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IMF Predicts Global Economic Recovery

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International Monetary Fund Managing Director Dominique Strauss-Kaho has said that the global economy has made remarkable progress and now stands at the cusp of recovery.  However, he warned that it still remains  highly vulnerable to shocks and policy missteps. In a speech delivered at the Annual Conference of the Confederation of British Industries (CBI) in London, Mr Strauss-Kaho said policy makers stand at a critical juncture where the sustainability of the global recovery will depend on the decisions they make in the months to come.

“Today the storm has passed.  T he worst has been averted.  And yet the economy remains very much in holding pattern-stable, and getting better, but still highly vulnerable”, Mr Strauss-Kaho said.  For policymakers “the challenges are great” during the crisis, everyone was united by a common purpose.  Going forward, this might dissolve.  So the road ahead will be less clear cut.  We will need some debt  maneuvering, and perhaps some out-of-the-box thinking. We will certainly need continued collabora tion”, he added.

Mr Strauss-Kaho said policy makers will face  four main challenges, which include existing from accommodative policies, adapting to increasing capital flow to emerging market, developing a  new global grown modes, and designing and implementing financial sector reforms.

On exit strategies, Mr Strauss-Kaho stressed the importance of waiting for a sustained recovery in private demand, as well as clear indications of financial stability before accommodative measures are withdrawn.  “It is too early for a general exit.  We recommend erring on the side of caution, as exiting too late”, he said. Plans for fiscal consolidation should be the top priority, especially in advanced economies.  And monetary policy can afford to stay accommodative for some time, given little sign of inflation on  the horizone.

A related challenge to exit strategies is managing capital flows to emerging markets. “In many countries appreciation should be the key policy response other tools include lower interest rates, reserves accumulation, tighter fiscal policy, and financial sector prudential measures.  Capital  controls can be part of the package  of measures”, he said in his speech. “But we should recognize that all tools have their limitations.

we should be pragmatic”, he added.

Moving to the challenge of creating a new global growth model, Mr Strauss-Kaho said the old paradigm of growth generation based on household in the US was dead.  “If we are to have sustained global growth, somebody else needs to step into the breach.  The leading candidates are the surplus countries.  And we can see some shifts in the right direction.  China and other emerging Asian economies are shifting from exports to domestic demand.  But they have some way to go.

Mr Strauss-Kaho underscored the importance of forging ahead with a number of reforms to make the financial sector a more stable place.  He stressed the challenge posed to policy makers by increased risk taking in the financial sector while financial institutions are still in poor shape while regulators seek to impose tough new standards that may jeopardize recovery.

“How do we square the circle?  One possible answer is to reduce regulatory uncertainty.  It is throwing up some perverse incentive and might be encouraging a risk taking culture”, he said.  Also on addressing risk management in the financial sector, he added t hat it was essential to break the  link between risky behaviour and compensation. “In this cont- ext we have been asked by the G-20 to look into financial sector taxes.  There are a number of ways to think about this and we will look at it from various angles and consider all proposals he said.

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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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