Headlines
New CBN Gov, Cardoso Vows To Shoot GDP To $1trn In 8 Years
The newly confirmed Central Bank of Nigeria, CBN, Governor, Dr. Olayemi Cardoso has disclosed plans to shore up the country’s Gross Domestic Product, GDP, to $1 trillion in eight years.
Cardoso spoke while answering questions from senators during his screening and confirmation as the governor of the apex bank.
Those confirmed as deputy governors are: Emem Usoro, Philip Ikeazor, Muhammad Abdullahi-Dattijo, and Bala Bello
He assured that the ratified board will adopt a number of strategies including short term and medium terms goals to repair the economy.
According to him, to achieve stability in Nigeria’s exchange rate, measures must be put in place towards ensuring a healthy balance of payment and diversification of the economy.
“When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim.
“We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data,” he said.
According to him, the immediate thing to look out for if confirmed as CBN Governor is to address operational issues which are the unsettled obligations of the CBN.
He opined that Nigeria will not make progress if it is not able to handle that side of foreign exchange rate, saying they would do everything possible to ensure that they work closely on the fiscal side and ensure the issue of deficit financing does not become a problem.
He further pointed out the need for a strategy known to players, adding that these immediate steps will ease restrictions in the country’s business environment.
Cardoso added that removal of oil subsidy, tightening up tax payment, among others, are part of measures to stabilize the economy.
“There’s the need to significantly revamp data gathering capacity of the CBN to help in evidence-based decision making by the regulatory house.
“We have to ramp up production of food, that is the aspect the fiscal side will handle and we’ll work very closely with the fiscal side on this, and on energy to make sure that happens quickly.
“The way money has gone in Nigeria on its own has an effect on inflation. And we have seen studies that suggest that money supply has impacted on inflation in the country.
“We also have to work very closely with the fiscal side to ensure that we work on deficit financing,” the former Commissioner for Lagos State Ministry of Economic Planning and Budget said.
The new CBN team equally pledged to ensure a collaborative working relationship with the fiscal policy regulators so as to ensure that things don’t get heated up in the polity.
According to him, there will be a change of mindset in the CBN to promote compliance, maintaining that the apex bank under him will work with the Senate for consultations and adherence to the CBN Act.
Cardoso further underscored the need to do things right, insisting that the bank will not be hijacked by anybody.
“We will not knowingly or unknowingly disobey the law. We are going to endure a culture of compliance in the bank. We are not going to tolerate people not complying. That tone would be fully set from the top,” Cardoso added.
He pledged to bring the best, most qualified advisers, and that the new CBN bank will promote a culture of openness to get the best results.
Also responding to questions from lawmakers, Philip Ikeazu, a Deputy Director, said the new CBN board will “strengthen corporate governance and ensure proper drive of economic policy to maintain price stability and promote a healthy forex.”
He called on the upper chamber to support the apex bank to drive export of locally manufactured goods, and promote corporate governance.
This is just as he commended the federal government for blocking leakages in the economy, and for stopping the fuel subsidy regime.
The CBN team also affirmed that the regulatory body has “strayed significantly over the years”, and that it was committed to returning back on track, and ensuring open and transparent communication with Nigerians.
They assured restoring the dignity of the Central Bank, just as they expressed hope to double economic growth over a 10 year period, as well as expanding the capacity of the economy to produce more “Dangotes and Otedolas.”
During the exercise, the lawmakers bemoaned the woes bedeviling the country’s economy, as they expressed fears at the involvement of the regulatory bank in sectors outside the mandate of the Central Bank Act.
The Senate President, Godswill Akpabio, while addressing the Committee of the Whole, frowned at the involvement of the CBN in construction of classrooms, among others.
He emphasized the need for an apex bank that is focused on providing sound policy and monetary directions for the economy.
Akpabio also regretted that the bank under the former board lost its focus and veered into politics “with money that belongs to Nigerians.”
“No where in the world is a currency changed within one week. But the CBN changed the Naira in 11 days just to sabotage the elections, and because some politicians told him that you can contest for election after all you have money with you,” the Senate President added.
The post New CBN Gov, Cardoso Vows To Shoot GDP To $1trn In 8 Years appeared first on Jomog.
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
– Winners will also receive free sponsorship to attend the 1st Nigeria Tertiary Institution Conference on Sustainable Development Goals (SDGs) in April 2024 in Abuja.
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
– 1st Runner Up: N150,000
– 2nd Runner Up: N100,000
2. Internship Opportunity:
– In addition to cash prizes, winners have the exclusive opportunity to intern with Pentagon Partners, enhancing their career prospects.
Application Procedure:
– Interested participants should submit their essays to essay@pentagonpartnerslp.com during the submission period.
– The subject of the email should be the Essay topic
For additional information and updates, visit www.pentagonpartnerslp.com.
Deadline: March 22nd, 2024
Don’t miss this chance to showcase your legal expertise, contribute to important discussions on AI and law, and vie for enticing cash prizes. Pentagon Partners looks forward to receiving your submissions.
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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