Tag: Godwin Emefiele

  • Group hails Emefiele for creating job opportunities through promotion of Agriculture in Nigeria

    Group hails Emefiele for creating job opportunities through promotion of Agriculture in Nigeria

    A group, Pro Emefiele 2023, on Sunday hailed Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), for promoting creating job opportunities for Nigerians through agriculture.

    Muhammad Yusuf-Omale, Chairman of the group made the commendation during a press conference in Kaduna .

    “He has promoted Agricultural development through Anchor Borrowers’ scheme, which has yielded great success in all parts of the country.

    “One good example is the tremendous achievement in maize production by Maize Association of Nigeria (MAAN), which is launching the biggest maize pyramid in Kaduna,” he said.

    According to Yusuf-Omale, the Anchor Borrowers Programme has empowered many youths by encouraging them to engage in agricultural activities.

    He added that the CBN governor had prevented series of Naira devaluations and excess pressure on the Naira by introducing multiple exchange rate regime, while building a strong financial system.

    He explained that Emefiele had supported the oil and gas industry through intervention schemes that led to setting up of a new private refinery and other modular refineries in the country.

    Yusuf-Omale stated that the CBN governor has the capability and ability to lead Nigeria to promise land, and urged Emefiele to contest for president of Nigeria in 2023.

    “With these, we hereby urge Mr Godwin Ifeanyi Emefiele to contest for president of Federal Republic of Nigeria, to save our nation and our economy,” the group said in hailing the CBN governor on his agriculture reforms.

    “We also urge all meaningful Nigerians to vote for a better Nigeria”, he said.

  • 2023: Fresh group wants Emefiele to take over from Buhari

    2023: Fresh group wants Emefiele to take over from Buhari

    Another fresh group under the platform of “Push 4 Emefiele 2023 Presidency”, on Thursday in Benin, Edo State capital, urging the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele to heed the advice of Nigerians and vie for the 2023 presidential election in order to rescue Nigeria from economic woes

    The group said, the emergence of the Apex Bank Governor as the President of Nigeria in 2023 will improve the economy of the country among other things.

    In a press briefing, the National Coordinator of ‘Push 4 Emefiele 2023 Presidency’ Presly Okojie, said the reason they are committed to the course is because Mr Emefiele has done very well as the governor of the apex bank for the period he is in charge.

    “The man, Godwin Emefiele was CEO/MD of Zenith Bank until in 2014 when the former president, Goodluck Jonathan appointed him as governor of Central Bank and when President Buhari came into power, he reappointed him, because of his performance.

    “He was the one that introduced the BVN (Banking Verification Number) that has made bank transaction very easy, he also brought Nigeria out of recession two times in five years. Nigeria was having about 3,000 mega watts of electricity, but through his efforts Nigeria has about 5,000 mega Watts today and that is what has brought stability in the power sector.

    “He anchored the Anchor Borrower Programs, the COVID-19 intervention programs, the agric loans.

    “Our microfinance banks are one of the best today courtesy what Mr Godwin Emefiele has done, I believe that If such a man is given the chance he will make Nigeria an enviable country,” He said.

    He said, the group started it’s mobilization in Edo state and will move to Port Harcourt, River State then to other south-south States

  • 2023: Posters of Godwin Emefiele resurface in Lagos urging him to run for presidency

    2023: Posters of Godwin Emefiele resurface in Lagos urging him to run for presidency

    As 2023 draws close, again Governor of Central of Nigeria, CBN, Godwin Emefiele posters have resurfaced urging him to contest the presidency in 2023, on Tuesday in Lagos.

    The posters with Emiefele’s bold picture and name, are pasted around Surulere on the mainland and some streets like Ajose Adeogun on the Lagos Island.

    With the portraits of Emefiele, the posters carried the slogan, ‘Take Charge 2023’; but those behind it are not known yet.

    The message on the posters reads: “We, the people work to manifest the Nigeria of our hope on our way to greatness.

    “We march, fiercely guarding this liberty of building a Nigeria we believe in…not as career politicians.

    “We are on the march…searching for the next leader of the republic.

    “Godwin Emefiele, would you lead our people on this march to reclaim Nigeria? Would you lead the charge 2023?”

    Some paid adverts urging the apex bank chief to contest the presidency were also published in some national dailies on Monday.

    One of the paid adverts by Ge group reads in part, “Appointed by a People’s Democratic Party (PDP) government in June 2014 and confirmed for a second term in office by the All Progressives Congress (APC) government of President Muhammadu Buhari, Godwin Emefiele straddles the political aisle with extensive network, alliances and pan-Nigerian friendships forged over seven years of engagements across, above and beyond party lines.

    “As the governor of Nigeria’s apex bank, Emefiele has rendered selfless service to his country at a most challenging period of our economic development and I salute his commitment, passion and doggedness -President Muhammadu Buhari, August 4, 2021.”

    Recall that the HEDA had asked Emefiele to resign to contest or dissociate himself from those urging him to run if truly he has nothing to do with them.

