Category: Business

  • Nigeria-China to Engage in Mechanised Farming in Cross River State

    By Paulyne Eba

    The State Government would partner China to establish China – Nigeria demonstration zone as well as exhibition centre for farm machinery in the State.

    To this end, three(3) thousand hectares of land has already been earmarked for the purpose.

    Speaking in his office, the Deputy Governor, Professor Ivara Esu disclosed this while receiving a high powered delegation from Changchun China.

    He hinted that vital crops such as rice, coconut, medicinal plants would be cultivated in demonstration farm across the State in view of their critical needs to the Nation.

    Prof. Esu explained that rice will also be cultivated in other parts of the State to meet growing demands adding that latest experts in farm machinery and technology will be applied to optimize output.  He assured the cooperation of the Ayade administration for the emerging agricultural initiative.

    The Chairman Changchun Political Consultative Conference and President of Changchun People’s Association for Friendship with foreign countries expressed satisfaction with high level cordiality between Cross River State and Changchun.

    The Chinese investor imputed that the issues of capacity building and training as well as exchange programme will top priority list stating that an MOU between the state and China will be signed in Abuja soon to consolidate the partnership.

    The Commissioner for Agriculture, Professor Tony Eneji informed that the courtesy call was an early visit to the Chinese State of Changchun, noting that the State Government has put measures in place for a successful agricultural development partnership.

  • Cross River Business Man to loan State Government money to pay Workers salaries

    Sunny Omagu Ogar

    A well renowned Cross River State business man, Sunny Omagu Ogar has announced he’ll be of aid to the Cross River State Government in terms of owed salaries.

    Sunny Omagu who is from Northern Cross River State said he’ll be willing to loan the state government money to pay local government workers salaries in his own local government area of birth.

    We all know that for quite some time now, the state government have been struggling to pay local government workers and the salary is accumulating as the year runs down. But this good Samarithan who is God sent is ready to put a smile on the faces of his brothers again.

    Sunny wrote this on his Facebook page openly:

    “I am willing to loan cross river state government money to pay off one month staff salary owed to my birth local government workers.

    “SA on economic and financial matters to the state government can contact me for terms and conditions. Inbox- Sunny Omagu Ogar.” He added.

    Who can in this time of recession do this? Even the top politicians holding big political post can’t. God bless Sunny Omagu Ogar. God bless Cross River State. God bless Nigeria.

  • Nigerian Police to partner Calabar Garment Factory to Sew Uniforms (Photos)

    Whenever Governor Ayade of Cross River State leaves his seat for his deputy, prof. Evara, his outing is geared towards attracting development to Cross River. Far away in Europe he attracts investors to drive economic resurgence in Cross River.

    Today, his visit to the IG is attracting the Nigerian police to patronise the Cross River Garment Textile in making their uniforms in Cross River.

    The Nigeria Police Force has expressed its intention to partner the Cross River State Government on the Garment Factory by sewing uniforms for the organization’s officers locally.

    The Inspector-General of Police, IGP Ibrahim Idris disclosed this on the 16th of September, 2016 when he hosted a delegation of the state Government led by the Governor, