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Health

Donate COVID-19 Vaccine To Poor Countries Or Risk Resurgence UNICEF Ambassadors Tell G7 Countries

by Leading Reporters June 11, 2021
written by Leading Reporters

Ahead of G7 Leaders Summit in the UK this weekend, joint letter urges G7 leaders to share at least 20 per cent of available COVID-19 vaccine doses

UNICEF Goodwill Ambassadors Priyanka Chopra Jonas, David Beckham, Katy Perry, Orlando Bloom, Whoopi Goldberg, Angélique Kidjo, and Liam Neeson have joined an extraordinary call by 28 high-profile UNICEF Ambassadors and Supporters demanding that G7 leaders commit to donating doses of COVID-19 vaccines to poorer countries now.

The open letter, published today ahead of the three-day G7 Leaders’ Summit (Friday 11-Sunday 13 June) in Cornwall, UK, urges G7 leaders to commit to sharing a minimum of 20 per cent of COVID-19 vaccine dose supply urgently, to reduce the risk of the virus spreading further and the threat of mutant strains.

Ramla   Ali, Fernando Alonso, David Beckham, Orlando Bloom, José Manuel Calderón, Sofia Carson, Gemma Chan, Priyanka Chopra Jonas, Olivia Colman, Billie Eilish, Pau Gasol, Whoopi Goldberg, David Harewood, Sir Chris Hoy, Angelique Kidjo, Téa Leoni, Lucy Liu, Juan Manuel López Iturriaga, Ewan McGregor, Alyssa Milano, Andy Murray, Liam Neeson, Liam Payne, Katy Perry, Sergio Ramos, Claudia Schiffer, Teresa Viejo and P!nk joined UNICEF in calling on G7 world leaders to donate doses and ensure fair and equitable vaccine supply to low- and middle- income countries.

“The world has spent a year and a half battling the COVID-19 pandemic, but the virus is still spreading in many countries and producing new variants with the potential to put us all back where we started,” the letter reads. “This means more school closures, more healthcare disruptions, and greater economic fallout – threating the futures of families and children everywhere.”

The letter goes on to warn that COVAX, the global initiative supporting poorer countries in gaining access to vaccines, is already facing a shortfall of 190 million doses, and proposes that, in order to help cover this shortfall, G7 countries donate 20 per cent of their vaccines between June and August – over 150 million doses – as a temporary stopgap measure to compensate for this shortfall.

Recent data analysis provided by Airfinity, the life sciences research facility, and commissioned by the UK Committee for UNICEF (UNICEF UK), indicates that G7 nations could do so without significant delay to current plans to vaccinate domestic adult populations.

“As a UNICEF Goodwill Ambassador I believe in the crucial benefit of vaccinations,” said David Beckham, UNICEF Goodwill Ambassador. “The pandemic won’t be over until it’s over everywhere, so it’s vital that all communities around the world have fair access to Covid-19 vaccines urgently.”

UNICEF is also warning that without urgently ensuring fair and equitable access supply, the world will continue to be at risk of deadly virus mutations – like the devastating second wave of COVID-19 sweeping across India and other South Asian countries including Nepal, Pakistan and Afghanistan.

“The crisis at home in India and across the region of South Asia is devastating. This deadly surge of Covid-19 is placing an enormous strain on health facilities across India, with hospital beds, essential medical supplies and oxygen running out. It’s also of huge concern to all of us at UNICEF to hear about children falling ill with this new variant – while many are also losing parents and left alone and at risk, unable to access critical health care, vaccinations and education,” said Priyanka Chopra Jonas, UNICEF Goodwill Ambassador.

“The crisis in India shows why we must act now to avoid further deadly mutations ravaging low- and middle- income nations around the world. UNICEF and its COVAX partners are ensuring vaccines and treatments reaches the world’s most vulnerable populations, but cannot do it alone. A clear solution to this is G7 countries committing to sharing their surplus COVID-19 vaccine doses immediately with the countries whose health workers and vulnerable populations need them the most,” said Priyanka Chopra. “That’s exactly why I’ve joined my fellow UNICEF Goodwill Ambassadors in signing this letter, urgently asking G7 leaders to make this commitment at the UK summit this week, to keep families and children everywhere safe from COVID-19.”

