Interest hike, declining production raise fear of worse stagflation | The Guardian Nigeria News - Nigeria and World News

27/06/2022 11:03:00 PM

Interest hike, declining production raise fear of worse stagflation | The Guardian Nigeria News - Nigeria and World News

Abcon, Aminu Gwadabe

Interest hike, declining production raise fear of worse stagflation | The Guardian Nigeria News - Nigeria and World News

Nigeria’s economy risks worse case stagflation as most economists and financial experts have agreed that macroeconomic indicators have continued to spiral.

Commercial lenders have also adjusted loan pricing following the recent increase in benchmark interest rate to 13 per cent. The lenders have passed the increase in deposits to borrowers – a situation that has increased the cost of borrowing.With marketers alerted of a further increase in the retail price of diesel amid rising uncertainty, political risk coupled with fear of global recession, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe has warned that Nigerians, whose real incomes have been worsened by rising inflation and naira depreciation, are yet to see the worst of hardship.

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ABCON President, Aminu Gwadabe · At N614/$, demand for dollar increases at black market, says Gwadabe Naira has defied expectation that the foreign exchange market would be relatively stable after political parties’ primaries, slumping to a record low of near N615/$ at the alternative market last week.Share on Telegram The Eighth Kwibuka Women’s T20 Tournament took a new turn with the introduction of a veterans’ exhibition match between Nigeria and Rwanda.President Muhammadu Buhari at Democracy Day parade in Abuja True democracy comes when the environment encompasses safety, ample economic benefits, free, fair, and trustworthy voting system, as well as the decrease of the hydra-headed difficulties, most notably the ravaging poverty and unemployment in the country.The expansion is part of a new strategic framework agreement between Eaton and Microsoft designed to address major industry developments including digital transformation, sustainability and the energy transition.

Commercial lenders have also adjusted loan pricing following the recent increase in benchmark interest rate to 13 per cent. The lenders have passed the increase in deposits to borrowers – a situation that has increased the cost of borrowing. “The Kwibuka event has a Nigerian… Nigeria’s women national team finished fifth at the just-concluded Kwibuka T20i Championship in Kigali, Rwanda The Eighth Kwibuka Women’s T20 Tournament took a new turn with the introduction of a veterans’ exhibition match between Nigeria and Rwanda. In a rare outcome, the interest rate hike had an instantaneous impact on the financial market.” It may seem overwhelming, but if the nation is genuinely dedicated, e-governance may improve public access to government services, information, dependable security, adequate oversight roles, accountability, and regulations. For instance, a six-month deposit rate increased by approximately 14 per cent in May to 5. “The Kwibuka event has a Nigerian bent, because it was conceived on the back of the bilateral cricket matches between the two countries’ women’s team.68 per cent according to data provided by the Central Bank of Nigeria (CBN). Selling flexibility into the grid is an opportunity for data centers to monetize underutilized assets, for example by providing energy storage and supplying the fast frequency response services that grid operators will increasingly need as renewable capacity increases and the grid loses the inertia associated with fossil fuel generation.

Other time deposits and savings witnessed a similar increase. Nigeria’s veterans, who majorly were from the TBS 4’O clock group, chalked 133 for the loss of four wickets in the first inning, while the Rwandan team capped it in 16. What is the significance of this e-governance? For example, the government cannot fully provide social infrastructure unless it knows the nation’s population or how many people live in the country, and it cannot adequately provide educational infrastructure until it has data on children. The cost of borrowing had increased ahead of the monetary policy rate (MPR) hike. Lenders had started pricing the sudden sharp rise in the cost of diesel as part of the cost of loans. “We lost this but the experience and the bonding has been something that we would look to strengthen. For example, April saw the maximum lending rate increasing by over 100 basis points, from 26. Because it could tell us a lot about how people act, what they do, and how that affects society as a whole.61 per cent in March to 27.” In this article. In this article.

79 per cent. With marketers alerted of a further increase in the retail price of diesel amid rising uncertainty, political risk coupled with fear of global recession, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. However, the country still ranks low in terms of providing e-governance services to its citizens. Aminu Gwadabe has warned that Nigerians, whose real incomes have been worsened by rising inflation and naira depreciation, are yet to see the worst of hardship. In a position statement he shared with media at the weekend, Gwadabe said the declining production and continued debasing of naira raise the risk of stagflation to a frightening level. This, he said, would have painful consequences for the masses. Nigeria should not be an exception, especially because of the constant security issues.

