the development signifies the realization of a vision rooted in the belief that leadership is the most vital resource for good governance, institutional excellence, and national development.

Dahida revealed that the Centre was established to serve as a hub for thought leadership, capacity development, policy dialogue, and ethical reorientation, not only for the University of Abuja but for Nigeria and the wider African region. Adding that the Centre is also designed to bridge the gap between theory and practice, academia and policy, and leadership ideals with real-world application.

He charged the contractor to execute the project strictly in line with the approved specifications, timelines, and agreed standards. Stressing that the facility must reflect world-class quality, professionalism, and durability, while public funds entrusted to this project must translate into tangible value, accountability, and excellence.

“Today marks far more than the commencement of a construction project. It signifies the physical birth of a vision, one rooted in the conviction that leadership is the most critical resource for good governance, institutional excellence, and national development.

“The Abuja Leadership Centre, TETFund Centre of excellence, was established to serve as a hub for thought leadership, capacity development, policy dialogue, and ethical reorientation, not only for the University of Abuja but for Nigeria and the wider African region.

“At a time when nations are confronted with complex governance challenges, evolving public expectations, and rapid socio-economic change, the need for principled, competent, and forward-looking leaders has never been more urgent.

“I wish to express our deepest and most sincere appreciation to the Tertiary Education Trust Fund (TETFund), and in particular to the Executive Secretary- Dr. Sunday Echono, for the approval and support that made this project possible.

“I also wish to specially commend the Vice-Chancellor of the University of Abuja, Prof. Hakeem Babatunde for his exemplary leadership, swift action, and unwavering support. From assumption of office, the Vice-Chancellor has demonstrated uncommon commitment to institutional growth and innovation.

“As we formally break ground today, I take this opportunity to enjoin the contractor to execute this project strictly in line with the approved specifications, timelines, and agreed standards. This facility must reflect world-class quality, professionalism, and durability. Public funds entrusted to this project must translate into tangible value, accountability, and excellence,” Dahida warned.

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Civil Society Groups Commend Senator Jarigbe’s Performance, Urge Responsible Public Discourse

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Civil Society Groups for Good Governance (CSGGG), an alliance of over 180 organizations promoting transparency, accountability, and good governance, has commended Senator Agom Jarigbe Jarigbe for his legislative and constituency achievements in the 10th National Assembly. Following an independent assessment of his performance, the groups passed a vote of confidence in the senator while urging citizens and political actors to exercise caution against unverified allegations, smearing, and campaigns of calumny.

In a statement signed by Comrade Ogakwu Dominic, President of the group, CSGGG addressed recent reports circulating online that claimed contracts for motorcycles, computing equipment, emergency rice supplies, and solar-powered streetlights in parts of Cross River North were awarded to a company allegedly linked to the senator and his family. While critics raised concerns about potential conflicts of interest and adherence to public procurement rules, the civil society organizations noted that Senator Jarigbe has consistently prioritized the welfare of his constituents. The senator has described the allegations as politically motivated and stressed that the proper execution and delivery of projects should be the primary measure of accountability.

The independent assessment by CSGGG concluded that Senator Jarigbe’s interventions have produced measurable and widespread benefits across Ogoja, Yala, Bekwarra, Obudu, and Obanliku Local Government Areas. In education, he has facilitated the construction, renovation, and furnishing of classrooms, staff rooms, and modern toilets in numerous primary and secondary schools, significantly improving learning environments for thousands of students.

Infrastructure projects under his watch have enhanced connectivity and trade, with the completion and rehabilitation of major roads linking rural and semi-urban communities and ongoing works on strategic routes such as Ibil–Abakpa, Busangfong, and Yahe–Ukelle. Bridges at Ukpagada in Ogoja and Amukwong in Obudu have further eased movement, while over 180 solar-powered and motorized boreholes have been installed to provide safe drinking water to communities across the district.

Electrification and streetlight initiatives have transformed public spaces and improved security, with 500KVA transformers energizing multiple wards and solar-powered streetlights illuminating towns, markets, and major roads throughout Cross River North.
Healthcare interventions, including medical outreach programmes, distribution of equipment to ten primary healthcare centres, and the enrollment of 1,000 constituents in the JariCare Health Insurance Scheme, have strengthened access to essential health services for vulnerable populations. Farmers have benefited from tractors, fertilizers, and hand tillers, while youths have gained skills through aquaculture and data management training, enhancing both productivity and employability.

Senator Jarigbe’s human capital and empowerment programmes have reached thousands of constituents. Beneficiaries include students awarded fully funded scholarships, vocational trainees, school lecturers and students equipped with laptops, youths and traditional rulers provided with motorcycles and tricycles, businesswomen supported with cash grants, and households assisted with food and financial aid to cushion economic hardship. Recreational facilities, including an ultra-modern mini stadium in Ogoja and community recreation centres, have fostered youth engagement and community cohesion.

