News

World Bank, IMF commend Nigeria, revise growth forecast upwards to 3.4% for 2024 — Edun

Published

4 weeks ago

April 23, 2024

By Matthew Denis

The World Bank and the International Monetary Fund (IMF) have commended Nigeria’s efforts in tightening monetary policies, revising the country’s growth forecast upwards to 3.4 percent for this year – a reflection of the effectiveness of the administration’s economic policies.

This is contained in a statement signed by Mohammed Manga, Director Information and Public Relations Federal Ministry of Finance Budget and National Planning and made available to Nigerian NewsDirect on Monday.

The statement attributed the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun saying, “The World Bank and the International Monetary Fund (IMF) have commended Nigeria’s efforts in tightening monetary policies, revising the country’s growth forecast upwards to 3.4 percent for this year – a reflection of the effectiveness of the administration’s economic policies.

“During the recent World Bank and IMF Spring Meetings, Nigeria, under President Bola Ahmed Tinubu’s leadership, and represented by Minister of Finance and Coordinating Minister for the Economy, Wale Edun OFR, showcased the nation’s economic resilience and strategic response to global challenges.

“The 2024 Spring Meetings highlighted the global economy’s improved resilience, acknowledged by economic leaders worldwide. Despite a global economic environment challenged by high inflation rates and ongoing geopolitical tensions, Nigeria has emerged as a regional leader in promoting sustainable economic practices.”

Mr. Edun, who also serves as the Chair of the African Caucus, emphasised Nigeria’s pivotal role in ratifying the third chair for Sub-Saharan Africa at the IMF, a significant step in bolstering Africa’s voice on global economic issues.

The government’s commitment to economic stability remains unwavering. HM Edun highlighted several key initiatives aimed at bolstering Nigeria’s economy, stating, ”Our focus on agriculture, manufacturing, and electricity aims not only to stabilise prices but also to secure food and reduce dependency on imports. These initiatives, coupled with the inflation targeting policies of the Central Bank, are expected to reduce inflation by the second half of the year, which would allow for a potential reduction in interest rates.”

The Minister also stated that significant efforts are being made in the housing sector to support the rapid development of sustainable value chains, expected to have a catalytic effect on the economy and make housing more accessible.

Regarding the National Social Investment Programme (NSIP), the Minister noted the recent review and improvement of its financial architecture to enhance targeted delivery and efficiency, with direct transfers having recommenced, providing critical support to vulnerable populations.

He reaffirmed the administration’s commitment to ensuring the Naira’s position as a strong store of value and mentioned ongoing dialogues with the organised private sector to learn how policy can best support their growth and sustainability.

On the foreign exchange front, the Central Bank of Nigeria (CBN) has made significant strides in enhancing liquidity and creating a fair, more transparent FX market. These efforts have been supported by the Ministry of Finance through the strategic issuance of financial instruments through the Debt Management Office (DMO), designed to attract foreign currency inflows.

The Minister noted that the Federal Ministry of Finance continues to work closely with the World Bank on Nigeria’s application for up to $2.25 billion, comprising $1.5 billion in Development Policy Financing and $750 million in Programme-for-Results Financing. We expect that the Board of the World Bank will meet in June 2024 to consider the final approval of this financing package.

On her part, Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, affirmed the Ministry’s commitment to facilitating the rapid implementation of government policies.

“We are dedicated to aligning our actions with the administration’s policy thrust, ensuring that initiatives are effectively executed and achieve their goals,” stated Mrs. Jafiya.

“With the ongoing adjustments and the resilient and resourceful spirit of our people, we are confident of a brighter, more prosperous future for all Nigerians.”

News

Nigeria’s money supply dropped to N92.3trn in March – CBN

Published

9 hours ago

May 17, 2024

NewsDirect

Nigeria’s money supply dropped marginally to N92.3 trillion in March 2024 from N93.9 trillion in February.

This is according to recent data from the Central Bank of Nigeria.

Experts have linked the development to CBN’s hike in interest rates.

Demand deposits increased from N26.8 trillion to N28.8 trillion, suggesting a preference among depositors for more liquid forms of money.

