Inflation still far above CBN's 9% target, says Emefiele | The Guardian Nigeria News - GIST NOWNOW
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Inflation still far above CBN’s 9% target, says Emefiele | The Guardian Nigeria News



• MPC retains lending rate at 11.5% for 14th consecutive month
• CBN pleased with investors’ interest in First Bank’s share

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday, said inflation was still above the six to nine per cent target set by the monetary authority, saying cautious effort must be made to continue to tame it.

This came as the Monetary Policy Rate (MPC), yesterday, retained the benchmark lending rate at 11.5 per cent. The asymmetric corridor was also held at +100/-700 bps around the MPR while the cash reserve ratio (CRR) and liquidity ratio were retained at 27.50 per cent and 30 per cent.

The decisions were disclosed by the Central Bank Governor and Chairman of the Committee, Emefiele at the 282nd MPC meeting held in Abuja.

Emefiele said tightening rates could mute the economic recovery, while reducing the benchmark could increase inflationary pressure.

He said the Committee noted the moderation in headline inflation to 16.63 per cent in September and 15.99 per cent in October but warned that inflation remained above the tolerance level of six to nine per cent target.

The MPC advised that both fiscal and monetary authorities should continue with their interventions to stimulate growth.
The Committee, according to the CBN boss, appealed to banks to scale up lending to businesses to support growth.

Emefiele said CBN extended repayment of intervention facilities to reduce the impacts of the cash flow on businesses.
He said: “From around September, October 2020, Nigeria began the process of easing the lockdown and notwithstanding, the fact that we still saw that around February, March of 2021 that the Delta variant raised its head. We still said that these businesses should also have forbearance. At this time, we believe that global economy has opened up, lockdown has been lifted and of course, we know the casualties and the economic damages that were caused as a result of the lockdown.”

However, he explained that with a gradual easing of international movements, Nigerian businesses are also getting to their normal lives while companies are back to business, revenue has been improved and if revenue improves then, businesses that took loans, then you expect naturally that companies that took loans should be able to pay back.

Emefiele also, the apex bank was pleased that investors were showing interest in FBN Holdings PLC’s shares. He added that the apex bank would not override the authority of the Securities and Exchange Commission (SEC) over the issue.

His words: “I think we should take SEC’s position because SEC is the regulator of the capital market. We will take their position and they will give guidance on this subject. Of course, as it affects the running and operation of the bank, we will take pre-eminence measures to make sure that the right things are done. Naturally, returns are sent to CBN about individual shareholders and if our position is not in tandem with the position of SEC, we will talk to SEC about it and we will also advise the public.

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PASGR, Mastercard explore policy options for youth resilience in country — Business — The Guardian Nigeria News – Nigeria and World News



The Partnership for African Social and Governance Research (PASGR) in collaboration with Mastercard Foundation will assist Nigeria to develop innovative evidence-informed research approaches that will ensure and enhance policy outcomes for youths.

The inception workshop for Nigeria, which will take place on December 14, 2021, at Carlton Gate Exclusive Hotel, Ibadan, Oyo State, will have the Minister of Youth and Sports Development, Sunday Dare, lead relevant stakeholders in government, development partners, scholars, the media and civil society organisations on the discourse.

The theme is “Young Women and Men’s Aspirations and Resilience: Prospects for Livelihoods, Employment and Accountability before, during and beyond COVID – 19.”

According to the Programme Officer, PASGR, Jim Kaketch, the workshop is the first of a series of research activities, which is being implemented in seven African countries that include Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal and Uganda.

Kaketch said the aim is to carry out a multi-country study that will explore young men and women aspirations, adaptability and resilience in Africa before, during and post COVID-19.

He said this project contributes to Mastercard Foundation’s goal to help 30 million young people to secure dignified and fulfilling work by 2030.

He disclosed that during the workshop, an Utafiti Sera house (Kiswahili for research-policy) would be established.

Kaketch said Utafiti Sera is PASGR’s innovative evidence-informed policymaking approach that ensures and enhances policy outcomes.

“It is a process, place, forum, platform or vehicle for transforming research evidence-based knowledge for policy uptake. It will be a platform for interested participants to have continuous conversations on Youth Aspirations and Resilience in Nigeria post the study,” he said.

He added that the Nigeria research team led by Dr. Babatunde Ojebuyi of the University of Ibadan would use the workshop to explain the research project to stakeholders, obtain their views on the research approach as well as identify and select stakeholders that will be critical for the project’s success.

