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  •  President Muhammadu Buhari has rejoiced with astute financial services expert and credit risk management specialist Mrs Mosun Belo Olusoga as she turned 65 Sept 13 The President in a congratulatory message by his spokesman Mr Femi Adesina on Tuesday in Abuja extolled the woman of many firsts who has blazed the trail in different areas of endeavor He wished her and her loved ones a joyous celebration longer life in good health and further service to God and humanity According to him the professional and career path of Belo Olusoga should inspire the younger generation male and female alike He said these included strides like the first female Executive Director of GT Bank first female Chairman of Access Bank first female Director First Premium Trust Pensions Ltd acting Managing Director of Africa GTB Belo Olusoga was also the immediate past Pro Chancellor and Chairman of Council Olabisi Onabanjo University Ago Iwoye Ogun State among others The President urged the celebrant to shine the light continuously so that the younger generation could be inspired and find the way NewsSourceCredit NAN
    Buhari salutes financial services expert, Mosun Belo-Olusoga at 65
     President Muhammadu Buhari has rejoiced with astute financial services expert and credit risk management specialist Mrs Mosun Belo Olusoga as she turned 65 Sept 13 The President in a congratulatory message by his spokesman Mr Femi Adesina on Tuesday in Abuja extolled the woman of many firsts who has blazed the trail in different areas of endeavor He wished her and her loved ones a joyous celebration longer life in good health and further service to God and humanity According to him the professional and career path of Belo Olusoga should inspire the younger generation male and female alike He said these included strides like the first female Executive Director of GT Bank first female Chairman of Access Bank first female Director First Premium Trust Pensions Ltd acting Managing Director of Africa GTB Belo Olusoga was also the immediate past Pro Chancellor and Chairman of Council Olabisi Onabanjo University Ago Iwoye Ogun State among others The President urged the celebrant to shine the light continuously so that the younger generation could be inspired and find the way NewsSourceCredit NAN
    Buhari salutes financial services expert, Mosun Belo-Olusoga at 65
    General news2 weeks ago

    Buhari salutes financial services expert, Mosun Belo-Olusoga at 65

    President Muhammadu Buhari has rejoiced with astute financial services expert and credit risk management specialist, Mrs Mosun Belo-Olusoga as she turned 65,  Sept. 13. The President in a congratulatory message by his spokesman, Mr Femi Adesina on Tuesday in Abuja,  extolled ”the woman of many firsts, who has blazed the trail in different areas of endeavor.

    ” He wished her and her loved ones a joyous celebration, longer life in good health, and further service to God and humanity.

    According to him, the professional and career path of Belo-Olusoga should inspire the younger generation, male and female alike.

    He said these included strides like the first female Executive Director of GT Bank, first female Chairman of Access Bank, first female Director, First Premium Trust Pensions Ltd, acting Managing Director of Africa GTB.

    Belo-Olusoga was also the immediate past Pro-Chancellor and Chairman of Council, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, among others.

    The President urged the celebrant to shine the light continuously, so that the younger generation could be inspired, and find the way. 


    NewsSourceCredit: NAN

  •  The Chairman Nigerians in Diaspora Organisation Europe NIDOE Dr Bashir Obasekola says the Late Queen Elizabeth II will be remembered as a kind great leader and admired monarch Queen Elizabeth II the longest reigning British monarch died on Thursday at Balmoral Castle Aberdeenshire Scotland at the age of 96 years Obasekola told the News Agency of Nigeria in a telephone interview on Saturday that she was a symbol of continuity in a world of constant change He said that the queen ascended the throne when the movement for independence among the British colonies was severe The NIDOE chairman said that as a young queen she courageously carried on and didn t attempt to scuttle the independence of the colonies including Nigeria On behalf of NIDOE I join the world to express heartfelt condolences to the royal family the people of the United Kingdom and the Commonwealth I also join in welcoming King Charles III to the throne May his reign be good and successful God save the king he said According to Obasekola Nigerian descents constitute a significant number of immigrants in the UK and the headquarters of NIDO Europe is registered in London He said the queen was seen as the vessel of transition and de colonialism of many countries noting that under her watch immigrants occupied high political and economic positions in the UK Before the queen passed she had also just appointed the new Prime Minister of the United Kingdom Liz Truss This is as well symbolic Recall that 47 year old Truss became British Prime Minister on Tuesday Sept 6 Truss described late Queen Elizabeth II as the spirit of Great Britain adding that she was loved and admired by the people of the United Kingdom and around the world International relations expert Prof Ayo Olukotun said that the late queen made a mark in the manner in which she managed diplomatic relations around the world Olukotun of the Political Science Department Olabisi Onabanjo University said the late monarch was a picture of goodwill This he said was not only in the United Kingdom but globally and particularly in Britain where she was Head of State The British monarchy is a delicate institution that exercises soft power and despite this its importance to global affairs cannot be overemphasized Olukotun said NewsSourceCredit NAN
    How Queen Elizabeth II will be remembered — NIDOE
     The Chairman Nigerians in Diaspora Organisation Europe NIDOE Dr Bashir Obasekola says the Late Queen Elizabeth II will be remembered as a kind great leader and admired monarch Queen Elizabeth II the longest reigning British monarch died on Thursday at Balmoral Castle Aberdeenshire Scotland at the age of 96 years Obasekola told the News Agency of Nigeria in a telephone interview on Saturday that she was a symbol of continuity in a world of constant change He said that the queen ascended the throne when the movement for independence among the British colonies was severe The NIDOE chairman said that as a young queen she courageously carried on and didn t attempt to scuttle the independence of the colonies including Nigeria On behalf of NIDOE I join the world to express heartfelt condolences to the royal family the people of the United Kingdom and the Commonwealth I also join in welcoming King Charles III to the throne May his reign be good and successful God save the king he said According to Obasekola Nigerian descents constitute a significant number of immigrants in the UK and the headquarters of NIDO Europe is registered in London He said the queen was seen as the vessel of transition and de colonialism of many countries noting that under her watch immigrants occupied high political and economic positions in the UK Before the queen passed she had also just appointed the new Prime Minister of the United Kingdom Liz Truss This is as well symbolic Recall that 47 year old Truss became British Prime Minister on Tuesday Sept 6 Truss described late Queen Elizabeth II as the spirit of Great Britain adding that she was loved and admired by the people of the United Kingdom and around the world International relations expert Prof Ayo Olukotun said that the late queen made a mark in the manner in which she managed diplomatic relations around the world Olukotun of the Political Science Department Olabisi Onabanjo University said the late monarch was a picture of goodwill This he said was not only in the United Kingdom but globally and particularly in Britain where she was Head of State The British monarchy is a delicate institution that exercises soft power and despite this its importance to global affairs cannot be overemphasized Olukotun said NewsSourceCredit NAN
    How Queen Elizabeth II will be remembered — NIDOE
    Foreign2 weeks ago

    How Queen Elizabeth II will be remembered — NIDOE

    The Chairman, Nigerians in Diaspora Organisation-Europe (NIDOE), Dr Bashir Obasekola, says the Late Queen Elizabeth II will be remembered as a kind, great leader and admired monarch.

    Queen Elizabeth II, the longest reigning British monarch, died on Thursday at Balmoral Castle, Aberdeenshire, Scotland at the age of 96 years.

    Obasekola told the  News Agency of Nigeria in a telephone interview on Saturday that she was a symbol of continuity in a world of constant change.

    He said that the queen ascended the throne when the movement for independence among the British colonies was severe.

    The NIDOE chairman said that, as a young queen, she courageously carried on and didn’t attempt to scuttle the independence of the colonies, including Nigeria.

    “On behalf of NIDOE, I join the world to express heartfelt condolences to the royal family, the people of the United Kingdom and the Commonwealth.

    “I also join in welcoming King Charles III to the throne.

    May his reign be good and successful.

    “God save the king!

    ”,” he said.

    According to Obasekola, Nigerian descents constitute a significant number of immigrants in the UK, and the headquarters of NIDO-Europe is registered in London.

    He said the queen was seen as the vessel of transition and de-colonialism of many countries, noting that under her watch, immigrants occupied high political and economic positions in the UK.

    “Before the queen passed, she had also just appointed the new Prime Minister of the United Kingdom, Liz Truss.

    This is as well symbolic.

    ” Recall that 47-year-old Truss became British Prime Minister on Tuesday, Sept. 6. Truss described late Queen Elizabeth II as the spirit of Great Britain, adding that she was loved and admired by the people of the United Kingdom and around the world.

    International relations expert, Prof. Ayo Olukotun, said that the late queen made a mark in the manner in which she managed diplomatic relations around the world.

    .

    Olukotun, of the Political Science Department, Olabisi Onabanjo University, said the late monarch was a picture of goodwill.

    This, he said, was not only in the United Kingdom, but globally and particularly in Britain where she was Head of State.

    “The British monarchy is a delicate institution that exercises soft power and despite this, its importance to global affairs cannot be overemphasized,” Olukotun said.  


