General
2023: Group Condemns Verbal Attacks on Emefiele
By Dipo Olowookere
For a while now, there have been reports that the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, would be contesting for the highest political position in the country in 2023.
According to the reports, some powerful persons on the corridors of power are positioning the respected banker to become the president of Nigeria next year.
These reports have continued to generate reactions and for some, it was an opportunity to pounce on the former group managing director of Zenith Bank Plc.
Recently, a group of friends of the CBN chief known as the Friends of Godwin Emefiele paid a visit to him over the rumoured presidential ambition in 2023.
At the gathering, Mr Emefiele emphasised that at the moment, he is only focused on the job at hand, which is to help President Muhammadu Buhari get the economy back on track after suffering two recessions under this administration.
The head of the banking industry regulator also stated that it was the prerogative of Mr Buhari to map out his succession plan, noting that he would leave his fate firmly in the hands of God as regards the choice of the leadership of the country in 2023.
In a statement, the group said the verbal attacks on Mr Emefiele over the rumoured 2023 bid were uncalled for since he has not confirmed to anyone “he is running for President even as he is constitutionally qualified to do so.”
“Only yesterday, as the speculation became widespread, a group of his friends under the aegis of Friends of Godwin Emefiele met with him to clarify his position,” the statement further said.
“Here is what he told us: That he remains focused on his job and will continue supporting the Muhammadu Buhari-led federal government’s economic recovery drive; that in his career trajectory, right from his days as a young banker, he never asked, nor lobbied for a job, he was invited by the Board of Directors to be the Chief Executive Officer/Group Managing Director of Zenith Bank as he was an integral part of the team, led by founder Jim Ovia, that transformed Zenith Bank from a start-up to one of Africa’s largest banks with subsidiaries in Ghana, Sierra Leone, Gambia, South Africa, Dubai, China and the United Kingdom,” it added.
According to the group, Mr Emefiele said that in 2014, President Goodluck Jonathan tapped him to be the CBN Governor, a job he didn’t lobby for and in which his name was not among those being considered at that time and was not even from the geo-political zone that most people thought the job would go to as the president then was from the same geopolitical zone with him.
It also quoted Mr Emefiele to have said he, “remains humbled by President Muhammadu Buhari’s decision to grant him an unprecedented second term as CBN Governor- again without lobbying. Thus he will continue to remain loyal to him and the Federal Republic of Nigeria.”
“Mr Emefiele told us that he believes it’s the prerogative of President Muhammadu Buhari to plan his succession in line with global best practices for good governance for the continuing peace and progress of the federal republic of Nigeria, as such he will play his part to stabilise the economy for an orderly transition.
“And given that it’s God that anoints leaders, he will leave his faith firmly in the hands of God,” it said further.
Highlighting Mr Emefiele’s achievements since he assumed office in June 2014, the friends said that at the time, his task was huge and the challenges seemed insurmountable but he successfully calmed the waters and put Nigeria back on the path of growth.
They listed the achievements to include reduction of Nigeria’s food import bill, taking COVID-19, regulatory forbearance to banks, and others.
Highlighting his achievements since he assumed office in June 2014, they noted that then, his task was huge and the challenges seemed insurmountable, adding that today he has calmed the waters and put Nigeria back on the path of growth.
“As you will recall there was a sharp fall in crude oil prices from 2015, which led to significant revenue shortfalls in Nigeria where crude oil represents about 95 per cent of Nigeria’s export revenue. This created a major shock for the Nigerian economy, leading to a 13-month recession in 2016.
“In comparison to the previous years before Emefiele became the CBN governor, the average price of crude oil from 2010 to 2014 was over $100/barrel and this fell to some $30 / barrel with high production costs of some $25/barrel.
“Despite these challenges Emefiele’s monetary policies supported the Buhari administration and all 36 State governments, ensuring salaries were paid and much more was done, with much less, in infrastructure, steering Nigeria away from much worse outcomes while many oil producers like Kuwait, Russia, Angola and Brunei had longer-lasting recessions between of 20 – 60 months,” it stated.
Additionally, Friends of Godwin Emefiele urged critics to also understand that the second recession the country entered into in 2020 was as a result of the COVID-19 pandemic.