“This event is timely as it comes at a time that the Nigerian youth are grappling with unemployment challenges. This project seeks to provide youth with the opportunity to have their voices heard and understand the challenges and opportunities presented to youth by the recent outbreak of COVID-19 as far as fulfilling their aspirations is concerned,” he added.

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GAC Motor sponsors ICAN at 51st year anniversary | The Guardian Nigeria News



In renewing its efforts at fostering sustainable development in the country, GAC Motor has announced that it would be sponsoring the Institute of Chartered Accountants of Nigeria (ICAN) as the organization marks its 51st year anniversary.

Themed “Building Trust in Governance”, the five-day event, which started from November 29 till December 3, 2021 aims to bring Accounting professionals.

The purpose of this event is to highlight a clear roadmap on strategies and policies that can create a more transparent and trustworthy system in the country. These efforts will serve towards economic prosperity in Nigeria.

GAC Motor seeks to demonstrate the true tenets of the event by making a headline showcase of the GS3 on the popular GAC Motor Pavilion – the platform from which car lovers get to experience any GAC model of their choice first-hand. In addition to displaying the GAC Motor at the event, the GAC team is also using the moment to inspire Nigeria’s accounting professionals to do more as they will be battling for the GS3 in a Raffle Draw.

The Chairman of GAC Motor, Chief Diana Chen will be at the event to highlight the company’s history of pioneering and transforming Nigeria’s automobile development through its industrialization efforts. She will also be discussing some steps the automobile company is taking to influence Nigeria’s commercial landscape for global relevance.

Over the years, GAC Motor has been involved in strategic projects that have reinforced the company’s position as not only a leading force in Nigeria’s automobile industry, but also a brand passionate in enhancing the Nation’s economy.

In the month of October, 2021, the company sponsored the Manufacturer’s Association of Nigeria (MAN) 50th anniversary celebration where it met with key manufacturing stakeholders in the country to chart a course into the prosperous future of its manufacturing sector.

In similar efforts, GAC Motor in November 2021, sponsored the Super Eagles of Nigeria to qualify for the FIFA Qatar 2022 World Cup Playoffs as part of its measures to improve the country’s sports and social development.

Members of the public are encouraged to stay in touch with our live updates via GAC Motor’s social media channels to participate as events unfold at ICAN’s 51st anniversary.

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New survey shows Nigeria’s oil production rebounds in November | The Guardian Nigeria News



The latest monthly Reuters survey has shown that the Organisation of Petroleum Exporting Countries (OPEC) continued to raise its oil production in November under the OPEC+ deal, but the cartel continued to pump less crude than its share of the monthly increase, just as Nigeria witnessed an increased production.

Nigeria’s production had been challenged until last month when Shell Petroleum Development Company of Nigeria (SPDC) lifted force majeure on crude exports from Bonny Light terminal following repairs to a leaking pipeline.

Operational issues have hampered Nigeria’s crude production throughout the second half of this year, with disruption at several other terminals including Qua Iboe, Forcados, Erha and Brass River.

Nigeria’s production in the last few months has been below budgetary benchmark dropping to 1.37 million barrels a day in October, 261,000 bpd below its OPEC+ quota.

Under the OPEC+ deal, the 10 OPEC members bound by the OPEC+ pact should be raising their combined production by 254,000 barrels per day (bpd) each month out of the total OPEC+ monthly supply addition of 400,000 bpd.

In November, OPEC’s crude oil production increased by 220,000 bpd to 27.74 million bpd, according to the Reuters survey.

The rise, once again, fell short of the 254,000-bpd increase that OPEC should be implementing.

The Reuters survey confirms a trend that began a few months ago—not all OPEC members have the capacity to pump to their full quotas.

Saudi Arabia, OPEC’s top producer and de facto leader, saw the largest increase in production in November, in line with its target. So did Iraq, OPEC’s second-largest producer, according to the survey.

Nigerian production managed to recover in November from a force majeure in October, but other African producers continued to struggle to produce to their targets. Oil production in Angola, Gabon, and Equatorial Guinea either fell or remained flat.

The steepest drop came from Angola, whose output dropped by 50,000 bpd in November from October due to a lack of capacity, the Reuters survey found. Angola’s exports have dipped to a record low this month, per tanker schedules seen by Reuters.

OPEC+ meets on Thursday to decide production levels for January, and a growing number of analysts believe that the group could pause the monthly supply additions amid an expected surplus early next year and the still high uncertainty about the impact of the Omicron Covid variant on oil demand.

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