Connect with us

Business & Economy

CBN Blames Food Inflation On Transportation Cost…Retains MPR At 11.5%

Published

on

Share

Imaikop Raphael
The Central Bank of Nigeria (CBN), has blamed the transportation cost as the major cause of the surge in food inflation in the country.

The CBN Governor, Godwin Emefiely, said a wide disparity between the low prices at the Farmgate and high prices at the marketplace, meaning that transport may be a major factor in the surging food prices.

Emefiele, said this on Tuesday while addressing journalists immediately after the first Monetary Committee Meeting (MPC), of the year at the CBN headquarters in Abuja.

He said that the surge in inflation in December was transitionary and was caused by the December festivities.

Emefiele said: “Prices at the farmgate were inline with expectations, however price at the marketplace is high.

“If prices at the moment are high, it means there are some problems between the farm gate and the marketplace. We see logistics problems particularly transport.”

The governor also identified the destruction of the food products as a primary challenge. He stated that the CBN is out to encourage people through interventions and looking to solve the logistics problem of delivering food from farms to markets.

Meanwhile, the MPC unanimously voted to retain the Monetary Policy Rate (MPR), which measures interest rate, at 11.5 per cent.

Emefiele, said the committee voted to maintain the key lending rate at 11.5 per cent, with the asymmetric corridor of +100 and -700 basis points around the MPR and liquidity ratio at 30 per cent while Cash Reserve Requirement was pegged at 27.5 per cent.

“The MPC feels a hold will signal its realisation of the fragility of the growth recovery and its sensitivity to emerging global and domestic uncertainties. Hence, the need to sustain policy trajectory.

“After a careful balancing of the benefits and downsides of each policy ratio, the MPC decided to hold all policy parameters constant,” Emefiele said.

He said the committee believed that the existing monetary policy stance has supported the growth recovery and should be allowed to continue for a little longer for consolidation to achieve the MPC mandate of price stability that is conducive for sustainable growth.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business & Economy

Double trouble for Ahmed Idris: arrested by EFCC, suspended by Minister

Published

on

Ahmed Idris - Account General of the Federation
Share

The Accountant General of the Federation, Ahmed Idris has been directed to proceed on indefinite suspension over alleged laundering of N80 billion.

Idris, was suspended on Wednesday by Zainab Ahmed, the Minister of Finance, Budget and National Planning.

In a letter dated May 18, 2022, the minister said the suspension “without pay” was to allow for “proper and unhindered investigation” in line with public service rules.

Ahmed Idris, was on Monday arrested by the Economic and Financial Crime Commission (EFCC). over alleged diversion and laundering of N80 billion.

Wilson Uwajaren, Head of Media and Public Information of the EFCC, stated that verified intelligence reports showed that Idris raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates.

Uwujaren added that the funds were laundered through real estate investments in Kano and in Abuja.

According to EFCC, Idris was arrested after he failed to honour invitations by the Commission to respond to issues connected to the fraudulent acts.

Continue Reading

Business & Economy

NEPC, 13 trade promotion organisations shortlisted for WTOP award

Published

on

NEPC Headquarters, Maitama - Abuja.
Share

The Nigerian Export Promotion Council (NEPC) has been nominated along side 13 other Trade Promotion Organisations (TPOs) for the 2022 World Trade Organisation (WTPO) Awards for Excellence in Trade Promotion.

A statement released on Monday by Ndubueze Okeke Head, Corporate Communications of the NEPC, it said Nigeria is poised to clinch the “Best Use of a Partnership”.

He said the NEPC has been shortlisted along with Apex Brazil, Jamaica Promotion Corporation, Qatar Development Bank-Tesder and Saudi Export Development Authority.

The WTPO Award which is scheduled to hold on 17th May, 2022 in Accra, Ghana is open to all national TPOs.

The statement also said, “NEPC acknowledged WTPO as it recognizes excellence in providing trade support to Micro, Small and Medium Enterprises MSMEs to become competitive in international trade.

“In 2018, Nigeria, through NEPC won the award for the ‘Best initiative to Ensure that Trade is Inclusive and Sustainable”.

The NEPC won that category with its Zero to Export initiative which builds capacity of would-be exporters and SMEs on export procedures and documentation as well as provide practical training on product sourcing and market access.

The NEPC said that the initiative had trained 560 SMEs.

The International Trade Centre Executive Director, Pamela Coke-Hamilton said, “At a time when small firms have been hit by supply chain disruptions, climate change crises and other socio-economic challenges, it important to show inspiring models that connect small firms to Trade opportunities that are Inclusive and sustainable”.

The Executive Director/Chief Executive Officer of NEPC, Dr. Ezra Yakusak will represent Nigeria at the Award Ceremony.

The statement further said, Austria, Canada, Malaysia, Tanzania is competing in the “Best use of Information Technology”, while Sri Lanka, Republic of Korea, Netherlands and Zimbabwe will compete for the “Best initiative to ensure that trade is inclusive and sustainable category”.

Continue Reading

Business & Economy

Skils acquisition: ITF, Sightsavers train 32 physically challenged on 8 set of skills

Published

on

ITF Logo
Share

In fulfilling its mandate of promoting skills acquisition in the country, the Industrial Training Fund (ITF), in partnership with Sightsavers, an international non-governmental organization that promotes disability rights have trained and graduated 32 Nigerians on different skills.

The skills include, computer hardware, event management, catering, phone repair, photography and poultry management.

Sir Joseph Ari, Director General of the ITF, at the graduation ceremony in Abuja on Thursday, said that the agency has made the training of physically challenged persons a priority.

He said “Among the the 34 that started the training only 2 couldn’t continue, therefore making the graduands 32.

“There is a physically challenged Act today in Nigeria, therefore as an agency thatt caters for the growth and development of youths and women through skills acquisition, we have decided to focus on our attention on the physically challenged so they can acquire different skills and contribute their quota to national development because we believe there is ability in disability,”

Yahaya Manu, Area Manager, ITF Kaduna, who reppresented Ari, also charged the graduands to make good use of their start up parks provides to them by the agency.

“Now that you have acquired these special skills, I urge you to deploy it into judicious use so you can contribute your quota to the growth and development of the country, because the ultimate aim of this training is to reduce youth unemployment,, and the agency is always committed to support the physically challenged in any capacity” he further stated.

On his part, the country director of Sightsavers Nigeria, Dr. Sunday Isiyaku, said the rationale behind their partnership with the ITF is to transform the labour market system to be disability inclusive.

“We are building the disability confidence of employers, job readiness of young persons with disabilities and supporting government agencies to ensure their programs promote disability inclusive economic empowerment.

“While we have trained hundreds of persons with disabilities on soft and digital” skills, preparing and connecting them to formal job, we decided to partner with ITF to empower the graduates today in vocational training and prepare them for entrepreneurship,” he said.

He said the courses were carefully selected for the disability persons due to its relevance to the labour market while admonishing the graduands to apply the knowledge they have gathered during the training to start their business.

Continue Reading