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Nigeria’s broad money supply hits record high of N93.72trn in January 2024

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Nigeria’s broad money supply has reached a historic high of N93.72 trillion as of January 2024, marking a significant increase from the N53.14 trillion recorded in January 2023.

This represents a year-on-year growth of N40.48 trillion, a 76 percent surge. Compared to the preceding month of December 2023, which stood at N78.74 trillion, this represents a robust 19 percent increase, equivalent to N14.98 trillion.

The Central Bank of Nigeria (CBN) has released these figures in its comprehensive money and credit statistics report.

The upward trajectory of Nigeria’s broad money supply (M3), which encompasses both net foreign assets and net domestic assets, has been accelerating in recent years.

However, this trend intersects with an array of economic challenges, including surging inflation rates, mounting pressures on the naira’s exchange rate, and a downward trajectory in interest rates.

The increase in the money supply could lead to a potential surge in inflation, posing a significant threat to the purchasing power of Nigerians.

Additionally, an inflated money stock typically correlates with a decline in interest rates, particularly in environments characterized by a dearth of viable investment prospects.

This dynamic may render Nigerian investment vehicles less attractive to global investors, which is a matter of grave concern considering Nigeria’s imperative for sustained dollar inflows.

Despite a significant increase in the money supply, Nigeria’s economic growth has been slow, with projected growth rates for 2024 among the lowest in West Africa.

This disparity is concerning as the money supply is growing at a much faster rate than the economy. Inflation has also been a major issue, with a high headline inflation rate in January 2024.

The Central Bank of Nigeria’s Monetary Policy Committee (MPC) will soon meet to discuss the implications of the expanded money supply on their decision-making, particularly regarding the Monetary Policy Rate (MPR). These discussions are crucial for Nigeria’s economic stability and growth.

It is worth noting that the increase in the money supply has occurred despite the CBN’s efforts to tighten monetary policy and reduce excess liquidity. The CBN has gradually raised the MPR over the past year, but there may be a conflict between the current Governor’s stance on interest rate hikes and President Bola Tinubu’s plans to reduce interest rates.

This could potentially lead to a clash between the government’s economic objectives and the CBN’s tightening monetary policy.

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Idris congratulates newly-elected APRA executives

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The Minister of Information and National Orientation, Mohammed Idris, has felicitated the newly-elected Executive Council of the African Public Relations Association (APRA), elected at the 35th APRA Annual Conference and Annual General Meeting (AGM), which was held in Abidjan, Côte d’Ivoire from May 13- 18, 2024.

The Minister, also a Fellow of APRA, acknowledged the significance of the election for the advancement of public relations across Africa, adding that while it is a pivotal moment for APRA, the collective expertise, and leadership of the newly-elected Executive Council would be instrumental in attaining the long-term vision of the association.

The new APRA Executive Council comprises Arik Karani from Kenya as President, Dr. Michele Mekeme from Cameroon as Vice President, and Dr. Omoniyi Ibietan from Nigeria as Secretary-General.

Idris urged the new Executive Council to “continue the trajectory of reforms in APRA,” stressing the importance of expanding the democratic space by encouraging greater participation of national public relations institutions across the continent.

He highlighted the need for inclusivity and collaboration to strengthen the public relations profession in Africa.

The Minister also called on the Executive Council to work closely with the African Union Commission and the Council of Ministers to ensure that public relations remains central to policy formulation, programme execution, and project implementation.

“Public relations should be at the heart of policy, programs, and project implementation,” he stated.

He also extended his salutations to Dr. Omoniyi Ibietan, the Head of Media Relations at the Nigerian Communications Commission (NCC), on his emergence as the Secretary-General of APRA.

“Dr. Ibietan is a thoroughbred journalist, public relations expert, and author, who is expected to bring his enormous wealth of experience to bear on APRA positively,” Idris said.