Similarly, currency outside banks surged from N3.4 trillion to N3.6 trillion as more Nigerians moved towards cash following the end of the apex bank’s controversial new naira note policy.

The naira has continued to depreciate against the dollar despite the CBN’s policy intervention. On Thursday, it further dipped to N1533.99 per dollar.

News

Naira appreciates against dollar, ends week on good note

Published

9 hours ago

May 17, 2024

NewsDirect

The Naira appreciated against the dollar at the foreign exchange market barely 24 hours after depreciation.

FMDQ data showed that the N1497.33 appreciated against the dollar on Friday

This represents an N33.66 gain against the dollar compared to N1497.33 traded on Thursday.

Similarly, at the parallel market, the Naira appreciated to N1475 per dollar on Friday from N1555 on Thursday.

This showed that the Naira ended the week well after days of depreciation.

The country’s currency continued to experience instability since mid-April when it recorded months of appreciation.

Meanwhile, the Bureau De Change Operators had blamed forex scarcity for the continued depreciation of Naira.

News

Police dismiss inspector for N29.8m theft, kidnapping

Published

9 hours ago

May 17, 2024

NewsDirect

The Nigeria Police Force has dismissed one of its officers identified as Adabo Mohammed for criminal conspiracy and armed robbery, among others.

Mohammed, who was an Inspector, alongside five others was said to be a member of an armed robbery gang allegedly responsible for the stealing of N29.8 million from a victim in Gwagwalada, Federal Capital Territory.

This was disclosed by the Force Public Relations Officer, Olumuyiwa Adejobi, in a statement issued at the Force Headquarters in Abuja on Friday.

The statement, titled, ‘Police speak tough on indiscipline, misconduct,’ noted that in a move to uphold professional standards within the Force, the Inspector-General of Police, Olukayode Egbetokun, stressed the Force’s intolerance to any form of indiscipline.

The statement read partly, “In a decisive move to uphold the highest standards of professionalism and integrity within the Nigeria Police Force, the Inspector General of Police, IGP Kayode Adeolu Egbetokun, has emphasised his administration’s zero-tolerance policy towards any form of indiscipline. He stressed that the mandate of the police is to serve and protect with honour and integrity, and as such all breaches of the core values of the NPF will be met with decisive action to maintain public trust and ensure justice.

“In line with this policy, all cases reported against personnel have been creditably attended to, and justice has been done appropriately. Many of the erring officers have been sanctioned, while some cases are still at the orderly room trial level, and will soon be concluded.

“For instance, a police inspector has been dismissed from service while three others were demoted to their previous ranks following thorough investigations which confirmed their involvement in various acts of indiscipline/crime.”

Adejobi added, “One Inspector Adabo Mohammed was dismissed for the offences of criminal conspiracy, armed robbery/kidnapping, and corrupt practice. The dismissed officer, along with five others were members of an armed robbery gang responsible for the robbery of the sum of N29.8 million from a victim in Gwagwalada, FCT as well as the kidnap of one Ikechukwu Emmanuel Okafor in Tunga Manje, and the collection of ransom sum of N4.4m. The ex-officer has been charged to court accordingly.

“Similarly, the trio of Inspectors Osagie Efford, Semiu Agbekin, and Francis Ahuen, attached to the Special Tactical Squad (STS), have been demoted to their previous rank of Sergeant for the extortion of some motorists in Abuja. The trio intercepted an unregistered Mercedes Benz at Gwarinpa, Abuja, and forced the occupants to part with the total sum of N29.4m.

“The matter when reported by one Harrison Gwamnishu (#HarrisonBBi18) via the social media platform ‘X’, was taken up and properly investigated. While the monies have been returned to the complainants, the officers were subjected to orderly room trial in line with extant laws, and have been demoted.”

The FPRO noted that some senior officers have “been subjected to the Force Disciplinary Committee hearings” to “scrutinise and address allegations of misconduct against higher-ranking officers of the Force.”

He assured the public that “these measures are taken with the utmost seriousness and are integral to restoring and maintaining their trust. He re-emphasised that the NPF is dedicated to fostering a culture of accountability and respect within all ranks to ensure that police officers serve with integrity.”