Finally, the letter argues that “this weekend’s G7 Summit is a vital opportunity for you to agree the actions that will get vaccines where they are most needed, fast…” and urges leaders to set out a roadmap to scale-up donations as supplies increase, noting that forecasts suggest as many as one billion doses may be available for donation by year end.

“Countries need not choose between fighting the disease at home or fighting it abroad. We can, and must, do both simultaneously – and immediately,” said Henrietta Fore, UNICEF Executive Director.

“This is a pivotal time in the fight against COVID-19, as leaders meet to set priorities for what form this fight will take in the coming weeks and months. I am pleased so many UNICEF supporters are joining our call for emergency support for COVAX, so we can continue to wage this fight globally. After all, the disease is not respecting boundaries on a map. Our fight to get ahead of the virus, and its variants, should not either,” said Henrietta Fore.

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PIB: Society of Petroleum Engineers differs over Passage

by Leading Reporters June 11, 2021
written by Leading Reporters

Kenny Folarin, Abuja

The Director, Society of Petroleum Engineers, Africa Region Prof. Omowumi Iledare has identified governance, regulatory institution and discretionary award of oil blocks as factor that may hamper the smooth operation of the Petroleum Industry Bill (PIB) when passed.

Iledare while speaking in Abuja at the Nigeria International Petroleum Summit noted that the PIB is not perfect enough for passage.

“Let me say that I would rather have a good Bill than not have a bill at all.

“The PIB is not perfect but is good enough for us to start after 20 years of attempting”.

According to IIedare, that bill when passed is going to separate policy framework from regulation and commercial.

“Now the only bone of contention that is still there is the reason why the PIB was not signed originally which is that there are some who wanted two regulatory institutions and there are some of us who think that one regulatory agency is enough for what we have in Nigeria.

“The only caveat is the ministry of energy, I don’t think as far as am concerned, the technical capability is there to allow for continuity, so the ministry of petroleum resources must be re-organized to make sure that they separate technical from administration.”

Also, Iledare, noted that when it come to the administration of leases, the idea is to move away from discretionary award,

“I have not seen the final bill and that must be avoided, do not give room for discretionary award of oil block because it does not give room for fair market value for scarce resources like petroleum”.

Furthermore, Iledare, stated that “if you got to fiscal framework which is the other chapter, am particularly not happy that you are doing a reformation of the industry and you are negotiating agreements for another 20 years when you are about to reform the industry”.

“I think it is an important thing to make sure that the fiscal regime must be attractive, sustainable, flexible and can self adjust itself and finally, funding the host community project”.

He added that “I have not seen the final bill to see whether it is pep to expenditure, it is not likely that the OPEC will be able to make this type of projects that are needed.

“Neither do I support equity, what I will really prefer is surrendering of a portion of the royalty to where the oil come from and that will solve the apprehension as if they are not the owner, that’s just my point.

“But my conclusion is still this, I will not sacrifice a good bill on the platform of a perfect bill which does not exist”. He concluded.

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Sylva task NNPC on cost optimization for services and imported materials

by Leading Reporters June 11, 2021
written by Leading Reporters

Kenny Folarin, Abuja

The Minister of State for Petroleum Resources, H.E Timipre Sylva has task the Nigerian National Petroleum Corporation (NNPC) to optimize cost through reservoir research and in-country capacity to reduce cost of services and imported materials.

Sylva stated this in Abuja on Tuesday at the 2021 Nigeria International Petroleum Summit 2021.

According to Sylva, NNPC is the flagship in the oil and gas industry and as such, expect lots of development from them in cost optimization and innovation.

“If we are talking about cost optimization, one of the ways that we can actually optimize cost is to ensure that we are able to research into our reservoirs and develop in-country capacity and if we do that, am sure it is going to really bring down the cost of services and materials that are imported.”