    The chairman of HEDA, Olanrewaju Suraju, made this call in a letter written to Emefiele and copied to President Muhammadu Buhari and the president of the Senate, Ahmad Lawan.

    The group said although Emefiele has a constitutional right to contest any election in Nigeria, it said the CBN Act also forbids him from engaging in any work wether part-time or full time aside his job with the apex bank.

    But a group, ‘Friends of Emefiele’ recently said it met the CBN governor to confirm his interest in the presidential race.

    The group said Emefiele is focussed on his job as CBN and did not send or urge anyone to campaign for him.

    Emefiele, who was appointed the CBN governor on June 4, 2014 by former President Goodluck Jonathan was retained by Buhari upon assumption of office.

  • 2023: Another group begs Godwin Emefiele to run for presidency

    2023: Another group begs Godwin Emefiele to run for presidency

    …catalogues his numerous achievements

    …how he financed and mobilised 4.5m farmers to cultivate rice

     

    Another group has emerged insisting the Central Bank of Nigeria, CBN Governor, Godwin Emefiele must take over from President Muhammadu Buhari in 2023.

    TheNewsGuru.com, (TNG) reports the group under the umbrella of Ge.Campaign group in a bid to convince the apex bank Governor reeled out his achievements declaring that he has what it takes to run Nigeria out of the woods.

    Hinging their position on the earth-shaking projects executed under his watch as CBN Governor, the group catalogued all his achievements in what could be described as a blueprint.

    His vision on food security, establishment of the National Collateral Registry of Nigeria (NCR) to improve access to finance, financial inclusion, particularly to the Micro, Small & Medium Enterprisesrobust innovative economy (MSMEs) by ensuring that credit delivery to MSMEs is more available and accessible.

    “His politics: Appointed by a People’s Democratic assets acceptable as collateral for loans by financial Party (PDP) government in June 2014 and confirmed for a second term in office by the All Progressives.

    “Reduction of interest rate to manufacturers from Congress (APC) government of President Muhammadu nine to five percent.

    “Buhari, Godwin Emehele straddles the political aisle CBN’s healthcare financing programme, embarks on with extensive network, alliances and pan-Nigerian building seven state-of-the-arts diagnostic centres friendships forged over seven years of engagements in Nigeria.

    “Also financing healthcare through the Real Sector Support Facility (RSSF) as part of efforts to enhance His record (under the leadership of President output growth, value added productivity, and job creation.

    “Has so far financed 4.5 million farmers that cultivated – Established a N5Obillion facility for households and 5.3 million hectares across 21 commodities through small- and medium-sized enterprises (SMEs) that 23 Participating Financial Institutions in the 36 have been particularly hard hit by Covid-19.

    “States of the federation and FCT under the Anchor – Instituted a N100 billion health sector emergency Borrowers’ Programme (ABP).

    The list according to the group is endless but “our goal is that Nigerians must convince Emefiele to run for presidency in 2023.

  • 2023: Group beckons on Godwin Emefiele to join presidential race

    2023: Group beckons on Godwin Emefiele to join presidential race

    …asks the economist to help reform Nigeria

    …as another Otoge group move to change narrative in 2023

    A group under the aegis of Mass Interest Project, MIP has beckoned on the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele to join the presidential race to help reform Nigeria.

    Emefiele an economist of note with traceable track record of achievements was considered a beacon of hope as Nigeria is currently undergoing an economic surgery.

    An economist in the mould of Emefiele fits the bill to help conduct a successful economic surgery for Nigeria from 2023.

    According to MIP, who leads the ‘Charge 2023? to help combat the barrage of economic threats laced around, political captivity, poverty, unemployment, insecurity confronting Nigeria from various ends.

    To this end, MIP in its trending campaign online has outlined a three-prong agenda to help catapult Nigeria from the distress of economic quagmire facing the country.

    On the Trump card is improved standard of living, higher GDP/GNI and world standard healthcare designed for all Nigerians with an economist as the pilot of the Nigerian project.

    MIP has put out a well planned network to galvanise Nigerians towards ensuring Emefiele accepts to run in 2023.

    In the campaign captured all these maladies bedeviling Nigeria and how it must stop as a tested hand in the person of Godwin Emefiele must run for president to put an end to the ugly trends in our country.

    This is just as another Otoge movement group birthed to change the narrative in 2023

    In their fresh campaign trending online the group stated that:

    “The political permutations ahead 2023 is already displaying the usual signals of recycled politicians that have been in the corridor of power for over two decades and those that have chosen permanent residency in Government circle.

    The group birthed to checkmate these permanent residents in Government House doling out dislocated economic policies that will further sink Nigeria into total oblivion.

    Stating in the viral campaign online that ” as expected, there is already tension across the country. From East to West, North to South, Nigerians are beginning to feel the heat as the political gladiators go on the hustings, perfecting their art to play the game the only they know how to play it: with ruthless efficiency.

    “These are men and some women who are well-versed in political deception, intimidation, blackmail and are also experts in the arts of violence, which they readily deploy to exact vengeance or force compliance to their will and desire.