    NewsSourceCredit: NAN

  •  EFCC has arrested one Sunday Adepoju owner of the popular De Rock Club in Ibadan and 21 others over alleged internet related fraud Its spokesman Mr Wilson Uwujaren stated in Ibadan on Monday that the suspects were arrested at the club located on the popular Ring Road in Ibadan during an intelligence driven operation Also arrested were a couple Aladenusi Ayodeji and Aladenusi Sadiat a k a Bonnie and Clyde Others according to the EFCC spokesman were Ajuwon Ibrahim Ogunniyi Stephen Bolaji Quadri Olajire Olamilekan Ojo Kolapo Kajero Sodiq Kareem Abiodun Bolaji Toheeb Banjo Toyin and Clement Adeseye Also arrested were Babalola Samuel Opeyemi Omoyemi Okesanya Matthew Kareem Damilola Aledegbe Qodir Akindele Solomon Adewopo John Iyiola Ridwan and Olabosinde Adesola Uwujaren added that one of the suspects a graduate of Industrial Chemistry of Olabisi Onabanjo University Ago Iwoye in Ogun runs Helpline Foundation and Special Service Global Trust Ltd in Ibadan He stated that the 36 year old graduate was arrested with a 2020 model Range Rover HSE Sports Utility Vehicle Uwujaren added that the suspects were arrested after series of surveillance and intelligence on their alleged criminal activities He listed items recovered from them to include five cars laptops mobile phones and incriminating documents suggesting false pretences The suspects would be charged in court as soon as investigations are concluded Uwujaren stated NewsSourceCredit NAN
    EFCC arrests club owner, 21 others in Ibadan
     EFCC has arrested one Sunday Adepoju owner of the popular De Rock Club in Ibadan and 21 others over alleged internet related fraud Its spokesman Mr Wilson Uwujaren stated in Ibadan on Monday that the suspects were arrested at the club located on the popular Ring Road in Ibadan during an intelligence driven operation Also arrested were a couple Aladenusi Ayodeji and Aladenusi Sadiat a k a Bonnie and Clyde Others according to the EFCC spokesman were Ajuwon Ibrahim Ogunniyi Stephen Bolaji Quadri Olajire Olamilekan Ojo Kolapo Kajero Sodiq Kareem Abiodun Bolaji Toheeb Banjo Toyin and Clement Adeseye Also arrested were Babalola Samuel Opeyemi Omoyemi Okesanya Matthew Kareem Damilola Aledegbe Qodir Akindele Solomon Adewopo John Iyiola Ridwan and Olabosinde Adesola Uwujaren added that one of the suspects a graduate of Industrial Chemistry of Olabisi Onabanjo University Ago Iwoye in Ogun runs Helpline Foundation and Special Service Global Trust Ltd in Ibadan He stated that the 36 year old graduate was arrested with a 2020 model Range Rover HSE Sports Utility Vehicle Uwujaren added that the suspects were arrested after series of surveillance and intelligence on their alleged criminal activities He listed items recovered from them to include five cars laptops mobile phones and incriminating documents suggesting false pretences The suspects would be charged in court as soon as investigations are concluded Uwujaren stated NewsSourceCredit NAN
    EFCC arrests club owner, 21 others in Ibadan
    Defence/Security3 weeks ago

    EFCC arrests club owner, 21 others in Ibadan

    EFCC has arrested one Sunday Adepoju, owner of the popular De Rock Club in Ibadan and 21 others over alleged internet-related fraud.

    Its spokesman, Mr Wilson Uwujaren stated in Ibadan on Monday that the suspects were arrested at the club located on the popular Ring Road in Ibadan during an intelligence-driven operation.

    Also arrested were a couple Aladenusi Ayodeji and Aladenusi Sadiat (a.

    k.a Bonnie and Clyde).

    Others, according to the EFCC spokesman were Ajuwon Ibrahim, Ogunniyi Stephen, Bolaji Quadri, Olajire Olamilekan, Ojo Kolapo, Kajero Sodiq, Kareem Abiodun, Bolaji Toheeb, Banjo Toyin and Clement Adeseye.

    Also arrested were Babalola Samuel, Opeyemi Omoyemi, Okesanya Matthew, Kareem Damilola, Aledegbe Qodir, Akindele Solomon, Adewopo John, Iyiola Ridwan and Olabosinde Adesola.

    Uwujaren added that one of the suspects, a graduate of Industrial Chemistry of Olabisi Onabanjo University, Ago-Iwoye in Ogun, runs Helpline Foundation and Special Service Global Trust Ltd., in Ibadan.

    He stated that the 36-year-old graduate was arrested with a 2020 model Range Rover HSE Sports Utility Vehicle.

    Uwujaren added that the suspects were arrested after series of surveillance and intelligence on their alleged criminal activities.

    He listed items recovered from them to include five cars, laptops, mobile phones, and incriminating documents suggesting false pretences.

    The suspects would be charged in court as soon as investigations are concluded, Uwujaren stated.


    NewsSourceCredit: NAN

  •  President Muhammadu Buhari on Monday rejoiced with Prof Godini Darah on the conferment of Doctor of Letters Honoris Causa on him by Michael and Cecilia Ibru University Agbara Otor Delta The conferment holds on Tuesday Sept 6 in recognition of Darah s contributions to advancement of knowledge within and outside Nigeria Darah also has the honour to deliver the keynote address at the 4th Convocation of the university and 6th Michael Ibru Memorial Lecture on Tuesday In a congratulatory message issued by his spokesman Mr Femi Adesina in Abuja the president joined family friends and professional associates to felicitate with the respected scholar He joined the academia to celebrate with the folklorist journalist and administrator whose lectures writings and publications of many years continue to enlighten and motivate Adesina stated He added that Buhari noted Darah s revolutionary approach to folklore and to oral literature and his ingenious treatment of national and international issues He noted also that Darah simplified complex cultural socio economic and political issues and puts them into relatable contexts making him a highly sought after scholar President Buhari wished Darah the best in future endeavours Darah had taught variously at the University of Ibadan Obafemi Awolowo University Ile Ife Northeastern University Boston U S A Olabisi Onabanjo University Ago Iwoye Ogun University of Africa Toru Orua and Delta State University Abraka He was also at a time Chairman Editorial Board of The Guardian Newspapers NewsSourceCredit NAN
    President Buhari congratulates Prof. Darah  on conferment of Honorary Doctor of Letters
     President Muhammadu Buhari on Monday rejoiced with Prof Godini Darah on the conferment of Doctor of Letters Honoris Causa on him by Michael and Cecilia Ibru University Agbara Otor Delta The conferment holds on Tuesday Sept 6 in recognition of Darah s contributions to advancement of knowledge within and outside Nigeria Darah also has the honour to deliver the keynote address at the 4th Convocation of the university and 6th Michael Ibru Memorial Lecture on Tuesday In a congratulatory message issued by his spokesman Mr Femi Adesina in Abuja the president joined family friends and professional associates to felicitate with the respected scholar He joined the academia to celebrate with the folklorist journalist and administrator whose lectures writings and publications of many years continue to enlighten and motivate Adesina stated He added that Buhari noted Darah s revolutionary approach to folklore and to oral literature and his ingenious treatment of national and international issues He noted also that Darah simplified complex cultural socio economic and political issues and puts them into relatable contexts making him a highly sought after scholar President Buhari wished Darah the best in future endeavours Darah had taught variously at the University of Ibadan Obafemi Awolowo University Ile Ife Northeastern University Boston U S A Olabisi Onabanjo University Ago Iwoye Ogun University of Africa Toru Orua and Delta State University Abraka He was also at a time Chairman Editorial Board of The Guardian Newspapers NewsSourceCredit NAN
    President Buhari congratulates Prof. Darah  on conferment of Honorary Doctor of Letters
    General news3 weeks ago

    President Buhari congratulates Prof. Darah  on conferment of Honorary Doctor of Letters

    President Muhammadu Buhari on Monday rejoiced with Prof. Godini Darah on the conferment of Doctor of Letters (Honoris Causa) on him by Michael and Cecilia Ibru University, Agbara-Otor, Delta.

    The conferment holds on Tuesday, Sept. 6 in recognition of Darah’s contributions to advancement of knowledge within and outside Nigeria.

    Darah also has the honour to deliver the keynote address at the 4th Convocation of the university and 6th Michael Ibru Memorial Lecture on Tuesday.

    In a congratulatory message issued by his spokesman, Mr Femi Adesina in Abuja, the president joined family, friends and professional associates to felicitate with the respected scholar.

    He joined the academia to celebrate with “the folklorist, journalist and administrator whose lectures, writings and publications of many years continue to enlighten and motivate’’, Adesina stated.

    He added that Buhari noted Darah’s revolutionary approach to folklore and to oral literature, and his ingenious treatment of national and international issues.

    He noted also that Darah simplified complex cultural, socio-economic and political issues, and puts them into relatable contexts making him a highly sought-after scholar.

    President Buhari wished Darah the best in future endeavours.

    Darah had taught variously at the University of Ibadan, Obafemi Awolowo University, Ile-Ife, Northeastern University, Boston, U.

    S.A., Olabisi Onabanjo University, Ago-Iwoye, Ogun, University of Africa, Toru-Orua and Delta State University, Abraka.

    He was also at a time, Chairman, Editorial Board of The Guardian Newspapers.