Sylva further stated that cost optimization is one of the goals to be achieved which will make NNPC
an export solutions to Nigerian problems and other countries.

“That’s where are going at the end of the day, we want NNPC to become a truly Nigerian company, developing Nigerian solutions to Nigerian problems which we can export and that is where we are going and ultimately, I believe that is what is going to bring the cost reduction initiative”.

Meanwhile, Managing Director of the Shell Petroleum Development of Nigeria Ltd, Okunbor Osaghie berate the low contribution of gas to the Gross Domestic Product of the Country which has also affected the reserve, however opined stakeholders should pay much attention to it now than ever.

“Where my passion is the relatively modest contribution of huge gas reserves to GDP in this county.

“Quatar contributes over 50% contribution of gas to GDP, all our gas in our country together is still 10-12%, so it is clear to me that the ultimate catalyst on how we essentially make this reserves come to live sits around the gas value chain and that’s an area we must pay lots of attention to.”

Furthermore, Okunbor noted that execution of projects has been a major problem facing the industry.

According to him “Our problem at this stage is not policy, or framework, our issue now mostly is execution.

“Execution to get projects that derives from this policies and bring them to fruition.

“We have critical projects that are in flight that have been enabled by well top three policies, we need to ensure that the PIB when it is eventually passed support this project and by all means can we as a country, an as an industry growth, governance, regulators and operators ensure we focus on execution.

“The biggest problem we are going to have is years from now, we all leave this place, another set that thinks that they are too clever comes in and derail this project.

“That’s what we don’t want, we want to put our shoulders behind well articulated policies and pick this projects, find new ones and execute”. He added.

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We will Support FG’s move to Domesticate Liquefied Petroleum Gas

by Leading Reporters June 11, 2021
written by Leading Reporters

The Chief Executive Officer, Nigeria LNG Limited, Engr. Tony Attah has assured of his commitment to support the Federal Government decision and domesticate Liquefied Petroleum Gas in Nigeria.

Attah while speaking in Abuja on Tuesday at the Nigeria International Petroleum Summit 2021 stated that LNG limited is committed to bringing domestic LPG into the country and an agreement will be signed to that regard.

“We want to really support the government in driving LPG because, today we will be signing agreement and contract to bring domestic LNG into the country just supporting the country in line with our vision to build a better nation.”

According to Attah, there has been a massive reduction in operational gas flaring by more than 65% way down to 12% and hope that the figure will further decline.

Attah further explained that the LPG limited in 2020 delivered more than 370, 000 tones which is almost 30% of the 1 million tones that was consumed and disclosed that for the first time Nigeria hit 1 million tones in terms of LPG.

Meanwhile, Attah posits that bringing greener energy into the country is a big deal for them as data has indicated that more than 100,000 people mostly women and children die on annual basis in Nigeria as a result of indoor inhalation of exhaust waste due to the use of dirty energy source.

He noted that Nigeria cannot sit back and rely on oil, because even the big six International Oil Companies (IOCs) are talking about decarbonization, going to zero.

“We cannot be an island unto ourselves and as such I believe that we must start to position more on gas, it is now time to fly on the wings of gas.”.

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Life Style

36% Of Nigerian Married Women Suffer Emotional, Sexual, Physical Violence – Experts

by Leading Reporters June 4, 2021
written by Leading Reporters

Stakeholders in the campaign against gender-based violence against women and girls, on Wednesday raised the alarm over increasing cases of  Violence Against Women And Girls, VAWG,

Disclosing 36 per cent of ever-married women have experienced physical, sexual or emotional violence in the hand of their spouses while 1 in 4 girls have equally experienced sexual violence.

In Lagos alone, a total of 455 cases of child protection concerns were recorded in one year.

Disclosing these and more during the opening of a 4 -day Media Dialogue with Journalists on Ethical Reporting and  Advocacy to Eliminate Violence Against Women And Girls jointly organised by Spotlight Initiative Nigeria, Federal Ministry of Information and Culture in partnership with the United Nations Children’s Fund, UNICEF, they lamented that the perpetrators of this violence against the women were mostly spouses and intimate partners.

