News
Enhancing Nigeria’s Economic Stability: A Closer Look At Policy Tightening And Naira Valuation
By Tambaya Julius
In his recent remarks, Ari Aisen, the IMF’s mission chief for Nigeria, emphasizes the crucial need for additional macroeconomic tightening of both fiscal and monetary policies.
The aim is to provide the naira and the economy with a solid foundation for lasting stability and growth.
Aisen asserts, “We must enhance macroeconomic tightening in both fiscal and monetary realms to pave the way for a more durable stability in the naira and our economy.”
Addressing the short-term challenges head-on, Aisen highlights the potential for renewed confidence in the medium term.
By fostering this confidence, the Nigerian economy could experience a transformative shift towards a more conducive environment for investment.
This, in turn, could enhance credibility, boost visibility, and ultimately lead to job creation, propelling Nigeria towards a brighter future.
The discussions took place against the backdrop of the Arbiterz conference, which centred around the theme “The Naira Paths to Institutional Reforms and Accelerated Growth.”
During the conference, a key highlight was the commendation for the initial implementation of the willing buyer willing seller foreign exchange regime.
Aisen lauds the willing buyer and seller policy, recognizing it as a positive stride.
However, he cautions that the naira’s volatility might persist, albeit with potential reduction in the long term through strategic macroeconomic measures.
In the currency market, Aisen points out the imbalance between the demand for foreign exchange and its supply, potentially leading to depreciation.
He emphasizes the importance of increased foreign exchange inflows to rectify this challenge.
Aisen turns his attention to the prevailing interest rates, noting that the current rate of 18.75 percent fails to fully reflect market dynamics.
Lower market rates, particularly in instruments like treasury bills, underscore the need for alignment. This discrepancy affects foreign inflows and stifles savings amongst Nigerians.
One notable concern highlighted by Aisen is the perceived loose fiscal policies.
Despite the elimination of petrol subsidies and resultant fiscal savings, Nigeria’s debt levels remain high.
Aisen comments, “The situation we observe is the Central Bank of Nigeria (CBN) continuing to inject liquidity into the system through ways and means.
If not controlled, this injection could lower interest rates in the economy.”
Looking forward, Aisen recommends short-term tightening to support the naira’s stability.
However, he acknowledges the challenge of balancing this approach with the public’s well-being.
He suggests a nuanced path, ensuring confidence rebuilds over a medium-term horizon of approximately 18 months.
He emphasizes the importance of protecting vulnerable populations through social policies amidst inflationary pressures.
The conference also featured insights from Ayo Teriba, CEO of Economic Associates, who advocates for optimizing national assets to generate revenue.
Teriba emphasizes the need for strategic asset utilization rather than outright selling.
He compares Nigeria’s untapped real estate potential to assets that could alleviate the nation’s debt burden, echoing strategies employed by economically successful nations like Dubai.
Unlocking Nigeria’s dead assets, estimated at around N180 trillion by PwC, could be a game-changing strategy for the government.
This would alleviate the pressure of debt servicing, which is projected to consume 100 percent of revenues in the current year.
Bismarck Rewane, CEO of Financial Derivatives, examines the volatile naira market, projecting a value between N680-N720 with the current rate at N925.
He underscores the importance of concurrent institutional reforms within entities like NNPC, FIRS, and CBN.
These reforms are pivotal for restoring confidence and achieving a well-aligned, true valuation of the naira.
The discussions at the Arbiterz conference shed light on the challenges and opportunities that lie ahead, emphasizing the need for strategic actions to pave the way for a more resilient and prosperous financial future.
By Amina Samuel,Kaduna
In celebration of International Women’s Day 2025, the National Council of Women’s Societies (NCWS), in collaboration with Travel RTT, has mentored hundreds of women and students from Kaduna Polytechnic (PADPOLY) and Kaduna State University (KASU).
The initiative, part of this year’s global theme, “Resilient Women, Thriving Future,” aims to empower women to overcome societal barriers and achieve success.
Speaking to journalists, Hajiya Amina Lawal, President of the Kaduna North Council of NCWS, emphasized that Nigeria’s future belongs to its resilient women.
She urged young women to embrace hard work and determination, regardless of the societal limitations placed on them.
“Nigerian women have faced numerous challenges, yet they continue to break barriers and achieve commendable heights.
This International Women’s Day, we celebrate their achievements while mentoring the next generation to stay focused and work hard,” she said.
Encouraging self-reliance, Lawal advised women to pursue their goals with dedication, adding that the NCWS is committed to mentoring individuals who show determination.
“Don’t wait for government jobs. Find something you are passionate about, learn from hardworking women, and strive to succeed,” she urged.
Supporting this call for resilience, Samira Farida, Founder of Travel RTT and a mentor at the event, praised Nigerian women for their courage amid economic and social challenges.
