Headlines
Apex Bank Ends Direct Funding Of Development Projects
Central Bank of Nigeria (CBN) will no longer be directly involved in development finance interventions.
A document obtained by The Nation stated that the decision is to enable the apex bank to focus more on “advisory roles that support economic growth.”
The document details plans by CBN Governor, Dr. Yemi Cardoso to reposition the apex bank.
The document contains the “preliminary assessment of the challenges facing the CBN.”
In it, Cardoso stated that “much has been made of past CBN forays into development financing, such that the lines between monetary policy and fiscal interventions have blurred.”
He clarified that “in refocusing the CBN to its core mandate, there is a need to pull it (CBN) back from direct development finance interventions into more limited advisory roles that support economic growth.”.
A source, who is privy to the document, said that “in the past, the CBN had been involved in providing funding for various developmental projects”, such as Anchor Borrowers Programme, among others.
“There is a growing recognition of the need to refocus the CBN to its core mandate and limit its involvement in direct development finance interventions,” he added.
He said: “Instead of directly funding projects, the CBN can provide guidance and expertise to help facilitate economic growth.
“This advisory role can include providing recommendations on policy measures, regulations, and strategies that support economic development.
“By limiting its direct intervention in development financing, the CBN can avoid potential conflicts between its role in monetary policy and its involvement in fiscal matters. This separation will allow the CBN to focus on its primary mandate of maintaining price stability, promoting financial stability, and ensuring the soundness of the banking system.”
The official added that “shifting towards an advisory role would allow the CBN to leverage its expertise and provide valuable insights to policy-makers and other stakeholders.
“The CBN can use its knowledge of the financial sector and its understanding of the broader economy to support decision-making processes that lead to sustainable economic growth,” he added.
In the document, Cardoso highlighted the advisory roles of the CBN to include:
•acting as a catalyst in the propagation of specialised institutions and financial products that support emerging sectors of the economy;
•facilitate new regulatory frameworks to unlock dormant capital in land and property holdings;
•accelerating access to consumer credit;
•expanding financial inclusion to the masses; and
•de-risking instrumentation to increase private sector investment in housing, textiles and clothing, food supply chain, healthcare, and educational supplies.
According to Cardoso: “These verticals have huge demand patterns, with the potential for high local inputs and value retention, and can be the basis for rapid industrialisation”.
The CBN, he said, would exercise “convening power to bring key multilateral and international stakeholder participation in government and private sector initiatives”.
Before listing other things he intends to do, Cardoso identified some of the challenges currently confronting the CBN.
According to him, “In assessing challenges currently facing the CBN, preliminary questions are being raised on addressing them.
The challenges are:
•Failure in corporate governance in CBN;
“How will issues of governance be addressed? Diminished institutional autonomy: How can public and financial systems’ stakeholder confidence be restored in the autonomy and integrity of CBN?
•Need to refocus CBN back to core functions:
“What needs to be in place to revert to evidence-based monetary policies? Discontinuation of unorthodox Monetary policies and Foreign Currency management?
•Unorthodox use of Ways and Means spending;
“ What controls can CBN develop to enforce statutory limits in the use of Ways and Means of financing public sector deficit?
•Backlog of FX demand;
“ How much of the backlog is real versus speculative/ hoarding? Are there creative financing options for clearing the short to medium-term backlog?
•Lack of clarity in fiscal and monetary relationships;
Where are the delineations, and what should be the limits in CBN’s fiscal side interventions? Inflation and price stability: What are the causes, and what is CBN’s proposed response to address inflation and price stability issues?
•Access to FX market and FX price discovery;
“What mechanisms exist to address FX rate unification under a willing buyer and willing seller arrangement? What should be the role of the Central Bank in the FX market? Is there a need for interest rate realignment to money supply, inflation, and market realities?
•Current Financial System Stability;
“What is the current state of the financial system? Are CBN surveillance frameworks being updated proactively to track the expanding use of electronic payment systems by Fintech and Telcos?”
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Education
1ST NIGERIAN TERTIARY INSTITUTIONS CONFERENCE ON UN SUSTAINABLE DEVELOPMENT GOALS (SDGS) ESSAY COMPETITION
Competition Overview:
The SDG Youth Essay Competition offers a grand prize of N1 million for the top three winners, along with free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
Competition Requirements:
1. Eligibility:
– Open exclusively to undergraduates in Nigerian tertiary institutions.