In her submission, the Coordinator, Spotlight Initiative Lagos, Foluke Omoworare said violence was rarely an isolated incident and majority of children surveyed experienced violence in the home.

Continuing, she said the most affected are women and girls with disabilities who are twice likely to experience violence of any form.

Speaking, an Assistant Director, Lagos State Ministry of Youth and Social Development, Mrs Olasunbo Daniel who also raised concern over cases of violence against women and girls said, the child protection unit has attended to 455 cases of child protection concerns in the last one year.

According to her, the state has activated a surveillance response team into local governments in the state, Imorodu and Yaba, to escalate the reporting of gender-based violence cases in the grassroots to authorities for proper management of the issues.

Earlier, the Chief of Operations, UNICEF Lagos, Muhammad Okorie said violence against women was a global issue, adding that, the trend was threatening women’s achievement of their full potential.

” Before 25 years, a girl must have been violated either sexually or physically. If we do not end violence against women, we can reduce it to the nearest minimum.”

He said the 4 day training for journalists was to ensure that the country ends violence against women and girls..

”The media has a vintage position to reach a larger audience since they have more access through their report to speak to stakeholders.”

On his part, the Director, National Orientation Agency, Lagos, Mr Waheed Ishola said the media dialogue was to beam the spotlight on women and girls as well as address the negative socio-cultural norms attached to reporting cases of violence.

Ishola identified some of the perceived reasons for prevalence of abuse of women and girls to include, poverty, indecent dressing among adolescent girls, missing parental care, quest for money, fame and political position by women.

Others he listed are, neglect of family values, inability of men to manage their home, illicit drug/substance abuse, ritualistic purposes, and fear of stigmatization.

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45,000 Passports still domicile with NIS – FG

by Leading Reporters June 4, 2021
written by Leading Reporters

Kenny Folarin, Abuja

The Federal Government has said that at least 45,000 passport booklets are yet to be collected by applicants at the various Nigeria Immigration Service enrolment centres worldwide.

This is coming as the government extends the deadline for clearing passport backlog initially slated for Monday, 31 May, 2021 by one week. The date for the beginning of the new passport regime is now Tuesday, June 8, 2021.

At a review meeting with the management of the Service, it was however revealed that 230,000 passport booklets have been produced so far and members of the public enjoined to visit their enrolment centres for collection.

The Minister of Interior, Ogbeni Rauf Aregbesola who chaired the meeting, noted that the Government will not stop on its oars in making booklet shortage a thing of the past.

“We extended the deadline for clearing of backlogs by one week, because we found out many were yet to collect their passports which had already been produced. The new Passport Regime will now begin on June 8,” Aregbesola stated.

According to the Public Relations’ Officer (PRO) of the Nigeria Immigration Service (NIS), Sunday James, 45,000 passport booklets are yet to be collected across the world. He noted that though text messages have been sent to applicants who are yet to pick up their passports, their names have been published on the service official website via: https://immigration.gov.ng/uncollected-passports/

“Members of the public are enjoined to visit their enrolment centre to pick up their passports. Efforts are also ongoing to paste the list at each enrolment centre, however, there are concerns on Covid-19 so that protocols put in place by Nigeria and other host nations are not bridge,” Sunday noted while addressing the press.

It would be recalled that the Minister of Interior, Ogbeni Rauf Aregbesola had at a meeting with Passport Control Officers and Attaches of the Service from across the world on April 22 rejigged the Passport Application Processing by announcing sweeping reforms.

However, before the beginning of the new passport processing regime, a promise was made to Nigerians to clear all passport backlog

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BREAKING: Tech giant Facebook, joins Twitter in deleting Buhari’s civil war post

by Leading Reporters June 4, 2021
written by Leading Reporters

Facebook has deleted President Muhammadu Buhari’s civil war statement for violating its community standards against inciting violence.

