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Interest Rates Will Go Up – CBN Governor

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CBN
Godwin Emefiele, governor of the Central Bank of Nigeria has revealed that the country’s monetary policy rate would still have to go up.
He said based on rising inflation rates, the monetary policy rate (MPR) would have to rise.
He was speaking on Saturday at the International Monetary Fund headquarters in Washington.

“Truly, Nigerians really expect that if they want to access finance, they should do so under a low interest regime,” he said.

“But of course you will agree with me that with the increase in inflation rate, from about 11.38 (percent) it was in February to almost about 12.8 in march, naturally what you find is that interest rate would have to still go up sort off.

“When you have the MPR below inflation rate, it is not a model that is acceptable.”

Higher interest rate is expected to discourage lending, but Emefiele has assured Nigerians that the CBN under his leadership will continue to do all it can to ensure that the sectors of the economy that grow the domestic industry get needed interventions.

“At the level of the CBN, we would continue, as much as possible to see how we can continue to increase our interventions to certain targeted areas of the economy,” he said.

“Particularly agriculture, mining, the real sector, areas that would boost domestic production, areas that would help to support our push away from relying on oil.

“Where we are seeing goods that can be produced in the country, where we find investors that are investing in domestic production rather than following up on exports, then we would continue to give those kind of investors support.”

In November 2015, the CBN cut interest rates from 13 percent to 11 percent – for the first time in six years – in order to free up some money for economic growth.
In March, the bank raised the rate to 12 percent, in anticipation of budget passage and flow of liquidity into the economy.

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FCCPC seals warehouse with mislabelled, expired products in Ekiti

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The Federal Competition and Consumer Protection Commission (FCCPC) says a warehouse selling harmful products in Ekiti state was raided and sealed on Wednesday.

In a post on X, FCCPC said the raid was carried out after receiving intelligence reports that there were unsafe and expired products in the warehouse located in Ado-Ekiti.

After confirming the reports, FCCPC said the place was sealed.

“Following intelligence reports, our operatives raided a warehouse suspected of selling harmful products, including vegetable oils, cereals and other fast-moving consumer goods,” the commission said.

“During the raid, the FCCPC found evidence of expired goods still on the shelves, deceptive labels on products, fake barcodes, and repackaged, potentially unsafe products.

“The warehouse is now sealed, and the owners along with a supplier are being investigated. Appropriate enforcement actions will follow.”

The commission said it would remain vigilant in protecting consumers and ensuring a fair marketplace in Nigeria.

On April 18, FCCPC raided two 4U Signature supermarkets in the Wuse area of Abuja.

The supermarkets were accused of overcharging customers by implementing prices different from those listed on the shelf tags.

Four days after the supermarket was sealed, FCCPC summoned the owners of Royal Choice, a Chinese supermarket in Abuja, for allegedly refusing to sell to Nigerians.

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Sanwo-Olu’s deputy chief of staff, Gboyega Soyannwo dies at 55

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Gboyega Soyannwo, deputy chief of staff to Babajide Sanwo-Olu, governor of Lagos, is dead.

Soyannwo died on Wednesday after a brief illness, at the age of 55.

In a statement, Gbenga Omotoso, the commissioner for information and strategy in Lagos, said Sanwo-Olu commiserated with the family of the late deputy chief of staff.

The Lagos governor said he had lost a “brother and a servant of the people”.

“With deep sorrow, the Lagos State Government announces the passing of the deputy chief of staff (DCoS) to Mr Governor, Mr Gboyega Soyannwo,” the statement reads.

“Mr. Governor, Babajide Sanwo-Olu, on behalf of the government and people of Lagos, sends his condolences to the Soyannwo family.“

Soyannwo was appointed as the deputy chief of staff to Sanwo-Olu in 2019. He was reappointed in 2023.

He was born on October 3, 1968.

He had his primary education at the Corona School Victoria Island, Lagos, from 1974 to 1980 and proceeded to Kings College for his secondary education from 1980 to 1985.

He obtained a B.Sc. in economics from the University of Lagos.

He started his career at the Central Bank of Nigeria (CBN) in 1992 as a member of the National Youth Service Corps (NYSC).

He also worked in some financial institutions in Nigeria before joining the public service.

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Faulty aircraft: Tinubu should travel by road or use commercial flight, says rep

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Ali Isa, a member of the house of representatives, says President Bola Tinubu should travel by road or use commercial flights for official engagements.

Isa, the minority whip and a member of the Peoples Democratic Party (PDP) representing the Balanga/Billiri federal constituency of Gombe, spoke on the floor of the green chamber on Wednesday.

Isa was contributing to a motion sponsored by Satomi Ahmed, chairman of the house committee on national security and intelligence, on the need to probe the status of the presidential fleet.

Recently, Tinubu reportedly used a chartered aircraft from the Netherlands to Saudi Arabia after the presidential jet developed a fault.

Early this month, Vice-President Kashim Shettima also cancelled his trip to the United States due to a fault developed by the presidential jet.

Shettima was to represent Tinubu at the 2024 US-Africa business summit.

‘TINUBU SHOULD TRAVEL BY ROAD’

Isa said the president and the vice-president can travel by road or fly commercial airlines when they are going on official engagements.

“Mr Speaker, since an issue has been raised, I would advise that the president should suspend using the presidential aircraft; if there is a need he can use either commercial or chartered aircraft,” the lawmaker said.

“And another option that will also help Nigerians is if the president can travel by road. Nigerians will have hope that our roads will be repaired.”

Benjamin Kalu, the deputy speaker who presided over the plenary, said the president should not travel by road.

“Are you saying, Mr president, the number one leader should travel around by road?” Kalu asked.

But Kingsley Chinda, the minority leader, corroborated Isa’s position that the president can use commercial aircraft.

“I have not seen anything wrong with a public office holder using public aircraft. The prime minister of the UK uses British Airways. It is commercial,” Chinda said.

“We should be thinking of how to resuscitate the Nigerian Airway.

“British Airways is not a British Air Force; it is a British private company. If we have planes in the presidential fleet, they should be maintained, and the president and vice president can use them.

“If for any reason we have failed to maintain them, it is not for it to be discussed on the floor of the house.”

However, Sada Soli, a member from Katsina countered Chinda, saying that the UK prime minister uses a special British Airways plane.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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