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Latest Breaking Naija News

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Nigeria seeks budget support

CBN says forex restriction policy already paying off

From Washington, the headquarters of the Breton Woods multilateral associations the International Monetary Fund (IMF) and the World Bank in America came compliments for Nigerias economic recovery programme, according to the Finance Minister, Mrs. Kemi Adeosun.

The commendation is even as the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, said yesterday that the countrys foreign exchange restriction policy has begun to pay off with some makers of some imported goods signifying interest to begin manufacturing in Nigeria instead of offshore tasks because of the high cost of imported products occasioned by the policy.

We got many endorsements and the direction in which we seek to take the Nigerian market. Especially, we held bilateral meetings with particular bilateral agencies, such as the Islamic Development Bank where we have agreed to work jointly on a micro-finance scheme for women; the Japanese development bureau where we have agreed to work together on electricity projects and they have agreed to make substantial investments in the region of power which I believe will be quite favorable for Nigeria and the IFC. Similarly, we had a meeting with them this morning (yesterday), again talking about investment in power plus some of our banks to shore up their positions and similarly the ADfB on agreements for investments in agriculture and collaborations in a range of initiatives that would help us to diversify the market.

Likewise, we had talks with the World Bank around our budget support request and we happen to be able to have quite productive meetings to understand what the next steps are in the procedure and we are very favorable of a great result.

In his remarks, the CBN Governor, Godwin Emefiele, spoke on the various monetary policy measures of the government to improve productivity at all levels of the economy, including that both in the medium and long terms, the various policies, such as the foreign exchange policy regime, are bound to stimulate the economy.

Both crucial government officials made the disclosures in Washington DC, United States (U.S.) at a press briefing as part of activities of this years Spring Meeting.

The minister spoke on the gains of this years Spring Assembly and the several bilateral meetings held between Nigeria and her partners.

Her words: The gains are various and important for the Nigerian authorities. At least, we could network with our coworkers, other ministers of finance of the G-7 countries and the G-24 states and compared notes and their experiences. I think this strengthens the validation the class we've decided to restructure naija news/ is the correct one.

According to him, in furtherance of its statutory mandate, the apex bank is also concentrating more to expand lending to vital sectors such as agriculture, mining Esta dirección de correo electrónico está siendo protegida contra los robots de spam. Necesita tener JavaScript habilitado para poder verlo. and production, including that some of the immediate increases of the fiscal and monetary policies are the increasing foreign investments in the economy.

Divided stakeholders say policy may ease company, stifle local businesses

For diverse stakeholders in the economy, the Federal Governments recent currency swap deal with China holds both bright prospects and grave implications for Nigeria even as the naira inched up against the dollar at the weekend at the parallel market.

During his official trip to the worlds second largest economy, President Muhammadu Buhari reached a naira and yuan swap deal, scripted to facilitate trade trades between both countries, devoid of present exchange challenges with the United State dollar.

Moreover, the deal, based on Presidency sources, has the potenrial of shoring up the worth of the nations money, in the foreign exchange market, through a concomitant emergent bidding scheme, with tactical reduced interest in dollar and other major currencies, other than the yuan.

The currency swap deal is composed of an agreement between two central banks, one or more of which must be an international currency issuer, to swap their currencies. The central banks party to the swap transaction can give the proceeds of the swap, against collaterals they deem adequate, to the commercial banks within their jurisdiction, to give them temporary liquidity in a foreign currency.

But pessimists pointed out the swap deal wasn't consummated between the two countries apex banks but between Central Bank of Nigeria (CBN) and Chinas ICBC- the worlds largest lender by total assets and market capitalisation. While this may not affect the aims of the swap deal in any way, it raises some essential sovereign issues, based on an analyst who spoke on condition of anonymity.

The Managing Director/Chief Executive Officer of Cowrie Investment Limited, Johnson Chukwu described the currency swap scheme would address , on a short term basis, the current liquidity challenge in the nations foreign exchange market.

He said: I believe that Nigerias overriding objective for the currency swap would be to address short-term foreign currency liquidity challenges that has led to CBNs inability to satisfy foreign currency demands. With the currency swap, depending on the worth, an important portion of Nigerias import invoices from China would naija breaking news now be denominated and settled in yuan, therefore reducing the demand for dollar by Nigerias importers.

Nonetheless, he pointed out that the major draw back to the currency swap policy is an unrestricted use of yuan, at an overvalued naira exchange rate, if the N30/RMB is the predetermined exchange rate, will certainly support importation and stifle local production of goods.

I recommend the Federal Government should try to incorporate a strategy much like that of the cement business policy, which would need some of the imports from China to be made locally after a defined timeline, especially if Nigeria has relative manufacturing advantage for such products. Examples that can readily www naija news come to mind include textiles, plastics, ceramics, among others.

He clarified the gain of inclusion of Chinese Yuan as part of Nigerian reserve currency was done about five years ago by the immediate past CBN governor, largely to diversify the reserve and reduce the currency risk related to the U.S. dollar.

That action was taken at a time when the U.S. market was especially vulnerable due to the weakness of their economy after the international financial crises triggered by sub-prime mortgage.

In his reaction, the National President, National Palm Produce Association of Nigeria (NPPAN), Henry Olatujoye, welcomed the currency swap deal, describing it as an excellent measure that would significantly reduce the raising pressure on the U.S. dollar, which has gone haywire in the foreign exchange market.

According to Olatujoye , the conclusion has the capability of bringing double investment to the country from China on one hand and from the U.S. on the other.

The NPPAN president allayed any fear that the decision could cause the higher importation of Chinese goods into Nigeria, mentioning the economic competition or money war between China and America.

He, however, expressed the concern that European countries may not be well disposed to it because it's capable of adversely affecting their trade balance with Nigeria, warning that their stakeholders could frustrate the move.

The Chairman, Mobile Applications Option, Chris Uwaje, considered the naira to yuan swap deal should reduce the pressure on the naira if correctly implemented.

According to him, the agreement if it becomes a reality, means the de facto currency, dollar , will no more hold on the import and export deals between Nigeria and China.

Uwaje continued: We dont must use dollar to pay because its going to be more expensive, we pay with yuan. By so doing we prevent every form of round tripping.

Uwaje encouraged Buharis economical team to see the way the country can indeed leverage on the technology prowess of China for Nigeria to attain a sustainable economy.

According to Gbade Buraimoh, a Lagos-based financial expert, the pursuit for dollar through banks will definitely reduce, as all transactions between Nigeria and China will be in yuan instead of dollar.

He discovered that oil sales from Nigeria to China would be settled in Chinese money, stressing that access to yuan would also be simpler.

The swap will remove challenges arising from transactions with the dollar and promote business flexibility between Nigerian and Chinese, Buraimoh clarified.

The Director-General of Lagos Chamber of Commerce and Industry, Muda Yusuf concurred that the swap deal would smoothen the payment system in the bilateral trade between both countries but stressed that it might not necessarily reinforce the naira in the foreign exchange marketplace, as the state would have to enhance its productive base to achieve that.

An Abuja-based international affairs and diplomacy pro, Kadiri Abdulrahman, seen the currency swap deal as a confident move towards enhancing the value of the naira, therefore improving accessibility to cheaper foreign exchange, in favour of members of the business community.

The Director- General of the African Affairs Department of Chinas Foreign Ministry, Lin Songtian told reporters in Beijing after the arrangement was signed by the Governors of Nigerias Central bank and the Industrial and Commercial Bank of China Ltd. (ICBC) that the Renminbi (yuan) is free to flow among different banks in Nigeria and has been contained in the foreign exchange reserves of Nigeria.

Nigeria isn't the first country that China would enter into this kind of agreement with. The Asian powerhouse has multiple year currency swap agreements of the Renminbi with Argentina, Belarus, Brazil, Hong Kong, Iceland, Indonesia, Malaysia,Singapore, South Korea, United Kingdom and Uzbekistan.

According to the Peoples Bank of China (PBoC), those swap deals were intended not only to stabilise the international financial market, but also to ease bilateral trade and investment.

Meanwhile, the advantage of the currency swap deal and other understandings reached in Beijing during Buharis excursion to the Far East Asia nation bella naija news has rubbed off on the air travel sector, as a Nigerian carrier, Air Peace announced that it would soon commence scheduled flight to China from Enugu.

Chairman of Air Peace, Allen Onyema shown at the Enugu Economical Summit the airline has been made Nigerias official flag carrier for the route.

According to him, with the likely ease on the pressure on the dollar, it would bring down the value of the dollar in relation to the naira, which he said would now help it become possible for American investors to invest in the Nigerian market again.

In his perspective, the present high rate of the dollar in Nigeria had in recent months deterred American and Western investors in the Nigerian economy.