    “They are also adept at making promises they cannot keep or are not capable of supporting. They have been there from the beginning: from the First Republic, the Second Republic, the Third Republic, the Fourth Republic and continued to rule the roost even up to the present political dispensation.

    “Yet these careerist politicians, or political leaders as they prefer to be addressed, have continuously refused to let go, strutting their turf with magisterial arrogance, even while the country bleeds or totters precariously at the edge of a precipice. The reason for this is not far to seek: They have made it a lifetime career of appearing at every election season and contesting for every available post.

    “For them, they have been ordained to rule, and rule they must.But the question is: after all these years, what has the country got to show for our much-vaunted democratic experiments? Is it a nation that is fractured almost beyond repair?

    “An economy that has been ailing over the years and presently appears headed to the emergency ward? Is it the prevailing insecurity in the land and the fear of uncertainty that now rules the hearts of most Nigerians?

    “But since 2023 holds bright prospects to get at the spoils of political office, there is always an army of aspirants willing and ready to join the fray. Incidentally, there are, as usual, many territories to invade, conquer, and take. From the local government, the state assembly, governorship, National Assembly, and the presidency, the stakes, though high, must be coveted and taken by force or surreptitious means. Understandably, the presidency holds the highest stake and is being keenly coveted and contested.

    “This is why with months before the 2023 presidential election, the nation is already abuzz with the deafening noise of those on the campaign trail, with their different campaign trains traversing many of the cities in the land.

    “As expected, the usual suspects have made or made their intentions known. That is why you hear rotation and zoning being commonly chorused at almost every political gathering.

    “For now, the battleground is at the intra-party level, where vicious scheming and manipulations are clearly evident as primaries and conventions are being planned and organised to select candidates for various elections.

    “As this selection, rather than election, the drama unfolds, there is already a lot of huffing and puffing, sabre-rattling in the leading political parties as different factions up the ante to undo or upstage others for electoral advantage.

    “Indeed, the two leading political parties, the All Progressives Congress(APC) and the Peoples Democratic Party(PDP), are presently wracked by crises due to sharp disagreements among their respective members on the choice of candidates to fly their flags during the governorship, National Assembly and presidential elections next year.

    “The wranglings are particularly more intense with regards to the presidential aspirants, some of whom are already strutting the campaign trail and flooding major cities, especially Lagos and Abuja, with their campaign posters.

    “But remarkably, the roll call of those who have made their intention known in this regard is dominated by the familiar careerist politicians who have been part and parcel of the leadership crises afflicting the nation over the years.

    “The same set of people who have been a parasite on the country, contributing little or nothing to its development or progress.
    “But the good news is that Nigerians are not sleeping. There are already strong indications that they are ready to take the destiny of the nation into their hands with regards to who gets elected, especially as their president.

    “In fact, a civil society organisation that identifies itself as “Enough is Enough Nigeria” recently launched a 13-month campaign ahead of the 2023 general elections anchored on the theme: #MakeNaijaWork Campaign.’ It is expected to serve as a “clarion call to Nigerians to seize the golden opportunity to decide and elect credible leaders by registering to vote and selecting candidates based on defined criteria – courage, compassion, competence, capacity, and character.”

    “But more importantly, there is already in the offing another O to ge movement, a revolutionary wind blowing across the country which specifically questions the leadership credentials of careerist politicians presently aspiring to be elected president in 2023.

    “The argument is that since careerist politicians have consistently failed over the years to provide the kind of leadership Nigeria needs, it was high time to look at those men and women who have been tested and proven as great achievers in their various non-political endeavours. Here we are talking about outstanding entrepreneurs and experienced business leaders such as Alhaji Aliko Dangote, Alhaji, Isiaku Rabiu, Tony Elumelu, Atedo Peterside, Mike Adenuga, Femi Otedola, Chief Innocent Chukwuma, Dr. Obiora Okonkwo, Allen Onyema, among several others.

    “These are founders and captains of industries who have shown requisite leadership abilities in running organisations successfully, providing jobs for millions of Nigerians, and helping to keep the Nigerian economy afloat and running. The belief is that if any of these men are entrusted with the appointment of leading Nigeria in 2023, the country will undoubtedly be better for it.

  • 2023 presidential ambition: my fate in God’s hands – Emefiele

    2023 presidential ambition: my fate in God’s hands – Emefiele

    The Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has said his fate is firmly in God’s hands. He is quoted as saying so when asked if he is interested in running for the Presidency in 2023.

    Speaking with a group of his friends, Emefiele said his fate is firmly in God’s hands.

    A group tagged “Friends of Godwin Emefiele” had visited the CBN Governor to discuss the controversy over his rumoured presidential ambition in 2023.

    In a statement signed by the group, the CBN governor is also quoted as saying it is the prerogative of President Muhammadu Buhari to map out his succession plan.

    The group berated those criticizing Emefiele over the alleged claim of him running for the Presidency since he has not confirmed to anyone “he is running for President even as he is constitutionally qualified to do so.”

    The statement reads partly: “Only yesterday, as the speculation became widespread, a group of his friends under the aegis of FRIENDS OF GODWIN EMEFIELE met with him to clarify his position.

