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The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) decided to hold key interest rate at record 14 percent, while seeking convergence in foreign exchange market.

Godwin Emefiele, governor of the apex bank disclosed this at the end of the meeting in Abuja on Tuesday, said all members of the committee voted to hold interest rate at current figures.

Again, CBN MPC holds interest rates at record high to maintain naira gain

He said the committee decided to keep key interest rate at 14 percent, while cash reserve ratio (CRR) and liquidity ratio were held at 22.5 percent and 30 percent respectively.

“The MPC was of the view that whereas the downward trend in inflation is a welcome development, the rate was still significantly above the policy reference band,” Emefiele said.

“Committee is particularly with the gradual retreat in inflation, the relative stability in the naira exchange rate across all segments of the market and the improved prospect of foreign inflows.

“The  monetary policy committee this is intended to allow the existing policies to achieve their goals and objectives.

“The committee was also concerned that loosening will excercebate inflationary pressure and worsen the gains so far achieved in exchange rate of the naira. It was also convinced that loosening will further increase the negative interest rate.”

THE CABLE

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) decided to hold key interest rate at record 14 percent, while seeking convergence in foreign exchange market.

Godwin Emefiele, governor of the apex bank disclosed this at the end of the meeting in Abuja on Tuesday, said all members of the committee voted to hold interest rate at current figures.

Again, CBN MPC holds interest rates at record high to maintain naira gain

He said the committee decided to keep key interest rate at 14 percent, while cash reserve ratio (CRR) and liquidity ratio were held at 22.5 percent and 30 percent respectively.

“The MPC was of the view that whereas the downward trend in inflation is a welcome development, the rate was still significantly above the policy reference band,” Emefiele said.

“Committee is particularly with the gradual retreat in inflation, the relative stability in the naira exchange rate across all segments of the market and the improved prospect of foreign inflows.

“The  monetary policy committee this is intended to allow the existing policies to achieve their goals and objectives.

“The committee was also concerned that loosening will excercebate inflationary pressure and worsen the gains so far achieved in exchange rate of the naira. It was also convinced that loosening will further increase the negative interest rate.”

THE CABLE

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) decided to hold key interest rate at record 14 percent, while seeking convergence in foreign exchange market.

Godwin Emefiele, governor of the apex bank disclosed this at the end of the meeting in Abuja on Tuesday, said all members of the committee voted to hold interest rate at current figures.

Again, CBN MPC holds interest rates at record high to maintain naira gain

He said the committee decided to keep key interest rate at 14 percent, while cash reserve ratio (CRR) and liquidity ratio were held at 22.5 percent and 30 percent respectively.

“The MPC was of the view that whereas the downward trend in inflation is a welcome development, the rate was still significantly above the policy reference band,” Emefiele said.

“Committee is particularly with the gradual retreat in inflation, the relative stability in the naira exchange rate across all segments of the market and the improved prospect of foreign inflows.

“The  monetary policy committee this is intended to allow the existing policies to achieve their goals and objectives.

“The committee was also concerned that loosening will excercebate inflationary pressure and worsen the gains so far achieved in exchange rate of the naira. It was also convinced that loosening will further increase the negative interest rate.”

THE CABLE

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) decided to hold key interest rate at record 14 percent, while seeking convergence in foreign exchange market.

Godwin Emefiele, governor of the apex bank disclosed this at the end of the meeting in Abuja on Tuesday, said all members of the committee voted to hold interest rate at current figures.

Again, CBN MPC holds interest rates at record high to maintain naira gain

He said the committee decided to keep key interest rate at 14 percent, while cash reserve ratio (CRR) and liquidity ratio were held at 22.5 percent and 30 percent respectively.

“The MPC was of the view that whereas the downward trend in inflation is a welcome development, the rate was still significantly above the policy reference band,” Emefiele said.

“Committee is particularly with the gradual retreat in inflation, the relative stability in the naira exchange rate across all segments of the market and the improved prospect of foreign inflows.

