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The Imperative of Emefiele’s International Recognition on Nigeria’s Economy

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By Solomon Semaka

In the Christian Holy Book, Jesus is quoted to have said to the people of his hometown of Nazareth after they failed to recognise his messianic message of the sonship of God that a prophet is not without honour, except in his hometown and among his relatives and in his household.’ (cf Mark 6: 4, English Standard Version). The people of this little town could not believe that the little boy that grew up with them, whose parents they also knew very well could become so powerful, wise and knowledgeable about the law and scriptures like Jesus did. The elders felt they should be the ones teaching him and not the other way around. Even in our homes and offices, we trivialize people’s talents and skills because they come from certain places or are of a certain age or religion. It is also common for people to refuse to accept even the most seasoned technocrat’s leadership because of political party affiliation, tribe and even religious or gender consideration. This analogy can be likened to the case of a great financial wizard and technocrat of the Nigerian banking system in the person of Chief Godwin Emefiele, the indefatigable Governor of the Central Bank of Nigeria.

The global Banking and Financial Community over the years has been keenly observing and documenting his numerous pioneering achievements and technological innovations in the Nigerian banking system and the Central Bank of Nigeria. Little wonder, on Thursday, 13th October 2022 at the Willard Intercontinental Hotel, Washington DC, the Foreign Investment Network (FIN), organizers of the *Euroknowledge* Award For Digital Transformation conferred on the astute financial Wizard, the
‘Euroknowledge Africa Most Innovative Digital Transformation Governor of the Year Award for 2022. This more than ever before calls for genuine celebration and indeed Nigerians who are conversant with the modest yet transformational works Chief Emefiele was doing for the Nigerian economy are in great jubilation and rolling out the red carpet for him.

Chief Godwin Emefiele is no doubt a giant in the area of banking innovations. He is a pioneer not just in Nigerian banking but in Africa and indeed the world at large. The CBN under Emefiele has emerged as a pace-setter in the payments system with pioneering efforts in Central Bank Digital Currency (CBDC). This is the first of its kind and a marvel even to the International Monetary Fund (IMF) and the World Bank who have shown interest and are eager to key into the innovative policy, a brain child of the Central Bank of Nigeria under Godwin Emiefele. This digital currency popularly called e-Naira has clocked one year since its launch with many financial benefits to justify it’s sustainability.

Before the emergence of Emefiele, many Nigerians were ‘unbanked’ and had no access to financial and banking services, especially in rural areas. The CBN under Chief Emefiele changed that narrative and also deepened options for digital payments by licensing many Micro-Financial companies to deliver services to the grassroots. The CBN also licensed Mobile Money Agents that made it possible for Nigerians everywhere to seamlessly operate wallets on their phones, and receive and send money without any hassles. The multiplier effect of this on the economy is unquantifiable.

The CBN had, in the wake of the COVID-19 pandemic saved Nigeria from going into a terrible recession even when almost the whole world was on its knees and barely struggling to keep their economies afloat. The innovative financial management techniques and approaches used by the CBN through the AGMESIS loan scheme for SMEs and Households which stimulated local production helped save the economy. Not just that, the CBN through the able and visionary leadership of Chief Emefiele extended more stimulus packages to youths through the NYSC scheme, manufacturers and other stakeholders, the Nigerian economy did not succumb to the global recession that visited other countries. Nigerians of goodwill across all divides are grateful for this financial mastery of a Nigerian son and patriot who is now receiving international awards with reckless abandon.

Through the financial foresight and determination of the CBN Governor and keeping to the cashless policy of the CBN, Point of Sale Terminals (POS) is spread across the length and breadth of the country. Before now, only in banks could one find POS. With a secured payment system and a robust system for lodging complaints in various financial institutions and other licensed payment agents, POS operators are smiling daily to the bank with their patrons saving many man-hours that were previously wasted queuing in banking halls and bank ATM machines. Apart from the hundreds of thousands of people employed as POS vendors, the deployment of POS and their seeming availability in all shops, schools, churches, fueling stations, motor parks and even in the remotest villages has eased payments and facilitated trade all over the country.

Nigeria has become a hub for direct foreign investments in Nigeria because of the ease of doing business facilitated by the legendary financial wizard. The number of investors indicating interest in the Nigerian business environment especially the financial sector and those already doing business in Nigeria is a confirmation of the fact that Nigeria under Emefiele is a fertile ground for secured and profitable investments. With a secured payment system and a friendly forex regime, investors have nothing to fear as can be seen from the number of new investors choosing the Nigerian destination from all over the world. Nigeria’s economy is indeed growing and history will forever be kind to Chief Emefiele for his innovative financial management skills and prowess.

