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Dangote kicks against CBN 26 percent interest rate

Chairman and Chief Executive Officer of Dangote Group, Aliko Dangote, has kicked against the latest increment of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN).

while speaking during the manufacturer’s summit in Abuja on Tuesday, Dangote noted that “Nobody can create jobs with an interest rate of (about) 30%. No growth will happen.”

He also called on the government to protect existing businesses in the country, especially manufacturers by providing an enabling environment for them to thrive.

According to him, an import-dependence country is equivalent to poverty importation.

“No power, no prosperity. No affordable financing, no growth, no development,” he explained.

Dangote said for the government to address the challenges of unemployment, poverty and insecurity,  the manufacturing sector must be empowered to function optimally.

MAN also criticised government policies and attitude, saying they were responsible for the low performance of the manufacturing sector in the country.

The event had in attendance, Vice President Kashim Shettima and other government officials.

In his remarks, the President of MAN, Francis Meshioye said over 70 manufacturers have exited the sector between 2019 and 2022.

He said it was time to take stock and rethink a way to support manufacturing businesses, to achieve the agenda of the current administration.

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CBN sells $20,000 FX at N1450/$ to BDCs

The Central Bank of Nigeria said it sold foreign currency worth $20,000 to each eligible Bureau de Change operator at N1,450 per dollar.

A.A. Mahdi, the apex bank’s acting Director of Trade and Exchange Department, disclosed this in a notice on Thursday.

According to the notice: “To this end, the CBN has approved the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of S$20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate at NAFEM in the previous trading day).

“All BDCs are allowed to sell to eligible end-users at a margin not more than one point five per cent (1.5 %) above the purchase rate from CBN.”

The development led to the naira appreciating significantly on Thursday to N1,565 per dollar at the black market from N1,615.

Similarly, the naira also appreciated to N1,566.92 at the official FX market, according to FMDQ data on Thursday.

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Inflation increases to 34.19 percent – NBS

The headline inflation rate increased to 34.19% in the month of June, according to a report by the National Bureau of Statistics (NBS).

The report said food inflation also increased to 40.87 percent on a year-on-year basis, which was 15.62% points higher compared to the rate recorded in June 2023 (25.25%).

It stated that the rise in food inflation was caused by increases in prices of Millet Whole grain, Garri, Guinea corn, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam (Potatoes, Yam & Other Tubers Class), Groundnut Oil, Palm Oil, etc (Oil & Fats Class) and Catfish Dried, Dried Fish-Sadine, Mudfish (Fish Class), etc.

“On a year-on-year basis, the headline inflation rate was 11.40% points higher compared to the rate recorded in June 2023, which was 22.79%. This shows that the headline inflation rate (year-on-year basis) increased in the month of June 2024 when compared to the same month in the preceding year (i.e. June 2023).”

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“Furthermore, on a month-on-month basis, the headline inflation rate in June 2024 was 2.31%, which was 0.17% higher than the rate recorded in May 2024 (2.14%).”

“The rise in Food inflation on a Month-on-Month basis was caused by the rise in the rate of increase in the average prices of Groundnut Oil, Palm Oil, etc (Oil & Fats Class), Water Yam, Coco Yam, Cassava, etc (Potatoes, Yam & Other Tubers Class), Tobacco, Catfish Fresh, Croaker, Mud-
fish Fresh, Snail, etc, (Fish Class).

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It stated that all Items inflation rate on a Year-on-Year basis was highest in Bauchi (43.95%), Kogi (39.91%), and Oyo (39.15%), while Borno (25.90%), Benue (27.52%) and Katsina (29.21%) recorded the slowest rise in Headline inflation on Year-on-Year basis.

“On a Month-on-Month basis, however, June 2024 recorded the highest increases in Yobe (3.79%), Abuja (3.45%), Ondo (3.38%), while Nasarawa (0.71%), Osun (1.19%) and Kano (1.27%) recorded the slowest rise on Month-on-Month inflation.”

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UAE resumes visa issuance to Nigerians

Immigration kicks as Nigerian passport ranks below Niger, Chad, others

The Federal Government and the government of the United Arab Emirates, UAE, have signed an agreement for the resumption of visa issuance to travellers with Nigerian passports wishing to travel to the Middle Eastern country.

Minister of Information and National Orientation, Mohammed Idris, who disclosed this while briefing State House correspondents at the Presidential Villa, Abuja, on Monday, said the agreement took immediate effect.

He said, “You are aware that Nigeria has been discussing with the United Arab Emirates on the issue of visas for Nigerian passport holders going to the United Arab Emirates.

“Today, an agreement has been reached on that, and effective from today 15th July, Nigerian passport holders are able to obtain visa to go to the United Arab Emirates.

“Details of that will be provided to you latter today when we put out a statement.

“But I can tell you that the agreement has been reached, and effective from today, Nigerian passport holders intending to travel to the UAE are able to do so.”

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