APA – Lagos (Nigeria)
The assertion by the Central Bank of Nigeria said that its monetary policy reforms are beginning to have positive effects on the country’s economy is one of the trending stories in Nigerian newspapers on Friday.
The Punch reports that the Central Bank of Nigeria said that its monetary policy reforms are beginning to have positive effects on the country’s economy.
Reacting to the just-released inflation rate for October in a statement issued by the Director of the Corporate Communications Department, CBN Isa AbdulMumin, the apex bank vowed to return to evidence-based monetary policy status to restore stakeholders’ confidence in Nigeria’s financial system.
In October the CBN Governor, Dr Yemi Cardoso, said there was an urgent need for “discontinuation of unorthodox monetary policies and foreign currency management and unorthodox use of ways and means spending”.
Cardoso added: “The economic policy proposals of the administration identify a set of fiscal reforms and growth targets that will achieve $1trn GDP within eight years.”
According to data released by National Bureau of Statistics figures on Wednesday, inflation accelerated to 27.33 per cent in October, a slight increase from September’s 26.72 per cent.
The apex bank emphasised that the current inflation rate underscored the gradual influence of the CBN’s money market reforms on the economy.
The newspaper says that the Chinese government has said it is partnering with African countries to reduce poverty on the continent, pledging that it will not create a debt crisis for African countries.
The Chinese Consul-General, Lagos, Yan Yuqing, made this known at the 18th China-African lecture held on Thursday at the Faculty of Arts of the University of Lagos.
Yuqing said the partnership between China and African countries was aimed at reducing the poverty level on the African continent.
She said, “China has never been a creator of the debt crisis of African countries. China partners to help African countries to deal with their poverty problems. Under the framework of G20, there is a plan to delay debt repayment and China has contributed more than 60 per cent and done more than other G-20 members. China will never threaten to sanction any African country with recourse to contracts between the two countries.
“The people of Nigeria and China are wonderful, hard-working and friendly. We have very good results in several fields such as infrastructure, trade and investment, education and culture. These are very important parts of our bilateral relationship.”
The envoy added that the theme of the lecture, “Chinese Modernisation and the Development of Africa,” was aimed at developing the Nigeria-China bilateral relations.
“This is also to allow young students from the University of Lagos to know more about Chinese development. I am so glad that most students are learning Chinese. They will have the opportunity to go to China and know more about Chinese history and make friends with Chinese people,” she added.
The Guardian reports that the Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the continued uptick in inflation, noting that it is squeezing consumers’ spending and saving as well as constraining manufacturing productivity.
The Director-General, LCCI, Dr Chinyere Almona, regretted that Nigeria’s inflation keeps going up instead of regressing, rising to 27.33 per cent in October from 26.72 per cent in the previous month.
She said this represents a 0.61 percentage point increase, reflecting higher food and fuel prices as sources of consistent depreciation of the naira.
“The annual consumer price inflation soared by 6.24 per cent points when compared to 21.09 recorded in the corresponding month in 2022. On a month-on-month, consumer prices rose by 1.73 per cent in October, following a 2.1 per cent surge in the prior month.
“Food inflation rate increased to 31.52 per cent in the month, implying 0.88 per cent point increase from 30.64 per cent in the previous month and 7.8 per cent points increase compared to 23.72 per cent points in the corresponding month in 2022. Similarly, core inflation increased to 22.58 per cent, indicating 0.73 per cent point and 5.12 per cent points increase when compared to 21.84 per cent and 17.46 per cent in September 2023 and October 2022 respectively.
“In terms of contributions of items, the data revealed that food and non-alcoholic beverages contributed the highest to the price increase at 14.16 per cent followed by housing, water, electricity, gas and other fuel (4.57 per cent), clothing and footwear (2.09 per cent), transport (1.78 per cent) and furnishings and household equipment and maintenance (1.37 per cent). Following ten consecutive months of acceleration, the battle against inflation must be intensified by the CBN,” she said.
She urged economic agents to deploy strategies that would mitigate inflationary pressure, recommending that the government focus its efforts on ways to boost confidence and attract foreign direct investments (FDIs).
The newspaper says that the National Security Adviser (NSA), Nuhu Ribadu, yesterday, admitted that security wise, his principal inherited a “tough period” from the Muhammadu Buhari government, despite rebuttals by the latter.
In his farewell speech, Buhari had told citizens: “Our battle to ensure that all Nigerians live in a safe and secure environment has achieved considerable results. As I complete my term in office, we have been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably.”
The former president added: “I am confident that I am leaving office with Nigeria better in 2023 than in 2015.
But while speaking on the security situation in the country at the ongoing 19th All Nigeria Editors’ Conference in Uyo, Ribadu said: “We have given Nigeria to President Bola Tinubu to manage for us. In the last five months, I have been by his side and seen how things are. We inherited a tough period. We appeal for patience and understanding. I appeal to you for support. We are going through tough times. It requires all of us to come together.”
He said: “Let me start with the Niger Delta. At the time we took over, crude oil production stood at 1.1mbd. Today, crude oil production is over 1.7mbd. We have witnessed three weeks without any incident of security challenge in the Niger Delta. This is the first time since 1993, but we don’t talk. In the South East, when we took over last year, we had 46 police stations attacked. Today, we don’t have a single one.”
The NSA was, however, optimistic, saying: “It is not going to be for too long. It is a matter of time. It will be better,” he said.
GIK/APA