The CBN in conjunction with the Nigerian InterBank Settlement System (NIBSS) and the Bankers Committee set to float a National Card Scheme to improve the payment system in Nigeria. The project which has already received approval and the nod of all stakeholders is the brainchild of the CBN under Chief Godwin Emefiele. The National Domestic Card scheme is created to help drive acceptance and efficiency and reduce the operating cost of cards in the country. It is configured to address the unique ecosystem that we have to help improve payment across the nation with lower charges. This local content is at its peak with features that support micro-payment and credit, e-government, identity management, transportation, the health sector and agriculture in terms of payment. This and many other innovative solutions are the things the ‘little boy of Nazareth’ is doing that many people do not want to recognize.

As the global world recognizes and honours Chief Godwin Emefiele, it is high time we rally around him and give him our utmost support. It is noteworthy to commend Mr. President for the confidence he has reposed in the financial technocrat in driving the economy. With the ideas and international experience of Chief Emefiele, Nigeria’s banking and financial sector will soon become a rallying point globally.

Rev Solomon Semaka is the Convener Save Nigeria Movement

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Nasarawa Suffering Multidimensional Poverty, Says Ombugadu

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The governorship candidate of the Peoples Democratic Party (PDP) in Nasarawa State, Dr David Emmanuel Ombugadu, has lamented what he described as the multidimensional poverty confronting residents of the state, citing poor schools, bad roads, a weak healthcare system and high youth unemployment.

Ombugadu stated this on Tuesday during his campaign rally in Keana Local Government Area, where he outlined his development priorities and promised to address the challenges if elected governor in the 2027 governorship election.

He argued that the condition of public infrastructure, inadequate access to quality healthcare and education, and the high number of unemployed youths had compounded the difficulties facing residents, insisting that the state needed a development approach that directly improved the people’s living conditions.

The PDP candidate said his administration would prioritise road infrastructure, education, healthcare and employment generation, with a focus on communities whose development needs had remained pressing.

He also promised to promote tourism by reviving traditional festivals and exploiting the state’s cultural heritage to create economic opportunities for residents.

Ombugadu specifically pledged to revive the Arago Fishing Festival and other traditional fishing festivals, saying the initiative would help attract visitors, promote local culture and stimulate economic activities in host communities.

He said tourism could become an important source of income and employment if the state’s cultural attractions were properly developed and promoted.

On road infrastructure, the governorship candidate promised to improve connectivity between communities in Nasarawa State and neighbouring states, including Plateau, Taraba and Benue.

He explained that the proposed roads would enable communities separated by state boundaries to reconnect with their kinsmen, while facilitating the movement of people, agricultural produce and other goods.

Ombugadu cited communities with cultural, family and economic ties across state boundaries, including Tiv communities in Awe Local Government Area, arguing that improved road networks would strengthen those relationships and expand commercial activities.

He described the proposed projects as part of a border-community development policy intended to reduce isolation, improve accessibility and encourage cooperation between neighbouring populations.

The PDP candidate maintained that infrastructure development should extend beyond major towns to rural communities, where poor road networks can restrict access to markets, schools, healthcare facilities and other essential services.

He also linked the proposed development agenda to the need to create more opportunities for young people, who he identified as among those most affected by the state’s economic challenges.

Ombugadu urged residents to support the PDP in 2027, presenting his proposed interventions as a pathway towards improving living standards and addressing the development challenges he highlighted at the rally.

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2027: PDP promises jobs for youths, business support for women