    “Mr Emefiele told us that he believes it’s the prerogative of President Muhammadu Buhari to plan his succession in line with global best practices for good governance for the continuing peace and progress of the Federal Republic of Nigeria, as such he will play his part to stabilise the economy for an orderly transition.

    “And given that it’s God that anoints leaders, he will leave his fate firmly in the hands of God.”

  • CBN to end sale of FOREX to banks

    CBN to end sale of FOREX to banks

    The Central Bank of Nigeria (CBN) will stop the sale of foreign exchange (FOREX) to commercial banks before the end of the year, its governor, Mr Godwin Emefiele, said in Abuja on Friday.

    He said the banks would have to start sourcing their FOREX from export proceeds by massively supporting the non-oil sector of the economy.

    Addressing newsmen as fallout of the 364th Bankers’ Committee Meeting, Emefiele said the decision was in line with CBN’s commitment to boost the country’s foreign reserves through proceeds from non-oil exports.

    “The era is coming to an end when, because your customers need 100 million dollars in foreign exchange or 200 million dollars, you pass it to the CBN to give you dollars.

    “It is coming to an end before or by the end of this year. We will tell them not to come to the CBN for foreign exchange again; they should go and generate their export proceeds.

    “When those export proceeds come, we will fund them at 5 per cent for them and they will earn rebate.

    “Then they can sell the proceeds to their customers that want 100 million dollars. But to say they will continue to come to the CBN to give them dollars, we will stop it,’’ he said.

    Emefiele added that Nigeria could not continue to depend on FOREX earnings to fund import obligations of products whose prices and quantities were beyond the control of the CBN.

    CBN had earlier introduced a new FOREX intervention programme – “Race to $200 billion’’ (RT200) – to help to boost non-oil exports and FOREX earnings.

    Emefiele said RT200 aimed at generating 200 million dollars exclusively from non-oil exports over the next three years to five years.

    He said that the CBN would provide concessionary, long-term loans for business people interested in expanding existing plants or building new ones for the purpose of adding value to non-oil commodities before exporting same.

    “These loans will have a tenure of 10 years, with a two-year moratorium and an interest rate of 5 per cent,’’ Emefiele said.

  • CBN extends single-digit interest rates on intervention facilities to 2023

    CBN extends single-digit interest rates on intervention facilities to 2023

    The Central Bank of Nigeria (CBN) has announced that interest rates on its various intervention facilities had been extended till March 1, 2023.

    The CBN Governor, Mr Godwin Emefiele, disclosed this at a news conference following a meeting of the Bankers Committee in Abuja, on Thursday.

    Emefiele said that the apex bank would be reviewing these intervention programmes going forward, to ensure that they continued to achieve the desired results.

    “Although interest rates on our various intervention facilities are expected to revert to nine per cent effective March 1, 2022, we are announcing that the rates will remain at five per cent for another year.

    ”This is in view of the promising trajectory we have established in economic growth and job creation.

    “In effect, the concessionary interest rate of five per cent on our intervention facilities will now be extended until March 1, 2023,” Emefiele said.

    He further said that to date, the CBN, working with Database Management Systems and participating financial institutions, had granted over three trillion naira as intervention loans, one of the critical ingredients to economic recovery and employment generation.

    According to him, under the Anchor Borrowers Programme, the bank had disbursed N948 billion to 4,478,381 smallholder farmers who cultivated 5.2 million hectares of farmland across the country, thereby, creating 12.5 million direct and indirect jobs.

    ”Also, under its Targeted Credit Facility, meant to help households and businesses that suffered significant losses during the COVID-19 pandemic, the Bank disbursed N368.79 billion to 778,000 beneficiaries comprising 648,052 households, and about 130,000 SMEs,” he said.

    The CBN governor added that the bank also disbursed N1.452 trillion to 337 large projects in agriculture, manufacturing, services and mining under the Real Sector Support Facility.

    In healthcare, Emefiele said that 122 major projects had been funded to the tune of N115.36 billion, adding that these interventions went to 31 pharmaceutical and 91 hospital projects.

    He said that the intervention helped to support acquisition of 59 Magnetic Resonance Imaging scanners, 42 Computer Tomography scanners and four Oncology screening machines.

    “For the AGSMEIS programme, which caters to SMEs in agribusiness, a total of N134.63 billion was released to 37,571 SME projects, of which 67 per cent were directly agriculture-related projects, 22.5 per cent in services, while the balance were in fashion, Information Technology and related sub-sectors.

    ” Under the Nigeria Electricity Stabilization Facility, a total of N229 billion was disbursed to nine DisCos, to help cover their financial obligations to upstream market participants.

    “These interventions have helped to significantly improve liquidity in their ecosystem and increased electricity generation from 4,000 MW in 2020 to over 5,000 MW as of September 2021.

    ”The bank has also released N47.83 billion to 10 DisCos under the National Mass Metering Programme for the procurement of 858,026 electricity meters,” Emefiele said.

    He added that because of these disbursements, the revenue collection for DisCos increased significantly to over N69 billion as at December 2021.

