Selective capital injection does not guarantee the turn-around of commodity exchanges, argues Sola Oni
On Tuesday, January 26, 2021, the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele addressed the first press conference in the year where he unfolded the decision of the Monetary Policy Committee (MPC) on the rates that will drive operations in the money market. Expectedly, all the key indicators were retained. Monetary Policy Rate (MPR) stays at 11.5 percent, Liquidity Ratio, 30 percent, Cash Reserve Ratio (CRR) and Asymmetric Corridor were also retained at 27.5 percent and +100 and-700 basis points respectively. The rationale for retaining the monetary policy instruments rates is not a rocket science. It may be a costly gamble for the apex bank to adjust any of the rates while the economy is trapped in stagflation. The bank has chosen a path of honour through gradual synchronization of monetary and fiscal policies to rescue the economy from the pang of recession.
The Minister of Works and Housing, Mr. Babatunde Fashola, has said with the receipt of certificate of compliance, the federal government is now set to officially commence the procurement process for concessioning of 12 roads under the Highway Development and Management Initiative (HDMI).
The roads are Benin-Asaba (125km), Abuja-Lokoja (193km), Kano-Katsina (150km), Onitsha-Owerri-Aba (161km), Shagamu-Benin (258km), Abuja-Keffi-Akwanga (122km), Kano-Shuari (100km), Potiskum-Damaturu (96.24km), Lokoja-Benin (270km), Enugu-Port Harcourt (200km), Ilorin-Jebba (129km), Lagos-Otta-Abeokuta (80km), and Lagos-Badagry-Seme (79km).
Fashola noted that the initiative would facilitate further development of Nigeria’s federal highway network by attracting investment to improve efficiency and accountability in the maintenance of all assets within the Right of Way (RoW) on the highways.
CBN takes lead role to revive commodity exchange, injects N50bn CBN takes lead role to revive commodity exchange, injects N50bn
Share
THE Central Bank of Nigeria (CBN) has made public the key highlights of the Inaugural Meeting of the Steering Committee on the repositioning of the Nigeria Commodity Exchange (NCX); which results in the Bank taking a lead role in the governance of a Securities and Exchange Commission (SEC) regulated entity.
Following the approval to restructure, CBN will inject N50 billion in the sub-optimally performing state-owned institution in a new plan to make it alive to its responsibilities.
HDMI will open up highway economy, create jobs ― Fashola HDMI will open up highway economy, create jobs ― Fashola
Share
The Minister of Works and Housing, Mr Babatunde Fashola, has said that the Highway Development and Management Initiative (HDMI) will result in infrastructure and assets development as well as the creation of jobs for thousands of Nigerians.
According to the minister, “Apart from infrastructure and assets development, thousands of jobs will be created for Nigerians as the initiative will open up the highway economy with opportunities in various economic activities including fabrication of gantries and directional signages with advertising opportunities, towing van operations and auto repair stations, operation of rest areas and emergency services, among others.”
The Minister of Works and Housing, Mr. Babatunde Fashola, SAN, has said that with the receipt of the Certificate of Compliance, the Federal Government is to officially commence the procurement process for the highway concessions under the Highway Development and Management Initiative (HDMI).
According to the Minister, the HDMI would facilitate further development of Nigeria’s federal highway network by bringing in investment to improve efficiency, accountability, and profitable entrepreneurship to the operation, management, and maintenance of all assets within the Right of Way on the highways.
Mr. Fashola said that the initiative has further affirmed the President Muhammadu Buhari administration’s commitment to infrastructure development funding which has been driven by the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme Order of 2018, the Presidential Infrastructure Development Fund (PIDF) being managed by the Nigeria Sovereign Investment Authori