Appointment
Cardoso narrates how CBN under his governorship will address forex crises
**Project ambitious $1trn GDP in 8 years
***Vows to halt Naira free fall, embrace culture of compliance
The newly confirmed Governor of Central Bank of Nigeria (CBN), Olayemi Michael Cardoso, has indicated that under his watch the apex bank would adopt short term measures to address the country’s foreign exchange crisis.
He said the Apex Bank will be repositioned to grow the size of the Nigerian economy to an ambitious value of $1 trillion in Gross Domestic Product, GDP in the next eight years.
He also vowed to embrace a culture of compliance, halt the continuous fall of the Naira in the foreign exchange market and tackle the rising inflation rate.
Cardoso and four deputy CBN governors were on Tuesday confirmed by the Senate after two hours of screening during plenary.
Those confirmed alongside Cardoso are Mrs. Emem Nnana Usoro, Mr. Muhammad Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
Speaking while responding to inquest by senators during the screening, Cardoso said the foreign exchange crisis was worrisome, and that there must be a stable exchange rate for the country to prosper.
In addressing the forex crisis, Cardoso said the new management of the apex bank will immediately look at short term measures, which he said were operational and system related.
He said the CBN would come up with rules that are open and transparent and that any of the players in that business understands.
Cardoso said, “On the issue of foreign exchange, which everybody has been talking about, is very worrisome. We need to have an exchange rate that is very stable to have a country that we all dream of.
“There are two very important issues that we will have to address if we are confirmed. It is what I will term operational and system related issues.
“We are aware that there are unsettled obligations by the CBN. Whether it is $4bn, $5bn or $7bn, I don’t know but definitely the immediate priority is to ascertain the extent.
“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.
“Secondly, we have to come up with rules that are transparent, that any of the players in that business understands.
“We cannot reasonably expect that serious foreign investors, portfolio investors, who generally have an impact on your market, will do so if you do not have an open, transparent system that everybody understands and can rely on.
“In setting up those guidelines, one will also have to carry stakeholders along. We should be ready to engage people, get stakeholders together and share views and promptly come up with strategies.
“The two things, which appear simple, are far more important than they appear.
“These two measures, which are the immediate steps that we will take, will go a long way to ease off the situation we are having right now in terms of wanting investors to come in.
“Those that want to do business in Nigeria, they want to see this is clear, and if they don’t they will hold on to their money.
“These are the short term measures. Once we get in, it is what we will address. I know that the impact will engender greater liquidity coming into the market. Those seeming withholding confidence will come back here. They will see that the cost is clear.”
On the issue of inflation and costs of goods, Cardoso said that the management would adopt evidence-based monetary policies.
“There is the need to significantly revamp the infrastructure in the central bank with respect to data and to ensure that our data gathering capacity is significantly enhanced so that we can make decisions based on proper data. This is key in measuring inflation.”
He further said reliable studies have shown that in the past 10 to 15 years at least 50 per cent of inflation has been as a result of money supply and deficit financing.
“This is a big problem and it’s something we have to face frontally.”
He pledged that the CBN would work in collaboration with the fiscal authorities to address deficit financing.
Cardoso also said the economic policy proposal of the administration identified a set of physical reforms and growth patterns that is targeted to achieve $1trn GDP within 8 years.
He said the apex bank had, for the past few years, deviated from its core mandates and not complied with the CBN Act.
“We have seen the effect of not doing things rightly. The new management of CBN will have zero tolerance for non-compliance to guidelines,” he said.
In his remarks, Senate President Godswill Akpabio urged the Senate Committees on Banking, Insurance and other Financial Institutions to carry out a thorough oversight of the apex bank to ensure that things are done properly.
The Chairman Senate Committee on Capital Market and Institutions, Distinguished Senator Osita Izunaso on Saturday, 25th May, 2024, received the Senator of the Year Award
Organisers of the event celebrated Senator Osita Izunaso for his sterling qualities, intergrity, his outstanding contributions and motions of national interest at the 10th Senate of the National Assembly.