2. Entry Guidelines:
– Topic:The Role of Students in Attainment of SDG4
– length: Essays should be 1500 words.
– Entry Period: Thursday, February 1, 2024 – Thursday, February 29, 2024
– Referencing: APA Style (6th Edition).
– Font: Times New Roman, 12-point font size.
– Documentation: Typed in 1.5 line spacing, MS Word format only.
– Plagiarism: Only original content is accepted; plagiarized entries will be disqualified.
Benefits:
– Prizes:
– 1st Prize: N500,000
– 2nd Prize: N300,000
– 3rd Prize: N200,000
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Required Documents:
– Student’s Institution ID Card
– Copy of Student’s Admission Letter
– One recent passport-size photograph
– WhatsApp telephone number and email address
Application Procedure:
– All entries and submissions (essay and required documents) should be scanned and sent to nigeriaessay@sdgyouth.org before the deadline.
For Further Inquiries:
– Call: 08068931151, 08133846739, 07067772964
– Email: nigeriaessay@sdgyouth.org
Deadline: February 29th, 2024
Don’t miss this opportunity to contribute to achieving SDG4 and win exciting prizes. Submit your entry and required documents before the deadline. For any inquiries, feel free to contact them via phone or email.
Competition Overview:
The National Essay Competition invites undergraduate law students to showcase their expertise and contribute to the discourse on AI, privacy, and data protection. In addition to cash prizes, participants have the chance to intern with Pentagon Partners, gaining valuable hands-on experience.
Competition Requirements:
1. Eligibility:
– The competition is open to 400-level and 500-level undergraduate law students in Nigerian universities.
2. Essay Requirements:
– Length: Essays should not exceed 1500 words.
– Format: Double spaced, 12pt Times New Roman font.
– References: OSCOLA format for citations with 10pt font size for footnotes and endnotes.
– Submission Format: Essays must be submitted in PDF format.
– Entrant Details: Include full names, school, level, phone number, and email address in both the body of the email and on the last page of the essay.
– Single Entry: Each entrant is allowed only one submission.
– Originality: Plagiarism will result in automatic disqualification.
Competition Benefits and Timeline:
1. Prizes:
– Winner: N200,000
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– 2nd Runner Up: N100,000
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Deadline: March 22nd, 2024
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Purpose:
Inaugurated in 2020, the CDEC is part of SystemSpecs’ Corporate Social Responsibility (CSR) commitment to promoting capacity development in the Nigerian ICT industry. By encouraging young Nigerians to tackle everyday issues, the competition contributes to intellectual growth and societal progress.
Topic:
The theme for the 2024 competition is “Protecting the Nigerian Child from the Dangers of Online Technology.” Participants are tasked with exploring strategies to safeguard children in an increasingly digital world.
Eligibility:
– Open to primary and secondary school students in Nigeria aged 9 to 16.
– Junior category (ages 9 to 12) essays must not exceed 1,000 words.
– Senior category (ages 13 to 16) essays must not exceed 1,500 words.
Prizes:
– Winners will receive generous rewards, including a high-capacity laptop, premium headphones, a portable laptop stand, a smart wristwatch, and one year of internet data, among other items.
– Consolation prizes will be awarded to other participants.
Application Process:
– Interested candidates should access the application page
– Essays must be written in English and reflect original thought.
– Each participant is limited to one entry.
– Entries must be endorsed by an accredited school official, parent, or legal guardian.
– Deadline for submissions is April 12, 2024.
Submission Guidelines:
– All submissions must be in PDF format and include the student’s name, home and school addresses, email address, and contact phone number.
– Double entries will result in automatic disqualification.
– Submissions must be received by March 15, 2024, at 5:00 p.m.
Notification of Winners:
– Successful students and schools will be contacted in the second quarter of the year.
– Updates on winners will be announced on @nercng social media platforms.
The SystemSpecs Children’s Day Essay Competition offers a unique opportunity for Nigerian students to demonstrate their creativity and problem-solving skills. By addressing the theme of online child protection, participants contribute to building a safer and more secure digital environment for all. We encourage eligible students to seize this opportunity and showcase their talent and ingenuity.
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