  • Rice O Compatriots: Dissecting Emefiele’s Rice Pyramids – By Magnus Onyibe

    Rice O Compatriots: Dissecting Emefiele’s Rice Pyramids – By Magnus Onyibe

    By Magnus Onyibe

    For too long, not much cherry news has been coming out of Nigeria. But despite the woes of insecurity that has practically arrested development in our clime, Godwin Emefiele, governor of Central Bank of Nigeria, CBN through his Anchor Borrowers Program, ABP in partnership with Rice Farmers Association of Nigeria, RIFAN has changed the narrative of Nigeria from doom and gloom to the cherry news of rice pyramids sprouting around Abuja and other cities, especially in the north.

    Before dwelling further on the propriety or otherwise of making a public exhibition of rice cultivated in Nigeria as the CBN and RIFAN did on Tuesday, January 18, 2022, in Abuja, it is proper that we put the significance of pyramids in context by underscoring its role from ancient Egyptian and Benin kingdoms to its last manifestation in Kano in the form of groundnut pyramids before its resurfacing in Abuja as rice pyramids which have generated a massive storm in the mass media — both traditional and social.

    There are different types of pyramids.

    Depending on the shape of the base of the pyramid, they can be classified as a triangular pyramid, square pyramid, and pentagonal pyramid.

    The symbolism of rice pyramids which are triangular in shape and sprouted in Abuja is rooted in the groundnut pyramids of yore which loomed large in the skylines of Kano city. That was back in the days when commodities that were at that time referred to as cash crops — groundnut and cotton in the north, cocoa in the southwest, oil palm and coal in the east, and rubber lumps as well as cashew nuts in the south, were the mainstay of the Nigerian economy.

    Willy nilly, the visual presentation of a pyramid of any commodity is to demonstrate or create the air of abundance to the masses who behold it.

    And pyramids as symbols of power and wealth date back to ancient Egypt under the rule of the pharaohs. Before the British destroyed it in the ancient days when they invaded the palace of the Oba of Benin, a pyramid symbolizing the power and wealth of the Benin kingdom at its peak was located in a strategic corner of the majestic palace of the Oba.

    The point l am trying to make is that the overwhelming visual essence of the power of the pyramid has always been optimally utilized by leaders like pharaoh from ancient Egypt, to Oba of Benin in the heydays of Bini kingdom and later emirs of Kano who created groundnut pyramids to project the wealth of the city which was the epicenter of the famous trans Saharan trade.

    Although the reality may currently be different, groundnut pyramids in Kano gave people the impression of hope, (true or false) that the commodity was in abundance. Given the scarcity of rice in Nigeria following its ban from being imported by the authorities, and the concerted efforts by both rice farmers and the federal government represented by the CBN that injected the required funds to grow rice locally, it was not unexpected that government would want to show off how successful the initiative has been.

    That explains the public display of the abundance of the commodity. It is a sort of assurance to Nigerians that rice is now in surplus, so there is hope that it would soon be in their cooking pots and subsequently in their stomachs.

    Somehow, it was envisaged that the rice pyramids showcased in Abuja would generate a positive effect similar to displaying an array of ships bearing petroleum products in our seaports which gave motorists the assurance that fuel scarcity, (which used to be a source of severe distress in Nigeria) was not in the horizon.

    It was commonsensical that following the optics of fuel-laden vessels offloading the cargo in the seaports, panic buying of fuel that often caused a run on the fuel stations, were avoided as the masses got the sense that there was an abundant supply of the commodity.

    It is in that sense that the rice pyramids were supposed to be a type of symbolism that would project beneficial assurance to Nigerians that their country is now, not only a self-reliant country in rice production but could possibly be a net exporter.

    That is what strongly motivated the Rice Showboat in Abuja.

    It is rather unfortunate that the initiative, appears to have backfired as some Nigerians are clearly riled up by the fact that a million bags of paddy rice is pilled up in multiple pyramids in Abuja when most of the hoi polloi went through Christmas and new year celebrations without rice being cooked in their kitchens and served in their dining tables, how much more end up in their stomachs which is the ideal place for the rice to be.

    As the staple food that is traditionally enjoyed by most folks during periods of festivities, it would have been preferred by Nigerians if the rice pyramids were not in the premises of Abuja chambers of commerce and industry, but in their belly.

    Furthermore, the massive public opprobrium that greeted the Abuja rice pyramid display would not be lost on us when it is projected against the backdrop of the fact that there was a time in our country when some Nigerians only ate rice on Xmas day. That is the origin of the phrase Xmas Rice.

    It was disheartening that during 2021 end-of-year festivities, the masses were denied that luxury. Which is apparently why someone had to take the flak.

    By and large, while the purveyors of the concept for Abuja rice pyramids were altruistic, given the backlash, they may not have engaged in enough critical thinking before birthing and implementing it. Otherwise, they could have identified the potential negative implications and ramifications that just manifested, before embarking on the gambit.

    Had they recognized that we are currently in a country where there is a massive trust deficit between the leaders and followers, the negative consequences of the rice pyramids could have been recognized and avoided.

    Amongst the myriad of factors responsible for the trust deficit between the authorities and the masses is the recent fallout of #Ensars riots whereby in the course of protesting police brutality, youths discovered and looted warehouses containing essential commodities such as rice, etc which are COVID-19 palliatives meant for the masses but were being selfishly kept in warehouses by government officials for their personal enrichment.

    Owing to the #Endsars experience, it is easy for the masses to assume that government is out to once again emasculate them by hoarding the rice that should have been made available to them during Yuletide in the manner that COVID -19 palliatives were hidden from the masses instead of the commodity being distributed to them.

    Furthermore, the timing of the rice pyramid display in January is wrong as it could have had a more positive effect if the exhibition was held before the end of year festivities since it could have given the masses hope that there was enough rice in the country to make the end of year festivities enjoyable.

    What the scenario described above suggests is that it is a combination of strategic and tactical errors as earlier enumerated that have contributed to ruining an otherwise justifiable action aimed at assuring Nigerians that their country is on the way to being not only self-reliant in rice production but a potential net exporter of the commodity that is a critical staple food in our country. It is unfortunate that instead of being a bold statement that Nigeria is now rice independent, there has been a monumental backlash engendered by rice the pyramids which this article is trying to contextualize so that both the authorities and citizens can become aware of the missing links and the cause of the hoopla with a view to avoiding same mistakes in the future.

    If you like, it is a sort of post mortem with a view to putting both the leaders and the followers on the same page.

    And I hope that ultimately, this intervention would help clear the fog for government operatives to appreciate the fact that they have to subject their ideas to tests or what is referred to as proof of concept that could be conducted by social scientists before they are applied.

    As some of us may recall, the vanishing of the groundnut pyramids in Kano was emblematic of the decline of the economic fortunes of our country, especially with respect to wealth from cash crops generated through farming.

    ln reality, the groundnut pyramids in Kano actually disappeared as soon as there was a capacity to process the same into vegetable oil locally.

    And the re-enactment of the pyramid image in Abuja on Tuesday, January 18, 2022, was a ploy to rekindle the feeling of abundance of made in Nigeria rice. Clearly, it is the flagship of President Buhari’s legacy projects. It is also along the same line that Mr president recently visited Lagos to commission the sea-going vessels recently built by the Nigerian navy which was a huge accomplishment in the eyes of the incumbent government.

    All these events are being launched with pomp and pageantry by virtue of the fact that this administration is coming to its terminal end on May 29, 2023, therefore there is the need for President Buhari to curate his legacy before his imminent exit from Aso Rock Villa so that with the burnishing, posterity may be kind to him.

    However, in the light of the dissonance in communication between our leaders and followers, the latter could not see anything good about the rice pyramids which they could only consider to be a stunt-pulling event by the government even when millions of stomachs of the critical masses rumbling due to hunger.

    Nevertheless, beyond the symbolism of the sprouting of rice pyramids in Abuja, the partnership between the CBN that provided the funding through one of its economic intervention funds in different sectors and the Rice Farmers Association of Nigeria, RlFAN is remarkable and worthy of closer scrutiny to identify other benefits which have now been lost in the milieu of kudos and knocks triggered by the now infamous rice pyramids.

    Based on the exciting news emanating from both the CBN and RlFAN, it is amazing how in a space of less than seven (7) years, Nigeria has progressed from the status of a massive importer of rice estimated to be about 1.2 million metric tons annually valued at over N210 billion in 2014 to about 2,000 metric tons and valued at a mere N400 million in 2021.

    The good news above was conveyed by President Buhari in his speech at the pyramids unveiling event. As a skeptic, I had received the incredible statistics on pre and post-ABP/RlCAN rice initiative between 2014 till date with a pinch of salt, until the Thailand Rice Exporters Association website was cited as a source for verification. Unquestionably, there are a variety of perspectives to the Godwin Emefiele induced rice revolution.

    First of all, the leap in local rice production after the CBN committed huge funds to it, confirms the long-held belief that lack of funding can stymie growth in a sector and adequate funding for development in a particular sector or of a commodity can make a huge difference.

    In other words, money can solve all problems, except the ones reserved for the creator of mankind-God.

    Secondly, it is also proof that success can be achieved when an initiative is not only well resourced but also has massive political buy-in such as the type of support that stakeholders ranging from president Mohammadu Buhari down to the state governors of the rice-growing states, rendered the partnership between the CBN and RlFAN. Even the blind, deaf and dumb can attest to the fact that the initiative to make Nigeria rice sufficient in the current administration’s quest for food security received maximum commitment and attention from the top echelon in Aso Rock Villa to those holding the levers of power in the respective government mansions in the various states at the bottom of the pyramid.

    That is reflected by the fact that an enormous amount of funds has been reportedly injected by the CBN into the initiative. In fact, a whopping N300 billion is claimed to have been disbursed to farmers in excess of three (3) million nationwide.

    And the huge investment seems to have been justified if we go by the current abundance of rice in our country evidenced by the one million rice paddy pyramids in Abuja disingenuously referred to as the highest pyramid not only in Africa but in the entire universe by an irreverent Aso Rock Villa social media operative; and which was proudly launched in Abuja on Tuesday, January 18, 2022, with fanfare by President Buhari.