The government and the flying people created a yearning opening, all the agreements in this nation are tilted to one side, the foreign airlines, but this government of Muhammadu Buhari has began to do things otherwise recognising the local airlines and seeing that in Air Peace there will be a lot of quality, so they determined to give us when we used it didnt take time before they gave it to us, said Onyema.

The United Kingdom is entirely behind President Muhammadu Buhari in the on-going attempts by his government to rid Nigeria of corruption, its Minister for International Development, Nick Hurd, has guaranteed.

Hurd told the today news in naija Agency of Nigeria (NAN) in Abuja yesterday that fighting corruption was critical to transforming the countrys future.

We've been very active in supporting President Muhammadu Buhari's effort against corruption in news naija update and we think it's fundamental to transform the future of the country.

We totally support priorities the President has given to tackling corruption in naija breakingnews.

We believe that corruption is certainly the right priority and we want to support him in that, he added.

The minister urged the Federal Government to give attention to public sector reforms aimed at making corruption unattractive to workers and people.

Meanwhile, the son of former premier of old Western Region and erstwhile chieftain of the Peoples Democratic Party (PDP), Chief Niyi Adegbenro, has backed the foreign trips embarked upon by the President, saying such international involvement was needed to reposition the countries market.

Adegbenro, who has now cease partisan politics, told reporters at the weekend in Abeokuta, Ogun State that continuing moves by Buhari and the Central Bank of Nigeria (CBN) to revive the countries economy need wholesale support.

He described as unwarranted the criticisms against the travels, remembering that former President Olusegun Obasanjo embarked on similar excursions in the early stage of his government which led to the successful debt relief for the state.

Adegbenro said the Presidents international participation was in Nigerias best interest, adding that he was optimistic that it would soon give favorable results.

Let's give Buhari the chance as far as I 'm concerned. I 'm not saying he's a messiah, but he's a redeemer.

Speaking with The Guardian, Yadudu contended that although the National Assembly has the power to appropriate monies in the budget, it was incumbent on it to take cognizance of the interest of the executive.

"There's no uncertainty about the fact that the National Assembly has the power. And when they appropriate, of course, they need to get it done in collaboration with the Executive arm.

"Whatever they suitable will have to maintain the form of the Appropriation Act. And as an Action of the National Assembly, it requires the assent of the President in order for it to become law. "So, it truly is a collaborative effort between the Legislative arms and the Executive."

He added: "They do have the power to modify it, but once they do it, they desire the comprehension of the President." It is not they merely shift it anyway they wish and just that he brought something; the President has the right to propose a budget, which shouldn't be tampered with."

"But the important idea is that if you will find matters they would like to propose in the budget, they need to get the comprehension of the Executive arm.

"The National Assembly does’t need to feel that because they have the power to appropriate, they can appropriate anyhow."

He stated: "It is not easy to say so if the problem of padding has to do with pursuit of self-centered program of the National Assembly members."

"All I know is they have the power to appropriate and it's also a collaborative effort between the Legislature and the Executive arms, but the initiative is that of the Executive.

"So, there must be a combined effort between the two arms of authorities."

"Non- passage of the budget can send a wrong signal, but that is not the very first time the budget has gone up without passage to the month of May or April. If it is passed by them early enough, it sends the right signal and everything would follow what's contained in the Appropriation Act."

Wali, who made this known while speaking only with The Guardian in Abuja, said that more Nigerians have to adopt the manufacturing sector of the market. "Nigeria’s production sector has great potentials to contribute to increased sales for the state, particularly if trade is eased with good transportation system. Nigerians should embrace this sector he said.

Attesting to the dominance of made -in-Nigerian home commodities in nearby West African nations and in Central African Republic, Wali said vast majority of vital and home commodities sold in those areas are made in Nigeria. According to him, the variety of products made in Nigeria but enjoying large patronage in other African nations comprise cement, toiletries, noodles,beauty products,dairy products,textiles,pharmaceuticals,foot wears, plastic seats, among many others made locally in the nation. He said: you may be amazed to discover a good amount of manufactured products sold in their marketplaces are products "If you go to most countries in the West African area, even up to Central Africa.

The bank leader stressed that manufacturing of supply, sale or goods in the nation and within the subregion prevents capital flight. He added that it also promotes regional commerce and offer employment opportunities to various levels of skilled and unskilled workers.

"I was recently for instance in Congo, and what I saw was astonishing. You name it, the noodles that are indomie, sugar,salt, plastics pharmaceuticals products which can be made here in Nigeria were on sale everywhere in their marketplaces."


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Guest Martes, 23 Enero 2018