    NewsSourceCredit: NAN

  •  Two former Vice Chancellors University of Ibadan Prof Idowu Olayinka and Prof Isaac Adewole have extolled the virtues and contributions of the late Prof Akinlawon Mabogunje the first Nigerian Professor of Geography Olayinka and Adewole along with others spoke in separate interviews with the News Agency of Nigeria in Ibadan on Saturday NAN reports that Mabogunje was born on Oct 18 1931 in Kano and died on Aug 4 Mabogunje was African President of the International Geographical Union In 1999 he was the first African to be elected as a Foreign Associate of the United States National Academy of Sciences among other achievements during his lifetime Olayinka said We mourn the demise of Prof Akinlawon Mabogunje Our sincere and heartfelt condolences to his entire family associates and friends He matriculated at the then University College Ibadan in 1949 and earned a First Degree in Geography in 1953 This was followed by a Doctor of Philosophy in the same discipline He was elevated to the grade of Professor in 1965 thus becoming the first Nigerian Professor of Geography Baba was widely acclaimed as the foremost Social Scientist ever produced by Africa He had earlier in his illustrious career served as Dean of the Faculty of Social Sciences of the University of Ibadan from 1968 till 1970 He provided a leadership role in the preparation of the Master Plan for the Abuja Federal Capital Territory According to Olayinka as one of the earliest students of the University College Ibadan Mabogunje received the Degree of Doctor of Science _honoris causa_ from the University of Ibadan in 2018 He will be sorely missed by all of us who knew him as a distinguished and highly respected UIte who was very passionate about his Alma Mater He served meritoriously as the Pro Chancellor and Chairman of Council of Olabisi Onabanjo University Ago Iwoye he said Olayinka said that it was high time the government took the advice of the late professor on university ownership to ensure sustainability It is generally accepted that the fortunes of the Nigerian University System cannot improve until a sustainable funding model is guaranteed In this respect about a decade ago Prof Akin Mabogunje suggested that the Federal Government of Nigeria should hand over the University of Ibadan to the Alumni to manage It is perhaps high time this proposal is interrogated for the overall benefit of the country otherwise if we are to learn from history the current national strike by ASUU may painfully not be the last We pray for the repose of the soul of the Colossus and eminent global citizen Prof Akinlawon Mabogunje He will be sorely missed by all of us who knew this humble and soft spoken academic giant the former VC said Also Adewole another former Vice Chancellor extolled the virtues of the deceased and his contributions to the development of Nigeria especially the Federal Capital Territory FCT Abuja We have lost an Iroko He was truly the last of the Mohicans An academic noble he dined and wined with the Kings and Queens He was another Mr Fix a soft spoken man who influenced policies without being a politician Abuja was his hand and foot print A city that could be named after him A unique and successful family man he remained largely visible but quiet His work and legacy are immortal May his gentle soul Rest In Peace Adewole a former Minister of Health said In his comments retired Prof Olabode Lucas of the Department of Agronomy University of Ibadan said that the late Prof Mabogunje was indeed an academic giant and intellectual Colossus He was in the same league as Ibadan Academic giants like Dike Lambo Ajayi Lucas Odeku Akinkugbe Aboyade Irvine Durley Olayide Oyenuga and Bassir He was the greatest Geographer in Africa who won the equivalent of the Nobel Prize in Geography As a student at Ibadan he was the Secretary of the Action Group on the campus together with people like Bola Ige and Olutoye In this capacity he was a member of the Action Group Executive Council presided over by late Chief Obafemi Awolowo After retirement he founded the DPC with Prof Aboyade For many years he was the Chancellor of Ogun State University He came he saw and conquered May his soul rest in perfect peace Lucas said Also Mr David Afolayan the Chief Executive Officer GIS Konsult said that the late Prof Mabogunje contributed to learning of Geography and passed it down to the next generation Afolayan described the deceased as a professor of professors and a great mentor He contributed immensely to teaching of GIS in public and private secondary schools in Nigeria since 2015 and in equipping the next generation on having a better understanding of how the world works And he also empowered young people to proffer solutions to problems in the society through the connections he provided on the project I was inspired to take on Afolayan said NewsSourceCredit NAN
    Ex-UI VCs, Olayinka, Adewole, others mourn Mabogunje, 1st Nigerian Professor of Geography
     Two former Vice Chancellors University of Ibadan Prof Idowu Olayinka and Prof Isaac Adewole have extolled the virtues and contributions of the late Prof Akinlawon Mabogunje the first Nigerian Professor of Geography Olayinka and Adewole along with others spoke in separate interviews with the News Agency of Nigeria in Ibadan on Saturday NAN reports that Mabogunje was born on Oct 18 1931 in Kano and died on Aug 4 Mabogunje was African President of the International Geographical Union In 1999 he was the first African to be elected as a Foreign Associate of the United States National Academy of Sciences among other achievements during his lifetime Olayinka said We mourn the demise of Prof Akinlawon Mabogunje Our sincere and heartfelt condolences to his entire family associates and friends He matriculated at the then University College Ibadan in 1949 and earned a First Degree in Geography in 1953 This was followed by a Doctor of Philosophy in the same discipline He was elevated to the grade of Professor in 1965 thus becoming the first Nigerian Professor of Geography Baba was widely acclaimed as the foremost Social Scientist ever produced by Africa He had earlier in his illustrious career served as Dean of the Faculty of Social Sciences of the University of Ibadan from 1968 till 1970 He provided a leadership role in the preparation of the Master Plan for the Abuja Federal Capital Territory According to Olayinka as one of the earliest students of the University College Ibadan Mabogunje received the Degree of Doctor of Science _honoris causa_ from the University of Ibadan in 2018 He will be sorely missed by all of us who knew him as a distinguished and highly respected UIte who was very passionate about his Alma Mater He served meritoriously as the Pro Chancellor and Chairman of Council of Olabisi Onabanjo University Ago Iwoye he said Olayinka said that it was high time the government took the advice of the late professor on university ownership to ensure sustainability It is generally accepted that the fortunes of the Nigerian University System cannot improve until a sustainable funding model is guaranteed In this respect about a decade ago Prof Akin Mabogunje suggested that the Federal Government of Nigeria should hand over the University of Ibadan to the Alumni to manage It is perhaps high time this proposal is interrogated for the overall benefit of the country otherwise if we are to learn from history the current national strike by ASUU may painfully not be the last We pray for the repose of the soul of the Colossus and eminent global citizen Prof Akinlawon Mabogunje He will be sorely missed by all of us who knew this humble and soft spoken academic giant the former VC said Also Adewole another former Vice Chancellor extolled the virtues of the deceased and his contributions to the development of Nigeria especially the Federal Capital Territory FCT Abuja We have lost an Iroko He was truly the last of the Mohicans An academic noble he dined and wined with the Kings and Queens He was another Mr Fix a soft spoken man who influenced policies without being a politician Abuja was his hand and foot print A city that could be named after him A unique and successful family man he remained largely visible but quiet His work and legacy are immortal May his gentle soul Rest In Peace Adewole a former Minister of Health said In his comments retired Prof Olabode Lucas of the Department of Agronomy University of Ibadan said that the late Prof Mabogunje was indeed an academic giant and intellectual Colossus He was in the same league as Ibadan Academic giants like Dike Lambo Ajayi Lucas Odeku Akinkugbe Aboyade Irvine Durley Olayide Oyenuga and Bassir He was the greatest Geographer in Africa who won the equivalent of the Nobel Prize in Geography As a student at Ibadan he was the Secretary of the Action Group on the campus together with people like Bola Ige and Olutoye In this capacity he was a member of the Action Group Executive Council presided over by late Chief Obafemi Awolowo After retirement he founded the DPC with Prof Aboyade For many years he was the Chancellor of Ogun State University He came he saw and conquered May his soul rest in perfect peace Lucas said Also Mr David Afolayan the Chief Executive Officer GIS Konsult said that the late Prof Mabogunje contributed to learning of Geography and passed it down to the next generation Afolayan described the deceased as a professor of professors and a great mentor He contributed immensely to teaching of GIS in public and private secondary schools in Nigeria since 2015 and in equipping the next generation on having a better understanding of how the world works And he also empowered young people to proffer solutions to problems in the society through the connections he provided on the project I was inspired to take on Afolayan said NewsSourceCredit NAN
    Ex-UI VCs, Olayinka, Adewole, others mourn Mabogunje, 1st Nigerian Professor of Geography
    General news2 months ago

    Ex-UI VCs, Olayinka, Adewole, others mourn Mabogunje, 1st Nigerian Professor of Geography

    Two former Vice-Chancellors, University of Ibadan, Prof. Idowu Olayinka and Prof. Isaac Adewole, have extolled the virtues and contributions of the late Prof. Akinlawon Mabogunje, the first Nigerian Professor of Geography.

    Olayinka and Adewole along with others spoke in separate interviews with the News Agency of Nigeria in Ibadan on Saturday.

    NAN reports that Mabogunje was born on Oct.18, 1931 in Kano and died on Aug. 4. Mabogunje was African President of the International Geographical Union.

    In 1999, he was the first African to be elected as a Foreign Associate of the United States National Academy of Sciences, among other achievements during his lifetime.

    Olayinka said: “We mourn the demise of Prof. Akinlawon Mabogunje.

    Our sincere and heartfelt condolences to his entire family, associates and friends.

    “He matriculated at the then University College, Ibadan in 1949 and earned a First Degree in Geography in 1953. This was followed by a Doctor of Philosophy in the same discipline.

    “He was elevated to the grade of Professor in 1965, thus becoming the first Nigerian Professor of Geography.

    “Baba was widely acclaimed as the foremost Social Scientist ever produced by Africa.

    He had earlier, in his illustrious career, served as Dean of the Faculty of Social Sciences of the University of Ibadan from 1968 till 1970. “He provided a leadership role in the preparation of the Master Plan for the Abuja Federal Capital Territory.

    ” According to Olayinka, as one of the earliest students of the University College, Ibadan, Mabogunje received the Degree of Doctor of Science _honoris causa_ from the University of Ibadan in 2018. “He will be sorely missed by all of us who knew him as a distinguished and highly respected UIte, who was very passionate, about his Alma Mater.

    “He served meritoriously as the Pro-Chancellor and Chairman of Council of Olabisi Onabanjo University, Ago-Iwoye,” he said.

    Olayinka said that it was high time the government took the advice of the late professor on university ownership to ensure sustainability.

    “It is generally accepted that the fortunes of the Nigerian University System cannot improve until a sustainable funding model is guaranteed.

    “In this respect, about a decade ago, Prof. Akin Mabogunje suggested that the Federal Government of Nigeria should hand over the University of Ibadan to the Alumni to manage.

    “It is perhaps high time this proposal is interrogated for the overall benefit of the country, otherwise, if we are to learn from history the current national strike by ASUU may painfully not be the last.

    “We pray for the repose of the soul of the Colossus and eminent global citizen, Prof. Akinlawon Mabogunje.

    He will be sorely missed by all of us who knew this humble and soft spoken academic giant,” the former VC said.

    Also, Adewole, another former Vice-Chancellor, extolled the virtues of the deceased and his contributions to the development of Nigeria, especially the Federal Capital Territory (FCT), Abuja.

    “We have lost an ‘Iroko’.

    He was truly the last of the ‘Mohicans’.

    An academic noble, he dined and wined with the Kings and Queens.

    “He was another ‘Mr Fix’, a soft spoken man, who influenced policies without being a politician.

    “Abuja was his hand and foot print.

    A city that could be named after him.