    It is intriguing to me, how in the midst of the chaotic life of the people in the hinterlands, particularly in the northern parts, due to the horrendous state of insecurity in our country, farmers were able to produce so much rice.

    I mean, it seemed incredible and defying to logic that the quantum of rice (one million bags of paddy) that is being declared as having been grown by local farmers as possible when most rural dwellers are believed to be in Internally Displaced Camps, IDP.

    While I was processing the puzzle in the rice pyramids debacle, it was not lost on me that in this age of social media, it would simply be impossible to re-bag imported rice seized from smugglers by the operatives of the Nigerian Customs Service or obtain rice farmed in our Neighboring countries, such as the Niger Republic and Cameroun and falsely present them as locally grown in Nigeria, as being alleged by skeptics.

    Also, it is likely that the stunning phenomenon of Nigeria rapidly advancing from a condition of acute rice scarcity to a position of abundance so rapidly, has also elicited cynical comments to the effect that the rice pyramids were only a few bags stacked up against wooden frames which created the false impression that not that many bags of rice have been grown and harvested through the CBN, Anchor Borrowers Program, ABP partnership with Rice Farmers Association of Nigerian, RIFAN.

    The claim triggered my curiosity and l was determined to investigate and call out the perpetrators of the purported fraud if it was proven to be true. And l was relieved when TheCable, one of the leading online news platforms, fact-checked and came back with the verdict that the rice pyramids launched by President Buhari in Abuja are real and the one trending in the social media with wooden structures beneath, first surfaced in the social media in 2018 when Kunle Amosun, the then governor of Ogun state and now senator, launched a similar rice farming initiative.

    Given the positive optics and the enormous credibility that can be generated when Nigerians see president Buhari physically standing in front of the rice pyramids in Abuja, l can imagine that the CBN governor and RIFAN leadership could not resist taking advantage of the photo opportunity offered to put up a national show comparable to a national day parade.

    As readers might have already noticed, the title of this article: “Rice O Compatriots: Dissecting Emefiele’s Rice Pyramid” is a wordplay and parody of the Nigerian National Anthem — “Arise O Compatriots, Nigeria Call Obey …”

    To the critical masses of Nigeria, the rice pyramids are like a mirage.

    Just like people who live on the bank of a river and do not have potable water to drink would lament: water everywhere, but none to drink.

    Some Nigerians are expressing displeasure that despite the rice pyramids in Abuja, there is none to eat by the proverbial common man.

    That is simply because even if the government wants to make them believe that the commodity is widely available as evidenced by the rice paddy pyramids, affordability to the masses is another issue. The worry stems from the fact that the price of rice has gone up from N10,000 for a 50kg bag in 2014 to about N30,000 in 2021.

    That is perhaps owed to the scarcity occasioned by the closure of Nigeria’s borders for a lengthy time to prevent rice smugglers from flooding the market with the commodity and by so doing disrupting the local rice farming initiative.

    Again, it would appear that the drivers of the rice pyramids scheme failed to manage expectations hence Nigerians are disdainful and therefore dismiss the rice pyramids display as a mere charade. Otherwise, they could have made Nigerians recall that the cost of acquiring cell phone lines when they were first introduced about 20 years ago was astronomical. But over the years, the cost dropped reasonably enough such that practically every Nigerian can afford it and to the extent that SIM cards are even free. What that simply means is that since what goes up must come down, the current high price of rice must come down. So it is a question of time before locally grown rice in Nigeria becomes affordable to the masses in the manner that the cost of GSM telephone lines has drastically crashed in the course of time. That is assuming the massive investment in the sector is sustained.

    It may be recalled that during the Channels TV chat with President Buhari, he deflected Seun Akinboboye’s question on the abysmal statistics portraying a negative scorecard of his government by referring to the superlative accomplishments of his administration in the agriculture sector, with rice pyramids as the mascot.

    In politics, perception can be a reality, hence it was irresistible to showcase the giant strides that the ruling party has taken in the agricultural sector as reflected by the ascension of our country’s status from the category of rice importer, to not only a rice sufficient nation but possibly a net exporter of the commodity in the nearest future via the CBN and RIFAN partnership that has yielded bountifully.

    As I stressed earlier, it is rather unfortunate that the promoters of the rice pyramids jamboree — CBN, RIFAN, and the presidency failed to achieve their intended objective of giving Nigerians the hope that things are getting better in Nigeria in terms of food of security.

    And that is not a good thing, hence the counterproductive outcome of the rice pyramids in the Abuja show.

    The bottom line is that Emefiele as CBN governor and any in any other role he may be playing subsequently has his job cut out for him in another area needing urgent CBN intervention. This is in the area of artisanal crude oil refining in the Niger Delta region.

    Emefiele has to resolve to intervene in the sustenance of lives and livelihood via strategic investments for sustainable oil/gas exploration in the Niger Delta in the manner that he did in the agriculture sector, particularly in rice production.

