Business
FG Injects N400bn Into Economy – DMO
Mrs Patience Oniha, Director-General, Debt Management Office, said in Lagos on Friday that the Federal Government had released about N400bn government securities into the economy to service its debt and improve liquidity.
Oniha made the assertion at the 2nd Vanguard Economic Discourse tagged; “Economy in Rebound: Pitfalls, Trajectories and Resetting.’’
She said the fund was government’s strategy to reduce its debt profile and reduce interest rate on government’s lending from 18 per cent to 14 per cent.
Oniha explained that this would improve the ability of financial institutions to lend to the real sector.
She, however, wondered why the benefits of government’s reduced borrowing through the funds released from December till date were not reflecting in increased funding to the real sector.
According to her, there is an urgent need for reforms on population, infrastructure development, and scaling up actions to meet the expectations of the citizens.
Also speaking, Managing Director, Development Bank, Mr Tony Okpanachi, said the bank would collaborate with financial institutions to work out modalities to finance new entrepreneurs.
According to him, the bank will provide more funds to bridge the gap of long term financing for Micro, Small and Medium Enterprises, to create more jobs.
He noted that the nation’s youthful population would be leveraged upon to increase government revenue, taxes and production.
Chairman, Nigerian Economic Summit Group (NESG), Mr Kyari Bukar, described 2016 as the worst recession in the recent history of Nigeria.
According to Bukar, the 2017 recession was over and Nigeria was on the path of recovery.
“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.