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CBN not using foreign reserves to defend Naira — Cardoso

The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves.

 

He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.

 

Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.

 

He also said that Ways and Means (federal government borrowings from CBN) is no longer an issue, particularly after the fiscal authorities securitised the outstanding.

 

His words, “Defending the Naira, from every indication is an elephant in some rooms. I will make this as clear as possible. It is not our intention to defend the Naira. Much as I have read in the recent few days some opinions about what has happened in terms of our reserves being drawn down, the CBN Defending the Naira, if you take your mind to our philosophy and policy, you will see it will be counter intuitive. We want the Naira to perform independently as long as we have a vibrant forex market.

 

“Initially we needed to keep the BDCs going. So it is important for people to get forex for school fees, travels and the like.

 

Why reserves shifted

 

“The shift you see in our reserve is not to defend the Naira but for things like settling obligations that fell due. Mind you, that is the reason for keeping foreign reserves, in the first place.”

 

Cardoso also said that his team is cooperating with the fiscal authorities and that, “Ways and Means is no longer an issue.

 

He said, “Let me be upfront in saying that the monetary policy is only one side. It is very clear to us that we need to have a very good handshake with the fiscal authorities.

 

“For instance, food inflation is not within the purview of the CBN. Ways and Means is now less an issue.”

 

The CBN boss said he decided to go the orthodox central banking route in order to build confidence in the Nigerian currency.

 

He also said that he had no choice than to raise monetary policy rate, recording 600 basis points hike within a short period of time.

 

He promised to communicate more with Nigerians and other stakeholders in order to moderate their expectations.

 

“We want Nigerians to be realistic in their expectations. We have used the MPC to explain why we took the measures that we have taken.

 

“We will strengthen the communication framework using different platforms to communicate.”

 

The governor expressed satisfaction that he took hard decisions but added that they are yielding desired outcomes.

 

He said within two months of his administration , the Naira was adjudged the worst performing currency, but within six months it moved to the best performing currency, globally.

 

“Ultimately the objective is to ensure that we moderate inflation’’, he stated.

 

Key take-away lessons for him, he said, was that he could not over-emphasise the importance of trust, stating, “Irrespective of boldness to do certain things if the trust is not the there, you will sub-optimise.

 

“It is a bit of a surprise that one had expected a greater understanding of a lot of the issues, expectations of the people on the CBN is often misplaced.”

13,000mw For 200,000mw Demands Unacceptable — Obi

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The presidential candidate of the Labour Party (LP) in the 2023 general election, Peter Obi, has expressed deep concerns over the perennial power situation in the country, recording 141 times of national grid collapse in 11 years and calls for urgent pragmatic solutions.

 

Obi noted that Nigeria has only 13,000mw while the demands are about 200,000mw.

 

He said that even with the 13,000mw, only about 3,500mw are available for homes and business­es, noting that the situation puts Nigeria as the lowest per capita wattage in the world.

 

In an article, titled, ‘The Col­lapsing Electricity Sector’, the LP standard’s bearer, said, “The Ni­geria electricity supply industry faces real and present danger of collapse despite the efforts made in more than two decades to initi­ate a reform of the NESI.

 

“It is sad today that we suffer periodic and routinised system collapses that are attributed to such avoidable situations as fire outbreaks at critical transmission lines across our major cities. It is absolutely distressing and a sto­ry of a low level of managerial capability that the entire nation can be plunged into total darkness for a reasonable period because networks go out because of a lack of diligent attention.

 

“It should worry any Nigerian patriot that the total installed ca­pacity for a country of more than 200 million people with an aspira­tion to become a global medium economy power is a mere 13,000. Worse still, only about 3,500mw are available for homes and busi­nesses from the grid. Sometimes, it grinds to less than 2,500mw. This is unacceptable.

 

“We can contrast the available supply of electricity with compet­itor countries in Africa like Egypt and South Africa with respective populations of approximately 112m and 59.6m people supply­ing about 60,000mw and 58,000, respectively.

 

This difference in en­ergy wattage has massive impli­cations for human development and economic growth. Nigeria today has the world’s lowest per capita wattage in the world, lower than those of most of our West Af­rican neighbours. It is really sad that whereas our energy demand is above 200,000mws, we have only 13,000mw installed capacity and can only deliver regularly less than 4,000mw.

 

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“After speaking with experts in the sector I have realised that the crisis of power supply in Nige­ria relates to two major sectors: (1) generation, and (2) transmission and distribution. The major chal­lenges of the generation sector are the lack of a regular supply of gas arising from the failure of the government in the last 8 years to provide adequate gas infrastruc­ture facilities, weak commercial­ity of gas to power and failure to control the restiveness of angry youths leading to vandalism.

