Business
FG taking practical steps to revamp economy, says Cardoso
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said the Federal Government has taken practical steps to revamp the Nigerian economy over the past one year.
Cardoso said this on Friday in Abuja, at Bankers’ Committee Retreat, with the theme: “Contract and Commitment to National Development and Economic Growth”.
He said that the country was making steady progress in various economic sectors,while urging both the public and private sectors to synergise and consolidate on the modest achievements.
“As we gather here, we are acutely aware of the challenges that have tested our nation in recent years; poverty, rising inflation, infrastructure deficits, insecurity, and unemployment..
“It is not all bleak. In recent times, we have witnessed significant strides made by both government and private partners in leveraging the immense opportunities before us to rewrite our nation’s story.
“However, while progress has been steady, it is evident that the road ahead remains long.
“The work before us requires focus, innovation, and unwavering resolve to reshape our collective
future,” he said.
He urged the Bankers” Committee to take bold steps by making meaningful contributions to the the economic growth and development of the country.
“This is why the theme of this retreat has been carefully chosen, to inspire deeper collaboration and renewed commitment as we strive to build a brighter future for ourselves and generations to come.
“Over the next few days, we will engage in meaningful discussions, share insights and experiences, and explore bold solutions to the pressing issues facing our nation,” he said. .
He tasked the committee be guided by certain considerations:
“What steps must we take to improve the business environment for all; large corporates, SMEs, and others?
“How can we better leverage public-private partnerships for infrastructure development?
“What are the most effective ways to close skill gaps in our workforce?,” Cardoso said.
He urged the committee members to also deliberate on how the country could foster an ecosystem that nurtures and supports innovation.
He said that they should also be concerned with how to reinforce social contract with the Nigerian people to build a more inclusive economy.
Also speaking, the Vice-President, Sen. Kashim Shettima, said the theme of the retreat established the link between growth and development.
Shettima was represented by Tope Fasua, Special Adviser on Economic Affairs, Office of the Vice-President.
According to him, whereas an economy may grow without developing given a certain finite period of time, yet there could be no real economic development without growth.
He said that the banks were pivotal to meaningful economic growth.
” Our banks are central to that growth in GDP output that every nation pursues on a minutely basis.
“This is in facilitating transactions, being receptacles for savings and investments, and in availing credits of all shapes and structures,’” he said.
He urged the banks to consolidate their role as catalysts for economic growth and development.
According to him, the development of banks should positively correlate with the development of the economy at large.
“The robust profitability that we have seen in that sector should reflect ,at least, marginally in the GDP growth numbers posted by the country at large.
” Indeed, we should be speaking about causality more than correlation. And we know that you are up to the task,” he said.
Shettima said that the Federal Government intended to shift from the usual suboptimisation that defined the Nigerian economy over the decades.
He said that the economy could be truly outstanding and can justify its prime position on the African continent and beyond.
” That is why some of the painful reforms are taking place at this time.
“Mr President, being the valiant leader that he is, has pressed on in favour of the long-term perspective, in spite of pushbacks.
” The key reforms pertain to the unification of the Naira rates in the official market and the closing of the gap with parallel markets, the
removal of fuel subsidies.
“There are also the reforms in the monetary policy areas, especially the treatment of ways and means advances, and the tax reforms.
“None of these reforms are easy to implement but we can see that in spite of all, they are beginning to yield results.
“We only ask that our people exercise a little more perseverance while the reforms take root,” he said.(NAN)
Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.
In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.
The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”
Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.
Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.
This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.
In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.
The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”
IMF to FG: Enhance transparency in oil sector, contain borrowing
The International Monetary Fund (IMF) has advised Nigeria to enhance transparency in the oil sector to ensure that the subsidy removal savings are transferred to the government’s budget.
Abebe Selassie, the director of the African department at the IMF, gave the advice on Friday while presenting the findings of the Regional Economic Outlook for Sub-Saharan Africa report at the IMF and World Bank spring meetings in Washington, DC, the United States.
Selassie was responding to questions on the federal government’s reforms and Nigeria’s debt profile, which currently sits at N142.3 trillion as at September 2024.
Speaking to journalists, the director said the fund has been very impressed by the reforms Nigeria has undertaken to address microeconomic imbalances in the country.
