Connect with us

Business

FG To Inaugurate Committee For New Economic Plan

Published

on

The Minister of State for Budget and National Planning, Clem Agba, has said that the Federal Government will inaugurate a committee for the new economic plan next month.
Agba stated this during a familiarisation visit of the Centre for Management Development centres in Abuja and Lagos, a parastatal under his ministry.
The minister, according to a statement from the ministry, expressed hope of an improved economy in the new development plan which his ministry has already started the development process.
He said a new economic blueprint for the country was imperative following the winding down of the Economic Recovery and Growth Plan this year.
The ERGP which is government’s economic blueprint for 2017-2020 has the broad objectives of restoring growth, investing in the people and building a globally competitive economy.
It was developed through a rigorous process involving wide consultations and intensive engagements with relevant stakeholders.
The ERGP aims to address the country’s economic challenges and lays the foundation for economic diversification and growth.
The core vision of the plan is one of sustained, inclusive and diversified growth. The initiatives of the Plan are directed at attaining structural economic transformation.
The new economic blueprint would cover a ten year period with a five-year rolling plan
On the ERGP, which is coming to a close this year, Agba explained that its review is currently ongoing to ascertain what has worked well and what did not.
He said, “It (new plan) has to go beyond the ERGP, we are looking at very old plans that we have had before.
“We are already asking the MDAs to review their sector plans and we are currently receiving them with a view to consolidating them and giving them to the technical working committee to work on.”
The minister expressed disappointment about the level of infrastructural decay at the CMD and assured of government’s support in rehabilitating the centre.
“We have to do all that we can to change the narrative, because lamentation will not help. We have to start taking those steps gradually,” he added.
He described the deficit in the agency’s infrastructure and staff capacity gaps as a hindrance to achieving its set goals

Print Friendly, PDF & Email
Continue Reading

Business

COVID-19: CBN Grants Two-Week Market Holidays To BDCs

Published

on

The Central Bank of Nigeria (CBN) has granted a two- week market holidays to the Bureaux De Change operators.
This followed a request by the Association of Bureaux De Change Operators of Nigeria to the CBN for the regulator to grant it market holidays, given the ongoing challenges faced in local and global economies due to the impact of the Coronavirus (COVID -19) pandemic.
In a notice  to BDC operators and directors,  ABCON President, Alhaji Aminu Gwadabe, said the CBN’s approval meant that sales of foreign exchange to BDCs is now suspended till further notice.
Gwadabe also advised the  public not to go into panic buying, hoarding  and partronasing  the street traders as  the CBN has enough reserves to sustain supplies when the BDCs return to operations.
The CBN had also acknowledged the contributions of BDCs in promoting stable exchange rate in recent months despite challenging circumstances facing the Forex market due to drop in crude oil prices.
Gwadabe advised members to observe strict guidelines on the preventive measures on the dangers of the COVID 19, wear their mask, gloves, and frequent washing of hands.
“We also want to advise members to  strictly  comply with their regulatory obligations on their daily operation. If you are trading, be cautious not to fall under the hand of security agencies. Don’t be involved in giving black market rates,street trading  as doing so might create regulatory breach,” he said.
Gwadabe said that  CBN/NFIU were tracking large movements of funds within the financial sector and noted the need to be cautious.
“Once again, accept our continuous assurances on serving you better as we continue to ponder on lasting solutions to the growing challenges facing our operations amongst them, crowd management, expansion of scope of our buisiness, lesser penalties, automation, among others,” he stated.

Print Friendly, PDF & Email
Continue Reading

Business

…Suspends Cheque Clearing Amidst Lockdown

Published

on

The Central Bank of Nigeria (CBN) has suspended clearing of cheques until further notice following the lockdown in Lagos, Ogun  and FCT to contain the spread of COVID-19 pandemic.
The suspension was announced in a circular to Deposit Money Banks and the Nigeria Interbank Settlement System (NIBSS) by the Director of Banking Services at CBN, Mr Sam Okojere.
President Muhammadu Buhari had, on Sunday ordered a lockdown in Lagos, Ogun and the FCT with effect from 11 p.m. on Monday, March 30 FCT), as a response to contain the coronavirus (COVID-19) pandemic.
The bank explained that in view of these developments and in furtherance to the Bank’s effort to ensure hitch-free clearing and settlement activities, the CBN had therefore suspended it until further notice.
The apex bank further stated that the clearing of cheques instruments in the Nigerian clearing started from March and for the avoidance of doubt, no fresh cheque instrument would be allowed to pass through March 31.
The CBN noted that only returned cheque would be treated on the said date.
“However, settlement activities for electronic instruments will continue to hold during this period of suspension”, it said.

Print Friendly, PDF & Email
Continue Reading

Business

Nigeria’s Economy Fragile Before COVID-19 Pandemic –Finance Minister

Published

on

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that prior to the outbreak of the coronavirus pandemic, the Nigerian economy was already fragile.
She said this in a statement issued by her Special Adviser on Communication, Mr Yunusa Abdullahi, on Monday in Abuja.
Ahmed, according to the statement, said this during her meeting with the leadership of the National Assembly where she spoke on implications of the global economic crisis on Nigeria.
The coronavirus pandemic had led to unprecedented disruptions to global supply chains, a sharp drop in global crude oil prices, turmoil in global stock and financial markets, the lockdown of large swath movements of persons in many countries, among others.
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.
But the finance minister said that prior to the outbreak which had led to decline in crude oil prices, the Nigerian economy was already fragile, vulnerable and deteriorating.
She said the global economic downturn had forced international oil prices to drop to as low as $22 per barrel.
The minister said international travels and trade had been severely disrupted, while demand for goods and services is deteriorating as a result of the social distancing policies.
This, she said had led to financial markets uncertainty which had resulted into capital flows’ reversal from emerging and frontier markets such as Nigeria.
She said, “Increasing pressure on the naira and foreign reserves as the crude oil sales receipts decline and the macroeconomic outlook worsens.
“Central Bank of Nigeria, just as in other countries, has resorted to quantitative easing, by reducing interest rates to support economic activity and governments announcing fiscal stimulus plans for healthcare and social safety nets.”
She said the government was working on a fiscal stimulus package to cushion the impact of the crisis on the most vulnerable individuals and communities.

Print Friendly, PDF & Email
Continue Reading

Trending