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New CBN Governor Working on Naira Stability, Inflation Mgt

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The acting governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has given an insight into how he and his team  will address both the devaluation of the Naira and the rising inflationary trend.

Cardoso disclosed this while fielding questions from senators during his screening as the CBN governor and the deputy governor nominees on the floor of the National Assembly on Tuesday.

Cardoso said that he will use what he called short term and long term measures to address the challenges .
“On the issue of foreign exchange which everybody has been talking about is very worrisome. It goes without saying that for the sort of country we want we need to have an exchange rate that is very stable. For a country that we all dream of we need to have an exchange rate that is stable.

“The major short term measure has to do with balance of payments over a period of time like the sort of things that are being done already with respect to ensuring that you are getting more Petroleum Resources and diversifying the economic base of the country. That I believe will continue by the present administration and of course it will take time I think we should take that as a medium.

“The more immediate is what you need to look at: Number one, is what I call operational issue.

“We are aware that there are unsettled obligations by the CBN. Whether it is N$4b, N$5b or N$7b, I don’t know but definitely the immediate priority is to ascertain the extent.

“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.”

Cardoso further explained his second point, saying, “Second, we have to be transparent so that any of the players in that market will understand. We have to come up with rules that are transparent that any of the players in that business understands

“You cannot reasonably expect serious foreign investors, portfolio investors Foreign Direct Investment, that is why we were talking about short term we are not going to expect that players players who will have direct impact on your market will not do so if we do not have an open, transparent system that everybody understands, that can be relied on.

“Those two immediate steps will go a long way to ease up the restrictions and encourage investors to come with their money.
The short term measures is something that my team will address. The impact will help us with greater liquidity.

“In setting up those guidelines, one will also have to carry stakeholders along.

“These are two immediate steps that will go a long way to ease up the restrictions and encourage investors to come with their money. The short term measures is something that my team will address. The impact will help us with greater liquidity.

“On the issue of inflation , again there are longer term measures there are shorter term measures and I believe that some of those measures are being taken already.

“We will be looking at evidenced based monetary policies. We must do something about our data capacity to take critical decisions, based on data.”

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BUA Chairman Rabiu shares South Africa visa entry denial experience at Africa CEO Forum

Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.

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The founder and Chairman of BUA Group, Abdul Samad Rabiu, has recounted how he was denied entry into South Africa after his visa expired a day before his trip, while European travellers were reportedly allowed into the country without visas.

Rabiu shared the experience on Thursday while speaking on “Africa at Scale: Capital, Policy and the Architecture of Growth” at the ongoing Africa CEO Forum in Kigali, Rwanda.

He said that the incident occurred in February 2025 when he travelled from Lagos to Cape Town for the Mining Indaba conference.

He said that immigration officials stopped him on arrival after discovering that his visa had expired the previous day.

Rabiu explained that he and his team spent about four hours at the airport before he was eventually returned to Lagos.

“I take full responsibility because my visa had expired and my crew failed to notice it before the trip,” he said.

However, the businessman said that he became concerned after noticing that passengers arriving on multiple flights from Europe were allowed into South Africa without visas while he, as an African, was denied entry.

“While we were waiting at the immigration desk, there were about three international flights from Europe. Most of the passengers were Europeans, and they all entered Cape Town without visas,” he said.

Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.

“I did not have a problem with being returned because I had no valid visa. My issue was being an African in Africa and being denied entry, while foreigners from other continents were allowed in freely without visas,” he said.

He called for reforms in visa and immigration policies across the continent, stressing that Africa cannot achieve meaningful economic integration while Africans continue to face barriers moving within African countries.

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At Africa CEO Forum, President Tinubu Highlights “Partnerships That Moves Africa Forward”

“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.

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President Bola Ahmed Tinubu during a panel session at the ongoing Africa CEO Forum, called for “Partnership that can move Africa forward.”

He advocated an “Africa First” approach to development, insisting that African resources should primarily benefit the continent through local processing and manufacturing.

“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” said President Tinubu.

He said that his administration’s policies were positioning Nigeria as an open and competitive destination for investment.

“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” President Tinubu said.

President Tinubu attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.

He said that Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country possesses the capacity to manufacture products such as electric vehicle batteries from its mineral resources.

He said: “With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.

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Obi Meets UK Business Leaders, Advocates Stronger Support for MSMEs

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Presidential hopeful of the National Democratic Congress (NDC), Mr. Peter Obi, has reiterated the critical role of micro, small, and medium-sized enterprises (MSMEs) in driving Nigeria’s economic growth and reducing unemployment.

Obi made the remarks on Tuesday following a series of meetings in London with stakeholders in British politics and the business community, including Jonathan Marland, Chairman of the Commonwealth Enterprise and Investment Council (CWEIC).

According to Obi, discussions with Lord Marland focused on prospective trade opportunities, economic advancement, and strategies for promoting small businesses across Nigeria.

Drawing comparisons with rapidly developing economies such as China, Indonesia, and Vietnam, Obi stressed that sustainable economic growth and job creation can only be achieved through deliberate support for MSMEs.

The former Anambra State governor maintained that small businesses remain the backbone of the economy and called for stronger policies aimed at boosting development and creating employment opportunities, particularly in the agriculture and manufacturing sectors.

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