    A unique and successful family man, he remained largely visible but quiet.

    His work and legacy are immortal.

    “May his gentle soul Rest In Peace,” Adewole, a former Minister of Health, said.

    In his comments, retired Prof. Olabode Lucas of the Department of Agronomy,  University of Ibadan, said that the late Prof. Mabogunje was indeed an academic giant and intellectual Colossus.

    “He was in the same league as Ibadan Academic giants like Dike, Lambo, Ajayi  Lucas, Odeku, Akinkugbe, Aboyade, Irvine, Durley, Olayide Oyenuga and Bassir.

    “He was the greatest Geographer in Africa, who won the equivalent of the Nobel Prize in Geography.

    “As a student at Ibadan, he was the Secretary of the Action Group on the campus together  with people like Bola Ige and Olutoye.

    “In this capacity, he was a member of the Action Group Executive Council presided over by late Chief Obafemi Awolowo.

    “After retirement, he founded the DPC with Prof. Aboyade.

    For many years, he was the Chancellor of Ogun State University.

    “He came, he saw and conquered.

    May his soul rest in perfect peace,” Lucas said.

    Also, Mr David Afolayan, the Chief Executive Officer, GIS Konsult, said that the late Prof. Mabogunje contributed to learning of Geography and passed it down to the next generation.

    Afolayan described the deceased as a professor of professors and a great mentor.

    “He contributed immensely to teaching of GIS in public and private secondary schools in Nigeria since 2015 and in equipping the next generation on having a better understanding of how the world works.

    “And, he also empowered young people to proffer solutions to problems in the society through the connections he provided on the project I was inspired to take on,” Afolayan said.


    NewsSourceCredit: NAN

  •  The Naira on Tuesday depreciated against the dollar at the Investors and Exporters window exchanging at N430 67 The figure represented a decrease of 0 42 per cent compared with the N428 88 it exchanged for the dollar on Monday The open indicative rate closed at N427 75 to the dollar on Tuesday An exchange rate of N444 to the dollar was the highest rate recorded within the day s trading before it settled at N430 67 The Naira sold for as low as N415 to the dollar within the day s trading A total of 158 68 million dollars was traded in foreign exchange at the official Investors and Exporters window on Tuesday Meanwhile some financial experts have described as worrisome the unwholesome depreciation of the nation s currency The experts who expressed their concern in separate interviews with the News Agency of Nigeria in Lagos urged the Federal Government to save the local currency by addressing the rising inflation and other causative factors The experts said that the persistent fall experienced by the nation s currency due to the rising inflation had reduced its purchasing power and made people to lose confidence in the domestic currency Uche Uwaleke a Professor of Capital Market urged the Central Bank of Nigeria CBN to deal with the inflation challenge driven largely by cost push factors Uwaleke urged the apex bank to ensure increased power supply through decentralisation and encouraging mini and off grids solutions Ensuring availability of petroleum products by decentralising refining encouraging modular refineries and privatising government refineries This will reduce the huge foreign exchange that is spent on fuel imports he said Uwaleke also enjoined the apex bank to scale up its development finance interventions in agriculture and MSMEs after a thorough evaluation of existing ones in order to boost non oil exports He urged the CBN to work with other stakeholders such as the Nigeria Ports Authority and customs among others to accelerate the implementation of the RT 200 billion programme He said Given that the surge in demand is largely speculative the CBN can quickly restore confidence and allay fears by increasing the level of interventions in the foreign exchange market in view of the relatively huge external reserves about 40 billion at its disposal He enjoined the National Assembly to make a law that would prohibit public office holders from sending their abroad for education in order to conserve foreign exchange Also Sheriffdeen Tella a Professor of Economics at the Olabisi Onabanjo University Ago Iwoye Ogun said to salvage the local currency we have to stop payment for imports till we are sure of what we are paying for Nobody should be allowed to pay for local items in foreign currencies like paying local footballers in dollars for winning local leagues Tella said Ndubisi Nwokoma Director Centre for Economic Policy Analysis and Research CEPAR stressed the need to minimise political interference in the allocation of foreign exchange and deal directly with the end users to address the free fall of the Naira Nwokoma said that government must address the issue of oil theft by ensuring that all oil export proceeds were remitted to the CBN He also stressed the need to stimulate non oil exports and discourage use of dollars in electioneering NewsSourceCredit NAN
    Naira drops by 0.42%, experts proffer solution
     The Naira on Tuesday depreciated against the dollar at the Investors and Exporters window exchanging at N430 67 The figure represented a decrease of 0 42 per cent compared with the N428 88 it exchanged for the dollar on Monday The open indicative rate closed at N427 75 to the dollar on Tuesday An exchange rate of N444 to the dollar was the highest rate recorded within the day s trading before it settled at N430 67 The Naira sold for as low as N415 to the dollar within the day s trading A total of 158 68 million dollars was traded in foreign exchange at the official Investors and Exporters window on Tuesday Meanwhile some financial experts have described as worrisome the unwholesome depreciation of the nation s currency The experts who expressed their concern in separate interviews with the News Agency of Nigeria in Lagos urged the Federal Government to save the local currency by addressing the rising inflation and other causative factors The experts said that the persistent fall experienced by the nation s currency due to the rising inflation had reduced its purchasing power and made people to lose confidence in the domestic currency Uche Uwaleke a Professor of Capital Market urged the Central Bank of Nigeria CBN to deal with the inflation challenge driven largely by cost push factors Uwaleke urged the apex bank to ensure increased power supply through decentralisation and encouraging mini and off grids solutions Ensuring availability of petroleum products by decentralising refining encouraging modular refineries and privatising government refineries This will reduce the huge foreign exchange that is spent on fuel imports he said Uwaleke also enjoined the apex bank to scale up its development finance interventions in agriculture and MSMEs after a thorough evaluation of existing ones in order to boost non oil exports He urged the CBN to work with other stakeholders such as the Nigeria Ports Authority and customs among others to accelerate the implementation of the RT 200 billion programme He said Given that the surge in demand is largely speculative the CBN can quickly restore confidence and allay fears by increasing the level of interventions in the foreign exchange market in view of the relatively huge external reserves about 40 billion at its disposal He enjoined the National Assembly to make a law that would prohibit public office holders from sending their abroad for education in order to conserve foreign exchange Also Sheriffdeen Tella a Professor of Economics at the Olabisi Onabanjo University Ago Iwoye Ogun said to salvage the local currency we have to stop payment for imports till we are sure of what we are paying for Nobody should be allowed to pay for local items in foreign currencies like paying local footballers in dollars for winning local leagues Tella said Ndubisi Nwokoma Director Centre for Economic Policy Analysis and Research CEPAR stressed the need to minimise political interference in the allocation of foreign exchange and deal directly with the end users to address the free fall of the Naira Nwokoma said that government must address the issue of oil theft by ensuring that all oil export proceeds were remitted to the CBN He also stressed the need to stimulate non oil exports and discourage use of dollars in electioneering NewsSourceCredit NAN
    Naira drops by 0.42%, experts proffer solution
    Economy2 months ago

    Naira drops by 0.42%, experts proffer solution

    The Naira on Tuesday depreciated against the dollar at the Investors and Exporters window, exchanging at N430.67. The figure represented a decrease of 0.42 per cent compared with the N428.88 it exchanged for the dollar on Monday.

    The open indicative rate closed at N427.75 to the dollar on Tuesday.

    An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N430.67 The Naira sold for as low as N415 to the dollar within the day’s trading.

    A total of 158.68 million dollars was traded in foreign exchange at the official Investors and Exporters’ window on Tuesday.

    Meanwhile, some financial experts have described as ‘worrisome’ the unwholesome depreciation of the nation’s currency.

    The experts who expressed their concern in separate interviews with the News Agency of Nigeria in Lagos, urged the Federal Government to save the local currency by addressing the rising inflation and other causative factors.

    The experts said that the persistent fall experienced by the nation’s currency due to the rising inflation had reduced its purchasing power and made people to lose confidence in the domestic currency.

    Uche Uwaleke, a Professor of Capital Market, urged the Central Bank of Nigeria (CBN) to deal with the inflation challenge driven largely by cost-push factors.

    Uwaleke urged the apex bank to ensure increased power supply through decentralisation and encouraging mini and off-grids solutions.

    “Ensuring availability of petroleum products by decentralising refining, encouraging modular refineries and privatising government refineries.

    This will reduce the huge foreign exchange that is spent on fuel imports,” he said.

    Uwaleke also enjoined the apex bank to scale up its development finance interventions in agriculture and MSMEs after a thorough evaluation of existing ones in order to boost non-oil exports.

    He urged the CBN to work with other stakeholders such as the Nigeria Ports Authority and customs, among others to accelerate the implementation of the RT $200 billion programme.

    He said: “Given that the surge in demand is largely speculative, the CBN can quickly restore confidence and allay fears by increasing the level of interventions in the foreign exchange market in view of the relatively huge external reserves (about $40 billion) at its disposal.

    ” He enjoined the National Assembly to make a law that would prohibit public office holders from sending their abroad for education in order to conserve foreign exchange.

    Also, Sheriffdeen Tella, a Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, said to salvage the local currency, “we have to stop payment for imports till we are sure of what we are paying for.

    “Nobody should be allowed to pay for local items in foreign currencies like paying local footballers in dollars for winning local leagues,” Tella said.

    Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research (CEPAR), stressed the need to minimise political interference in the allocation of foreign exchange and deal directly with the end-users to address the free fall of the Naira.

    Nwokoma said that government must address the issue of oil theft by ensuring that all oil export proceeds were remitted to the CBN.

    He also stressed the need to stimulate non-oil exports and discourage use of dollars in electioneering.


