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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
‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain
By Emmanuel Kuza
A chieftain of the Peoples Democratic Party (PDP) in Nasarawa State, Abuga Ovie, has described the name Ombugadu as a political brand, saying the popularity and wide acceptance of the name have made David Emmanuel Ombugadu a major force in the state’s political landscape.
Ovie, who stated this in an interview on Tuesday, said what started as opposition from some of Ombugadu’s biological brothers and people he described as fathers and uncles who betrayed him for personal political interests had now assumed a wider dimension, with political parties allegedly joining the battle against him.
According to him, the latest development was an attempt to undermine the political value of the Ombugadu name by presenting another person with the same surname, describing it as an indication of how far some political actors were prepared to go to weaken the PDP governorship candidate.
“Ombugadu is a brand, not a title. The people are not fools. They know their own. You cannot simply bring another person bearing the same name and expect the people to forget the political identity that Ombugadu has built over the years,” he said.
He further alleged that a former governor was working to introduce a political associate who had served as Accountant-General of Nasarawa State into the political equation, with the alleged objective of destabilising the PDP and weakening its chances by ensuring that the party fields a less competitive candidate in 2027.
“The plan, as we understand it, is to destabilise the PDP and make sure the party presents a weak candidate, thereby creating an advantage for the former governor’s preferred candidate. But all those efforts have proved abortive because the national leadership of the PDP stood its ground and refused to lose its best bet for the 2027 governorship election,” Ovie said.
The PDP chieftain said the resolve of the national leadership to retain Ombugadu had demonstrated the confidence the party had in his capacity to win the governorship election, despite what he described as attempts by some political actors to frustrate his ambition.
Ovie urged political parties and their leaders to resolve their internal differences instead of concentrating their efforts on Ombugadu, whom he compared to David in the Bible, saying he remained focused despite betrayal and opposition from those close to him.
“Ombugadu is like David in the Bible. Even when his brothers forsook him, he remained focused. Today, despite the people who have betrayed him, he remains focused and has a blueprint that can rescue Nasarawa State,” he said.
He said political parties should concentrate on presenting their programmes and convincing voters about how they intend to address the challenges confronting the state rather than expending their energy on attempts to stop Ombugadu.
“Political parties should fix their problems instead of wasting their strength fighting Ombugadu. Let everybody bring their blueprint before the people and explain what they intend to do for Nasarawa State,” he said.
Ovie maintained that the 2027 election should be about ideas, competence and the future of Nasarawa State, rather than attempts to manipulate political structures or undermine individuals perceived to enjoy strong grassroots support.
He urged the people of the state, particularly the Eggon community, to remain politically vigilant and resist what he described as efforts to make them settle for less, insisting that voters would ultimately determine who enjoys their confidence at the polls.
Reduce repeated references to Ombugadu
News
200 widows benefit from empowerment outreach in Plateau
By Israel Adamu, Jos
Two hundred widows from communities across Langtang North Central State Constituency of Plateau State have benefited from an empowerment outreach organised by Gimbiya Gani Nandir Lar under the Jagoran Talakawa movement.
The outreach, held at Pilgani in Langtang North Local Government Area, was aimed at supporting vulnerable women and drawing attention to the challenges faced by widows, particularly those struggling to provide food, pay school fees and meet other basic needs for their families.
The organiser, Nandir Lar, who is the All Progressives Congress, APC, candidate for Langtang North Central State Constituency, said the gesture was motivated by compassion and concern for vulnerable members of the society.
She stressed that the outreach was not a political programme but an expression of love and support for humanity.
Nandir Lar said: “The plight of widows may not always make headlines, but their struggles are real, painful and deserving of our collective attention.
“This is simply an expression of compassion and love for humanity. It is not a political programme.
“Our constituency is home to people with diverse needs, including mothers, widows and young people who are seeking opportunities to improve their lives.”
Former Provost of the Federal College of Education, Pankshin, Amos Chirfat, commended the initiative, saying it had brought smiles to the faces of vulnerable women in the constituency.
Minority Leader of the Langtang North Legislative Council, Dirya Sheni, also commended Nandir Lar for supporting widows and other vulnerable members of the community.
At the end of the outreach, each of the 200 beneficiaries received a 10-kilogramme bag of corn flour, seasoning and N10,000 cash
News
SCUML, REDAN Strengthen Collaboration on Anti -Money Laundering Compliance
By Francis Wilfred
The Special Control Unit against Money Laundering (SCUML), and the Real Estate Developers Association of Nigeria (REDAN) have expressed commitment to ensure a full compliance with the Anti Money Laundering/Counter Finance on Terrorism/Counter Proliferation Financing, (AML/CFT/CPF) laws within the Nigeria’s real estate sector.
They made the resolve during a stakeholders’ engagement held on Thursday, September 10, 2026
The engagement focused on Mutual Evaluation readiness, risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and stronger collaboration between SCUML and the real estate sector.
Assistant Commander of the EFCC, ACE 1 Ibinabo Amachree, speaking on behalf of SCUML highlighted the strategic role of real estate operators in protecting the integrity of Nigeria’s financial system, particularly given the sector’s vulnerability to money laundering and other financial crime risks.
Amachree encouraged REDAN members to move beyond registration to ensure that compliance is embedded in their day-to-day operations. He mentioned the areas to include: understanding institutional risks, knowing customers and beneficial owners, identifying politically exposed persons, conducting appropriate sanctions screening, maintaining effective internal controls and meeting applicable reporting obligations
He, therefore, reaffirmed readiness to working closely with REDAN and other stakeholders to improve compliance, build capacity and promote a stronger culture of accountability across the real estate sector
“The message is clear: effective compliance is not just about meeting regulatory requirements; it is about protecting businesses, strengthening the real estate sector and safeguarding the integrity of Nigeria’s financial system”, she said.
In his remarks, the Chairman of REDAN, Lagos state, Mr Tony Kolawole pledged readiness to partner with SCUML in ensuring compliance with AML/CFT/CPF in the real estate sector to uphold financial integrity.
The engagement also provided an opportunity for REDAN members to share practical regulatory and operational challenges affecting the sector, reinforcing the importance of continuous dialogue between regulators and industry stakeholders.
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