Then, the global economy (Nigeria inclusive) was plunged into recession because of the pandemic which was unprecedented. It led to declines in economic activities and lockdown across the world.
They pointed out that countries such as the United States had their Gross Domestic Product (GDP) falling in 2020 by -31 per cent in the second quarter (Q2) of that year; the United Kingdom by -19.4 per cent in Q2; European Union by -14.1 per cent in Q2 and Nigeria, with the deft response of the CBN had -6.1 per cent in Q2.
“As we all know the CBN supported fiscal authorities in the following areas, N100 billion health sector credit facility for operators in the sector. Today, Nigeria boasts of two world-class cancer centres in Lagos and medical tourism has reduced.
“A one-year extension of a moratorium on principal repayments for CBN intervention facilities; the reduction of the interest rate on intervention loans from nine per cent to five per cent; strengthening of the loan-to-deposit ratio policy (i.e. stepped up enforcement of directive to extend more credit to the private sector),” it stated.
The group listed other measures introduced by Mr Emefiele-led CBN to include the creation of N400 billion target credit facility for affected households and small and medium enterprises; granting regulatory forbearance to banks to restructure terms of facilities in affected sectors; improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation and additional N100 billion intervention fund in healthcare loans to pharmaceutical companies and healthcare practitioners intending to expand/build capacity.
The group added: “Despite the challenges, the CBN under Emefiele has in the last seven years maintained a developmental-oriented approach in supporting the federal government to address challenges across various sectors of the economy and has initiated far-reaching reforms.
“One issue the critics have continued to raise is the issue of the rice pyramid which was recently unveiled in Abuja. But these armchair critics have failed to understand that through the Anchor Borrowers’ Programme (ABP), an initiative that was introduced by the Emefiele-led CBN, the lives of a lot of rural farmers have been transformed.
“The rice pyramid which had taken place previously in Minna, Kebbi, Gombe, Ekiti and Abuja, showed how Emefiele has used agriculture to support the federal government’s wars on insecurity.
“The rice pyramids were built bag by bag in all the states the programme had been launched since December 2020, when it was first launched in Minna, Niger State. The programme held last month to unveil the world’s largest rice pyramid in Abuja was also an initiative of the Rice Farmers Association of Nigeria (RIFAN).”
It noted that from an average yield of 1.8 metric tonnes per hectare in the pre-ABP era, the initiative has increased the country’s average yield per hectare for rice paddy and maize to about five metric tonnes per hectare.
Additionally, there has been a significant reduction in the country’s rice import bill, from a monstrous $1.05 billion prior to November 2015, to the current figure of $18.50 million, annually, the group noted.
“Emefiele also spearheaded the creation of the Coalition Against COVID-19 (CACOVID), an initiative that brought all the private sector business leaders under an umbrella in the fight against the spread of the pandemic.
“This was why in its latest Article IV Consultation released in February 2022, the International Monetary Fund praised Nigeria’s effort in fighting the spread of the virus.
“There are many other measures announced by the CBN Governor which will be detailed in due course like the support to Technology, Digital innovation, the Creative Industries and the 15 Trillion Infrastructure corporation recently launched.
“Apparently, those behind the sponsored negative reports are afraid of Emefiele’s towering personality and service to Nigeria. But they must understand that he cannot be stampeded any way. He is focused on delivering the mandate of the Central Bank; he is rebuilding the economy of the country through import substitution policies and using agriculture to create a new rural middle class from the ground up.
“Those who continue to criticise the rice pyramid are too ashamed of giving glory to whom it is due. Emefiele is focused on his unfinished job and should not be distracted,” the statement added.
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Wholesale marketplaces were created so that business owners could find profitable offers and make deals on B2B platforms worldwide. In addition to buyers and sellers, there are traders, distributors, logisticians, and other professionals on such platforms. Let’s take a closer look at these professions. Traders purchase goods in order to resell them at a higher price; speculation is allowed on B2B marketplaces and is a legal instrument. Distributors are the official representatives of the manufacturer, meaning you can purchase original products at the lowest price. Most often, goods are purchased in China and then transported by sea to European countries or North America. We suggest you try the Globy Platform, where the most reputable Asian distributors are registered. Logisticians can also register on Globy. They provide services for the transportation of goods by sea. The following are the advantages of Globy, which are mentioned most often:
- quick registration on the portal;
- website with simple navigation and management;
- excellent choice of reliable suppliers;
- most relevant products in the catalog;
- free registration;
- no commission.