She highlighted the importance of networking and mentorship, particularly in travel and tourism, to unlock opportunities both within and outside Nigeria.
“There are untapped opportunities for women across various sectors. More women need mentorship to explore these possibilities and build a better future,” she stated.
Farida also called on the government to create more opportunities for women, ensuring their inclusion in national development efforts.
Also speaking at the event, Sahura Jibrin, Kaduna State Acting Chairperson of the Nigeria Association of Women Journalists (NAWOJ), reaffirmed the role of media in amplifying women’s achievements.
She stressed the need for continuous advocacy and reportage to highlight the contributions of Nigerian women.
“Nigeria has countless women with untapped potential. It is crucial for stakeholders to support and engage them in nation-building,” she said.
Plateau IGR hits N30b in 2024, as Mutfwang sets N52b target for 2025
The chairman, Plateau State Internal Revenue Service (PSIRS), Dr. Jim Pam Wayas, said the state raked in N31.14 billion in 2024, the first in the history of the state.
Pam said this is in contrast to the N25.8 billion made in 2023.
Speaking to reporters in his office on Friday, Pam said the service has also received a tall order from Governor Caleb Mutfwang to increase the revenue to N52 billion 2025.
He said the service is however starting on a good footing, as it already collected N3.3 billion in January compared to N1.6 billion in the corresponding period last year.
Pam said the service was able to achieve this through improved revenue collection by bringing more tax payers into the tax net and blocking leakages in the revenue system.
He said, “In 2023, we were able to jack the revenue to N25.8 billion from somewhere around N15.8 billion in the preceding year. But as at close of business last year, the revenue closed at N31.14 billion.
“And that’s the first time the Plateau State has hit the benchmark of above N30 billion in revenue generation. However, there’s hope that we need to start 2025 on a tall order because even the state government has given us a total revenue target of N52 billion in 2025.
“But we started 2025 on a strong footing. As at January, we collected about N3.3 billion, which is not even the highest that we ever collected in any given month, but I think compared to last year, by January, we did about N1.6 billion.
“That shows significant improvement in revenue generation.
Pam said though the state had witnessed an increase in internally generated revenue, it’s federally allocated revenue had for the past six months come with a minus, owing to foreign debts that the state had incurred in the past and fluctuations in rate of foreign exchange.
Mandate Secretary, FCT Women Affairs Secretariat, Dr. Adedayo Benjamins-Laniyi, has said the new Bwari Women Skills Acquisition Centre will be a vital resource that will serve as a beacon of opportunity for countless women in Abuja.
The Mandate Secretary, represented by Jose Mudashiru, revealed this at the Commissioning Ceremony of the Helpline Social Support Initiative Women Skills Acquisition and Processing Centre. Barongoni Community, Bwari, Abuja.
She said the commissioning, which part of the International Women’s Day 2025 celebrations, presents an opportunity to show her committment to supporting initiatives that empower women through education and skills development.
“‘Skills acquisition is not merely about learning a trade; it is about fostering confidence, independence, and resilience. When women are equipped with skills, they gain the ability to support themselves and their families, break the cycle of poverty, and contribute to the economy”, the Secretary said.
Founder and President, Helpline Social Support Initiative, Dr. Jumai Ahmadu, at the event, said the new centre, henceforth tagged ‘Garri Plaza’, is one of many such centers in all the six area councils of the FCT.
Represented by Jane Chinwe Williams, she said that empowering women is not just a moral obligation “it is a catalyst for social and economic progress. When we nurture the potential of women, we ultimately uplift families, communities, and entire nations” .
Dr. Jumai said the centre, comprising about 50 women, will be a sanctuary of learning and growth, equipped with the resources needed for our women to thrive, and where they will discover new skills, gain confidence, and prepare to contribute meaningfully to society.
In her remarks, Dr. (Mrs.) Rebecca Usman, who commissioned the center, said the skills centre represents a symbol of hope for women, and is a sanctuary where women can harness their skills and build sustainable livelihoods because women are the backbone of the community.
She said the process of producing garri involves purchasing cassava from the the market and leaving it in sacks for about two days or more, then the cassava is grinded in machine before it is fried and then properly packaged.
Representative of the Minister of Women Affairs at the occasion, Festus Bakpet, said the skills centre is a noble idea and is in tandem with the ministry of women affairs and the Renewed Hope Agenda of this administration.
Wife of the Etsu of Bwari, Susan Danlami, who graced the occasion, commended the initiative and tenacity of the builders of the centre which she described as a platform for entrepreneurship and encouraged women to embrace the opportunity it offers and to support one another.
She said when women are equipped with skills they get ability to support themselves and their families, they break the circle of poverty and contribute to the economy, it is a transformative process that can lift entire communities.
Some of the over 25 women who were present at the commissioning of the skill centre, who also spoke, commended Helpline Social Support Initiative for their effort in establishing the centre and said they would contribute their best to see to its success.