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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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STATEMENT ISSUED BY PROGRESSIVES ALLIANCE FOR JUSTICE, UNITY AND DEMOCRACY (PAJUD)

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THE FALLACIES OF MIKE IGINI

“It is mean and cowardly and an evidence of weakness and utter demerit, for any group of people to attempt to commend themselves to the public by the negative process of belittling and condemning others.”_

  • Chief Obafemi Awolowo, 28th April, 1951.

The attention of the Progressives Alliance for Justice, Unity and Democracy (PAJUD) has been drawn to the barrage of insults heaped by Mike Igini, former Resident Electoral Commissioner of the Independent National Electoral Commission (INEC), against every perceived and imaginary obstacle to his personal agenda.

We posit that since the return of democracy in 1999, the Nigerian political and electoral firmament has been overdosed with different genres of characters – the good, the bad and the ugly.

We state categorically and without fear of contradiction that President Bola Ahmed Tinubu is NOT responsible for the non-appointment of Mike Igini as either Chairman of INEC or National Commissioner since he left office in disgrace and engulfed in controversies in the South-South.

Igini must understand that such appointments are not done willy-nilly. They are based on several criteria. He has served two full terms as Resident Electoral Commissioner. For him to be nominated as National Commissioner, a vacancy must exist for his state. This is apart from the principle of rotation of the position among states in the geo-political zone.

Those who know President Bola Ahmed Tinubu closely know he is a leader who does not deliberately shut the door against competence and capacity. Anyone holding him in contempt on this matter is either being mischievous or acting out the script of the opposition, just like the present issue at stake.

It is unfortunate that Igini has allowed himself to be taken advantage of, dancing to the rhythm of anti-Tinubu and anti-Amupitan rogue agents.

We find it compelling to state unequivocally that Igini is blatantly scheming to discredit the present government and the Amupitan-led leadership of INEC in anticipation of reward by opposition elements and spent forces, if they ever win in the post-2027 general elections.

Over the years, we have watched the transformation of Igini from lawyer, to public affairs commentator, to agitator, until the PDP government appointed him Resident Electoral Commissioner.

We are amused at Igini’s feeble attempts at returning to public reckoning, using barefaced criticism, outright lies, mischief and fallacies against the Renewed Hope and reformative agenda as a springboard to relevance and prominence.

For an egocentric, self-seeking bigot and Mr. Know-All like Igini, he wants to remain relevant as a bride for any juicy INEC Election Management Committee headship or membership, which we know will never happen in this dispensation as a result of his antecedents while in office – an era marred by allegations of partisanship, disloyalty and endless controversies.

Your tenure as REC in Cross River State was characterised by mudslinging between you and a political party over unethical conduct unbecoming of an electoral officer. Similarly, your flexing of muscles and one-sided narratives during your tenure as REC of Akwa Ibom State is still very fresh in our memory. Till date, you are still spewing negative narratives against one of the politicians you fought in that state to high heavens.

Nigerians from all strata continue to wonder where the monies for the live telecast of Igini’s exit as Resident Electoral Commissioner of Akwa Ibom State originated from. In the history of INEC – from Dr. Ephraim Akpata, Alhaji Shehu Musa, Dr. Abel Guobadia, the much-vilified Prof. Maurice Iwu, Prof. Attahiru Jega reputed to be Igini’s benefactor, to Prof. Mahmood Yakubu – none of them had the temerity for such lavish display and grandeur during their exit. What was witnessed in the last days of Igini as REC in Akwa Ibom evokes serious questions about collective decency, decorum, moral rectitude and values.

Any argument in support of such an extravagant exit lacks integrity, for the simple reason that the pay slip of INEC Resident Electoral Commissioners and even National Commissioners is not a hidden document. It is known to the Nigerian public.