Responding, Distinguished Senator Izunaso, thanked the organisers of the event for spotting out his humble and modest contributions at the Senate, saying that the Special Recognition will further spur him to do more.
He expressed delight in the Award and dedicated it to God, the Masses of Nigeria and the good people of Imo West, for their unflinching support so far in his return to the Red Chambers.
The epoc making occasion which witnessed in attendance, the high and the mighty in the society, was put together by the Champion Newspapers Nigeria, at Eko Hotel & Suites, Victoria Island Lagos. END
By Friday Idachaba, Lokoja.
Jacob Edi, Former Special Adviser on Media and Strategy to former Governor Idris Wada, has been appointed as Special Adviser to Governor Ahmed Usman Ododo on Information and Communication among 183 persons including 43 Special Advisers, 131 Senior Special Assistants so appointed
Mrs Folashade Arike Ayoade, Ph.D, Secretary to the Government of Kogi State (SSG), made tge disclosure in a press statement made available to newsmen on Saturday in Lokoja.
The SSG said that approval was also given for the appointment of 10 others including a Director General (DG), a Principal Private Secretary (PPS), Chairman and Members of Kogi State Hotels and Tourism Board.
Among the Special Advisers are former Governor Yahaya Bello’s Chief Press Secretary, Onogwu Isah Mohammed who has been appointed as Special Adviser to the Governor on Public Relations.
Also on the list of Special Advisers is former member of Kogi State House of Assembly, Hon. Idris Ndako who has been appointed as Special Adviser to the Executive Governor on Local Government Matters.
Hon. Nda Aaron was also appointed as Special Adviser on Multimedia and Conception, a position he held throughout former Governor Yahaya Bello’s regime.
Also among the new appointees is the immediate past Chairman of Ibaji Local Government Area, Hon. Thomas Offor is to serve as Special Adviser to the Governor on Special Duties II.
Among many others are Abdulhamid Lawal, Special Adviser to the Governor on Grassroots Mobilization and Isah Omeiza Albert, Special Adviser on Community Relations.
Also on the list are Basir Audu Abubakar, Special Adviser on Hotel & Tourism (East); Achimugu Eunice Special Adviser on Youth and Women Affairs; Otitoju David Durojaiye, Special Adviser on Internal and Corporate Affairs
and Otaru Abdulkabir Onoruooyiza, Special Adviser on Agriculture.
Notable among the new Senior Special Assistants to the Governor are Onoja Simon Shaibu, Information and Political Strategy; Hon. Laz Akubo, Public Relations (East); Obademi Samson Oladende, Public Relations (West) and
Joseph Olutimi , Finance.
Some others are Joseph A. Omeiza, Commerce; Ikeyi Sunday, Sanitation; Richard Otitoleke , Drug Rehabilitation and Akubo Victoria Unekwu, Youth and Women Mobilization (Dekina Bassa).
Halimat Mohammed Onotu , Youth and Women Mobilzation (Adavi/Okehi)
and Abubakar Idris Yakubu Echipate, Local Matters.
The SSG said that the Governor also approved the redeployment of Ahmed Kashim, from being Personal Assistant to the Governor to Special Adviser to the Governor on Domestic Affairs.
Dr Ayoade in the statement said that the Governor while congratulating all the appointees demanded absolute commitment to the development of the State adding that the appointments take immediate effect. (Ends)
The Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has commended the outgoing World Bank Country Director, Dr. Shubham Chaudhari for his Significant Contributions to Nigeria’s Economic Growth
Dinner event hosted by the Honourable Minister of Finance & Coordinating Minister of the Economy Wale Edun OFR in honour of the outgoing World Bank Country Director, Dr Shubham Chaudhuri held at the Transcorp Hilton Hotel, Abuja, Nigeria
At an event held in Abuja, hosted by the Minister to honour the out-going World Bank Country Director, Mr Edun acknowledged the Organization’s crucial role in promoting socio-economic sustainability and enhancing Nigeria’s economic competitiveness.
A statement by the Director of Information and Public Relations Mohammed Manga quoted the minister to have expressed appreciation for the remarkable achievements recorded during Dr. Chaudhari’s tenure.