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Airtel wins big at maiden ICAN-NGX awards

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Airtel Africa, the leading telecommunications provider in Africa with its stock trading on the Nigerian Stock Exchange (NGX), emerged as a major winner at the inaugural edition of the ICAN-NGX Awards, carting away the Most Outstanding in Financial Reporting and the overall gold across all categories, amidst other nominations.

These honors were announced at a special ceremony held on Friday, 17th May 2024, at the NGX headquarters in Lagos.

Organized by the Institute of Chartered Accountants of Nigeria (ICAN) in collaboration with NGX Regulation Limited (NGX RegCo), the awards recognized excellence in corporate reporting among the top 30 most capitalized companies listed on the Nigerian Stock Exchange for the 2022 financial reporting year.

Airtel Africa stood out among other nominees in the areas of Financial Reporting, Corporate Governance, and Sustainability Reporting.
In the highly competitive Financial Reporting Category, Airtel Africa was recognized as Most Outstanding, edging out industry giants such as Dangote Cement Plc, Dangote Sugar Refinery Plc, MTN Nigeria Communications Plc, Seplat Energy Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Company Plc.

Speaking on the awards, Group Chief Executive Officer, Airtel Nigeria, Carl Cruz, expressed gratitude for the awards while restating the organization’s enduring commitment to promoting transparency and accountability for the benefit of all stakeholders.

“At Airtel, we strive to set the benchmark for excellence in financial reporting and corporate reporting, and these awards validate our efforts in this regard. We have been deliberate in maintaining a painstaking dedication to transparency for the sake of our shareholders, which is also how we keep our promises to our shareholders,” he said.

Airtel Africa also received the Gold Award in the Corporate Reporting Category. This award, according to Mr. Cruz, underscored Airtel’s culture of fair business practices.

“Today’s recognition reminds us to keep upholding the fundamental principles of integrity, accountability, and ethical conduct across all facets of its operations,” he noted.

In his remarks at the award ceremony, the Chief Executive Officer, NGX Regulation Limited, Mr. Olufemi Shobanjo, stressed the significance of the award, highlighted the importance of transparency and accountability in building a more productive market environment.

“It is noteworthy that integrity is an important drive in ensuring a successful business. In this vein, the Corporate Reporting Award underscores our collective commitment to fostering a capital market that operates on principles of transparency, integrity, and excellence,” he said.

While sharing this positive sentiment regarding the awards, Innocent Okwuosa, the 59th President of the Institute of Chartered Accountants of Nigeria (ICAN), expressed optimism about the future of corporate reporting in the country.

“As sustainability evolves and with Nigeria adopting IFRS S1 and S2 of International Sustainability Standard Board (ISSB),” he said, “it is expected that the corporate reporting in Nigeria will get better and better.”

Airtel Africa remains committed to promoting accountability, transparency, and sustainability in its operations.

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NUJ commends Governor Abiodun for appointing Journalist as Head of Service

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The leadership of the Nigeria Union of Journalists (NUJ) South West Zone has commended the Ogun State Governor, Prince Dapo Abiodun, on the appointment of Mr. Kehinde Onasanya, as the Head of Service.

It would be recalled that Onasanya, a leading journalist in the service of Ogun State Government, was recently appointed by the governor as the 20th Head of Service.

In a communique issued at the end of the zonal meeting of the union held in Ibadan, the Oyo State capital on Friday, Abiodun was lauded for appointing Onasanya as the first journalist to become Head of Service in the State.

The NUJ also praised the governor for his unflinching support for the Ogun State Council of the Union since his assumption of office in 2019, calling on other State Governors to emulate Abiodun’s exemplary gesture.

“The leadership of the NUJ Zone B specifically appreciated the Governor of Ogun State, Prince Dapo Abiodun, for appointing a journalist, Mr. Kehinde Onasanya, as the first NUJ member to be the Head of Service of the state.

“The Union appealed to other state governors to magnanimously elevate qualified journalists/information officers to the position of permanent secretary, Head of Service and other key public offices,” the communique reads in part.

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