During the week, the Central Bank of Nigeria (CBN) and People's Bank of China (PBoC) announced the conclusion of a bilateral currency swap agreement between Nigeria and China valued at Renminbi (RMB) 15.0bn or N720.0bn. The 3-year Agreement, signed by respective Central bank Governors on Friday, 27th April 2018, followed a 2-year long negotiation process between the two countries which began during President Muhammadu Buhari’s visit to China in April 2016.
Good day, Ladies and Gentlemen of the media.
It has been a pleasure and honour to visit Washington DC at the kind invitation of President Donald Trump.
Nigeria and the United States share a long history of close and cordial relations, which encompass political, economic, military, social and cultural cooperation. Our two countries maintain a strategic partnership for peace and security, conflict resolution as well as the global fight against terrorism.
Saturday April, 21st 2018 marked one year anniversary of the CBN’s (Central Bank of Nigeria) launch of the Investors and Exporters’ (I&E) FX window. Although the policy was pitched almost a year after the CBN originally reneged on the June 2016 announcement of a transition to a flexible foreign exchange framework, initial scepticism which greeted I&E fizzled within weeks post-introduction after FX transactions in the window cumulated to US$1.9bn by May-2017.
Nigeria’s President Muhammadu Buhari announced on Monday he wants to seek another term in office in February 2019 elections. With that declaration, the race to lead Africa’s largest democracy is underway. The path ahead could be tough for his All Progressives Congress (APC), the People’s Democratic Party (PDP) opposition and any other party that may contest the vote, Reuters reports.
WHAT’S AT STAKE?
Buhari’s 2015 victory was built on three promises: to rid Nigeria of its endemic corruption, to fix the economy and to defeat threats to security.
The Monetary Policy Committee (MPC) held its first meeting for the year on the 3rd and 4th of April following the recent confirmation of two new Deputy Governors of the CBN (Mrs. Aisha Ahmad and Mr. Edward Adamu) and three Independent MPC members (Prof. Adeola Adenikinju, Dr. Aliyu Sanusi and Dr. Robert Asogwa). In line with consensus expectation for a “rate hold”, the Committee unanimously voted to maintain rates at previous levels, bucking a trend of policy rates cuts by African central banks in recent weeks.
On Wednesday 21st March 2018, African Leaders gathered at an extraordinary summit of the African Union (AU) in Kigali, Rwanda to sign an agreement which established the African Continental Free Trade Area (AfCTA). The decision to establish the free trade area, which is poised to be the World’s largest free trade area in terms of participating members since the creation of the World Trade Organization, stems from the 18th Ordinary session of the AU in 2012 where member nations agreed to establish the free trade area by 2017.
In line with consensus expectation, the Consumer Price Index (CPI) data published on Wednesday by the National Bureau of Statistics (NBS) revealed Headline Inflation declined for the 13th consecutive month to a 22-month low of 14.3% Y-o-Y in Feb-2018 from 15.1% in Jan-2018. This was a positive surprise as the actual reading for the period was 28bps and 47bps below relatively conservative Consensus and Afrinvest Research forecasts of 14.6% and 14.8% respectively.
Forecasts by aviation giant Boeing that the industry will need 637,000 new pilots by 2036 mean that companies offering training or providing training equipment will have their work cut out. Jacopo Dettoni looks at how they intend to meet this demand.
The global aviation industry continues to grow at a steady pace as economic development and low-budget airlines boost the pool of potential passengers.
Business failure in Nigeria is a thing of concern. As a business owner or someone aspiring to have your own business, you need to address the 10 most common reasons “why businesses fail in Nigeria.” By doing so, you are given yourself a better chance of running a successful business.
Also, we will look at how business failure can be reduced in Nigeria; that is to say, we’ll be looking at solutions to small business failure. In addition, I will take you through the solutions to business failure in Nigeria.