The Monetary Policy Committee (MPC) held its last meeting for the year on the 23rd and 24th of November at the meeting, Committee assessed the prevailing policy of the central bank to leave the market awash with liquidity in a bid to foster credit expansion by Deposit Money Banks (DMBs) to the Real sector.
When Muhammadu Buhari clinched victory in Nigeria’s presidential elections in March, stocks soared as investors looked to the former military ruler to reverse decades of economic mismanagement and policy inertia. Now hopes have fizzled in his ability to turn around Africa’s largest economy and oil producer.
Preparatory to the United Nations Climate Change Conference (COP 21) that will hold in Paris between Nov. 30 and Dec. 11, 2015, UN Secretary-General Ban Ki-moon has reiterated the need for an urgent global response to climate change.
“Why do I care so much about this issue? First, like any grandfather, I want my grandchildren to enjoy the beauty and bounty of a healthy planet.
“And, like any human being, it grieves me to see that floods, droughts and fires are getting worse, that island nations will disappear, and uncounted species will become extinct.
The Nigerian Monetary Policy Committee (MPC) will be sitting for its 6th and last session for the year from 23rd and 24th of November, 2015. The meeting is coming against the backdrop of concerns surrounding FX rate amid calls for further devaluation of the local unit, slow GDP growth, unrelenting inflationary pressure, robust liquidity levels in the financial system as well as the increasing expectation for a FED rate hike in December 2015.
The much awaited inauguration of the Federal Executive Council (FEC) finally took place on Wednesday, 11th 2015 with the ministerial-designates allocated portfolios. As expected, the number of ministers was pruned down to 36 from 42 whilst some ministries were merged to give a total of 25 ministries from 29. This aligns with the objectives of the government to reduce administrative overheads to conserve resources in a period of declining oil prices, which resulted in a 30.7% Y-o-Y decline (to N3.5tn) in revenues accruing to the federation account in the first half of the year.
Unarguably, the process of entrenching a pragmatic and sustainable pension scheme in Nigeria has been challenging. Successive colonial and post-colonial administrations had come up with various schemes as part of efforts to fashion out a sustainable pension system for both public and private sectors’ workers.
The first public sector pension scheme in Nigeria was the Pension Ordinance of 1951, which retroactively took effect from Jan. 1, 1946.
President Muhammadu Buhari is expected to officially inaugurate a new Federal Executive Council tomorrow –Wednesday, November 11, 2015.
Before the commencement of the inaugural session of the council, the ministers-designate will take their oaths of office in the Council Chambers of the Presidential Villa.
According to the presidency, the swearing-in ceremony will begin promptly at 10:00 Hours and the ministers-designate are expected to be seated in the Council Chambers by 09:30 Hours at the latest.
The year 2015 has been characterized by a cocktail of macroeconomic challenges which trailed the decline in crude oil prices, and the political and policy uncertainties that shaped direction of the economy so far in 2015. This is reflected in the trend of key macroeconomic indicators such as the slowing economic growth (Real GDP growth slowed to a 10-year low of 2.4% in Q2:2015), the steadily rising inflation (31-month high at 9.4% in October 2015), weak fiscal spending, hawkish monetary policy and foreign exchange constraints.
The first 9 months of this year have been characterized by macroeconomic headwinds. Added to this, the banking industry faced hawkish regulations that generally constrained banks' capacity to create risk assets and trade within a fully functional foreign exchange market. Furthermore, the directive by the President on the full implementation of the Treasury Single Account (TSA) tightened liquidity in the financial system and inevitably jerked up interbank money market rates -- having reached year highs of over 100.0%.