It would be recalled that the President had threatened punishment for regional secessionists blamed for attacks on government buildings.

Buhari, who served in the army stated on Tuesday that many people misbehaving today were too young to remember the deaths and destruction from the civil war.

“In line with our global policies, we’ve removed a post from President Buhari’s Facebook page for violating our Community Standards against inciting violence. We remove any content, from individuals or organisation that violates our policies on Facebook.”

Recall that micro-blogging platform, Twitter, also deleted Buhari’s tweet where he issued a threat to deal with “misbehaving” elements in “the language they understand”, while making reference to Nigeria’s civil war.

While defending its action, the tech company said the President’s tweet violated its rules.

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Breaking: Twitter Deletes Buhari’s ‘Civil War’ Tweet On Dealing With ‘Insurrection’

by Leading Reporters June 2, 2021
written by Leading Reporters

Twitter has deleted President Muhammadu Buhari’s tweet wherein he threatened to treat Nigerians “misbehaving” in “the language they understand”.

In the tweet shared on Tuesday, Buhari spoke about the civil war experience and threatened to deal with those “bent on destroying” Nigeria through “insurrection.”

“Those of us in the fields for 30 months, who went through the war, will treat them in the language they understand,” he had said.

But Twitter deleted the message on Wednesday, following widespread condemnation of the tweet.

The platform said the post violated its rules.

Recall that Nigerians on Twitter, are currently calling for the suspension of President Muhammadu Buhari from the micro blogging platform.

The people are pleading with the Chief Executive Officer of Twitter, Jack Dorsey to suspend Buhari’s account.

The call was as a result of Buhari’s tweet on Tuesday where he stated that his government will get “harder” on those hellbent on destroying Nigeria.

Buhari had vowed that those planning to destroy his government would receive the shock of their lives, a threat directed against the Indigenous People of Biafra (IPOB) and its military wing, the Eastern Security Network (ESN).

Buhari’s Twitter account is currently being reported by Nigerians who believe the last part of the thread of his tweet is a threat to IPOB and ESN.

Many have reminded the president of the consequences of the Nigerian civil war which lasted from 1967 to 1970, stating that such must not be repeated.

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Business

CBN’s decision on Naira to unlock $1.5 bln loan from IMF

by Leading Reporters June 2, 2021
written by Leading Reporters
  • In the last five years, Naira has been officially depreciated more than 92% from N197 to a United States dollar in 2015 to N379 as of April but then scrapped and replaced by NAFEX rate priced at N410.25.
  • CBN will continue to drive the Naira-for-Dollar scheme to foster the inflow of dollar from abroad

Nigeria’s central bank decision to unified foreign exchange (FX) rates is expected to unlock a $1.5 billion loan from the International Monetary Fund (IMF) which required the convergence of the monetary policy authority’s multi-tiered exchange rates as a pre-condition for disbursement.

Move to unified rates comes after the Federal Government of Nigeria officially asked the Lawmakers to approve $6.18 billion foreign loans to shore up weak revenue amidst a heavy capital spending plan, and budget 2021 deficit financing.

As the Central Bank heeds the call for unification of its multi-tiered exchange rates, analysts said the convergence will partially resolve Nigeria’s foreign currency (FCY) liquidity challenges.

MarketForces Africa reported the monetary authority has replaced the official rate for which government conducts transactions with Nigerian Autonomous Foreign Exchange (NAFEX) rate. The CBN also adjusted the rate quoted on its website to reflect its non-lousy devaluation.

In the last five years, Naira has been officially depreciated more than 92% from N197 to a United States dollar in 2015 to N379 as of April but then scrapped and replaced by NAFEX rate priced at N410.25.

The Nigerian external reserves continue free-falling due to scarcity of foreign currency inflow, dropping to $34.3 billion, which barely covers 5 months of import for a nation that relies solely on foreign inputs for further production.

In the first quarter of 2021, Nigeria’s economic size grew marginally at 0.51% as against 0.11% reported in the fourth quarter of 2020. Analysts believe growth remains tepid on account of the widened output gap.