The director said the subsidy was taking “a very large” share of the limited tax revenues, which was not effectively used to help the most vulnerable people.
“So it’s been really good to see the government taking these head on, and also beginning to roll out the third component of the reforms that we’ve been advocating for, [that] government has been pursuing, which is to expand social protection to target generalised subsidies to help the most vulnerable,” he said.
“This has all been very good to see, but more can be done, particularly on the latter front: expanding social protection and also enhancing a lot more transparency in the oil sector, so that the removal of subsidies does translate into flow of revenue into government budget.
“So, there’s still a bit more work to do in these areas.”
Selassie disclosed that the IMF had a mission in Nigeria, where discussions with the authorities focused on issues related to the nation’s macroeconomic conditions.
Still, the director advised the federal government to consider reforms in other areas to engender more private sector investment, and also how more resources can be “adopted” to help Nigeria generate the revenues needed to build more schools, universities, and infrastructure.
“So there’s a comprehensive set of reforms that Nigeria can pursue that would help engender more growth and help diversify the economy away from reliance on oil,”
“And this diversification is all the more important given what we’re seeing happening to commodity prices.”
Selassie acknowledged that while the government is undertaking reforms, there will be a financing need.
He urged the authorities to adopt “a judicious and agile” way of dealing with the financing challenges the country faces.
The IMF official said Nigeria’s financing gap “can only be filled” by permanent sources such as revenue mobilisation in the long run.
“But in the interim, carefully looking at all of the options the country has to borrow in a contained way, will be part of that solution,” he said.
“And I think the government has been going about this prudently and cautiously so far, and we’re encouraged by that.”
In January, the Debt Management Office(DMO) said the total domestic debt was N73.4 trillion ($45.8 billion) while the total external debt was N68.8 trillion ($43 billion).
The debt body said the increase was primarily due to rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms.
The Federal Government is set to launch the National Agribusiness Policy Mechanism (NAPM) to strengthen agricultural productivity, stabilise food prices, and drive economic growth.
The NAPM is part of broader initiatives aimed at transforming the country’s agricultural sector through data-driven policies and public-private partnerships.
Speaking on Friday in Abuja during a meeting of the Presidential Food Systems Coordinating Unit (PFSCU) Steering Committee at the Presidential Villa, Abuja, Vice President Kashim Shettima said the initiative will align agricultural efforts across all government tiers through real-time data analytics.
“The Green Imperative Project (GIP) is an idea whose time has come. It has been in the incubation period for several years, and now it is coming to fruition; we have to get it right.
“We have had many interventions in this country in the past. We must make this work, and it’s the states that will drive the process,” the Vice President said.
Signed between Nigeria and Brazil on March 17, 2025, the Green Imperative Project (GIP) is a $1.1 billion initiative aimed to modernise 774 mid-sized Nigerian farms with Brazilian agricultural technologies, creating jobs and boosting productivity across the nation.
VP Shettima further said President Bola Tinubu has approved ₦15 billion for the National Emergency Management Agency (NEMA) to prepare for floods as the rainy season kicks in.
“This is one of the first proactive decisions by the government to prepare for the flooding season,” the Vice President noted.
Earlier, the Technical Assistant to the President on Agriculture and Executive Secretary of PFSCU, Marion Moon, explained that NAPM aims to address challenges of high food inflation and agricultural yields that lag 60 per cent behind global averages.
She revealed that the pilot survey for NAPM has been completed across 13 states, with a full launch planned for June 2025.
The NAPM, supported by data analytics partnerships and a digital platform under development, is designed to tackle food inflation, inefficient subsidies, and outdated farming practices, to give the country a unified framework to optimise public spending and drive sustainable rural development.
Those present at the meeting included Governors of Jigawa State, Umar Namadi, and Ekiti State, Biodun Oyebanji; Deputy Governors of Borno State, Umar Kadafur, and Ebonyi State, Patricia Onyemaechi Obila.
Others are Minister of Agriculture and Food Security, Senator Abubakar Kyari; Minister of State for Agriculture and Food Security, Aliyu Abdullahi; Permanent Secretary of the Federal Ministry of Finance; heads of agriculture and manufacturing private sector players, and international development partners.