Comrade Ogakwu Dominic urged the public and political actors to base discourse on verified facts, emphasizing that discussions should focus on accountability and development outcomes rather than unsubstantiated claims or political smears. “Our independent assessment confirms tangible results in the senator’s legislative and constituency work. While oversight is essential to democratic governance, it must be balanced, fair, and evidence-based,” he stated.

CSGGG concluded that Senator Jarigbe’s record demonstrates legislative diligence and a sustained commitment to equitable development, with significant improvements in education, infrastructure, water supply, electrification, healthcare, agriculture, human capital development, and community empowerment across Cross River North.

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Bauchi State at 50: Dogara Salutes Cradle of Excellence

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Fifty years after its creation in 1976, Bauchi State has risen to become one of Nigeria’s most influential states, celebrated for its resilience, cultural richness, and remarkable contributions to national development. Known as the “Home of Tourism” for its natural endowments and attractions such as the Yankari Game Reserve, Bauchi has also distinguished itself as a cradle of leadership, scholarship, and service.

As the state marked its golden jubilee, Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives, spoke to reporters and paid glowing tribute, describing Bauchi as a “cradle of excellence” that has consistently produced some of the finest leaders, scholars, and professionals within and outside Nigeria. Dogara stressed that Bauchi’s story is not only about its longevity but about the quality of its people. “At 50, Bauchi stands tall as a state that has consistently produced the best of brains, men and women whose impact has shaped Nigeria’s destiny,” he said.

From independence to the present day, Bauchi has been home to towering figures whose contributions remain etched in Nigeria’s history. Among them is Sir Abubakar Tafawa Balewa, Nigeria’s first and only Prime Minister, fondly remembered as the “Golden Voice of Africa.” The state has also produced Bala Abdulkadir Mohammed, current Governor and former Minister of the Federal Capital Territory; Ahmadu Adamu Mu’azu, former Governor and ex-National Chairman of the PDP; Isa Yuguda; Mohammed Abdullahi Abubakar; and Abubakar Tatari Ali, the first civilian governor. Yakubu Dogara himself stands as a symbol of Bauchi’s leadership legacy, alongside Yayale Ahmed, former Secretary to the Government of the Federation and Minister of Defence; Adamu Adamu; Muhammad Ali Pate; Halliru Dauda Jika; and Mariam Yalwaji Katagum.

Bauchi’s influence extends beyond politics. In religion and tradition, the state is home to Rilwanu Suleimanu Adamu, the 11th Emir of Bauchi, and Sheikh Dahiru Bauchi, a prominent Islamic scholar and leader of the Tijjaniyyah Sufi order. In public service and academia, Bauchi has produced Aminu Saleh, former Secretary to the Government of the Federation; Dr. Abdulkadir Ahmed, Nigeria’s longest-serving Central Bank Governor (1982–1993), who managed the economy through the Structural Adjustment Programme; and Alhaji Sule Katagum, the first Chairman of Nigeria’s Federal Public Service Commission and one of the famed “super permanent secretaries” of the independence era. Others include Maikanti Baru, former Group Managing Director of the NNPC; Mahmood Yakubu, former Chairman of the Independent National Electoral Commission (INEC); Dr. Ibrahim Tahir, the late Talba of Bauchi, renowned intellectual and politician; Late Alhaji Ibrahim Gamawa; Hon. Yusuf Maitama Tuggar, current Minister of Foreign Affairs; Alhaji Muhammad Habibu Aliyu, former Minister; and Dr. Musa Babayo, former National Secretary of the PDP and current Chairman of FERMA.

The state also takes pride in its revolutionary thinkers and cultural icons. Sa’adu Zungur, the Nigerian poet, nationalist, and social critic, remains one of Bauchi’s finest intellectuals, remembered for his fearless advocacy and writings that inspired generations. His legacy as a revolutionary voice adds depth to Bauchi’s reputation as a land of ideas and courage.

In sports, Patrick Pascal, a former Super Eagles player and team coordinator, and the late Stephen Keshi, coach and player associated with Bauchi, further highlight the state’s diverse contributions.

Beyond personalities, Bauchi State boasts enduring qualities that make it a source of pride. Its educational institutions, such as Abubakar Tafawa Balewa University, have produced graduates excelling nationally and internationally. Its cultural heritage, rich traditions, and diverse ethnic groups enrich Nigeria’s social fabric. Its fertile agricultural land and mineral resources sustain livelihoods, while tourism sites like Yankari Game Reserve attract global attention. Bauchi’s clerics are respected across Nigeria and beyond for their contributions to Islamic education and moral guidance, while its people embody resilience and unity in the face of challenges.

As Bauchi State celebrates its golden jubilee, the tributes led by Rt. Hon. Yakubu Dogara underscore its enduring role as a beacon of intellect, leadership, and unity. Speaking to reporters, Dogara highlighted how Bauchi has produced leaders of global repute—from Sir Abubakar Tafawa Balewa to Ibrahim Tahir Talba, Aminu Saleh, Abdulkadir Ahmed, Sa’adu Zungur, Sheikh Dahiru Bauchi, and today’s professionals excelling worldwide. Bauchi continues to inspire Nigeria with its contributions to governance, education, religion, sports, and culture.

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