CBN Boss, Emefiele, Recognized By World Financial Institution, Bags Forbes Award

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has been recognized abroad, by a renown financial institution: Forbes Magazine which conferred on him, the 2017 Best Africa Innovative Banking Award.
Presenting the award to Emefiele at a dinner that was held at the Willard Intercontinental, Washington, on the sidelines of the Annual Meetings of the World Bank and the International Monetary Fund (IMF), yesterday, Thursday, October 12, the President of Forbes Customs Emerging Markets, Mark Furlong, said that the award was in recognition of Emefiele’s courage and determination in using monetary policy to ensure financial stability in Nigeria.
According to him, the CBN under Emefiele had also shown transparency, which had helped to stabilize the economy and had made huge interventions in the real sector of the economy.
He particularly cited the Anchor Borrowers’ Programme (ABP) of the Bank as a major boost to the development of the agricultural sector in Nigeria.
Before receiving the award, the CBN Governor had highlighted efforts made by the Bank, under his leadership, since 2014, to stabilize the financial system and maintain the international value of the naira.
Attributing the award to the collective efforts of the management and staff of the CBN, the cooperation of the Nigerian Federal Government and the people of Nigeria who stood by the Bank, he said the CBN had to take inflation head-on in order to check the negative effects of several global shocks that had hit Nigeria between 2014 and 2016.
He said that the monetary authorities were glad that its policies had contributed in forcing inflation down from its previous heights of 18 percent to 16 percent, even as he expressed optimism that the rate of inflation would be further lowered with other policies in place.
On the decision of the CBN to restrict access to foreign exchange from the Nigerian foreign exchange market to some 41 items, Emefiele stated that the CBN had to take bold decisions in order to stop a further plummeting of Nigeria’s foreign reserves due to huge import bills among other things.
Citing some success stories, the CBN Governor said the decision had yielded positive results, particularly with the Anchor Borrowers’ Programme of the Bank, which had increased the yields of farmers, created wealth and provided jobs for thousands of Nigerians.
He said that President Muhammadu Buhari had urged the Federal Ministries of Agriculture and Rural Development and Employment, Labour and Productivity, as well as other stakeholders including State Governors to strategise to create more jobs through agriculture.
According to him, countries that had made huge economic progress had done so through agriculture.
Speaking on the management of the country’s foreign exchange, he recalled the adjustments made to the naira, noting that the creation of several windows in the inter-bank foreign exchange market, particularly the investors’ window, had triggered excitement in the foreign investor community and led to capital inflow of about $10 billion into Nigeria between May and October 2017.
While thanking the foreign investors for showing confidence in the Nigerian economy, he invited the larger foreign investor community to invest in Nigeria, stressing that the Nigerian market remained the largest in Africa.
“Nigeria has a lot of potentials. The environment is good; the climate is good. Nigerians are hospitable and good people. Nigeria is good for business.”
Present at the event were the Acting Nigerian Ambassador to the United States of America, Ambassador Hassan Hassan; Deputy Governor of the Economic Policy of CBN, Dr. Okwu Nnanna; the President and CEO of Corporate Council on Africa, Florie Liser; former Ambassador of the US to Nigeria, Amb. Robin Sanders; Chief Economic Adviser to the President, Dr. Oluyemi Dipeolu; Director General, Debt Management Office, Patience Oniha; CEOs of some Nigerian Deposit Money Banks, Chief Executives of the West African Monetary Institute (WAMI), the West African Institute for Financial and Economic Management (WAIFEM), Asset Management Corporation of Nigeria and members of the foreign investment community. [myad]
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Lessons From Super Eagles’ World Cup Qualifier Match, By Joseph Orjime
With a 74th minute strike from Arsenal’s Alex Iwobi, the win earned Super Eagles an unassailable 13 points and a ticket to the world cup.
Though it was not one of the most convincing performances as the visiting team from Zambia gave them a run for their money, the Super Eagles strove hard enough to secure a 1-0 win.
Torrents of congratulatory messages poured in over the weekend from all angles. Our dear president, Muhammadu Buhari,while congratulating the Eagles, described the victory as “sweet, soothing and a 57th independence anniversary gift to the nation.” He called on Nigerians to apply the values of perseverance, resilience, discipline, hard work and team spirit which propelled the footballers to excel since the beginning of the qualifying matches to all sections of national life.
As Nigerians from all walks of life continue to bask in the euphoria of that historic feat, it is pertinent to observe that indispensable lessons can be drawn from that scenario.
Taking a look at the 90 minutes battle, one could notice great moral values of determination to succeed; the team spirit, resilience, focus, hard work and unity of purpose. They all had one goal, and that was to achieve victory before the last whistle.
As the battle raged on, on the pitch in Uyo, there was no shout of an Igbo ethnic groups or Yoruba tribe, or Hausa-Fulani, Kanuri, Tiv, Nupe, Ijaw, Ibibio, Ebira, Igala, Idoma tribes. There was also no shout of Muslim or Christian majorities; Northerners or Southerners. The only participants in that match were Nigerians who were simply playing in the over all interest of their nation: Nigeria. Everybody was carried along. Football, no wonder they say, remains a unifying factor.
The Zambian coach, Wedson Nyirenga, while congratulating the Eagles on their victory, observed that the Nigerian side used their experience to carry the day. His words: “We played the game, dominating Nigeria, but with their experience, they got the needed goal from the half chance they created.”
That valid observation reminds us that the players were selected rather on the basis of merit and experience, ruling out the mundane issues of religious or ethnic considerations, or even intimacy with the coach.
With the indices so far outlined, Nigeria, with huge potentials, stands to make progress only if those in authorities, rather than lean on certain mediocres under any consideration, decide to use square pegs in square holes in the configuration of their cabinets.
Where a sitting president or governor resorts to compensating members of his ethnic stock, religious organization or other associates with political appointments amounts to sacrificing merit on the altar of nepotism.
All these shenanigans have continued to becloud the vision of our leaders, thereby creating a clog in the wheel of national progress and development.
Most disappointing to note is the fact that certain mischievous individuals use the instrument of power to settle political scores. They achieve this by scheming out their perceived enemies.
On the other hand, their cronies are usually rewarded with plum jobs notwithstanding their incompetence on those important national assignments.
Team Nigeria, constituted of international stars from European and Chinese clubs, was out for a win, and sure, they got it.
Sports lovers watched enthusiastically as they passed the ball to one other, built up momentum and advanced towards the goal post of their opponents. When they finally scored, everyone rejoiced. Both players and fans chorused “a goal” with one voice.
Even when Ogenyi Onazi was substituted in the middle of the game, there was no cry of marginalization.
Nigeria will go far if we all sacrifice our personal ambitions for the good of all, while tolerating each other, irrespective of ethnic, religious or political affiliation.
Joseph Orjime, a journalist and public affairs analyst, wrote in from Abuja.
[myad]