 

“It is shameful that for more than 8 years we cannot resolve the infrastructural bottlenecks that constrain the supply of gas to power plants despite billions from CBN for legacy gas debts.

 

“On the transmission and distribution side, the last 8 years have witnessed terrible failure to overcome the deterioration of networks and transmission and distribution networks and invest in modern technologies like SCA­DA leading to poor coverage, lack of effective coordination between TCN and discos leading to load re­jection and inability to generate public trust for policy reform on tariff and leading to low private sector investments.

 

“If we had a good project man­ager, we would have massively in­creased generation, transmission and distribution capacity and en­hanced policy coherence that would have crowded private sector invest­ment in the degree to sustained rap­id growth of the grid. The problem is that the government have exer­cised the required political will to appoint the right kind of leadership that understands the problems of the sector and has the singular ded­ication and competence to create quick wins in the short term and transformation in the medium to long term.

 

“I suggest that the Federal Government immediately consti­tute a technical task force of real professionals without political consideration to present a diag­nosis of the crisis of the sector and to get to work to correct such simple slippage like incessant fire outbreaks that lead to perennial system collapse, drastically im­prove coordination and coher­ence between TCN and DisCos so there will be no load rejection, and breath down on all operators to deliver on their technical respon­sibilities.

 

“This will rapidly improve power availability in the short term while the government develop clarity to articulate an integrated national electricity policy and a practical implemen­tation roadmap that harmonises national and sub-national elec­tricity reform efforts to ensure rapid and expansive delivery of reliable, adequate, and affordable electricity.

 

“We are too endowed to be a nation of generators and to be trapped in darkness. We cannot grow our economy in darkness.”

Guinness World Record: Nigerians Cheer Onakoya As 58-Hour Chess Marathon Begins In New York

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Nigerians abroad have come out to support renowned chess master, Tunde Onakoya, as he embarks on a mission to surpass the Guinness World Record for the longest chess marathon.

 

Onakoya announced the commencement of the marathon via his X account with the caption, “Game time.”

He also wrote, “We haven’t even started yet and Nigerians are already trooping in to camp out with me.”

 

Among those cheering Onakoya is Nigerian singer, Adekunle Kosoko, popularly known as Adekunle Gold.

The event, which is underway at New York City’s iconic Times Square, started at 10am on Wednesday, April 17, and is scheduled to end at 8pm on April 19.

 

Onakoya is set to engage in an intense chess marathon, aiming to play for 58 hours without a single defeat.

The current Guinness World Record, set by Hallvard Haug Flatebø and Sjur Ferkingstad of Norway on November 11, 2018, stands at 56 hours, 9 minutes, and 37 seconds.

 

Credit: X | Tunde_OD

 

Lagos Blue Line transported over 1 million passengers in 219 days – Official  

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The Phase 1 of the Lagos Blue Line light rail, which began commercial operations on September 4, 2023, has transported over one million passengers in the 219 days that it has run safely.

This announcement was made by John Zhao, an official of the China Civil Engineering Construction Corporation (CCECC), the company that constructed the first phase of the rail and currently operates the system, via a post on his official X (formerly Twitter) account on Tuesday.

 

According to the CCECC official’s post, in the 219 days, over one million passengers were transported on 9,322 train rides.

 

“Phase I of Lagos Light Rail Blue Line, operated by #CCECC, has run safely for 219 days, transporting 1 million+ passengers on 9,322 trains. With 100% on-time performance, it eases transportation pressure and offers a greener, safer option for Lagos residents,” the post read.

The one million plus passengers moved by the Blue Line in 219 days show an increase in ridership. Earlier this year, on January 4 to be precise, the Lagos Metropolitan Area Transport Authority (LAMATA) announced that the Blue Line Metro Rail had moved 583,000 passengers between September 4, 2023, and January 4, 2024.

 

Recommended reading: Lagos Blue Line rail upgrades with new power plant

What you should know about the Blue Line

The Lagos Blue Line light rail is a 27km long rail and is part of the Lagos Rail Mass Transit (LRMT) system.

The first phase of the Blue Line, a 13km stretch from Lagos Marina to Mile 2, was completed in 2023 and subsequently launched and began commercial operations in September 2023.

The China Civil Engineering Construction Corporation (CCECC) built phase 1 and currently operates the rail system.

In the first four months of passenger operations, the Blue Line transported 583,000 passengers between September 4, 2023, and January 4, 2024.

The second phase of the Blue Line rail, currently under construction by CCECC, is expected to stretch from Mile 2 to Okokomaiko.