“The  monetary policy committee this is intended to allow the existing policies to achieve their goals and objectives.

“The committee was also concerned that loosening will excercebate inflationary pressure and worsen the gains so far achieved in exchange rate of the naira. It was also convinced that loosening will further increase the negative interest rate.”

THE CABLE

Nigeria’s minister of state for petroleum has insisted the country would stop importing refined petroleum products in 2019, noting that the country “must process rather than ship out oil.”

Emmanuel Ibe Kachikwu said he would walk away from his job if the 2019 target, which he claimed he set for himself, is not achieved.

“2019 is the target time…I target 2019. If I don’t achieve it, I will walk…I put the date and I will achieve it,” the minister told BBC’s Stephen Sackur on ‘Hardtalk’.

But he did not state when in 2019 the target would be met.

Part of his plans includes reshaping the almost ‘comatose’ refineries, which he said have been able to produce 7 million litres since 2015. He also hopes the construction of a new refinery, for which an MoU has been signed, would help achieve his target.

In spite of the government’s effort to ensure the oil and gas industry is reformed to achieve self-sufficiency, better performance and reduced corrupt practices, Kachikwu says Nigeria could not afford to continue being a monolithic economy, especially in view of the slump in the price of oil.

“I look at the positive side of oil also in terms of what it’s done to a country over the years. But when the price slumps, it’s dangerous,” he continued.

“But we will love to see a lot more diversification, a lot more efforts going into agriculture, emphasis on tourism.”

He conceded that militancy in the Niger Delta had dented, albeit temporarily, his projection for Nigeria’s oil self-sufficiency.

Nigeria normally produces around 2.2 million barrels per day (BPD), but output dropped to a low of 1.4 BPD this year due to militants’ attacks. The attacks were also largely responsible for the country’s negative economic growth.

Efforts by the government are on-going to ensure the relative peace in the region continues. Such efforts are devoid of buying off the militants, Kachikwu said.

Late 2016, Kachikwu told a press conference in Abuja that he expected zero shutdowns of oil production as a result of militancy in 2017, hanging his optimism on “fairly good, fairly civilised dialogue” held with the militants.

“The militants in the Niger Delta disrupted production and got us this longer to solve…and it is taking a lot of work from me, some in the Niger Delta…and the vice president to get back on track,” he said.

But with a new attack on a pipeline operated by the Nigerian Gas Company Limited, a subsidiary of the Nigerian National Petroleum Corporation, on Saturday, Kachikwu’s dream maybe on the line.

GUARDIAN 

Nigeria’s minister of state for petroleum has insisted the country would stop importing refined petroleum products in 2019, noting that the country “must process rather than ship out oil.”

Emmanuel Ibe Kachikwu said he would walk away from his job if the 2019 target, which he claimed he set for himself, is not achieved.

“2019 is the target time…I target 2019. If I don’t achieve it, I will walk…I put the date and I will achieve it,” the minister told BBC’s Stephen Sackur on ‘Hardtalk’.

But he did not state when in 2019 the target would be met.

Part of his plans includes reshaping the almost ‘comatose’ refineries, which he said have been able to produce 7 million litres since 2015. He also hopes the construction of a new refinery, for which an MoU has been signed, would help achieve his target.

In spite of the government’s effort to ensure the oil and gas industry is reformed to achieve self-sufficiency, better performance and reduced corrupt practices, Kachikwu says Nigeria could not afford to continue being a monolithic economy, especially in view of the slump in the price of oil.

“I look at the positive side of oil also in terms of what it’s done to a country over the years. But when the price slumps, it’s dangerous,” he continued.

“But we will love to see a lot more diversification, a lot more efforts going into agriculture, emphasis on tourism.”

He conceded that militancy in the Niger Delta had dented, albeit temporarily, his projection for Nigeria’s oil self-sufficiency.