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From Zwanke Zwanke, Lafia

Job creation for youths and support for women-owned businesses have emerged as key promises of the Peoples Democratic Party (PDP) in Nasarawa State as the party begins its campaign tour ahead of the 2027 governorship election.
The party made the pledge on Monday in Awe Local Government Area, where its governorship candidate, Dr David Emmanuel Ombugadu, and other candidates commenced the local government campaign tour.
The Acting Chairman of the PDP Campaign Council, Mr Mark Ogbole, said a PDP administration would create employment opportunities for young people and support women in business to improve household incomes and economic security.
He said the party was seeking the people’s mandate to serve them and address their concerns, rather than abandon them after winning elections.
Ogbole said the decision to begin the campaign in Awe reflected the party’s intention to conduct a peaceful campaign across Nasarawa State.
Earlier, Ombugadu promised to prioritise security and infrastructure development if elected governor in 2027.
He said residents, particularly farmers, must be able to access their farms and pursue their livelihoods without fear of attacks, adding that security would be the foremost priority of his administration.
On infrastructure, the PDP candidate pledged to construct and rehabilitate roads linking communities within the state and improving connections with neighbouring states.
He specifically mentioned the road linking Akiri to Plateau State and routes connecting Nasarawa with Benue, Taraba and Plateau states.
Ombugadu also promised to pursue the proposed Wuse-Taraba road link and other rural roads to improve transportation, facilitate trade and open up communities for economic activities.
He said his administration would develop local tourism, citing the Hunkuyi Fishing Festival and Awe Hot Spring as attractions with the potential to generate revenue and create employment opportunities for residents.
The candidate assured the people that the development plans and campaign promises presented in 2019 and 2023, alongside those being made ahead of the next election, would be implemented if he secured the mandate.
The state PDP Chairman, Dr Daniel Gimba, described the campaign flag-off as a demonstration of the party’s determination to provide what he called purposeful leadership and address the hardship facing residents.
He expressed confidence that the PDP would win the election overwhelmingly if the process was not rigged.
“Today is a historic and remarkable day. We have chosen to start our local government tour, marking our victory coming in 2027 by the grace of God. 2027, there is no going back,” Gimba declared.
Also speaking, the PDP senatorial candidate for Nasarawa South, Dr Mike Omeri, thanked party members and supporters for their confidence in the candidates.
“Together with you, we will campaign to win the election, and we will win this election,” Omeri said.
Editorial distinction
Version 4 approaches the campaign from the perspective of tourism, investment and alternative revenue generation.
Version 5 focuses on employment, women’s economic empowerment and social welfare, while retaining security and infrastructure as supporting issues.
My recommendation: Use Version 4 for a development-focused political report and Version 5 for a separate story on the PDP’s proposed social and economic agenda.

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2027: Ombugadu eyes tourism boom to create jobs in Nasarawa

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From Zwanke Zwanke, Lafia

The Peoples Democratic Party (PDP) governorship candidate in Nasarawa State, Dr David Emmanuel Ombugadu, has promised to harness the state’s tourism potential to generate revenue, create jobs and improve the livelihoods of rural communities if elected in 2027.

Ombugadu made the pledge on Monday in Awe Local Government Area during the flag-off of the PDP’s local government campaign tour ahead of the 2027 general elections.

He identified the Hunkuyi Fishing Festival and Awe Hot Spring as attractions his administration would develop to promote tourism and create economic opportunities for host communities.

The candidate said investment in local tourism would complement his proposed infrastructure development programme, particularly road construction and rehabilitation to improve access to rural communities and tourist destinations.

He promised to construct the road linking Akiri to Plateau State and improve strategic routes connecting Nasarawa with Benue, Taraba and Plateau states.
Ombugadu also mentioned the proposed Wuse-Taraba road link and other rural routes, saying improved connectivity would facilitate trade, strengthen inter-state relations and open up communities for economic activities.

He said security would be the foremost priority of his administration, stressing that farmers and other residents must be able to go about their daily activities without fear of attacks.

The PDP candidate assured the electorate that the development blueprints and promises made during his 2019 and 2023 campaigns, alongside those being presented ahead of 2027, would be implemented if he won the election.

At the event, the state PDP Chairman, Dr Daniel Gimba, said the party was determined to provide an alternative to the present administration and address the hardship confronting residents.

Gimba described Ombugadu as a man of integrity, transparency and hard work, expressing confidence that the PDP would win overwhelmingly if the election was not rigged.

“Today is a historic and remarkable day. We have chosen to start our local government tour, marking our victory coming in 2027 by the grace of God. 2027, there is no going back,” he declared.

The PDP senatorial candidate for Nasarawa South, Dr Mike Omeri, thanked supporters for the confidence reposed in the party’s candidates.
“Together with you, we will campaign to win the election, and we will win this election,” Omeri said.

The Acting Chairman of the PDP Campaign Council, Mr Mark Ogbole, said the party deliberately chose Awe to commence its peaceful campaign tour across the state.

He promised that a PDP administration would create employment opportunities for youths and support women in business, adding that the party was seeking power to improve the welfare of residents.

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