Mo Abudu & Idris Elba’s Short Film “Dust To Dreams” Enters Post-Production

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“Dust To Dreams,” a short film by producer Mo Abudu and director Idris Elba, is getting ready for post-production. A collaboration between EbonyLife Films and the African Export-Import Bank (Afreximbank) through its Creative Africa Nexus (Canex), “Dust To Dreams” follows the relationship between a mother and her teenage daughter as she meets her father for the first time.

 

It features Nollywood stars including Nse Ikpe-Etim, Eku Edewor, Atlanta Bridget Johnson, former Nigerian Idol contestant Constance Olatunde, and British singer, Seal.

 

Mo Abudu and Nse Ikpe Etim have both shared some behind-the-scenes photos from the production on social media, see them below:

Check Out BTS Pictures Below 👇

 

BDCs now buying dollars at N980/$, naira appreciating faster than expected – ABCON President confirms

The Association of Bureau De Change Operators of Nigeria (ABCON) said that as of Tuesday, the Bureau De Change (BDC) operators were buying dollars at N980/$ at the open market and selling at N1,020/$.

 

This was confirmed by the President of ABCON, Aminu Gwadebe while featuring on a Channels Television programme, Business Incorporated, where he stated that the naira has appreciated faster than expected against the United States Dollar.

 

Gwadebe applauded the government and the Central Bank of Nigeria for its efforts so far, saying it’s the first time in the last 15 years that the exchange rate for the dollar in the parallel market is less than that at the official window.

 

He acknowledged that there is now calmness in the market as speculation which has been one of the major destabilization factors is no longer there.

PRESIDENT TINUBU COMMENDS DANGOTE GROUP OVER NEW GANTRY PRICE OF DIESEL

STATE HOUSE PRESS RELEASE

 

PRESIDENT TINUBU COMMENDS DANGOTE GROUP OVER NEW GANTRY PRICE OF DIESEL

 

President Bola Tinubu commends the enterprising feat of Dangote Oil and Gas Limited in reducing the gantry price of Automotive Gas Oil (AGO), also known as diesel.

 

The Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above.

 

The price review represents a 60 percent drop, which will, in no small measure, impact the prices of sundry goods and services.

 

The President affirms that Nigerians and domestic businesses are the nation’s surest transport and security to that glorious destiny of economic prosperity, noting the federal government’s 20 percent stake in Dangote Refinery and why such partnerships between public and private entities are essential to advancing the overall well-being of the country.

 

The President calls on Nigerians and businesses to, at this time, put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.

 

Chief Ajuri Ngelale

 

Special Adviser to the President

 

(Media & Publicity)

 

April 17, 2024

Two Nigerian Soldiers Arrested For Stealing Armoured Cables At Dangote Refinery In Lagos

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Two personnel of the Nigerian Army have been arrested for vandalising and stealing armoured cables at the Dangote Refinery in Lagos. The suspects are identified as CPL Innocent Joseph and L/CPL Jacob Gani.

Dangote Refinery owned by Dangote Group was inaugurated on the 22nd of May 2023 in the Ibeju-Lekki area of Lagos State.

 

When in full operation, it is expected to have the capacity to process about 650,000 barrels per day of crude oil, making it the largest single-train refinery in the world. The investment is worth over $19 billion.

 

According to a military signal obtained by SaharaReporters, the soldiers were arrested last Sunday after they were caught moving out of the facility with 897 armoured cables cut to size.

 

The signal read, “On 14/04/2024 at about 1420hrs, two military personnel named CPL Innocent Joseph and L/CPL Jacob Gani, who were identified to be working with DFL/Refinery came into the facility with one Acura jeep with registration number LAGOS JJJ 594 HS.

 

“On the process of exiting the DFL main gate during the routine search, they were caught with eight hundred and ninety seven cut to sizes armour cable.

 

“During investigation, they confessed to get this cable at the refinery with the help of one Smart which is at large. The vehicle is under custody together with the exhibits.

 

“The OC Army have been informed and the soldiers have been taken to custody while investigation continue. The pictures of suspects and exhibits are attached for your perusal, please.”

‎President Tinubu directs inclusion of National Open University graduates in NYSC scheme

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President Tinubu has directed the Federal Ministry of Education to formulate necessary modalities for the inclusion of National Open University (NOUN) graduates within the National Youth Service Corps (NYSC) framework, particularly those within the service age bracket, as allowed by the law.

 

The president gave the directive during his presentation at the 13th convocation ceremony of the university on Saturday, April 13, 2024. at the University’s Convocation Arena, Jabi, Abuja.