    NewsSourceCredit: NAN

  •  Gov Dapo Abiodun of Ogun has urged members of the Association of Feto Maternal Medicine Specialists in Nigeria to find solutions to maternal and infant mortality in the country Abiodun made the plea while receiving the association s President Prof Saturday Etuk who paid him a courtesy visit on Thursday in Abeokuta He said that as professionals dealing with issues related to pregnant women and unborn children members of the association should continue to do more to save mothers and new born babies The governor said efforts of members of the association had so far ensured that more people are surviving maternal care and more children are not born as still birth Abiodun said the state had invested in the rehabilitation of over 236 Primary Healthcare Centres provision of modern medical equipment employment and improved welfare for health workers When we came in there were five ambulances for a population of between six and seven million people that makes it one ambulance for one million people But we thank God that now we have about 50 ambulances we are even running an ambulance service to cover the whole state he said The governor said that his first official visit on assumption of office was to the Olabisi Onabanjo University Teaching Hospital Sagamu I want to tell you that I was highly disappointed with what I met on ground The infrastructure had collapsed totally and the hospital was understaffed We are repositioning the hospital now with new medical equipment and we have also carried out recruitment of medical personnel Very soon the hospital will have a world class mother and children ward he said The governor thanked the association for the visit assuring them that the state government would put more efforts to enhance health services in the state He pledged to assist the association as it hold its national conference in the state We hope that your deliberations will promote excellent maternal and child healthcare and standardise the practice of gynaecology in the country Abiodun said Earlier Etuk had earlier said that the visit was aimed at finding ways of reducing infant and maternal mortality in the country He said that members of the association were in the state for a scientific conference to also find ways of training specialists on how to handle issues related to unborn babies and their mothers Etuk commended the governor s vision on health saying that it tallied with the vision of the association of reducing maternal and infant mortality rate in the state NewsSourceCredit NAN
    Abiodun tasks specialists on tackling maternal, infant mortality in Nigeria
     Gov Dapo Abiodun of Ogun has urged members of the Association of Feto Maternal Medicine Specialists in Nigeria to find solutions to maternal and infant mortality in the country Abiodun made the plea while receiving the association s President Prof Saturday Etuk who paid him a courtesy visit on Thursday in Abeokuta He said that as professionals dealing with issues related to pregnant women and unborn children members of the association should continue to do more to save mothers and new born babies The governor said efforts of members of the association had so far ensured that more people are surviving maternal care and more children are not born as still birth Abiodun said the state had invested in the rehabilitation of over 236 Primary Healthcare Centres provision of modern medical equipment employment and improved welfare for health workers When we came in there were five ambulances for a population of between six and seven million people that makes it one ambulance for one million people But we thank God that now we have about 50 ambulances we are even running an ambulance service to cover the whole state he said The governor said that his first official visit on assumption of office was to the Olabisi Onabanjo University Teaching Hospital Sagamu I want to tell you that I was highly disappointed with what I met on ground The infrastructure had collapsed totally and the hospital was understaffed We are repositioning the hospital now with new medical equipment and we have also carried out recruitment of medical personnel Very soon the hospital will have a world class mother and children ward he said The governor thanked the association for the visit assuring them that the state government would put more efforts to enhance health services in the state He pledged to assist the association as it hold its national conference in the state We hope that your deliberations will promote excellent maternal and child healthcare and standardise the practice of gynaecology in the country Abiodun said Earlier Etuk had earlier said that the visit was aimed at finding ways of reducing infant and maternal mortality in the country He said that members of the association were in the state for a scientific conference to also find ways of training specialists on how to handle issues related to unborn babies and their mothers Etuk commended the governor s vision on health saying that it tallied with the vision of the association of reducing maternal and infant mortality rate in the state NewsSourceCredit NAN
    Abiodun tasks specialists on tackling maternal, infant mortality in Nigeria
    General news2 months ago

    Abiodun tasks specialists on tackling maternal, infant mortality in Nigeria

    Gov. Dapo Abiodun of Ogun has urged members of the Association of Feto-Maternal Medicine Specialists in Nigeria to find solutions to maternal and infant mortality in the country.

    Abiodun made the plea while receiving the association’s President, Prof. Saturday Etuk, who paid him a courtesy visit on Thursday in Abeokuta.

    He said that as professionals dealing with issues related to pregnant women and unborn children, members of the association should continue to do more to save mothers and new born babies.

    The governor said efforts of members of the association had so far, ensured that “more people are surviving maternal care and more children are not born as still birth”.

    Abiodun said the state had invested in the rehabilitation of over 236 Primary Healthcare Centres, provision of modern medical equipment, employment and improved welfare for health workers.

    “When we came in, there were five ambulances for a population of between six and seven million people, that makes it one ambulance for one million people.

    “But, we thank God that now, we have about 50 ambulances; we are even running an ambulance service to cover the whole state,” he said.

    The governor said that his first official visit on assumption of office was to the Olabisi Onabanjo University Teaching Hospital, Sagamu.

    “I want to tell you that I was highly disappointed with what I met on ground. The infrastructure had collapsed totally and the hospital was understaffed.

    “We are repositioning the hospital now with new medical equipment and we have also carried out recruitment of medical personnel.

    “Very soon, the hospital will have a world class mother and children ward,” he said.

    The governor thanked the association for the visit, assuring them that the state government would put more efforts to enhance health services in the state.

    He pledged to assist the association as it hold its national conference in the state.

    “We hope that your deliberations will promote excellent maternal and child healthcare and standardise the practice of gynaecology in the country,” Abiodun said.

    Earlier, Etuk had earlier said that the visit was aimed at finding ways of reducing infant and maternal mortality in the country.

    He said that members of the association were in the state for a scientific conference to also find ways of training specialists on how to handle issues related to unborn babies and their mothers.

    Etuk commended the governor’s vision on health, saying that it tallied with the vision of the association of reducing maternal and infant mortality rate in the state.

    NewsSourceCredit: NAN

  •  Some economists have suggested diverse ways in which the Federal Government can overcome the rising food prices in the country They made the suggestions in separate interviews with the News Agency of Nigeria on Monday in Lagos Food inflation rate in Nigeria rose month on month MoM to 2 0 per cent in April from 1 62 per cent in January according to the data from Nigeria Bureau of Statistics Prof Ndubisi Nwokoma Director Centre for Economic Policy Analysis and Research CEPAR University of Lagos urged government to put a squeeze on credit to the economy by raising rates Nwokeoma said that credit squeeze would lead to a tight monetary policy stance He noted that could be achieved by increasing the MPR and making credit availability less easy According to him this discourages inflation growth and depreciation of the naira One of the factors driving inflation is the depreciating value of the naira vis a vis other foreign currencies that is the exchange rate This can be curtailed by putting a squeeze on credit to the economy by raising rates High cost of foreign exchange enhances cost push inflation Second the level of uncertainty in the economy hampers production of goods and services This is fueled by insecurity and election year effects said Nwokoma Also Sheriffdeen Tella Professor of Economics at the Olabisi Onabanjo University Ago Ago Iwoye Ogun advised government to review the macroeconomic policies to promote the economic growth through domestic production According to him the current inflation is bad policies induced From the monetary policy side the financing of budget deficits particularly financing subsidies by the central bank through printing of money while from the fiscal side is rising cost of diesel electricity and rising consumption taxes These affect cost of production reduction in demand and output Reduced output means high unit cost which is passed on to selling price Government has to review the macroeconomic policies to promote economic growth through domestic production he said On his part Akpan Ekpo Professor of Economics and Public Policy at the University of Uyo Akwa Ibom said there was the need to take advantage of the war between Russia and Ukraine and encourage farmers to produce grains going forward The present surge in prices is due to many factors farmers are unable to farm because of insecurity supply chain constraints government borrowing through ways and means Distortion in the foreign exchange market imported inflation because of the Russian Ukraine war fiscal rascality of government among others Inflation adversely affects the poor and pensioners since they cannot draw on savings to survive Government should do its utmost best to solve the insecurity so that farmers can produce optimally palliatives should be given to the poor including retirees who are merely above the poverty line he said Ekpo said While I support a managed exchange rate regime the gap between the official and black market rates should be marginal to curtail inflationary pass through NewsSourceCredit NAN
    Economists proffer solutions to rising food prices 
     Some economists have suggested diverse ways in which the Federal Government can overcome the rising food prices in the country They made the suggestions in separate interviews with the News Agency of Nigeria on Monday in Lagos Food inflation rate in Nigeria rose month on month MoM to 2 0 per cent in April from 1 62 per cent in January according to the data from Nigeria Bureau of Statistics Prof Ndubisi Nwokoma Director Centre for Economic Policy Analysis and Research CEPAR University of Lagos urged government to put a squeeze on credit to the economy by raising rates Nwokeoma said that credit squeeze would lead to a tight monetary policy stance He noted that could be achieved by increasing the MPR and making credit availability less easy According to him this discourages inflation growth and depreciation of the naira One of the factors driving inflation is the depreciating value of the naira vis a vis other foreign currencies that is the exchange rate This can be curtailed by putting a squeeze on credit to the economy by raising rates High cost of foreign exchange enhances cost push inflation Second the level of uncertainty in the economy hampers production of goods and services This is fueled by insecurity and election year effects said Nwokoma Also Sheriffdeen Tella Professor of Economics at the Olabisi Onabanjo University Ago Ago Iwoye Ogun advised government to review the macroeconomic policies to promote the economic growth through domestic production According to him the current inflation is bad policies induced From the monetary policy side the financing of budget deficits particularly financing subsidies by the central bank through printing of money while from the fiscal side is rising cost of diesel electricity and rising consumption taxes These affect cost of production reduction in demand and output Reduced output means high unit cost which is passed on to selling price Government has to review the macroeconomic policies to promote economic growth through domestic production he said On his part Akpan Ekpo Professor of Economics and Public Policy at the University of Uyo Akwa Ibom said there was the need to take advantage of the war between Russia and Ukraine and encourage farmers to produce grains going forward The present surge in prices is due to many factors farmers are unable to farm because of insecurity supply chain constraints government borrowing through ways and means Distortion in the foreign exchange market imported inflation because of the Russian Ukraine war fiscal rascality of government among others Inflation adversely affects the poor and pensioners since they cannot draw on savings to survive Government should do its utmost best to solve the insecurity so that farmers can produce optimally palliatives should be given to the poor including retirees who are merely above the poverty line he said Ekpo said While I support a managed exchange rate regime the gap between the official and black market rates should be marginal to curtail inflationary pass through NewsSourceCredit NAN
    Economists proffer solutions to rising food prices 
    Economy3 months ago