We believe that if we are sincere in this country, Igini should focus on more important non-partisan issues than chasing shadows. Igini should also address his own record, including the troubling episode of a Kenyan national engaged by INEC as a consultant some years ago, where the voter register fingerprints of Nigerians were allegedly compromised and handed to foreign interests. That despicable act is still fresh in our memory.

As overwhelming majority of Nigerians with voting rights are aware, there is an uncanny lust for power by desperate opposition politicians lurking on the horizon. They are deploying everything on earth just to grab power in 2027, and for no just cause but simply for selfish personal aggrandizement. They have recruited former staff, Directors, Resident Electoral Commissioners and National Commissioners to help execute their warped agenda and barefaced propaganda to deceive gullible Nigerians who will swallow every hook, line and sinker narrative framed by them.

We unreservedly agree with many who have suggested that as a believer in God, Igini should not allow his mind to be poisoned by the notion that any power outside the influence of God could have been responsible for the failure of his emergence as either National Commissioner or Chairman of the Commission.

Whatever it is, there seems to be more to it than meets the eye. The process of creating anarchy starts with incitement against the government, the electoral empire and security agencies. It often appears so smooth as to be imperceptible, hence those who engineer it enjoy the process at the initial stage, only to be consumed at the end of the day.

Elements in the class of Igini, who are acting out the script of falsehood purveyors and peddlers, will be put to shame at the end of the day. There is no doubt that Nigerians are going to have a well-deserved, credible, transparent, free and fair election in the 2027 general elections.

Above all, nobody can dispute the fact that President Bola Ahmed Tinubu nominated people with impeccable ability, capacity, loyalty, patriotism and honesty as members of the election management structure that will drive our democracy forward, in a manner that both Nigerians and the international community will be proud of like never before in our annals.

The focus of the Tinubu administration remains its much stronger determination to protect and respect the sanctity and fidelity of the ballot during the forthcoming elections.

We implore Mike Igini to stop the rabble-rousing, negative framing, mischief, mudslinging and casting of aspersions against the electoral umpire and Mr. President, and find something reasonable to do to earn a living just like other Nigerians, instead of going from one radio station to television stations across the country. His antics are already known to Nigerians who are far more sophisticated and politically savvy than before.

A word is enough for the wise… “WHEN YOU CONDEMN PEOPLE, YOU BRING JUDGEMENT ON YOURSELF.”

Signed:Comrade Yakubu Dan Abba
Country Representative, PAJUD.

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PAJUD Accuses Mike Igini of Political Grandstanding, Defends Tinubu, Amupitan

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The Progressives Alliance for Justice, Unity and Democracy (PAJUD) has accused former Independent National Electoral Commission (INEC) Resident Electoral Commissioner, Mike Igini, of attempting to discredit President Bola Tinubu’s administration and the leadership of the electoral body, describing his criticisms as politically motivated.

The group, in a statement signed by its Country Representative, Comrade Yakubu Dan Abba, alleged that Igini was seeking to regain public relevance through persistent criticism of the government and the leadership of INEC under its current chairman, Prof. Joash Amupitan.

PAJUD, however, did not provide independent evidence to substantiate its allegations about Igini’s motives.

The group maintained that Tinubu was not responsible for Igini’s non-appointment as INEC chairman or national commissioner after completing his tenure as a Resident Electoral Commissioner, arguing that such appointments were subject to established criteria, vacancies and rotation arrangements among states within geopolitical zones.

“Those who know President Bola Ahmed Tinubu closely know he is a leader who does not deliberately shut the door against competence and capacity,” the statement said.

The group further alleged that Igini’s criticisms were intended to undermine the current administration and INEC’s leadership in anticipation of political rewards from opposition elements following the 2027 general elections.

PAJUD also questioned Igini’s record during his service as Resident Electoral Commissioner in Cross River and Akwa Ibom states, citing past disagreements with political actors and what it described as controversies surrounding his conduct in office.

It also raised questions about the cost and circumstances of the live television broadcast of Igini’s exit from office in Akwa Ibom State, comparing the event with the departures of previous INEC chairmen and other senior electoral officials.