Nigeria normally produces around 2.2 million barrels per day (BPD), but output dropped to a low of 1.4 BPD this year due to militants’ attacks. The attacks were also largely responsible for the country’s negative economic growth.

Efforts by the government are on-going to ensure the relative peace in the region continues. Such efforts are devoid of buying off the militants, Kachikwu said.

Late 2016, Kachikwu told a press conference in Abuja that he expected zero shutdowns of oil production as a result of militancy in 2017, hanging his optimism on “fairly good, fairly civilised dialogue” held with the militants.

“The militants in the Niger Delta disrupted production and got us this longer to solve…and it is taking a lot of work from me, some in the Niger Delta…and the vice president to get back on track,” he said.

But with a new attack on a pipeline operated by the Nigerian Gas Company Limited, a subsidiary of the Nigerian National Petroleum Corporation, on Saturday, Kachikwu’s dream maybe on the line.

GUARDIAN 

Nigeria’s minister of state for petroleum has insisted the country would stop importing refined petroleum products in 2019, noting that the country “must process rather than ship out oil.”

Emmanuel Ibe Kachikwu said he would walk away from his job if the 2019 target, which he claimed he set for himself, is not achieved.

“2019 is the target time…I target 2019. If I don’t achieve it, I will walk…I put the date and I will achieve it,” the minister told BBC’s Stephen Sackur on ‘Hardtalk’.

But he did not state when in 2019 the target would be met.

Part of his plans includes reshaping the almost ‘comatose’ refineries, which he said have been able to produce 7 million litres since 2015. He also hopes the construction of a new refinery, for which an MoU has been signed, would help achieve his target.

In spite of the government’s effort to ensure the oil and gas industry is reformed to achieve self-sufficiency, better performance and reduced corrupt practices, Kachikwu says Nigeria could not afford to continue being a monolithic economy, especially in view of the slump in the price of oil.

“I look at the positive side of oil also in terms of what it’s done to a country over the years. But when the price slumps, it’s dangerous,” he continued.

“But we will love to see a lot more diversification, a lot more efforts going into agriculture, emphasis on tourism.”

He conceded that militancy in the Niger Delta had dented, albeit temporarily, his projection for Nigeria’s oil self-sufficiency.

Nigeria normally produces around 2.2 million barrels per day (BPD), but output dropped to a low of 1.4 BPD this year due to militants’ attacks. The attacks were also largely responsible for the country’s negative economic growth.

Efforts by the government are on-going to ensure the relative peace in the region continues. Such efforts are devoid of buying off the militants, Kachikwu said.

Late 2016, Kachikwu told a press conference in Abuja that he expected zero shutdowns of oil production as a result of militancy in 2017, hanging his optimism on “fairly good, fairly civilised dialogue” held with the militants.

“The militants in the Niger Delta disrupted production and got us this longer to solve…and it is taking a lot of work from me, some in the Niger Delta…and the vice president to get back on track,” he said.

But with a new attack on a pipeline operated by the Nigerian Gas Company Limited, a subsidiary of the Nigerian National Petroleum Corporation, on Saturday, Kachikwu’s dream maybe on the line.

GUARDIAN 

Nigeria’s minister of state for petroleum has insisted the country would stop importing refined petroleum products in 2019, noting that the country “must process rather than ship out oil.”

Emmanuel Ibe Kachikwu said he would walk away from his job if the 2019 target, which he claimed he set for himself, is not achieved.

“2019 is the target time…I target 2019. If I don’t achieve it, I will walk…I put the date and I will achieve it,” the minister told BBC’s Stephen Sackur on ‘Hardtalk’.

But he did not state when in 2019 the target would be met.

Part of his plans includes reshaping the almost ‘comatose’ refineries, which he said have been able to produce 7 million litres since 2015. He also hopes the construction of a new refinery, for which an MoU has been signed, would help achieve his target.

In spite of the government’s effort to ensure the oil and gas industry is reformed to achieve self-sufficiency, better performance and reduced corrupt practices, Kachikwu says Nigeria could not afford to continue being a monolithic economy, especially in view of the slump in the price of oil.

