ACTING GOVERNOR OF CBN ASSURES ON MONETARY, PRICE STABILITY OF FOREX MARKET

The new acting governor of the Central Bank of Nigeria (CBN), Dr. Sarah Alade has assured Nigerians that the development that led the change in the leadership of the bank will not alter the existing policy of the apex institution.
She said the management of the bank is Committed to the monetary and price stability and the smooth functioning of the foreign exchange market (forex), adding that that “with the current level of reserves at seven months of imports cover, as at end December 2013, the bank’s ability to intervene in the forex market is not in doubt”.
The acting governor added that the nation’s economy remained strong, sound and resilient over time. “Available data from the National Bureau of Statistics indicated that inflation rate was 8.00 percent in January 2014 and in deed, it is important to draw attention to the fact that inflation rate has remained within single digit in the last 13 months”, said the governor who pointed out to the fact fact the domestic economy remained robust with a growth of 6.87 per cent in 2013 and also the exchange rate has remained generally stable.
She explained further that what happened on Thursday from the suspension of Mallam Sanusi Lamido Sanusi,as the  governor of the CBN, by President Goodluck Jonathan was a mere reaction to the suspension. Dr. Alade while allaying of fears of any future market mishaps said “we will continue to defend the naira, we will to intervene until we achieve the stability we desire”.
The acting governor reassured both domestic stakeholders and international community that the bank is committed to sustaining its achievements through the use of appropriate monetary policy tools to ensure price and financial system stability.
She said: “Let me reassure stakeholders that the CBN will continue to intervene in the interbank forex market to ensure the stability of the exchange rate of the naira and preserve the value of the domestic currency”.
” I wish to assure you that the bank has the capacity to meet the demands of all foreign exchange users. Let me seize this opportunity to reassure all stakeholders once again that the Bank has no immediate to devalue the naira.
“I wish to assure all our stakeholders that the bank’s policies and operations will continue to be firmly anchored on the realization of its principal objectives in line with the provisions of the CBN Act 2007″, adding that the principal goal objectives of ensuring monetary and price stability, policy measures will continue to be consistent with sustainable non-inflationary growth, through the adoption of appropriate mix of monetary policy measures and coordination with fiscal policy.

Culled from watchdogreporters.net

STATE HOUSE PRESS RELEASE: PRESIDENTIAL MEDIA CHAT TAKES PLACE TOMORROW

STATE HOUSE PRESS RELEASE: PRESIDENTIAL MEDIA CHAT TAKES PLACE TOMORROW

Another edition of the Presidential Media Chat will be broadcast live on the network services of the Nigerian Television Authority (NTA), the Federal Radio Corporation of Nigeria (FRCN) and the Voice of Nigeria (VON) at 7pm tomorrow, Monday, February 24, 2014.

During the programme, President Goodluck Ebele Jonathan will, as usual, respond to questions from a panel of journalists and media executives on current national issues and developments.

All other radio and television stations in the country are urged to hook up to NTA and FRCN to relay the programme to their listeners and viewers.

Reuben Abati

Special Adviser to the President

(Media & Publicity)

BPE HANDS OVER SAPELE POWER COMPANY TO CORE INVESTOR

BPE HANDS OVER SAPELE POWER COMPANY TO CORE INVESTOR

By Amadin Uyi, 23^rd Feb, 2014

The Bureau of Public Enterprises BPE has on Friday handed the Sapele Power PLC to CMEC/EURAFRIC ENERGY LTD.

This was after the joint consortium met up its consideration bid of $201 million (about 34 billion naira), out of which $50,250,000 (almost 9 billion naira), about 25% of the consideration was paid before its expected deadline which is March 21, 2013.

The Director General of the BPE Mr Benjamin Dikki commended CMEC/EURAFRIC ENERGY LTD for meeting the balance payment as it initially failed to complete the remaining 75% payment by the end of the deadline of August 21, 2013.

The consortium instead paid $79,186,656.55 bringing its total payment to $129,436,656.55 and requested for an extension in accordance with the Share Sale Agreement.

This BPE acceded after approval from the National Council on Privatization (NCP) and the Attorney General’s office but on the basis CMEC/EURAFRIC would pay the expected penalty, which is interest on the outstanding balance at the prevailing rate of LIBOR + 5% with effect from the day of default and at a deadline date of January 29, 2014.

CMEC/EURAFRIC fortunately, met this deadline.

Mr Dikki thanked the Presidency for the support and insistence to a strict rule of transparency and accountability and said this was the reason the process succeeded.

He said the Federal Government is committed to making the power sector privately driven and assured Nigerians its reform is in progress.