    Economists proffer solutions to rising food prices 

    Some economists have suggested diverse ways in which the Federal Government can overcome the rising food prices in the country.They made the suggestions in separate interviews with the News Agency of Nigeria on Monday in Lagos.Food inflation rate in Nigeria  rose, month-on-month (MoM) to 2.0 per cent in April, from 1.62 per cent in January, according to the data from Nigeria Bureau of Statistics.Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research (CEPAR), University of Lagos, urged government to put a squeeze on credit to the economy by raising rates.Nwokeoma said that credit squeeze would lead to a tight monetary policy stance.He noted that could be achieved by increasing the MPR and making credit availability less easy.According to him, this discourages inflation growth and depreciation of the naira.“One of the factors driving inflation is the depreciating value of the naira vis-a-vis other foreign currencies; that is the exchange rate.“This can be curtailed by putting a squeeze on credit to the economy by raising rates.  High cost of foreign exchange enhances cost push inflation.“Second,  the level of uncertainty in the economy hampers production of goods and services.  This is fueled by insecurity and election year effects, ” said  Nwokoma.Also, Sheriffdeen Tella,  Professor of Economics at the Olabisi Onabanjo University, Ago-Ago-Iwoye, Ogun, advised  government to review the macroeconomic policies to promote the economic growth through domestic production.According to him, the current inflation is bad policies induced.“From the monetary policy side, the financing of budget deficits, particularly financing subsidies by the central bank through printing of money, while from the fiscal side is rising cost of diesel, electricity and rising consumption taxes.“These affect cost of production, reduction in demand and output. Reduced output means high unit cost which is passed on to selling price.“Government has to review the macroeconomic policies to promote economic growth through domestic production,” he said.On his part, Akpan Ekpo, Professor of Economics and Public Policy at the University of Uyo, Akwa Ibom, said there was the need to take advantage of the war between Russia and Ukraine and encourage farmers to produce grains going forward.“The present surge in prices is due to many factors: farmers are unable to farm because of insecurity; supply chain constraints, government borrowing through ways and means.“Distortion in the foreign exchange market, imported inflation because of the Russian-Ukraine war, fiscal rascality of government, among others.“Inflation adversely affects the poor and pensioners since they cannot draw on savings to survive.“Government should do its utmost best to solve the insecurity so that farmers can produce optimally; palliatives should be given to the poor including retirees who are merely above the poverty line,” he said.Ekpo said, “While I support a managed exchange rate regime, the gap between the official and black market rates should be marginal to curtail inflationary pass through.”

    NewsSourceCredit: NAN

  •   NEWS ANALYSIS The Socio Economic Implications of The Downfall of The Naira The Socio Economic Implications of The Downfall of The Naira A News Analysis by Solomon Asowata Lydia Ngwakwe and Rukayat Moisemhe Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar it could pose great consequences for the economy A professor of Finance and Capital Market Uche Uwaleke said that the free fall of the Naira was not in the interest of the economy The consequences are grave for the economy The rising inflationary pressure is not unconnected with imported inflation The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government s budget deficit It will equally increase oil subsidy which may push the economy into deeper debt Again in terms of the naira equivalent of servicing government foreign loans the burden will also increase he said According to Uwaleke the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee FAAC distribution might increase But of what use is an increase in quantity of money which value is eroded by inflation Naira depreciation ordinarily should help the country s Balance of Payments position through discouraging imports and making exports cheaper Unfortunately this does not happen given Nigeria s weak export base and Nigerians penchant for foreign goods He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa especially in the context of African Continental Free Trade Agreement Sheriffdeen Tella a Professor of Economics Olabisi Onabanjo University Ago Iwoye Ogun said the downfall of the naira was what caused the rising inflation Its what is causing inflation and difficulty in production presently Prolonged situation can affect employment and general welfare of citizens just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure he said Ndubisi Nwokoma the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos Akoka urged the Central Bank of Nigeria CBN to increase the supply of foreign exchange and manage demand The fall of the Naira has had serious socio economic implications for the average Nigerian Inflation has been skyrocketing and living standards getting worse Challenges of insecurity also add to all these he said The downfall of the naira has had a huge impact on the oil and gas industry as well which is critical to the socio economic development of Nigeria The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks This has led to a rise in the prices of petroleum products such as Jet A1 aviation fuel diesel kerosene Premium Motor Spirit petrol as well as Liquefied Petroleum Gas cooking gas Presently the cost of diesel ranges from N650 to N800 per litre across the country while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location Similarly kerosene is retailing at N650 per litre in some filling stations while a 12 5kg cooking gas cylinder is being sold at between N9 000 to N10 000 to end users According to the Major Oil Marketers Association of Nigeria MOMAN the landing cost of PMS is currently above N400 per litre compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre Mr Clement Isong the Executive Secretary MOMAN empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education health care and infrastructure development A return to cost recovery and free market and competitive economics including access to foreign exchange at competitive rates is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry he said Mrs Nkechi Obi the Managing Director Techno Gas Ltd also called on the Federal Government to intervene in halting the rising price of cooking gas in the country Obi who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos said the product was becoming unaffordable to Nigerians Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria it was imperative that the government should make forex available to them at competitive rates Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking Mr Michael Umudu the National Chairman the Liquefied Petroleum Gas Retailers LPGAR branch of National Union of Petroleum and Natural Gas Workers NUPENG described the situation as worrisome for both retailers and consumers The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets For us as retailers it is a big problem because we can t even afford to stock up our shops and even when we do it will take time before we can make enough sales to get back our investments What we find now is that people even bring in 12 5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home Umudu therefore appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas Dr Muda Yusuf an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange Yusuf also founder Centre for the Promotion of Private Enterprises CPPEs said the policies had created a huge enterprise around foreign exchange round tripping speculation over invoicing capital flight among others He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors which was not a sustainable solution It is regrettable that the CBN does not believe in the market mechanism yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world Of course market failures are recognised in economics and these cases are exceptions that can be identified and dealt with A market based management framework will restore calmness and stability to the foreign exchange market Although there may be a momentary spike in exchange rate but stability and gradual appreciation of the rate would follow soon after Suppressing the market is like swimming against the tide it is a difficult battle to win he said Yusuf likened moving retail forex transactions from Bureau De Change BDC to the banks to kicking the can down the road stating that the same issues would manifest even with the banks He noted that the BDCs were generally more accessible required minimum documentation had short response time and better interface with the Small and Medium Enterprises and the informal sector the dominant players in the Nigerian economy He said that the way out of this free fall of the Naira was for the CBN to allow the market to function Yusuf said it was also imperative for the apex bank to de emphasise demand management and focus on strategies to stimulate foreign exchange inflows According to him a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange Dr Chinyere Almona the Director General Lagos Chamber of Commerce and Industry LCCI noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022 This she said was due to the widening premium between the official NAFEX rate at N415 per dollar and the market rate of N580 She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market driven This Almona posited was critical to the process of enhancing stability liquidity and transparency in the foreign exchange market She said the unification would improve the country s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates To consolidate on the interventions earlier initiated the CBN needs to roll out more friendly supply side policies to boost liquidity in the market This would help bolster investor confidence and attract foreign investment inflows into the economy Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro Small and Medium Enterprises MSMEs and large corporates at the national subnational and local government levels are imperative NANFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira
      NEWS ANALYSIS The Socio Economic Implications of The Downfall of The Naira The Socio Economic Implications of The Downfall of The Naira A News Analysis by Solomon Asowata Lydia Ngwakwe and Rukayat Moisemhe Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar it could pose great consequences for the economy A professor of Finance and Capital Market Uche Uwaleke said that the free fall of the Naira was not in the interest of the economy The consequences are grave for the economy The rising inflationary pressure is not unconnected with imported inflation The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government s budget deficit It will equally increase oil subsidy which may push the economy into deeper debt Again in terms of the naira equivalent of servicing government foreign loans the burden will also increase he said According to Uwaleke the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee FAAC distribution might increase But of what use is an increase in quantity of money which value is eroded by inflation Naira depreciation ordinarily should help the country s Balance of Payments position through discouraging imports and making exports cheaper Unfortunately this does not happen given Nigeria s weak export base and Nigerians penchant for foreign goods He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa especially in the context of African Continental Free Trade Agreement Sheriffdeen Tella a Professor of Economics Olabisi Onabanjo University Ago Iwoye Ogun said the downfall of the naira was what caused the rising inflation Its what is causing inflation and difficulty in production presently Prolonged situation can affect employment and general welfare of citizens just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure he said Ndubisi Nwokoma the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos Akoka urged the Central Bank of Nigeria CBN to increase the supply of foreign exchange and manage demand The fall of the Naira has had serious socio economic implications for the average Nigerian Inflation has been skyrocketing and living standards getting worse Challenges of insecurity also add to all these he said The downfall of the naira has had a huge impact on the oil and gas industry as well which is critical to the socio economic development of Nigeria The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks This has led to a rise in the prices of petroleum products such as Jet A1 aviation fuel diesel kerosene Premium Motor Spirit petrol as well as Liquefied Petroleum Gas cooking gas Presently the cost of diesel ranges from N650 to N800 per litre across the country while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location Similarly kerosene is retailing at N650 per litre in some filling stations while a 12 5kg cooking gas cylinder is being sold at between N9 000 to N10 000 to end users According to the Major Oil Marketers Association of Nigeria MOMAN the landing cost of PMS is currently above N400 per litre compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre Mr Clement Isong the Executive Secretary MOMAN empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education health care and infrastructure development A return to cost recovery and free market and competitive economics including access to foreign exchange at competitive rates is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry he said Mrs Nkechi Obi the Managing Director Techno Gas Ltd also called on the Federal Government to intervene in halting the rising price of cooking gas in the country Obi who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos said the product was becoming unaffordable to Nigerians Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria it was imperative that the government should make forex available to them at competitive rates Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking Mr Michael Umudu the National Chairman the Liquefied Petroleum Gas Retailers LPGAR branch of National Union of Petroleum and Natural Gas Workers NUPENG described the situation as worrisome for both retailers and consumers The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets For us as retailers it is a big problem because we can t even afford to stock up our shops and even when we do it will take time before we can make enough sales to get back our investments What we find now is that people even bring in 12 5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home Umudu therefore appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas Dr Muda Yusuf an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange Yusuf also founder Centre for the Promotion of Private Enterprises CPPEs said the policies had created a huge enterprise around foreign exchange round tripping speculation over invoicing capital flight among others He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors which was not a sustainable solution It is regrettable that the CBN does not believe in the market mechanism yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world Of course market failures are recognised in economics and these cases are exceptions that can be identified and dealt with A market based management framework will restore calmness and stability to the foreign exchange market Although there may be a momentary spike in exchange rate but stability and gradual appreciation of the rate would follow soon after Suppressing the market is like swimming against the tide it is a difficult battle to win he said Yusuf likened moving retail forex transactions from Bureau De Change BDC to the banks to kicking the can down the road stating that the same issues would manifest even with the banks He noted that the BDCs were generally more accessible required minimum documentation had short response time and better interface with the Small and Medium Enterprises and the informal sector the dominant players in the Nigerian economy He said that the way out of this free fall of the Naira was for the CBN to allow the market to function Yusuf said it was also imperative for the apex bank to de emphasise demand management and focus on strategies to stimulate foreign exchange inflows According to him a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange Dr Chinyere Almona the Director General Lagos Chamber of Commerce and Industry LCCI noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022 This she said was due to the widening premium between the official NAFEX rate at N415 per dollar and the market rate of N580 She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market driven This Almona posited was critical to the process of enhancing stability liquidity and transparency in the foreign exchange market She said the unification would improve the country s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates To consolidate on the interventions earlier initiated the CBN needs to roll out more friendly supply side policies to boost liquidity in the market This would help bolster investor confidence and attract foreign investment inflows into the economy Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro Small and Medium Enterprises MSMEs and large corporates at the national subnational and local government levels are imperative NANFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira
    Features3 months ago

