Business
CBN Advocates Framework To Safeguard Economy
The Governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, has called for a framework that would safeguard the economy with the current spate of bombings across the country.
The governor made the call at the inauguration of the Business Continuity Institute (BCI), Nigeria Forum, in Abuja recently.
“Indeed, the current spates of bombings across the country by terrorist groups allude to the fact that our business environment is becoming more and more threatened.
“Therefore, there is the need for a framework that will enable us effectively respond to any crisis, safeguard lives and property and ensure stability and growth in our economic system,’’ he said.
Represented by the Deputy Governor (Operations), Mr Tunde Lemo, the governor, said many organisations had acknowledged the need for business continuity planning as essential priority for effective mitigation of natural disaster.
According to him, many have yet to discover that business continuity planning is also due diligence that must be on the strategic agenda of organisations.
He said that CBN agreed to sponsor the inauguration of the institute because it was part of its mandate to ensure the establishment of a sound, stable and safe financial system.
“On a macro level, we believe that a sound, stable and robust business environment will lead to economic growth, increase per capita income and enhance quality of life of the citizenry,’’ he said.
The CBN Director of Risk Management, Mrs Folake Fatuke, said the inauguration would promote professionalism and personal development in business continuity management in Nigeria.
She said that to have BCI, Nigeria Forum, would stimulate the development of Business Continuity management practices to improve organisational performance in Nigeria.
She commended the effort of the apex bank in training 20 staff to be BCI members and some banks for developing staff competence in the area.
It would be recalled that BCI was established in 1994 to enable members to obtain support from business continuity practitioners.
The institute has more than 6,500 members in 100 countries, including Canada, Japan, Switzerland and the U.S. as well as 2,500 organisations comprising the private and public sectors.
By the inauguration, Nigeria will be listed among the countries with BCI Forum in the world.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.