The BPE boss also assured the host community that the new power station will operate at full capacity in the shortest possible time and asked that they remain patient as jobs and opportunities will be created.

The BPE said the remaining two successor companies; Afam Power Plc. and Kaduna Disco will soon be handed over to their respective owners, this is after they pay the 75% balance of the acquisition cost.

  

SUBSTANDARD GOODS IS TELLING ON NIGERIA’S ECONOMY- S.O.N

SMALL SCALE WOMEN FARMERS CRY AGAINST MARGINALIZATION BY GOVERNMENT

SMALL SCALE WOMEN FARMERS CRY AGAINST MARGINALIZATION BY GOVERNMENT

Women farmers have criticized the federal government’s agricultural transformation agenda saying it marginalizes Nigerian women.



At a stakeholders meeting organized by the Action Aid of Nigeria today in Abuja, those of them present say the initiatives to boost food production by government has failed small scale farmers especially women.



Hajia Amina Jibrin from the Association of Small Scale Agro Producers in Nigeria (ASSAPIN) said the fertilizer available hardly reaches those of them in the rural areas, she adds that the fertilizer the government provides is supposed to be 2 bags; 1 bag of NPK and another bag of Urea but the suppliers refuse to supply Urea and instead supply the lucky ones among them 2 bags of NPK which is seemingly cheaper. Mrs Jibrin highlights other challenges like accessing the fertilizer, she said many farmers have to travel to the local government secretariats which are usually very far from the their villages and farms and many times cannot even get it.



She adds that the Growth Enhancement Scheme which uses mobile phones to reach the farmers also has its own challenges as many farmers are illiterate, do not and cannot operate mobile phones and there is no network access in many of the areas.



Also the Action Aid’s Tunde Aremu says a critical look at the 2014 agricultural budget does not consider this important set of farmers. Mr Aremu wants government to focus on women farmers as they form the bulk of small scale farmers and they are responsible for feeding the country.



He says current agricultural initiatives which many Nigerians are calling a success is focused on farmers who farm for export.



Mr Aremu also revealed that a critical look at the 2014 budget of the Ministry of Agric does make any special provision for rural women and the only provision made for them is training about 3,000 women around the country which is like a drop of water in the ocean.



He challenges the Federal Government to show commitment and  mark their words with commitment.

STATE HOUSE PRESS RELEASE:

ONGOING REFORMS IN CUSTOMS SERVICE WILL ENHANCE REGIONAL TRADE AND BOOST SECURITY - PRESIDENT JONATHAN

President Goodluck Jonathan said Tuesday in Abuja that in addition to
enhancing regional and continental trade, ongoing reforms in the Nigerian
Customs Service will also boost security in the country by helping to
curtail the influx of illegal small arms and light weapons.


Speaking at an audience with the visiting Secretary General of the World
Customs Organization, Mr. Kunio Mikuriya, President Jonathan said that the
reforms were necessitated by the need to re-define the core values and
operations of the service.


The President told Mr. Mikuriya that with the reforms, the Nigerian Customs
Service was being progressively modernized and given the additional role of
trade facilitation.


"I started out my career in the Nigeria Customs Service. Within that period
and now, there have been significant changes. The role of the Customs
Service as a trade facilitator is becoming more apparent.


"We promise you that the Nigerian government will continue to support
reforms in the Customs. If we do things well, others will emulate us in the
region," he said


President Jonathan congratulated the Secretary General on his re-election
to lead the global body, saying that it must have been due to his strong
leadership skills.


Mr. Mikuriya told the President that he had toured ports in Lagos  and the
Nigeria Customs College, where well motivated staff showed a readiness to
learn and deploy new skills in their operations.


He said he also met with the business community in Lagos who testified to
the positive impact of ongoing reforms in the Customs Service.



Reuben Abati

Special Adviser to the President

(Media and Publicity)

FEDERAL GOVERNMENT SAYS GOVERNOR SHETTIMA IS IGNORANT OF MILITARY EFFORTS TO CONTAIN BOKO HARAM INSURGENTS

FEDERAL GOVERNMENT SAYS GOVERNOR SHETTIMA IS IGNORANT OF MILITARY EFFORTS TO CONTAIN BOKO HARAM INSURGENTS

The Federal Government has dismissed claims by the Borno state Government that the Boko haram insurgents are better armed by the Nigerian military.

The special adviser to President Goodluck Jonathan yesterday said the Governor Shettima was
speaking from a military perspective and lacked proper information on efforts by the military
to contain the insurgency.

Mr Okupe asked Nigerians to remain calm and continue to trusty on the federal governement's
ability to contain the crisis.