    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira

    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira

     

    The Socio-Economic Implications of The Downfall of The Naira: A News Analysis by Solomon Asowata, Lydia Ngwakwe and Rukayat Moisemhe

    Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise.

    The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar, it could pose great consequences for the economy.

    A professor of Finance and Capital Market, Uche Uwaleke, said that the free fall of the Naira was not in the interest of the economy.

    “The consequences are grave for the economy. The rising inflationary pressure is not unconnected with imported inflation.

    “The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government’s budget deficit.

    “It will equally increase oil subsidy, which may push the economy into deeper debt.

    “Again, in terms of the naira equivalent of servicing government foreign loans, the burden will also increase,’’ he said.

    According to Uwaleke, the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee (FAAC) distribution might increase.

    “But of what use is an increase in quantity of money which value is eroded by inflation?

    “Naira depreciation ordinarily should help the country’s Balance of Payments position through discouraging imports and making exports cheaper.

    “Unfortunately, this does not happen given Nigeria’s weak export base and Nigerians penchant for foreign goods.’’

    He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa, especially in the context of African Continental Free Trade Agreement.

     

    Sheriffdeen Tella, a Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, said the downfall of the naira was what caused the rising inflation.

    “Its what is causing inflation and difficulty in production presently.

    “Prolonged situation can affect employment and general welfare of citizens, just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure,’’ he said.

    Ndubisi Nwokoma, the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos, Akoka, urged the Central Bank of Nigeria (CBN) to increase the supply of foreign exchange and manage demand.

    “The fall of the Naira has had serious socio-economic implications for the average Nigerian. Inflation has been skyrocketing and living standards getting worse. Challenges of insecurity also add to all these,’’ he said.

    The downfall of the naira has had a huge impact on the oil and gas industry as well, which is critical to the socio-economic development of Nigeria.

    The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks.

    This has led to a rise in the prices of petroleum products such as Jet A1 (aviation fuel) diesel, kerosene, Premium Motor Spirit (petrol) as well as Liquefied Petroleum Gas (cooking gas).

    Presently, the cost of diesel ranges from N650 to N800 per litre across the country, while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location.

     

    Similarly, kerosene is retailing at N650 per litre in some filling stations while a 12.5kg cooking gas cylinder is being sold at between N9,000 to N10,000 to end users.

    According to the Major Oil Marketers Association of Nigeria (MOMAN), the landing cost of PMS is currently above N400 per litre, compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre.

    Mr Clement Isong, the Executive Secretary, MOMAN, empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market.

    He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel.

    Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education, health care and infrastructure development.

    “A return to cost recovery and free market and competitive economics (including access to foreign exchange at competitive rates) is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry,’’ he said.

    Mrs Nkechi Obi, the Managing Director, Techno Gas Ltd. also called on the Federal Government to intervene in halting the rising price of cooking gas in the country.

    Obi, who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos, said the product was becoming unaffordable to Nigerians.

    Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria, it was imperative that the government should make forex available to them at competitive rates.

    Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking.

    Mr Michael Umudu, the National Chairman, the Liquefied Petroleum Gas Retailers (LPGAR) branch of National Union of Petroleum and Natural Gas Workers (NUPENG), described the situation as worrisome for both retailers and consumers.

    “The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets.

    “For us as retailers, it is a big problem because we can’t even afford to stock up our shops and even when we do, it will take time before we can make enough sales to get back our investments.

    “What we find now is that people even bring in 12.5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home.’’

    Umudu, therefore, appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas.

    Dr Muda Yusuf, an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange.

    Yusuf, also founder, Centre for the Promotion of Private Enterprises (CPPEs), said the policies had created a huge enterprise around foreign exchange, round tripping, speculation, over invoicing, capital flight among others.

    He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors, which was not a sustainable solution.

    “It is regrettable that the CBN does not believe in the market mechanism, yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world.

    “Of course, market failures are recognised in economics, and these cases are exceptions that can be identified and dealt with.

    “A market based management framework will restore calmness and stability to the foreign exchange market.

    “Although, there may be a momentary spike in exchange rate, but stability and gradual appreciation of the rate would follow soon after.

    “Suppressing the market is like swimming against the tide, it is a difficult battle to win,” he said.

    Yusuf likened moving retail forex transactions from Bureau De Change (BDC) to the banks to “kicking the can down the road’’, stating that the same issues would manifest even with the banks.

    He noted that the BDCs were generally more accessible, required minimum documentation, had short response time and better interface with the Small and Medium Enterprises and the informal sector, the dominant players in the Nigerian economy.

    He said that the way out of this free fall of the Naira was for the CBN to allow the market to function.

    Yusuf said it was also imperative for the apex bank to de-emphasise demand management and focus on strategies to stimulate foreign exchange inflows.

    According to him, a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange.

    Dr Chinyere Almona, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022.

    This, she said was due to the widening premium between the official (NAFEX) rate at N415 per dollar and the market rate of N580.

    She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market-driven.

    This, Almona posited was critical to the process of enhancing stability, liquidity, and transparency in the foreign exchange market.

    She said the unification would improve the country’s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage.

    “The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate.

    “The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates.

    “To consolidate on the interventions earlier initiated, the CBN needs to roll out more friendly supply-side policies to boost liquidity in the market.

    “This would help bolster investor confidence and attract foreign investment inflows into the economy.

    Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro, Small and Medium Enterprises (MSMEs) and large corporates at the national, subnational, and local government levels are imperative. (NANFeatures) (

