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CBN Assures On Interest Rates Reduction

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The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele September 11, last Wednesday, said that the bank would continue to explore further avenues to ensure that interest rates were supportive of domestic production needs.
Emefiele said this while delivering a keynote address at the 24th edition of the CBN annual seminar for finance correspondents and business editors in Awka.
The theme of the seminar is “Import Substitution and the Dynamics of Interest and Exchange Rates Management in Nigeria”.
Emefiele, represented by Acting Director, Corporate Communications Department, Mr Issac Okorafor, said CBN would also continually fine tune measures to ensure and guarantee a stable exchange rate regime.
With on-going recovery in economic performance, he said the CBN would record improved outcomes in its effort towards taming inflation, reducing interest rates and guaranteeing exchange rate stability.
The governor added that the bank was consistently devising ingenious approaches to solve the country’s peculiar challenges and would continue to learn from the experiences of other countries, particularly developing nations.
Emefiele noted that the bank had consistently sought to formulate interest and exchange rate policies that were conducive to the development of domestic private industrial activities.
According to him, the CBN is also taking due cognisance of other macroeconomic variables.
The governor said the bank had identified structurally-induced inflation as a dilemma to policy makers on whether to align the rates with socially desired or policy consistent outcomes.
On mitigating the challenge, Emefiele said that CBN had embarked on massive monetary stimulus through direct interventions in sectors holding immense benefits for the broader economy.
“Such interventions have been in agriculture Micro, Medium and Small scale Enterprises (MSMEs), power sector, aviation and youth entrepreneurship, among others.
“These measures were necessitated by the liquidity and credit crunch that followed the global financial crises,” he said.
He said the bank had recognised that there was need for administrative measures to reduce imports.
Emefiele, however, said that the measures might not be compatible with current trends in economic management that leaned towards free markets.
He said that while those might not be completely dismissed, the fundamentals of the domestic environment needed to be promoted to support domestic production and curtail imports.
“The CBN recognises these challenges in its role, provide economic advice and support the Federal Government’s aspirations on economic growth and development.
“Within the core remit of formulating and implementing monetary policy, the interest and exchange rates serve as major instruments for CBN’s support for import substitution,” he said.
The governor noted that fundamentals of the domestic environment needed to be promoted to support domestic production and invariably curtail imports.
“First, interest rates are a major incentive or disincentive to carry on industrial production activities.
“They are the key price for capital and largely determine the ability to engage in profitable domestic economic ventures.
“Economic theory dictates that low interest rate will boost incentives to procure loans to engage in production, and vice versa.”
The governor, therefore, said it was imperative that authorities should endeavour to keep interest rates at reasonably low levels, saying the rate of inflation was a major determinant of the level of interest rates.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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