RECENTLY, in an aggressive push to contain the country’s inflationary pressure, the Central Bank of Nigeria (CBN) raised its benchmark interest rate otherwise known as the Monetary Policy Rate (MPR) by 50 basis point to 18 percent. He was speaking against the backdrop of Nigeria’s inflation rate, which accelerated to 21.91 percent in February from 21.82 in January. Nigeria’s annual Gross Domestic Product (GDP) growth rate slowed to 3.10 percent in 2022, compared to 3.40 percent in 2021. By the new increase in the monetary policy rate, the CBN has capped the official interest rate at 18 percent from 17.5 percent in January. It is a legitimate question to ask how small scale businesses are expected to survive with this high interest rate, and whether the CBN is not more or less shrinking opportunities for investment.

The Central Bank of Nigeria (CBN) has affirmed its commitment to gradual rate convergence and denied devaluing the naira. Although the Import and Export window adjusted its rates, the CBN didn’t officially do so. While a report had supposed the CBN devalued the naira to N631/$, the Acting Director of Corporate Communications, Dr. Isa AbdulMumin, dismissed it as false. Despite that, financial analyst Paul Alaje predicts inflation between 34% and 38% in the next two to three months if the naira devalues. He noted that widespread adoption of electronic payment modes has also impacted monetary policy management in efforts to maintain price stability and financial stability.

To address some operational challenges encountered in the course of their work, freight forwarders recently held a town hall meeting to engage maritime regulators. Farinto added that the deliberations would centre on challenges affecting freight forwarders in Customs operations. “Freight forwarders are supposed to be informed before any decision concerning them is implemented by the government and its agencies. I am also calling on all freight forwarders to be compliant because compliance is a two-way thing.”He added that freight forwarders have to be compliant before asking for compliance. Farinto urged the freight forwarders to have robust discussions on the VIN valuation policy and pre-arrival assessment report, among others.

However, the growth projection for Nigeria and other African countries is weaker due to in-house challenges that are stunting aviation growth. Stakeholders at the Federal Airports Authority of Nigeria’s National Aviation Conference suggested that aviation in Africa has brighter prospects if policy reforms are implemented, emerging technology is used for efficiency, and all parties focus on growth. They were all in agreement on the need for in-depth reforms to overcome bureaucratic hurdles and ensure sustainable growth. - Advertisement -The weaker growth projection is not for lack of potential, which Nigeria and other African countries have in abundance, but for in-house challenges that are clipping the wings of aviation growth for economic prosperity. The conference emphasized the need for in-depth reforms, technology, and collaboration among all stakeholders in the industry to ensure sustainable growth.

Impeccable sources privy to the development told our correspondent that Fayemi arrived at the EFCC facility at about 9:40 am on Thursday. According to the letter issued by its zonal commander Micheal Nzekwe, the EFCC requested that Mr Fayemi appears before it on May 18. The letter reads, “The commission is investigating a case of money laundering in which the need to seek certain clarifications from you has become imperative. The contractor confessed the payment was to procure the dollar equivalent allegedly for the state governor. The EFCC is also probing a former Kogi State Governor, Yahaya Bello, for alleged corruption over 14 properties both in Nigeria and abroad, and N400 million, among other allegations.

My country called Nigeria, which is your country, their country, our country is an extraordinary country of evasions. Our ethical and moral populists must be prepared to plant in themselves deliberate hardness against the strongest inclinations that will compel any future president of Nigeria to trample on the autotherapy of any Nigerian. It is important to stress this point. Each populist must be prepared as never before to challenge any negative and anti-people policy and feature in the physical and mental make-up of our president, this president or any other president. The Jagaban must not be a killjoy like the Daura personage of malicious hatred for the generality of the people of our country.

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The National Drug Law Enforcement Agency (NDLEA) has released the list of shortlisted candidates to proceed to screening/interview stage of the recruitment process. The agency made this known in a Twitter post on Thursday. “The National Drug Law Enforcement Agency, NDLEA, has invited Superintendent Cadre Candidates who passed the recent assessment test and shortlisted Narcotic Agent/Narcotic Assistant Cadre applicants for screening/interview in locations indicated in the respective batches under which their names appear at 8am from Monday 5th to Friday 16th June 2023,” the statement reads. Applicants can check below for their names:ndlea-supt-cadre-shortlisted-candidates-for-interview

The Presidential Election Petition Court has stepped down hearing in the petition filed by Peter Obi and the Labour Party against the election of President Bola Tinubu. The court, during its proceedings on Thursday, cited some inconsistencies in the documents from the 23 Local Government Areas of Benue State. The court thereafter stepped down hearing of the petition and ordered the legal team to go and re-file the schedule of documents in line with the provisions of the pre-hearing report. Peter Obi and the Vice Presidential candidate of LP, Datti Baba Ahmed, alongside the leaders of the Party, were in the court, to witness the proceedings. The five Justices led by Justice Haruna Simon Tsammani hearing the petition had also retired to their chambers while Obi’s legal team reconciled their documents.

