Economy
Udoma Briefs National Assembly On Economic Plan
By Modupe Gbadeyanka
National Assembly has been asked to join forces with the executive and ensure that the National Economic Recovery and Growth Plan (NERGP) does not end up as another beautifully bound document meant for the shelves.
Minister of Budget and National Planning, Mr Udoma Udo Udoma, while briefing a select joint committee of the National Assembly recently as part of consultations towards packaging a strategic and all inclusive economic policy document, said the need for the plan and its effective implementation was all the more imperative, especially given the current state of the economy.
Recalling that the country has had several beautifully packaged but hardly implemented economic plans in the past, he urged that every effort must be made to ensure that the new plan eventually does not suffer the fate of those before it.
To ensure the NERGP does not go the way of others, he disclosed that Government is putting in place a specially staffed Delivery Unit that will drive implementation of the NERG Plan through effective monitoring and evaluation.
He explained that the plan is structured in such a way that it will be the basis for all subsequent budgets, which is why the contributions and support of the National Assembly is very critical, to ensure the effective realization of the objectives.
The NERGP focuses on five broad areas namely: macroeconomic policy, economic diversification and growth drivers, competitiveness, social inclusion and jobs, and governance and other enablers.
Acknowledging receipt, and confirming consideration of earlier inputs from the National Assembly, the Minister told the members, drawn mainly from the relevant Committees of the two chambers, that “we are here to consult you in a more organized and focused way so as to further enrich the plan with further inputs from you.”
He told them that the plan is national in nature and will require inputs from the National Assembly and the sub-national governments. The time-frame for the plan is 2017 – 2020 and all subsequent annual budgets under the Buhari Administration will be driven by the NERGP.
“This plan builds on the previous development plans the country has developed, particularly the Vision 20-2020. The development of this plan is part of a process we have been working on since we came into government. We started with the Strategic Implementation Plan (SIP) for the 2016 Budget”, he explained.
The SIP was followed with the development of the Medium Term Sector Strategies (MTSS) for some selected big spending ministries; and subsequently the Medium Term Expenditure Framework (MTEF). All these documents were developed after extensive consultations with experts and relevant stakeholders.
The Minister told the legislators that regarding the NERGP, consultations already have been held with several stakeholders, including a retreat involving representatives of the private sector, academia, government officials and other stakeholders, which generated very insightful ideas on issues to consider in the plan. “We also held a roundtable with the Honourable Commissioners and Permanent Secretaries of State’s Ministries of Economic Planning and Budget, as well as our Development Partners”.
Explaining the scope of the plan, the Minister said it is a medium-term plan (2017-2020), which is expected to drive Nigeria to a minimum growth rate of 7% within the plan period.
“However, the fact that we are in recession means that the Plan is one that must also be designed to get us quickly out of recession. The NERGP therefore fulfils the dual goal of identifying short-term recovery initiatives to get us quickly out of recession, as well as presenting a medium-term growth plan.
“Our goal is to have an economy with low inflation, stable exchange rates, and a diversified inclusive growth. The proposed initiatives prescribed by the plan address the country’s poor competiveness, and are designed to improve the business environment and attract investment in infrastructure. Jobs and social inclusion are also key deliverables of the plan”, he explained.
In his response, the Chairman of the Session, Senator Gershom Bassey, who is also the Vice Chairman of the Senate Committee on Petroleum Upstream, said there is a need to focus on some very strong points of the economy, as trying to address all the economic challenges at once may be counter-productive.
While agreeing that there was need for effective implementation of strategic economic plans, Mr Bassey also emphasized the need for a balance-sheet approach to national development where inputs match outputs.
He suggested the domestication of the oil and gas industry as, according to him, the local content participation in the industry is embarrassingly low.
By Adedapo Adesanya
The Vice President, Mr Kashim Shettima, inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) and gave a 50 per cent access target for workers, saying consumer credit was critical to Nigeria’s ambition of becoming a one-trillion-dollar economy by 2030.
According to him, President Bola Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
Speaking on Thursday in Abuja when he inaugurated the board on behalf of the President, the Vice President, in a statement by his spokesman, Mr Stanley Nkwocha, said that the quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” the Vice President said.
VP Shettima disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.
The Vice President said the organisation was specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he said.
The Vice President explained that the new board’s role was not ceremonial as they are custodians of the organisation’s mission, adding that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment.”
He directed Board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.
The Chairman of CREDICORP, Mr Aderemi Abdul, expressed appreciation to President Tinubu for his vision behind the formation of CREDICORP and for the confidence reposed in them, noting that the establishment of the corporation marked an important step towards strengthening the nation’s financial architecture.
He assured President Tinubu that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.