“I look at the positive side of oil also in terms of what it’s done to a country over the years. But when the price slumps, it’s dangerous,” he continued.

“But we will love to see a lot more diversification, a lot more efforts going into agriculture, emphasis on tourism.”

He conceded that militancy in the Niger Delta had dented, albeit temporarily, his projection for Nigeria’s oil self-sufficiency.

Nigeria normally produces around 2.2 million barrels per day (BPD), but output dropped to a low of 1.4 BPD this year due to militants’ attacks. The attacks were also largely responsible for the country’s negative economic growth.

Efforts by the government are on-going to ensure the relative peace in the region continues. Such efforts are devoid of buying off the militants, Kachikwu said.

Late 2016, Kachikwu told a press conference in Abuja that he expected zero shutdowns of oil production as a result of militancy in 2017, hanging his optimism on “fairly good, fairly civilised dialogue” held with the militants.

“The militants in the Niger Delta disrupted production and got us this longer to solve…and it is taking a lot of work from me, some in the Niger Delta…and the vice president to get back on track,” he said.

But with a new attack on a pipeline operated by the Nigerian Gas Company Limited, a subsidiary of the Nigerian National Petroleum Corporation, on Saturday, Kachikwu’s dream maybe on the line.

GUARDIAN 

Juliet Ehimuan-Chiazor, the country manager for Google in Nigeria, has asked the Nigerian government to simplify taxes and end multiple taxation.

Ehimuan-Chiazor, also requested that the government should reduce fees involved in laying fibre optic cables to encourage development of infrastructure for the technology industry.

Google asks Nigeria to simplify taxes, stem multiple payment

Speaking to Reuters, the Google boss said boosting the technology industry would help diversify Nigeria’s oil-dependent economy.

“The private sector can play a very strong role,” Ehimuan-Chiazor told Reuters, adding that internet service providers regularly complained that multiple taxes at the federal and state level raised the cost of expanding the required infrastructure.

“Where the government can help is just removing some of those obstacles – for example, bringing down right of way fees and removing this challenge around multiple taxation,” she said.

Ehimuan-Chiazor said Google had laid fibre optic cables in Uganda’s capital Kampala and in Abidjan in Ivory Coast, but said it had no similar plans in Nigeria.

The ministry of budget and national planning has outlined in the country’s  Economic Recovery and Growth Plan (ERGP) that the government would encourage local production of technology hardware to reduce dependence on imports and generate foreign exchange.

The ambitious plan aims to create 2.5 million new technology jobs in 2017-2020 via a state-run training programme.

THE CABLE

Juliet Ehimuan-Chiazor, the country manager for Google in Nigeria, has asked the Nigerian government to simplify taxes and end multiple taxation.

Ehimuan-Chiazor, also requested that the government should reduce fees involved in laying fibre optic cables to encourage development of infrastructure for the technology industry.

Google asks Nigeria to simplify taxes, stem multiple payment

Speaking to Reuters, the Google boss said boosting the technology industry would help diversify Nigeria’s oil-dependent economy.

“The private sector can play a very strong role,” Ehimuan-Chiazor told Reuters, adding that internet service providers regularly complained that multiple taxes at the federal and state level raised the cost of expanding the required infrastructure.

“Where the government can help is just removing some of those obstacles – for example, bringing down right of way fees and removing this challenge around multiple taxation,” she said.

Ehimuan-Chiazor said Google had laid fibre optic cables in Uganda’s capital Kampala and in Abidjan in Ivory Coast, but said it had no similar plans in Nigeria.

The ministry of budget and national planning has outlined in the country’s  Economic Recovery and Growth Plan (ERGP) that the government would encourage local production of technology hardware to reduce dependence on imports and generate foreign exchange.

The ambitious plan aims to create 2.5 million new technology jobs in 2017-2020 via a state-run training programme.

THE CABLE