He reaffirmed the country’s commitment to building on these accomplishments so as to further drive economic progress in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.
“We appreciate your tireless efforts towards the promotion of economic growth and development in Nigeria. Your leadership and expertise have made a significant impact on our country’s progress.
“Your dedication to supporting Nigeria’s development agenda is truly commendable. We are grateful for these contributions and look forward to continued collaboration. Your commitment to fostering inclusive and sustainable growth in Nigeria is inspiring.
“We appreciate your partnership and guidance in shaping our country’s future*, Edun said.
According to him, the hallmark of the present administration’s policy thrust that brought fiscal reforms was aimed at boosting the nation’s economic development with a view to attracting foreign investments so as to ensure job creation, poverty reduction and improved standard of living for the citizenry.
The Minister assured that Nigeria offers a wealth of opportunities for foreign investors, with a large and growing market, rich natural resources, and a skilled workforce.
“We invite you to explore the possibilities and partner with us for mutual growth. Join us in harnessing the potential of Nigeria’s emerging economy. Our country offers a favourable business environment, investment incentives, and a dynamic market waiting to be tapped.”
Mr Edun used the opportunity to invite the international community to discover the opportunities and advantages of investing in Nigeria.
“Our government is committed to creating a conducive environment for businesses to thrive and succeed. We are inviting the international development partners to come to Nigeria and invest their resources. Nigeria is a country with diverse business opportunities and market potentials for profit maximisation*, he stressed.
The Minister stated further that Nigeria would continue to be a development partner with the World Bank, and that the present administration was committed to championing a good cause as well as implement policies that would boost the country’s economy in order to make it more vibrant and resilient.
Edun further appreciated Dr Chaudhari’s tenure, which he said, underscores the importance of supporting and recognizing Nigeria, aligning with President Bola Ahmed Tinubu’s pragmatic leadership in providing good governance.
He added that the reforms initiated by the administration would serve as a window to the global investment community, stressing that Nigeria is open for business with stable and profitable benefits thereby calling on Philanthropists, both within and outside the country, to invest their resources in Nigeria, a country which he said, has the largest population in Africa.
Edun explained that *the disputable access to renewal energy recently launched was an indication to build trust, attract foreign investment, and foster international partnerships aimed at reinvigorating the Nigerian economy.*
Speaking during the event, Dr. Shaubham Chaudhari, the out-going World Bank Country Director, described the event as symbolic and strategic, saying that it would help build bonds in relationship trust. He commended Nigeria for its proactive measures and robust efforts in bracing up monetory policies and in fostering sustainable economic development despite the daunting challenges.
The out-going Director assured that his Organisation’s doors were widely open for more collaborations and partnerships for the country’s growth.
Earlier in her remarks at the event, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya assured that the Ministry will continue to provide an enabling environment for the full implementation of the policies, programmes and projects of the Federal Government in line with its mandate.
She appealed to the international community to support the efforts of the present administration in its determination to boost the country’s economy and further stressed the need for international partners to take advantage of the country’s diversity and invest their resources for maximum benefits.
*Nigeria offers a vast and untapped market, rich in natural resources and human capital. We invite you to explore the numerous investment opportunities and be a part of our growth story. Join us in shaping Nigeria’s future and tapping into the immense potentials of our economy. Together, let’s create a prosperous and sustainable tomorrow.*
*Nigeria is open for business. We welcome foreign investors to partner with us in unlocking our economic potentials and driving growth in key sectors.* Jafiya said.
Also speaking, the Permanent Secretary Special Duties, Mr Okokon Ekanem Udo, assured that the present administration was committed to putting and implementing projects that will impact on the lives of Nigerians in line with contemporary global realities.
He commended the outgoing World Bank Country Director, Dr. Shaubham Chaudhari for his commitment and dedication. *Thank you for your dedication and commitment. We are grateful for your unwavering support and guidance, which has helped us navigate complex development challenges and create a brighter future for Nigerians.* Udo said.
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