The CBN refuted the report, tweeting a graphic to debunk it and referring to it as fake news. Meanwhile, on Wednesday, the CBN Governor, Godwin Emefiele, met with President Bola Tinubu where they discussed the issue of the exchange rate. Emefiele did not reveal what was discussed at the meeting, but Tinubu had already stated that his government’s decision was to unify the exchange rate in Nigeria. During the presidential inauguration ceremony, Tinubu argued that the CBN needs to replace the previous multiple exchange rate regime implemented during the administration of the previous president, Muhammadu Buhari. Tinubu also pointed out that the Naira redesign policy implemented by the CBN did not consider the number of unbanked Nigerians.

The PUNCH reports that earlier on Wednesday, the Nigerian National Petroleum Company Limited had informed of an adjustment of the pump price of petrol to reflect the market realities. However, the House urged the government to roll out palliatives and other measures to cushion the effects of the removal of the PMS subsidy on Nigerians. These were part of the recommendations by the House Ad Hoc Committee on the Need to Investigate the Petroleum Products Subsidy Regime in Nigeria, which the lawmakers considered as a Committee of the Whole and adopted in plenary on Thursday. Chairman of the committee, Ibrahim Aliyu, had laid the report on Wednesday, 11 months after the task was assigned to the panel. “With the subsidy removal, the Federal Government should forthwith suspend all Direct Sales Direct Purchase (oil swap) contracts.

Nigeria’s state-owned oil company, the Nigerian National Petroleum Corporation (NNPC) will soon end its monopoly on petrol supplies, according to its chief executive Mele Kyari. The move comes a day after the NNPC nearly tripled prices at its fuel stations countrywide. Newly inaugurated President Bola Tinubu pledged to remove fuel subsidies, a popular but costly benefit that has drained billions annually from government coffers. He added that under the Petroleum Industry Act signed into law two years ago, NNPC cannot supply more than 30% of gasoline in Nigeria. The move is expected to bring in new companies and improve petrol prices for consumers.

Workers of the Ogun State House of Assembly under the Parliamentary Staff Association of Nigeria (PASAN) have begun an indefinite strike over their salaries. At the expiration of the ultimatum last Thursday, the workers shut down the assembly complex but still got no response from the government. Read the communique below:COMMUNIQUE ISSUED AT THE END OF PASAN OGUN STATE CHAPTER EMERGENCY CONGRESS AND NOTICE OF INDEFINITE INDUSTRIAL ACTION. The non-compliance of the State Government with the provisions of sections 10(2), 13, and 14 of the State Assembly Service Commission Law, 2018, and the Statutory Offices (State Emoluments) Amendment Law, 2018. The non-implementation of the Consolidated Legislative Salary Structure (CONLESS) to members of staff in the State House of Assembly and House of Assembly Service Commission.

A mother broke down in tears after receiving a call from a medical examiner informing her that her son was dead. The poor mother instantly regretted giving her son her car which got into a fatal accident that killed him. According to her, the young man had crashed his first car and in her quest to make him happy, she gave him hers to drive. “My son crashed his first car and I wanted him to be happy so I gave him my car and I wish I never gave him my car cause he used this car to take his life”, the woman lamented.

Energy data and consultancy firm Rystad Energy presented its analysis of Africa’s energy landscape on Thursday at the Invest in African Energy Paris Forum, hosted by the African Energy Chamber (http://www.EnergyChamber.org). The country now has a large number of viable projects that need capital and would offer good returns to investors. Bimbola Kolawole, Vice President and Head of Business Development for Africa, detailed the findings of the ‘The State of African Energy 2023’ report that is produced by the African Energy Chamber with data and analysis from Rystad Energy. Rystad Energy is a partner of the African Energy Chamber for its annual African Energy Week conference, to be held in Cape Town on 16-20 October 2023. Distributed by APO Group on behalf of African Energy Chamber.