Some B2B platforms process payments, but Globy allows participants to make money payments outside the platform using one of the secure methods. In addition, Globy does not charge a commission when concluding a purchase deal. To start working on the platform, you need to register in accelerated mode or fill out a form with your company’s details. You can be sure that your banking details, personal, and contact information are protected. Third parties can only see the information that you leave open. When registering, do not forget to enter your company’s contact information (messenger, phone, email) so that new partners can contact you. You can pay attention to the fact that the Globy catalog contains items without specifying a price, but the product profile contains the vendor’s contacts. You can contact the seller to discuss the deal details, determining the price of the product.
Logistics Tool on Globy
There is often a situation when the supplier does not provide transportation services and the buyer has to search for a carrier on their own. In fact, this problem is solved simply. Globy has a special tool that helps you quickly find a charterer. You would open the freight calculator and fill in all the fields in the suggested form. You would specify the sending and destination port, and don’t forget to specify the dates and choose the container size. If you want to place containers in an optimal way, then use the load calculator, which is also available for free on the official website. You can use these tools only after registration. You can log in quickly if you have a Google account or a LinkedIn profile. After entering the data, the freight calculator will process your request and provide a list of prices. You can select a suitable line and contact the charterer to discuss the details of the contract. It is recommended to choose a sea delivery with a minimum number of intermediate stops, in which case the cargo will arrive at the destination port faster.
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Buyers should remember that you can check the cargo when it arrives at the port. If the rules of transportation were violated, there was a long delay, or the goods were damaged, you can refuse the cargo, explaining the reason. You can discuss a price reduction with the supplier if the product has lost its proper appearance or the packaging is damaged. You can evaluate the cargo yourself or with the help of third-party experts. It is best to carefully check the documentation when receiving the goods at the port. All documents must be executed in accordance with international law. You can register on Globy today, find the goods you need, and use the logistics tools for free. More than fifty-five thousand users have already been registered on the platform, which indicates the high authority of Globy. If you have any questions, you can ask them in the Help Center on Globy website.
By Adedapo Adesanya
Shipping giant, Mediterranean Shipping Company (MSC), has signed a 45-year concession agreement with Nigerian maritime company, Nigerdock, to develop, operate and maintain a new container terminal at Snake Island Port in Lagos.
A statement by MSC on Thursday noted that the new container terminal would be completed by 2028 with a 910-meter quay, six Ship-to-Shore (STS) cranes, two ship berths, three barge berths, and up to 18 meters of draft.
The dedicated MSC terminal would be part of the company’s announced $1 billion investment in infrastructure and logistics in Nigeria.
“We are thrilled to take this step forward in our partnership with MSC to develop a world-class container terminal within Snake Island Port.
“This gives the world’s leading shipping line a home in Nigeria and brings significant foreign direct investment into the country to accelerate growth in the maritime and logistics industry,” it said.
Global shipping companies are pushing to secure long-term footholds in emerging markets as supply chains are reconfigured worldwide.
MSC said the terminal, to be built by ITB Nigeria and DEME Group, is expected to be ready by 2028.
It will occupy 30 hectares (74 acres) and feature a 910-metre (3,000 ft) quay capable of handling ship‑to‑shore cranes and mobile harbour cranes, serving both deep-sea vessels and barges.
MSC President, Mr Diego Aponte, said: “Completing this key phase in the development of Snake Island Container Terminal with Nigerdock and our trusted partners demonstrates MSC Group’s commitment to providing excellent service to our customers in Nigeria and throughout Africa.
“The new terminal will open up opportunities, enhance efficiency, and elevate Snake Island Port as a major global shipping centre.
“Together with our Group’s other long-term investments in Nigeria, it will generate many local jobs and significantly increase economic revenue and resilience.”
Snake Island Port is an 85-hectare facility operated by Nigerdock, a maritime and logistics company, and comprises three terminals serving the Lagos port complex.
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