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Dependence On Import, Bane Of Naira Depreciation -CBN

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4 years ago

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The Central Bank of Nigeria (CBN) has blamed Nigerians’ dependence on imports for  the devaluation of the country’s Naira.
The apex bank consequently urge Nigerians to adopt homemade products to boost Nigeria’s economy and stop the Naira from depreciating further in the parallel market.
CBN’s Director of Corporate Communications, Mr Osita Nwanisiobi, disclosed this recently at the opening session of a two-day expo organised by the apex bank in Owerri, Imo State.
Nwanisiobi, who was represented by the Deputy Director, Corporate Communications Department, said during the Covid-19 pandemic, the CBN’s Anchor Borrower’s programme was the nation’s saving grace for improved rice availability.
The actions, he added, were aimed at emancipating enterprises and eliminating poverty.
Nwanisiobi, who spoke on the topic, “Promoting Financial Stability and Economic Development,” said the CBN had implemented interventions in the agricultural, manufacturing, and other sectors.
“No successful economy thrives on the promotion of imported products over the exportation of locally manufactured products,” he said.
He continued that “during the Covid-19 pandemic, rice was the most single popular component of our palliatives. This is a result of the CBN’s Anchor Borrower’s programme for rice farmers.”
Also speaking, Mrs Uchenna Onyene of CBN’s Currency Operations Department, who spoke at the event, urged Nigerians to use the naira with caution, citing Section 21, Sub-section 4 of the CBN Act 2007.
She also urged Nigerians to adopt the CBN’s cashless strategy to decrease risk and improve transaction seamlessness, noting that the bank was dedicated to ensuring payment innovation for a better customer experience.

“Nigeria’s capital inflows plummeted to a four-year low of $9.66 billion in 2020, only to drop further to $6.7 billion in 2021.

“International trade remained a major concern as Nigeria progressed with historical trade depict. Nigeria’s international trade balance for 2021 has dropped to a deficit of N1.94 trillion, the largest on record.

“Nigeria continues to be affected by the repercussions. Nigeria’s exports climbed by 51% to N18.91 trillion in 2021, up from N12.52 trillion the year before”, she said.

The increase in export profits, she stated further, was not enough to offset the 64.1% increase in import bills, which totalled N20.84 trillion.

She noted that this resulted to the FX Outflows, a $5.26 billion negative balance of payment which was made in 2021, putting even more pressure on the local currency and necessitating the use of the external reserve.

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Association Woos Govt, Coys On  Boat Operators  Employments

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1 week ago

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June 12, 2026

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The leadership of Bonny Maritime Boat Association has called on Rivers state Government and oil companies operating in the state to provide sustainable employment to unemployed boat Operators.
The Association also want the government, companies and other relevant employers of labour to provide trainings for boat Operators to enhance their skills
Safety Officer of the Association, Comrade Kingdom Kingsley made this known in  a  telephone interview with  The Tide.
He noted that most of the boat Operators and owners plying Bonny route lacks jobs due to the fleets of boats introduced by Bonny Road Transport that had taken over the passengers to the Island
He noted that passengers are no longer patronizing boats owned by the Association, thereby rendering the operators redundant
“Most of our operators can not afford to feed their families due to no jobs, we don’t want to indulge in crime, government should fix our members with  sustainable jobs to take care of their immediate needs”
He called on oil companies operating in the state to engage their skilled boat Operators in their companies to reduce the sufferings faced by the Association.
The Safety Officer called on the state government  to made funds available to unemployed youths in the state to start up business than roam the streets.
He noted that provision of funds to youths would reduce crime rates and reposition their mindsets for a better life
“The  youths of Rivers state are suffering, have no job to feed their families, thereby indulging in criminality daily”
“The youths need empowerment,  jobs,  recreational facilities and better things of life as citizens of this Nation”, Kingsley said.
CHINEDU WOSU
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FG Approves $1 Bn AFCFTA Credit Facility For Nigerian Exporters

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1 week ago

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June 12, 2026

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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this  during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
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NIWA Harps On  Avoidance Of Leaking Boats

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1 week ago

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June 12, 2026

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The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
 NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
 Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said  the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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