Both inflation and unemployment rate have been high, resulting in stagflation but the CBN remains unfazed by this weak macro condition as policy rates were held steady for the next two months

Nigeria’s FX Rates Convergence Will Partially Solve FCY Challenges Godwin Emefiele, CBN Governor
The MPC Decisions

The Monetary Policy Committee (MPC) maintained status quo on all policy rates at the end of the 2-day MPC meeting, which ended yesterday, 25th May 2021.

Meanwhile, the decision to hold rates steady was unanimous, based on the fact that the committee members considered achieving high economic growth to be a major priority at an early post-recession phase, regardless of the above-trend inflation rate.

Thus, the Monetary Policy Rate was maintained at 11.5%. The asymmetric corridor around the MPR was retained at +100bps/-700bps. The Committee also voted to retain the Cash Reserve Requirement (CRR) at 27.5%, and liquidity ratio at 30.0%.

Key considerations of the MPC

Chapel Hill Denham noted that the key considerations of the MPC include surge in Covid-19 cases in Brazil and India and the emergence of vaccine-resistant variant of the virus in some African countries like Tanzania and South Africa.

“This poses a threat to the reality of IMF’s growth projection of 2.5% for 2021. On one hand, India, being a major buyer of Nigeria’s crude oil has cut back on demand, and Nigeria is at risk of new cases if international travel is not properly managed”, analysts said.

Policymakers believe that economic growth will foreshadow a slowdown in inflation rate as the apex bank reiterated that rising inflation trend was due to pandemic-driven supply chain disruption.

The committee discussed that the fundamentals for growth in 2021, which they consider strong and a low MPR will foster the pace of growth, which will increase domestic production and decelerate the inflation rate.

However, there was concerns about stagflation, representing a mutual co-existence of high inflation rate and low production in Nigeria amidst high record of joblessness.

In addition, the monetary policy committee factored in the fragile economic recovery, lagging population growth, saying the Q1-2021 growth of 0.51% remains fragile and insufficient to match the 2.6% population growth in 2020/21.

It also put into consideration the impressive performance of CBN intervention programmes, which require low-interest rates for subsistence.

The Anchor Borrowers’ Programme, National Youth Investment Fund, Mass Metering Programme, and others have helped to engender economic recovery in Q1-2021, and enabling them through an abased interest rate environment is critical at a time like this.

Meanwhile, there was apparent worry about persisting security challenges, which have fallout on food production as they noted that abating the impact on food security will require a ‘generous’ interest rate environment to maintain agricultural financing.

Chapel Hill Denham said the CBN is enthralled by the fragile economic recovery and the presence of shocks hence, the decision to hold rates steady to realise more growth before tilting monetary policy focus back to inflation.

It recalled three committee members had, in the last MPC meeting, voted for a rate hike on the back of escalating inflation rate and the need to nip the growth in the bud to avoid spiraling the existing case of stagflation.

Analysts said with inflation rising from 16.47% in Jan-2021 to 18.17% in Mar-2021, the justification to take a hawkish monetary policy stance was ominous.

“Our view prior to the MPC meeting was that the committee members will place a higher weight on inflation as a basis to vote a rate hike. Besides, the decline in headline inflation rate by 5bps to 18.12% in Apr-2021 was not considered significant to sway the conviction of a rate hike.

“However, the language of the MPC on Tuesday is that growth is a top priority in a post-recession phase and since the current MPR had supported recovery, it is in the best interest of the economy to maintain this position”, Chapel Hill Denham stated.

The firm said the CBN will continue to monitor inflation development in the coming months with the expectation that the retention of the MPR will drive domestic production activities, which will result in a drop in the inflation rate.

Besides, given the decline in the Apr-2021 inflation rate, Chapel Hill Denham’s analysts said there is a possibility of another marginal drop in inflation in May and June 2021, given the base effect. Subsequently, inflation can pick up and the CBN would be ready for another MPC meeting by then.

