Business

MAN Tasks CBN On Monetary Policy Failures To Curb Inflation

Published

3 years ago

May 25, 2023

365 Views

The Manufacturers Association of Nigeria (MAN) says that the Monetary Policy of the Central Bank of Nigeria (CBN) has failed to curb the rising inflation in the economy.

The Association, therefore, urges the apex bank to think outside the conventional monetary policy framework and take pragmatic steps to quell the inflationary pressure and reposition the economy.

Reacting today, to the CBN’s Monetary Policy Rate (MPR) which raised to 18.5 percent in May 2023 from 18 percent, MAN said : ” This MPR increase is the 7th in a trend and the inflation rate continues to rise despite the increases.

Segun Ajayi-Kadir, its Director-General, said that this is a clear indication that the policy tightening is not effective in curbing the inflationary pressures and more needed to be done.
What Should Be Done?
” It is evident that the continuous and consistent increase in MPR is not yielding the desired growth in the economy.

” The Nigerian economy remains fragile and bedeviled with numerous challenges that inhibit growth. Therefore, the monetary authority needs to pay closer attention to rethink the policy mix, bearing in mind the parlous state of the economy, especially the effect of a high MPR on the manufacturing sector and the economy.

The increase in MPR from 18% to 18.5% will certainly lead to an increase in lending rates and worsen the uncompetitiveness of the manufacturing sector.

The Association has been clamoring for single-digit lending rates to allow manufacturers access needed funds to boost the performance of the sector.

This increase, like the previous ones, is evidence that the CBN is either unperturbed about the plight of the productive sector or is unable to fathom out a more creative policy mix that would reflate the sector.

We are persuaded that monetary authority is oblivious of the fact that the failure of its tightening policy to address the inflationary pressure is because the hike in inflation is largely caused by a combination of familiar challenges, including low output which is attributed to instability of macroeconomic variables, inconsistent and lackluster fiscal policy regime, incoherent industrial policies, challenging and expensive operating environment, exploitative regulation, external shocks and poor exchange rate management.

Therefore, there is a need to address the identified root causes of inflation and refrain from intensifying policy choices that hamper the performance of the real sectors of the economy.

Interrelationship Among Interest Rate, Inflation Rate and Exchange Rate

The movements of interest rate, inflation rate and exchange rate have direct impact on investment, employment and output of any economy.

In the conventional monetary framework that was adopted by the CBN, increase in MPR should increase interest rate and by extension attract financial investment.

However, it will also increase the cost of borrowing, crowd out more investments in the real sector and lower the output of the manufacturing sector, ” said the Director-General.

Business

John Ternus is Apple’s incoming CEO

John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.

Published

17 hours ago

April 21, 2026

OCHEFA

25 Views

• John Ternus / CNBC / Getty Images

Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.

John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.

CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.

But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.

It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Meta commit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.

Business

NCC, CBN launch telecom industry portal to track fraudulent phone lines

“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”

Published

17 hours ago

April 21, 2026

OCHEFA

30 Views

The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.

It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.

“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.

“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.

Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.

On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.

He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.

Business

FG allocates Flour Mills’ Golden Sugar 300,000MT annual production target

Golden Sugar Company, a subsidiary of Flour Mills of Nigeria PLC, currently cultivates about 6,600 hectares, producing about 20,000 metric tonnes of sugar yearly, according to the Group Chief Executive Officer of GSC, Boye Olusanya.

Published

1 day ago

April 20, 2026

OCHEFA

20 Views

Photo: Director of Strategy and Stakeholder Relations at Flour Mills of Nigeria Plc, Sadiq Usman (left); Head, Strategy and Performance Management at the National Sugar Development Council (NSDC), Ms. Edirin Akemu; Group Chief Executive Officer of Golden Sugar Company (GSC), Boye Olusanya; Minister of State for Industry, Senator John Owan Enoh; Executive Secretary/Chief Executive Officer, NSDC, Kamar Bakrin and GSC General Manager, Anlo Du Pisani; during the Minister’s visit to the GSC Complex in Sunti, Niger state.

The Minister of State for Industry, John Owan Enoh, has urged the Golden Sugar Company (GSC) to expand its yearly production capacity to 300,000 metric tonnes by 2030.

The Ninister, accompanied by the Executive Secretary of the National Sugar Development Council (NSDC), Kamar Bakrin, gave the charge when he visited the GSC Complex in Sunti, Niger state.

The Minister noted that the current local sugar production in the country is a long distance away from the 1.8 million metric tonnes that the country consumes yearly, adding that, the GSC must contribute 300,000 metric tonnes in the year 2030.

He commended the management of the company for the employment of about 4,500 workers, emphasising that the government’s requirement for gainful employment is itself achieved here.