The group did not provide documentary evidence to establish wrongdoing in connection with the broadcast.

In another allegation, PAJUD called on Igini to address what it described as concerns surrounding the engagement of a Kenyan national as an INEC consultant and the alleged compromise of Nigerian voters’ fingerprint data. The statement, however, did not present evidence establishing that Igini was personally responsible for any compromise of the data.

The alliance accused opposition politicians of attempting to discredit the electoral system ahead of the 2027 elections, alleging that some former electoral officials were being used to advance political interests. It did not identify the individuals allegedly involved or provide evidence supporting the claim.

PAJUD, meanwhile, expressed confidence in the ability of the current INEC leadership to conduct credible, transparent, free and fair elections in 2027.

It said the Tinubu administration remained committed to protecting the integrity of the ballot, adding that the president had nominated individuals it described as capable, patriotic and committed to the country’s democratic development.

The group urged Igini to refrain from what it characterised as inflammatory criticism of the president and the electoral commission, insisting that public discourse on electoral reform should be guided by responsibility and respect for democratic institutions.

Quoting former Premier of the Western Region, Chief Obafemi Awolowo, the alliance recalled his statement of April 28, 1951, that it was “mean and cowardly” for any group to seek public approval by belittling and condemning others.

PAJUD concluded by urging Nigerians to remain confident in the electoral process ahead of the 2027 general elections, while reiterating its support for the Tinubu administration and the current leadership of INEC.

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FJF Backs NSCDC Probe into Niger Miners’ Deaths, Cautions Diaspora Group Against Protest

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The Freelance Journalist Federation (FJF) has expressed confidence in the committee investigating the reported deaths of 37 miners in Niger State, urging the public to allow the panel to conclude its assignment without undue pressure.

The federation’s position followed threats by the Nigeria Diaspora Organizations and Community for Human Rights (NDOCHR) to stage a protest at the headquarters of the Nigeria Security and Civil Defence Corps (NSCDC) in Abuja over alleged delays in releasing the investigation’s findings.

FJF in a statement issued on Friday and jointly signed by FJF conveners Ibrahim Ali, Jonathan Modi, Okpara Isaac and Christopher Abah, described the investigative process as transparent and thorough, insisting that sufficient time should be allowed for the committee to complete its work and establish the facts surrounding the incident.

The federation criticised the proposed demonstration, describing it as unnecessary and politically motivated, while warning against actions that could heighten tensions over an issue involving the loss of human lives.

It also commended the leadership of the NSCDC, the Minister of Interior and President Bola Ahmed Tinubu for what it described as their commitment to transparency, accountability and the rule of law.

According to the FJF, local civil society organisations monitoring the proceedings have expressed satisfaction with the panel’s conduct. However, the federation maintained that the investigation should be allowed to run its course before conclusions are drawn.

The group also rejected calls by the diaspora organisation for the immediate removal and prosecution of the NSCDC Commandant-General, Dr Ahmed Abubakar Audi, describing the demands as premature and inconsistent with the principle of fair hearing.
It argued that calls for sanctions before the conclusion of the investigation could undermine due process and prejudice public perception of the committee’s work.

The NDOCHR had also threatened to petition the International Criminal Court (ICC) in The Hague over the matter. In response, the FJF maintained that Nigeria’s domestic legal and investigative institutions should be allowed to address the allegations through established procedures.

The federation urged Nigerians in the diaspora to exercise restraint and avoid actions that could inflame political tensions or interfere with the ongoing investigation.

It urged members of the public to remain calm and await the committee’s official findings, stressing that a thorough investigation was necessary to establish the circumstances surrounding the reported deaths and determine any responsibility arising from the incident.
The committee’s final findings and any subsequent official actions are expected to be central to resolving the concerns surrounding the incident.

The statement further called on the Inspector-General of Police and other security agencies to take appropriate steps to maintain public order in the Federal Capital Territory.

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