 

Represented by Biodun Saliu, Deputy Executive Secretary, National Universities Commission (NUC), President Tinubu also disclosed the resolution of the longstanding issue regarding the admittance of NOUN law graduates to law schools in the country.

 

“With the changing demographics of our great nation, the government has recognised the importance of allowing NOUN graduates to participate in the NYSC scheme.

“The doors of the Law School are now open to the graduates, ensuring equal opportunities for all. Any remaining concerns or uncertainties should be promptly addressed by the Federal Ministry of Education,” he said.

Promoting open, distant learning

The president noted that the gathering was not just a celebration of the graduates’ academic successes but also highlighted the crucial role that Open and Distance Education (ODL) has in shaping the nation’s educational framework.

 

He therefore affirmed his administration’s commitment to enhancing ODL to expand access to higher education across the nation, emphasizing that the utilization of ODL is essential for meeting the 2030 Sustainable Development Goals (SDGs).

 

“We will continue to do this in order to improve quality, access and affordability.

“Government is, therefore, committed through the Federal Ministry of Education and the NUC to provide the enabling environment to ensure a good delivery of this mode of education in Nigeria,” Tinubu added.

The president expressed his enthusiasm about the evolution of the university, initially envisioned as an educational platform for the working class, which has now expanded to serve the growing needs of the youthful population.

 

He acknowledged the challenge that many school leavers face in gaining admission to traditional universities and emphasized the necessity for enhanced research in technology at NOUN to accommodate more young school leavers and improve social safety nets for the people.

 

The president was pleased to note that NOUN has become a central figure in advancing the government’s commitment to achieving educational goals through ICT.

 

Government officials to study ICT courses at NOUN

He revealed that within the next six months, NOUN will start providing access to government officials for enrollment in various ICT programs, particularly postgraduate courses at the African Centre of Excellence on Technology Enhanced Learning (ACETEL).

 

He urged NOUN to admit qualified government functionaries into its postgraduate programs offered by the Centre of Excellence, as the government is undertaking a transformative journey incorporating Artificial Intelligence (AI) across all Ministries, Departments, and Agencies (MDAS) to boost decision-making and operational efficiency.

 

President Tinubu also tasked the World Bank-sponsored ACETEL, hosted by NOUN, to focus on research that will improve the use of ICT tools for enhanced learning outcomes in Nigeria.

 

 

Veekee James, Fireboy DML, Victor Osimhen, Tyla make Forbes Africa “30 Under 30” 2024 

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Veekee James, Fireboy DML, Victor Osimhen, Tyla make Forbes Africa “30 Under 30” 2024

Forbes Africa celebrates the 10th edition of its annual 30 Under 30 list in the magazine’s April/May 2024 issue. This is a testament to the talent pool on the African continent, which features the world’s youngest population. The list highlights young, ambitious, and bold leaders shaping Africa in entertainment, education, sports, technology, healthcare, art, and other industries.

 

Nigerians like singer-songwriter Adedamola Oyinlola Adefolahan (Fireboy DML), Super Eagles footballer, Victor Osimhen, founder and CEO of Mainlogix Technology Josiah Akinloye, founder of Veekee James Ruth Erikan James, track and field athlete Tobi Amusan, and founder and CEO FXKudi Abioye Oyetunji, are among those included.

 

Other Africans on the list include South African singer-songwriter Tyla Laura Seethal, founder, of Trigershot Engineering Peace Wutawunashe, director and founder of Africa Afya Healthcare Kenneth M. Njeru, co-founder and CTO of Ramani Calvin Usiri and more.

 

 

From over a thousand applicants this year, the finalists were drawn after a rigorous vetting process by the editorial team led by Under 30 curator Chanel Retief, alongside a panel of independent external judges and subject-matter experts such as Mo Abudu, Kate Kallot, Chris Maurice, Tlaleng Mofokeng, Helena Ndume, Desiree Ellis, and also former Forbes Africa 30 Under 30 alumni. The evaluation process commenced in late 2023, with the support of the audit partner, SNG Grant Thornton.

 

Here’s what the managing editor of Forbes Africa, Renuka Methil had to say, “For a decade, we have unpacked the unmistakable potential and story of Africa’s youth. And Forbes Africa’s 10th 30 Under 30 list too has ambition and adrenaline packed into this special issue. These purpose-minded 20-something achievers are on the way up, overcoming the odds in their quest to become tomorrow’s titans and billionaires, making a huge difference in the countries, companies, and communities they serve.”

 

Forbes will host the #Under30Summit in Gaborone, Botswana, from the 5th – 8th of May.