The investment firm said with the CBN updating the NAFEX rate of N410.25 on its website, the much anticipated convergence between the official and NAFEX rate has been achieved. The Minister of Finance, Zainab Ahmed, said the government had also adopted the NAFEX rate for government transactions.

While the CBN is yet to make an official statement, the Governor stated that the managed-float system will not be replaced with a freely-floating exchange rate, but the market will be monitored to adopt the right FX strategies for the economy.

Furthermore, the convergence between the official and the NAFEX rate is expected to partially resolve some of the liquidity challenges experienced by the CBN and also reduce pressure on the external reserves.

However, analysts added that the CBN will remain enmeshed in a complex policy ‘triangle’ of trying to achieve a single-digit inflation rate, high rate of economic growth sufficient for post-recession and exchange rate stability.

“Against these odds, what we think the CBN will do ahead of the next MPC meeting is to continue to intervene in the foreign exchange market to keep rates stable while leveraging on external support (remittances and foreign portfolio investment) to achieve reserve accretion.

“The CBN will continue to drive the Naira-for-Dollar scheme to foster the inflow of dollar from abroad.

“While doing this, the CBN will strategically allocate capital across different sectors under its different real sector interventions. With an attempted grasp on GDP and exchange rate, inflation rate is expected to maintain the April-2021 downside inflection”, Chapel Hill Denham said.

“While the CBN might have kept policy rate constant at the MPC meeting, we note that financing conditions remained considerably tight, owing to weaker level of liquidity in the money market, as well as a more hawkish balance sheet policy by the CBN”, it added.

Analysts explained that the CBN has used its balance sheet to tighten bank and non-bank liquidity, specifically using the issuance of Special bills, Cash Reserve Requirements (CRR debit), and OMO auctions to mop up liquidity in the financial system and raise market interest rates.

As a result, the one-year open market operations and Nigerian Treasury bill auction stop rates have risen to 10.10% and 9.75% from 6.75% and 0.15% in November 2020, respectively.

“We do not expect to see a reversal in this trend and retain our expectation of a 50-100bps rate hike in 2021. In our view, the consolidation of additional growth in the coming quarters will provide enough incentive for a more hawkish policy era, already signaled by some Central Banks globally.

“We see a very strong possibility of a 50-100bps rate hike at the July/September MPC meeting if the economy maintains a strong and positive GDP growth momentum in Q2-2021”, analysts at Chapel Hill Denham said.

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Candidates To Pay N700 For Mock UTME – JAMB

by Leading Reporters June 2, 2021
written by Leading Reporters

The Joint Admissions and Matriculation Board has announced that candidates are expected to pay N700 to the Computer Based Test centres before taking their mock Unified Tertiary Matriculation Examination.

JAMB made the announcement three days before the commencement of the mock examination via its Twitter handle.

The payment is different from the N3,500 paid by the candidates for UTME forms (ePINs), and N500 for the reading text.

It was also learnt this is different from the N700 expected to be paid to the CBT centres for the examination.

“All candidates sitting the 2021 Mock examination scheduled for Thursday, 3rd June 2021 are advised to go to their assigned centres with N700. The amount would be paid to the Centre owner as the mock examination fee,” the examination body said.

Earlier, JAMB asked candidates, who had indicated interests to sit for the mock-UTME and had earlier printed the examination slips, were advised to reprint, following the shift in examination date.

“Candidates, who had registered for the 2021 UTME and indicated interest to sit for the optional mock examination, are to reprint their mock notification slips.

“This is consequent on the change of date for the mock- UTME earlier scheduled for Thursday, May 20 and now to hold on Thursday, June 3.

“It is imperative to reprint as the new slip will have a new date.

“As disclosed earlier, the optional mock notification slip can be printed from anywhere that candidates find convenient, provided they have internet access.”

The board explained that each slip contained candidates’ details such as registration number and most importantly, the centre they were to sit for the examination within their chosen examination town.

It added that the slip also contained the expected time to be at the centre.

Candidates, JAMB further advised, were expected to print and study the contents in the slip to avoid mix up in the location of their centres and the name of the examination centres.

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