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CBN Poised To Slow Down Rate Hikes 

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The Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, has said the bank will soon be able to slow down increases in the benchmark interest rate.

 

Cardoso said this in Lagos at the launch of a book titled “The Power of One Man: How the Soludo-Engineered Consolidation Transformed Nigerian Banks to Global Players”, authored by Ray Echebiri.

 

The CBN Governor, represented by the CBN’s Deputy Governor of Financial Stability, Phillip Ikeazor, said it was important to keep the rates up to curtail the risk of hyperinflation and its consequences.

 

He said, “Once you do not tame and control inflation and you get into hyperinflation, it takes you several years to get out of it. There is still a South American country that still has significant oil reserves but they are in hyperinflation and I think everyone is aware of what is happening in that economy.

 

“We have another country in East Africa which is also in hyperinflation. We know how hard they are struggling to get out of that.

 

“For us as a Central Bank, we are focusing on our core mandate of price stability, maintaining a stable exchange rate, and, of course, economic growth. But it is a question of sequencing.

 

“It is very important that we do not enter hyperinflation. Once you enter hyperinflation, the transmission of monetary economic tools will become completely ineffective. It is important that we avoid that”.

 

On how long the rate hikes will be maintained, the regulator said, “That will be as long as we can control and can reverse galloping inflation. Once we can do that, then we maintain.

 

“We are all aware that in the Western world, we did have rate hikes to be able to control theirs and they maintained it for a very long time. It is only now that they have stopped rate hikes but they have not even started dropping the rates as we speak.

 

“It is important that we tighten and hold on for a little while and in no distant future, we will be able to slow down on the rate hikes”.

 

Cardoso had in May stated that the apex bank would sustain interest rate hikes until inflation was tamed.

 

In a Financial Times report, Cardoso noted that there was “every indication” that MPC would “do whatever is necessary” to rein in inflation.

 

“They will continue to do what has to be done to ensure that inflation comes down. Let’s face it: for a long period of time, the CBN did not embrace orthodox monetary policies.

 

“We want to go back to using an orthodox method, and it will take us to where we want to go”, he stated.

 

According to the National Bureau of Statistics, in May 2024, the headline inflation rate increased to 33.95 per cent relative to 33.69 per cent in April.

 

In May, the Monetary Policy Committee of the CBN increased the benchmark lending rate by 150 basis points to 26.25 per cent from 24.75 per cent.

 

Meanwhile, former President Olusegun Obasanjo had advocated for appropriate fiscal and monetary policy synergy that would help revolutionise the banking industry and achieve economic stability.

 

“To sustain this growth, there must be appropriate consultations between fiscal and monetary authorities”, he said.

 

Obasanjo, who was represented by former Cross River State Governor, Donald Duke, also hailed the courage of Anambra State Governor and former CBN Governor, Professor Chukwuma Soludo, in executing the 2005 banking sector consolidation, saying, “The consolidation initiated by Soludo was a courageous and necessary move. It has significantly contributed to the stability and growth of our banking sector”.

 

Lagos State Governor, Babajide Sanwo-Olu, also lauded Soludo’s efforts but highlighted the current economic challenges.

 

He urged the CBN to take decisive actions to stabilise the economy, particularly in managing interest rates and inflation, to alleviate the pressures faced by the private sector.

 

“The private sector is currently experiencing tough times due to various economic challenges. The CBN must take swift and effective measures to stabilise the economy. Learning from the past reforms can guide us through these turbulent times”, Sanwo-Olu said.

 

In his remarks, Soludo recounted the challenges faced during the 2005 consolidation, but expressed pride in the achievement and urged the current CBN leadership to remain resolute in their efforts to recapitalise the banks to keep pace with the expanding economy.

 

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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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