    NewsSourceCredit: NAN

  •  The decision of the Monetary Policy Committee of the Central Bank of Nigeria CBN to raise the benchmark interest rate to 13 per cent was received by some economists on Tuesday with mixed reactions While some told the News Agency of Nigeria in separate interviews in Lagos that the outcome of the MPC meeting was expected as inflation was still growing others said it could be counter productive NAN reports that members of the MPC unanimously voted to raise MPR at 13 per cent asymmetric corridor at 100 and 700 basis points around the MPR and liquidity ratio at 30 per cent CRR at 27 5 per cent Akpan Ekpo a professor of Economics and Public Policy at the University of Uyo Akwa Ibom said the apex bank took the right decision I expected the MPC to raise the MPR in order to tame the rising inflationary trend which is a global phenomenon In addition the fiscal authorities should continue to implement programmes especially those in the 2021 2025 development plan It is also crucial to take advantage of the war between Russia and Ukraine by enhancing the production of wheat and other grains It is not that easy to strike the balance between inflation and growth It is thus important for both monetary and fiscal authorities to monitor and efficiently manage the economy to enhance growth with moderate inflation he said Similarly Uche Uwaleke a Professor of Finance and Capital Market at the Nasarawa State University agreed that the MPC took an acceptable decision to increase MPR This was expected with the hike in policy rates by the US Fed the European Central Bank and the South African Reserve Bank to name a few all in a bid to cage elevated inflation I would have been surprised if the MPC did not adopt a hawkish policy stance If you noticed the equities market tanked last week after printing strong gains in the previous two weeks The sell offs witnessed were not unconnected with the expectation that the MPC would likely jerk up the MPR In my view the two major reasons that inclined the MPC to do so are rising inflation and weakening naira Understandably the current MPR of 11 5 per cent has been in place since September 2020 The need to stem capital flight against the backdrop of rising yields especially in the US and Europe was a major consideration for the MPC this time around Uwaleke said In the same vein Prof Ndubisi Nwokoma Director Centre for Economic Policy Analysis and Research CEPAR University of Lagos said the decision was okay In my opinion this is fine There is need to tighten credit to arrest both the slide in the exchange rate as well as the growing rate of inflation he said However Hassan Oaikhenan Professor of Economics at the University of Benin Benin City said the committee s decision to raise benchmark interest rate to 13 per cent appeared to be off the mark To the MPC the objective of raising the MPR to 13 per cent is to curb inflation and to support the fragile economy It is my considered opinion that raising interest rate to curb supply side induced inflation that is an inflationary situation that is occasioned by supply shortages of essential goods appears to be off the mark The inflationary situation in the country is closely intertwined with what has turned out to be the near permanent misfortunes of the naira in the foreign exchange market which has served to inhibit the importation of essential goods that are not domestically produced The severely limited domestic production especially of agricultural commodities no thanks to the pervasive problem of insecurity taken alongside the phenomenal depreciation of the naira means that the inflationary situation in the country is not demand driven Accordingly the MPC s decision to raise interest rate with a view to curbing the high and rising inflation rate thus becomes a questionable policy thrust he said Oaikhenan said even more questionable was the decision to raise the interest rate as a way of supporting the fragile economy This is like turning logic on its head interest rate is normally lowered to support a fragile economy as it will make it possible for businesses to invest creating employment and expanding domestic production By so doing and ultimately serving to raise the level of output of goods and services So in my view the decision of the MPC given the stated objectives of curbing supply side induced inflation and supporting the fragile economy can be likened to a driver s decision to accelerate whereas should in fact be applying the brakes Sheriffdeen Tella a Professor of Economics at the Olabisi Onabanjo University Ago Iwoye Ogun also said raising the MPR was not good Raising the MPR at this time is not good because it raises the cost of borrowing in the face of depreciating naira The action is tight money policy which will further heighten inflation instead of providing relieve It doesn t meet my expectation I expected the rates to be left alone but statements be made on falling exchange rate he said NAN
    MPC: Mixed reactions greet interest rate hike
     The decision of the Monetary Policy Committee of the Central Bank of Nigeria CBN to raise the benchmark interest rate to 13 per cent was received by some economists on Tuesday with mixed reactions While some told the News Agency of Nigeria in separate interviews in Lagos that the outcome of the MPC meeting was expected as inflation was still growing others said it could be counter productive NAN reports that members of the MPC unanimously voted to raise MPR at 13 per cent asymmetric corridor at 100 and 700 basis points around the MPR and liquidity ratio at 30 per cent CRR at 27 5 per cent Akpan Ekpo a professor of Economics and Public Policy at the University of Uyo Akwa Ibom said the apex bank took the right decision I expected the MPC to raise the MPR in order to tame the rising inflationary trend which is a global phenomenon In addition the fiscal authorities should continue to implement programmes especially those in the 2021 2025 development plan It is also crucial to take advantage of the war between Russia and Ukraine by enhancing the production of wheat and other grains It is not that easy to strike the balance between inflation and growth It is thus important for both monetary and fiscal authorities to monitor and efficiently manage the economy to enhance growth with moderate inflation he said Similarly Uche Uwaleke a Professor of Finance and Capital Market at the Nasarawa State University agreed that the MPC took an acceptable decision to increase MPR This was expected with the hike in policy rates by the US Fed the European Central Bank and the South African Reserve Bank to name a few all in a bid to cage elevated inflation I would have been surprised if the MPC did not adopt a hawkish policy stance If you noticed the equities market tanked last week after printing strong gains in the previous two weeks The sell offs witnessed were not unconnected with the expectation that the MPC would likely jerk up the MPR In my view the two major reasons that inclined the MPC to do so are rising inflation and weakening naira Understandably the current MPR of 11 5 per cent has been in place since September 2020 The need to stem capital flight against the backdrop of rising yields especially in the US and Europe was a major consideration for the MPC this time around Uwaleke said In the same vein Prof Ndubisi Nwokoma Director Centre for Economic Policy Analysis and Research CEPAR University of Lagos said the decision was okay In my opinion this is fine There is need to tighten credit to arrest both the slide in the exchange rate as well as the growing rate of inflation he said However Hassan Oaikhenan Professor of Economics at the University of Benin Benin City said the committee s decision to raise benchmark interest rate to 13 per cent appeared to be off the mark To the MPC the objective of raising the MPR to 13 per cent is to curb inflation and to support the fragile economy It is my considered opinion that raising interest rate to curb supply side induced inflation that is an inflationary situation that is occasioned by supply shortages of essential goods appears to be off the mark The inflationary situation in the country is closely intertwined with what has turned out to be the near permanent misfortunes of the naira in the foreign exchange market which has served to inhibit the importation of essential goods that are not domestically produced The severely limited domestic production especially of agricultural commodities no thanks to the pervasive problem of insecurity taken alongside the phenomenal depreciation of the naira means that the inflationary situation in the country is not demand driven Accordingly the MPC s decision to raise interest rate with a view to curbing the high and rising inflation rate thus becomes a questionable policy thrust he said Oaikhenan said even more questionable was the decision to raise the interest rate as a way of supporting the fragile economy This is like turning logic on its head interest rate is normally lowered to support a fragile economy as it will make it possible for businesses to invest creating employment and expanding domestic production By so doing and ultimately serving to raise the level of output of goods and services So in my view the decision of the MPC given the stated objectives of curbing supply side induced inflation and supporting the fragile economy can be likened to a driver s decision to accelerate whereas should in fact be applying the brakes Sheriffdeen Tella a Professor of Economics at the Olabisi Onabanjo University Ago Iwoye Ogun also said raising the MPR was not good Raising the MPR at this time is not good because it raises the cost of borrowing in the face of depreciating naira The action is tight money policy which will further heighten inflation instead of providing relieve It doesn t meet my expectation I expected the rates to be left alone but statements be made on falling exchange rate he said NAN
    MPC: Mixed reactions greet interest rate hike
    Economy4 months ago

    MPC: Mixed reactions greet interest rate hike

    The decision of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to raise the benchmark interest rate to 13 per cent was received by some economists on Tuesday with mixed reactions.

    While some told the News Agency of Nigeria , in separate interviews in Lagos, that the outcome of the MPC meeting was expected as inflation was still growing, others said it could be counter productive.

    NAN reports that members of the MPC unanimously voted to raise MPR at 13 per cent, asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio at 30 per cent, CRR at 27.5 per cent.

    Akpan Ekpo, a professor of Economics and Public Policy at the University of Uyo, Akwa Ibom, said the apex bank took the right decision.

    “I expected the MPC to raise the MPR in order to tame the rising inflationary trend, which is a global phenomenon.

    “In addition, the fiscal authorities should continue to implement programmes especially those in the 2021-2025 development plan.

    “It is also crucial to take advantage of the war between Russia and Ukraine by enhancing the production of wheat and other grains. It is not that easy to strike the balance between inflation and growth.

    “It is thus important for both monetary and fiscal authorities to monitor and efficiently manage the economy to enhance growth with moderate inflation,” he said.

    Similarly, Uche Uwaleke, a Professor of Finance and Capital Market at the Nasarawa State University, agreed that the MPC took an acceptable decision to increase MPR.

    “This was expected; with the hike in policy rates by the US Fed, the European Central Bank and the South African Reserve Bank to name a few, all in a bid to cage elevated inflation, I would have been surprised if the MPC did not adopt a hawkish policy stance.

    “If you noticed, the equities market tanked last week after printing strong gains in the previous two weeks. The sell offs witnessed were not unconnected with the expectation that the MPC would likely jerk up the MPR.

    “In my view, the two major reasons that inclined the MPC to do so are rising inflation and weakening naira.

    “Understandably, the current MPR of 11.5 per cent has been in place since September 2020. The need to stem capital flight against the backdrop of rising yields, especially in the US and Europe, was a major consideration for the MPC this time around,” Uwaleke said.

    In the same vein, Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research (CEPAR) University of Lagos, said the decision was okay.

    “In my opinion, this is fine. There is need to tighten credit to arrest both the slide in the exchange rate as well as the growing rate of inflation,” he said.

    However, Hassan Oaikhenan, Professor of Economics at the University of Benin, Benin-City, said the committee’s decision to raise benchmark interest rate to 13 per cent appeared to be off the mark.

    “To the MPC, the objective of raising the MPR to 13 per cent is to curb inflation and to support the fragile economy.

    “It is my considered opinion that raising interest rate to curb supply side-induced inflation, that is, an inflationary situation that is occasioned by supply shortages (of essential goods) appears to be off the mark.

    “The inflationary situation in the country is closely intertwined with what has turned out to be the near permanent misfortunes of the naira in the foreign exchange market, which has served to inhibit the importation of essential goods that are not domestically produced.

    “The severely limited domestic production, especially of agricultural commodities, no thanks to the pervasive problem of insecurity, taken alongside the phenomenal depreciation of the naira means that the inflationary situation in the country is not demand-driven.

    “Accordingly, the MPC’s decision to raise interest rate with a view to curbing the high and rising inflation rate thus becomes a questionable policy thrust,” he said.

    Oaikhenan said even more questionable was the decision to raise the interest rate as a way of supporting the fragile economy.

    “This is like turning logic on its head; interest rate is normally lowered to support a fragile economy, as it will make it possible for businesses to invest, creating employment and expanding domestic production.

    “By so doing and ultimately serving to raise the level of output of goods and services.

    “So, in my view, the decision of the MPC, given the stated objectives (of curbing supply-side induced inflation and supporting the fragile economy) can be likened to a driver’s decision to accelerate whereas should, in fact, be applying the brakes!”

    Sheriffdeen Tella,  a Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, also said raising the MPR was not good.

    “Raising the MPR at this time is not good because it raises the cost of borrowing in the face of depreciating naira.

    “The action is tight money policy, which will further heighten inflation instead of providing relieve. It doesn’t meet my expectation.

    “I expected the rates to be left alone but statements be made on falling exchange rate,” he said. (

    (NAN)