    When he does the needful (as the youths would put it) he would not need to erect pyramids to prove how successful he and the CBN have been with growing the oil/gas sector, that he was compelled to do with rice pyramids in Abuja to promote the abundance of locally grown rice.

    I can bet that if the government intervenes in the Niger Delta in the way that Godwin Emefiele’s CBN provided Anchor Borrowers Program, ABP funds for farmers mainly based in the Northern part of our country for rice production in which they have a comparative advantage, the situation in the Niger Delta would be different and income from oil/gas business (now that the international price of the commodity is high at $80 per barrel) would be more handsome.

    More than any other time, increased inflow of hard currency into the nation’s economy is needed at this point in time in the life of our country because funding in hard currency is highly needed to sustain the nation’s burgeoning bureaucracy (bloated number of civil servants and gross number and unwieldy cost of buffeting National and State Houses of Assembly) that has become so burdened, that government is currently borrowing to pay the salaries and other emoluments of the aforementioned public servants after which little or nothing is left to fund capital projects.

    It would also be a veritable opportunity and tool to address the volatility in the Niger Delta that has resulted in the dwindling oil production that is making it difficult for our country to meet OPEC’s assigned crude oil production quota.

    For their success in converting Nigeria from a massive importer of rice to a rice independent country and possibly a net exporter of the commodity, we salute President Muhammadu Buhari, Godwin Emefiele, the CBN and RIFAN members.

    As the saying goes: reward for hard work is more work.

    That being so, Emefiele should be put on notice that intervention in the oil/gas sector particularly in the artisanal aspect of indigenous refining of crude oil is overdue.

    Therefore, he should focus his attention in that direction.

    It is about time that the lesson in the conventional wisdom: you can not kill the goose that lays the golden egg, is taken to heart by our country’s leadership.

     

    Magnus Onyibe, an entrepreneur, public policy analyst, author, development strategist, alumnus of Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former commissioner in Delta state government, sent this piece from Lagos.

  • How eNaira is doing 3 months on – Emefiele

    How eNaira is doing 3 months on – Emefiele

    Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says Nigerians are gradually adopting the eNaira, launched three months back.

    Emefiele said this while answering questions from members of the press after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting on Tuesday in Abuja.

    The MPC, at the meeting, retained the country’s Monetary Policy Rate (MPR) at 11.5 per cent. and also unanimously agreed to retain all other monetary policy parameters.

    The Cash Reserved Ratio (CRR) was, thus, retained at 27.5 per cent, Liquidity Ratio, 30 per cent and Assymetric Corridor, +100 and -700 Basis Points around the MPR.

    Emefiele, answering questions after presenting the MPC meeting outcome, said that Person to Bank and Bank to Person transactions have accounted for 90 per cent of transactions done on the eNaira speed wallet.

    “Since its launch about three months ago, Nigerians have continued to gradually adopt eNaira as a fast and reliable means of exchange.

    ”Transactions recorded range from P to P, that is, Person to Person; or Person to Merchant, P to M; Bank to Person; Person to Bank and Bank to Merchants and Merchants to Bank.

    “The Person to Bank and Bank to Person constitute 90 per cent of what we see in the market, and as you will observe, we spent the last three months observing and monitoring the system and addressing issues mostly around initial onboarding,’’ Emefiele said.

    According to him, transactions on the system have been super-fast and remain free for now.

    He said that stringent validation procedures were enforced to preserve the integrity and security of the system since it was account based, and required a digital identity.

    “We feel that you must have a BVN and you must have an account to be able to access it; And we also find that this has created some kind of constraints on people about onboarding with BVN and the rest of them.

    “But again, we believe that what we do by the use of the BVN is the best so as to avoid fraudsters from hacking into the system.

    “Most of the complaints received were mainly around the inability of prospective users to onboard and activate the E wallet due to a mismatch of BVN enrollment records,’’ he said.

    Emefiele said that the bank together with the Nigeria Interbank Settlement System and the Deposit Money Banks were working to simplify the process of updating such information.

    He added that considerable progress had been made with the release of locked accounts for re-onboarding.

    The CBN Governor also said that foreigners who had BVN could now onboard the system.

    He added that with the recent assignment of the enaira USSD code by the Ministry of Communications and digital economy, Nigerians without a smartphone would soon be able to onboard and conduct transactions using enaira by dialling code 997.

    Emefiele said that the apex bank was engaging the fintechs and other industry players to create a bouquet of products on enaira platform.

    He said that while transactions on the system have so far mostly revolved around moving money to and from bank accounts, tests with licensed payment services providers were ongoing to enable payments using enaira on E commerce platforms.

    The CBN Governor explained that this would enable Small and Medium Enterprises and other commercial service providers to offer their products and services and accept enaira as a means of payment and exchange.

    He said that CBN was working on a framework that would leverage the existing and new infrastructure to soon extend the service of enaira to the unbanked, as part of its commitment towards meeting targets for Financial Inclusion.

    Besides, he said that the bank together with its stakeholders planned to embark on a rigorous awareness campaign to create the necessary understanding of the operations of the enaira.