Connect with us

Business and Economy

Nigeria Central Bank To Inaugurate N15 Trillion Infrastructure Fund In October 2021

Published

on

Share this Story

The CBN Governor, Godwin Emefiele has disclosed that   the N15 trillion infrastructure fund would be inaugurated in Oct. 2021.

Emeifele who made this known at the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria in Abuja, stated that the innovations like the Nigeria/International Financial will provide a gateway for capital and investments, and digital currency, e-naira, will enhance inclusion. adsbygoogle || []).push({}); adsbygoogle || []).push({});

He said the regulatory body had been working with the Bankers Committee to scale the challenges posed by Covid-19, which include reduction of interest rates on loans, increasing the moratorium for payments, and injecting N3 trillion loans in the private sector.

“We do expect that the pace of inflation will moderate as we approach the harvest season,’’ he added.

President Muhammadu Buhari says N300 billion has been disbursed to farmers while 1.6 million poor and vulnerable households are currently benefiting from the Conditional Cash Transfer programme.

ALSO READ  Indignity of Labour: The Bitter Tales Inside Nigeria Flour Mills’ Sugar Eestate

The president who  revealed this while virtually declaring the conference open, said that  some of the various initiatives embarked upon to boost agricultural trade in Nigeria include the Anchor Borrowers Programme.

He stated that the Central Bank of Nigeria had made more than N300 billion available to over  3.1 million smallholder farmers of 21 different commodities.

He said the commodities included Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soybeans, Groundnut, Fish, cultivating over 3.8 million hectares of farmland.

“It is on record that 80% of rice consumed in Nigeria is now produced locally,’’ he said.

He added that the National Social Register of poor and vulnerable Nigerians had 32.6 million persons from seven million poor and vulnerable households identified, imploring bankers to play a stronger role in improving livelihoods.

President Buhari said the National Social Investment Programme was biggest in Sub-Sahara Africa and one of the largest in the world.

To further strengthen recovery and enable more Nigerians, President Buhari said, last year, he approved the establishment of InfraCo Plc, a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion.

ALSO READ  Subsidy Removal: NULGE Requests 300% Minimum Wage Increment, FG Releases 10,000 Buses

“In May 2021, the Rural Electrification Agency announced the planned deployment of solar-powered grids to 200 Primary Health Centres and 104 Unity Schools nationwide.

“Under the Family Homes Fund Limited, Social Housing programme incorporated by the Federal Government of Nigeria, more than two thousand hectares of land with title documents have been issued by 24 states with the capacity to accommodate about 65,000 new homes.

“The Central Bank of Nigeria is providing a N200 Billion financing facility, with a guarantee by the Federal Government,’’ he said.

The president affirmed that the theme of the conference, “Economic Recovery, Inclusion, and Transformation: The Role of Banking and Finance’’ was most appropriate, following the global shocks from COVID-19.

“I salute the Institute and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of our country, Nigeria, and by extension Africa as epitomized by the theme of your conference.

ALSO READ  $311 Million Recovered Abacha Loot: Nigerians WillI Hold Your Administration to Account - Social Action Tells Buhari

The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.

Business and Economy

IMF Predicts Drop In Global Economic Growth In 2023-24

Published

on

By

International Monetary Fund, IMF
Share this Story

The International Monetary Fund (IMF) has predicts that global economic growth is projected to fall from 3.5 per cent in 2022 to 3.0 per cent in both 2023 and 2024.

This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2023: “Near-Term Resilience, Persistent Challenges” released on Tuesday. adsbygoogle || []).push({}); adsbygoogle || []).push({});

The report said though the forecast for 2023 was modestly higher than predicted in the April 2023 WEO, it remained weak by historical standards.

“Compared with projections in the April 2023 WEO, growth has been upgraded by 0.2 percentage points for 2023, with no change for 2024.

“The forecast for 2023–24 remains well below the historical (2000–19) annual average of 3.8 per cent.

“It is also below the historical average across broad income groups, in overall Gross Domestic Product (GDP) as well as per capita GDP terms. ”

The report also said that advanced economies continued to drive the decline in growth from 2022 to 2023, with weaker manufacturing, as well as idiosyncratic factors, offsetting stronger services activity.

ALSO READ  FSDH Merchant Bank to work with Lagos State on revenue collection — Marie-Omogbai

“For advanced economies, the growth slowdown projected for 2023 remained significant, from 2.7 per cent in 2022 to 1.5 per cent in 2023.

“About 93 per cent of advanced economies are projected to have lower growth in 2023, and growth in 2024 among this group of economies is projected to remain at 1.4 per cent.”

While the report said in emerging markets and developing economies, the growth outlook was broadly stable for 2023 and 2024, although with notable shifts across regions.

“For emerging market and developing economies, growth is projected to be broadly stable at 4.0 per cent in 2023 and 4.1 per cent in 2024, with modest revisions of 0.1 percentage point for 2023 and –0.1 percentage point for 2024.”

The report showed growth in Sub-Saharan Africa is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024.

It revealed that economic growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April WEO projections, reflecting security issues in the oil sector.

ALSO READ  Loan Sharks Detrimental to Economy, Empower MfBs to Give Loan – Ex-CIBN President to CBN

The report showed that economic growth in Nigeria is projected at 3.2 per cent in 2023 and decline to 3.0 in 2024.

The report said Global headline inflation was expected to fall from 8.7 per cent in 2022 to 6.8 per cent in 2023 and 5.2 per cent in 2024.

“Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward. ”

It said inflation could remain high and even rise if further shocks occur, including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy.

The report said financial sector turbulence could resume as markets adjust to further policy tightening by central banks.

“China’s recovery could slow, in part as a result of unresolved real estate problems, with negative cross-border spillovers.

“Sovereign debt distress could spread to a wider group of economies.”

It, however, said on the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient.

The report said in most economies, the policy priorities remained to achieve sustained disinflation while ensuring financial stability.

ALSO READ  Easing Lockdown: How Greedy GTB Workers Demand Money From Customers To Gain Entrance Into Banking Hall![Exclusive Video]

“Therefore, central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring.

“Should market strains materialise, countries should provide liquidity promptly while mitigating the possibility of moral hazard.

“They should also build fiscal buffers, with the composition of fiscal
adjustment ensuring targeted support for the most vulnerable.

The report said improvements to the supply side of the economy would facilitate fiscal consolidation and a smoother decline of inflation toward target levels.

NAN

Continue Reading

Business and Economy

Debt Servicing: Gombe State Govt Spent N33bn in 4 Years – Transition Report

Published

on

Chairman of the Gombe State Transition Management Committee, Dr Ibrahim Daudu
Share this Story
  • N6 billion for settlement of four years backlog of gratuities owed retirees from 2014 to 2017

The Gombe State Government has paid about N33billion from the N100bn debt inherited from the administration of former governor Ibrahim Dankwambo. adsbygoogle || []).push({}); adsbygoogle || []).push({});

The Chairman of the Gombe State Transition Management Committee, Dr Ibrahim Daudu, made this known while submitting the 2023 transition report to Gov. Inuwa Yahaya on Monday.

Daudu said that Gov. Yahaya also paid N6 billion to settle four years backlog of gratuities owed retirees from 2014 to 2017.

According to him, the payment to retirees is the largest payment of gratuity made by any government in Gombe State.

ALSO READ  Subsidy Removal: NULGE Requests 300% Minimum Wage Increment, FG Releases 10,000 Buses

“During the course of our work, we were able to determine that out of over N100 billion in debt inherited from the previous administration, your administration has paid approximately N33 billion,” he said.

The chairman also stated that the state government within the period was able to attract N26 billion as a result of its prudent public financial management through the implementation of the State Fiscal Transparency, Accountability and Sustainability programme.

He said that in view of the state’s prudent resource management, Gombe State ranked fourth most successful state in public financial management in the country.

While commending Yahaya for effectively managing the finances of the state in spite of the huge economic challenges caused by COVID-19 and economic recession, the Daudu-led committee urged the government to boost the state’s internally generated revenue going forward.

ALSO READ  Easing Lockdown: How Greedy GTB Workers Demand Money From Customers To Gain Entrance Into Banking Hall![Exclusive Video]

The 11-member committee which was inaugurated on  May 26 further advised the state government to within the next four years, reform the civil service while prioritising job creation.

The News Agency of Nigeria (NAN) reports that the major responsibilities assigned to the committee was to develop a blueprint for consolidating on the achievements made during Yahaya’s first administration.

Also, to incorporate lessons learned, identify priorities, policies, and programmes for the new administration.

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
ALSO READ  $311 Million Recovered Abacha Loot: Nigerians WillI Hold Your Administration to Account - Social Action Tells Buhari
Latest entries
Continue Reading

Business and Economy

Euromoney Awards: GTBank Ranked Best Bank in Nigeria

Published

on

By

Guaratny Trub bank, gtb rank high at euromoney awards for excellency 2023
Share this Story

Guaranty Trust Bank Ltd. has been ranked the”Best Bank in Nigeria” at the Euromoney Awards for Excellence 2023.

The bank said in a statement on Monday that the latest recognition underscored the bank as the leading financial institution in Nigeria. push({}); adsbygoogle || []).push({});

Announcing the award, Euromoney said: “Nigeria’s best bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to deal with the risks ahead and perhaps to take advantage of opportunities in economic and policy transition.

ALSO READ  FG Inaugurates MSMEs Steering Committee

“Despite a difficult operating environment, the bank continues to deliver exceptional results as the flagship franchise of Guaranty Trust Holding Company Plc.

“It recorded a profit before tax of N214.2 billion, pre-tax return on Equity (ROAE) of 23.6 per cent, and Cost to Income Ratio (CIR) of 48.0 per cent for the period ended, Dec. 31, 2022.”

Euromoney is an authority for global banking and financial markets and the annual awards for excellence, celebrates financial institutions that demonstrate leadership, innovation, and resilience in the markets they operate.

ALSO READ  MPC Retains MPR At 11.5%, Holds Other Parameters Constant

Commenting on the award, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd., said, “we are honoured to be named the Best Bank in Nigeria by Euromoney.

“This recognition reflects our unwavering commitment to the values of excellence and innovation which form the bedrock of our value proposition as an institution and has guided the mother-brand to achieve remarkable success for over 30 years.

“As part of a thriving financial holding company, we will continue to prioritise service delivery and innovation whilst maintaining our strong financial performance,” she said.

Author Profile

Editor
ALSO READ  $311 Million Recovered Abacha Loot: Nigerians WillI Hold Your Administration to Account - Social Action Tells Buhari
Latest entries
Continue Reading

Recent Posts

Copyright © 2021 Informavores Nigeria Communication Enterprises | Powered by ObajeSoft Inc