For his part, Mr Uzoma Nwagba, Managing Director/CEO of CREDICORP, recalled watching President Tinubu say 20 years ago that consumer credit is one of the major tools that will improve the lives of Nigerians.
He noted that over the past 18 months, the institution has benefited more than 200,000 Nigerians, including students.
He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considers their appointments a unique, once-in-a-lifetime opportunity.
Other members of the board inaugurated include Mrs Olanike Kolawole, Executive Director, Operations; Mrs Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Mr Armstrong Ume-Takang (MD, MoFI), Representative of MoFI; Mrs Bisoye Coke-Odusote (DG, NIMC), Representative of NIMC; and Mr Mohammed Naziru Abbas, Representative of FMITI.
Others are Mr Marvin Nadah, Representative of FCCPC; Mrs Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mr Mohammed Abbas Jega, Independent Director; and Mrs Toyin Adeniji, Independent Director.
By Adedapo Adesanya
Six price gainers helped the NASD Over-the-Counter (OTC) Securities Exchange retain its stay in green territory after a 0.23 per cent appreciation on Thursday, February 26.
The price gainers were led by Nipco Plc, which added N25.00 to close at N278.00 per share compared with the previous day’s N253.00 per share, NASD Plc rose by N5.13 to N56.41 per unit versus N51.28 per unit, FrieslandCampina Wamco Nigeria Plc expanded by N2.24 to N102.44 per share from N100.00 per share, Afriland Properties Plc grew by 88 Kobo to N18.88 per unit from N18.00 per unit, 11 Plc increased by 35 Kobo to N277.00 per share from N276.65 per share, and Lagos Building Investment Company (LBIC) Plc gained 27 Kobo to close at N3.75 per unit versus N3.48 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc lost N1.75 to sell at N68.25 per share versus N70.00 per share, and Geo-Fluids Plc depreciated by 2 Kobo to N3.25 per unit from N3.27 per unit.
The weight of the advancers fortified the NASD Unlisted Security Index (NSI) by 9.21 points to 4,034.46 points from 4,025.25 points, and the market capitalisation soared by N5.51 billion to N2.413 trillion from Wednesday’s N2.408 trillion.
Yesterday, the transaction value jumped by 18.8 per cent to N102.8 million from N80.7 million, and the number of deals surged by 18,8 per cent to 38 deals from 32 deals, while the transaction volume went down by 84.9 per cent to 1.3 million units from 8.7 million units.
At the close of business, CSCS Plc was the most traded stock by value (year-to-date) with 34.2 million units worth N2.04 billion, followed by Okitipupa Plc with 6.3 million units sold for N1.1 billion, and Geo-Fluids Plc with 122.1 million units valued at N478.2 million.
Resourcery Plc remained as the most traded stock by volume (year-to-date) with 1.05 billion units exchanged for N408.7 million, trailed by Geo-Fluids Plc with 122.1 million worth N478.2 million, and CSCS Plc with 34.2 million units traded for N2.04 billion.
By Adedapo Adesanya
The Naira further weakened against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the fourth straight session this week on Thursday, February 26.
At the official market yesterday, the Nigerian Naira lost N3.71 or 0.27 per cent to trade at N1,359.82/$1 compared with the previous session’s N1,356.11/$1.
In the same vein, the local currency depreciated against the Pound Sterling in the same market window on Thursday by N8.27 to close at N1,843.23/£1 versus Wednesday’s closing price of N1,834.96/£1, and against the Euro, it crashed by N8.30 to quote at N1,606.89/€1, in contrast to the midweek’s closing price of N1,598.59/€1.
But at the GTBank forex desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,367/$1, and also at the parallel market, it maintained stability at N1,365/$1.
The continuation of the decline of the Nigerian currency is attributed to a surge in foreign payments that have outpaced the available Dollars in the FX market.
In a move to address the ongoing shortfall at the official window, the Central Bank of Nigeria (CBN) intervened by selling $100 million to banks and dealers on Tuesday.
However, the FX support failed to reverse the trend, though analysts see no cause for alarm, given that the authority recently mopped up foreign currency to achieve balance and it is still within the expected trading range of N1,350 and N1,450/$1.
As for the cryptocurrency market, major tokens posted losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback, with Ripple (XRP) down by 2.7 per cent to $1.40, and Dogecoin (DOGE) down by 1.6 per cent to $0.0098.
Further, Litecoin (LTC) declined by 1.3 per cent to $55.87, Ethereum (ETH) slipped by 0.9 per cent to $2,036.89, Bitcoin (BTC) tumbled by 0.7 per cent to $67,708.21, Cardano (ADA) slumped by 0.6 per cent to $0.2924, and Solana (SOL) depreciated by 0.4 per cent to $87.22, while Binance Coin (BNB) gained 0.4 per cent to sell for $629.95, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.
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