With the World Bank downgrading global growth to 2.9 per cent, significantly lower than 4.1 per cent forecast by the International Monetary Fund (IMF) in January, Gwadabe said Nigeria has a limited fiscal space to maneuver the potential crisis ahead. So, e-governance and the use of information and communications technology (ICT) in government operations are needed to make government services more available to the public. He said naira, even at N614/$, battles with enormous FX demand, a sign that the economy is far from achieving currency market stability. The challenges, the ABCON boss said, are eroding the purchasing power of households.

“The biggest driver of inflation is the stubborn rise in food inflation. This will aid in not having people with dubious characteristics or criminals in areas they should not be. The average price level of the food basket rose by 1.13 per cent to 19.5 per cent in May from 18. In rural locations and some areas, people are generally born, grow, reach maturity, retire, age, and die without the government knowing or being aware of their existence.37 per cent in April.

This can be reversed by increased support for agriculture and government policies that support the sector,” he said. And to keep the economy afloat in the face of current challenges, Gwadabe called for improved local production and aggressive growth of non-oil revenue sources to break the concentration risk of crude. Government needs to be able to know and be able to identify not only its citizens but all other people living within its borders. He said Nigeria’s huge population and diaspora market could be explored to deepen dollar inflows to save the economy. According to him, expanding the dollar receipt points through 5,000 bureau de change (BDC) operators could help to deepen dollar inflows and significantly raise the country’s FX position. Gwadabe argued that BDC remains one of the channels through which diaspora remittance funds are received and administered across the globe and that Nigeria cannot be an exception. The implementation of e-governance and a national database portal is imperative and crucial for national development.

He claimed that the BDCs are at the centre of the economic development of the country and that they have the capacity to attract needed capital to grow the economy while deepening the FX market. “Making BDCs one of the channels through which over $20 billion annual diaspora remittances enter the economy will give depth to the FX market and boost BDCs operations. Nigerian BDCs operators have also identified the immense opportunities presented by diaspora remittances and want to play a greater role in attracting more foreign capital into the economy. Besides e-governance when implemented, it will help in developmental policies to fix or alleviate social issues, help with inequality social intervention improvement, and determining the rate of unemployment in the country meaningfully, among others. The reason is remittances are known to help poor recipients meet basic needs,” Gwadabe said. Also, he said the Race to $200 billion in FX Repatriation (RT200 FX Programme) created by the CBN would increase FX inflow if well implemented.

He described it as an answer to achieving stable and sustainable FX inflow but called for the religious implementation of the scheme. It will also promote good governance by increasing the effectiveness and efficiency of the public sector, which will encourage more public-private partnerships, foreign direct investments (FDI’s), and an open government ecosystem. Gwadabe urged the CBN to liberalise the foreign exchange market and pay more attention to supply measures. Africans running impact-driven businesses targeted at solving key African challenges have received a boost following the announcement of a scale-up funding opportunity at the Africa Social Impact Summit (ASIS) scheduled for July 14 in Abuja. The platform, which will give 10 finalists a chance to pitch their solutions to a selected group of Africa-focused investors, is in line with the summit’s goal of harnessing ideas and solutions capable of accelerating growth in Africa. Dr. The summit is a two-day event that brings together players from Africa’s civil society, private sector and government to share ideas, learnings, plans and practical solutions to meet the Sustainable Development Goals (SDGs).

With a focus on climate action, education, health, agriculture, circular economy and women empowerment, the summit aims to provide opportunities for impact investors to scale market-led solutions, which have the potential for long-term impact. Breaking down the deal room sessions, Etemore Glover, Projects Lead for Impact Investors Foundation, the implementing partners, explained that the opportunity is targeted at businesses that have demonstrated the ability to effectively address some of the continent’s challenges in a way that benefits everyone. CEO of the Sterling One Foundation, the host organisation, Olapeju Ibekwe, said a better framework for sustainable financing is one of the key anticipated outcomes from the summit and that the deal room is a snapshot into how the framework will function. In this article .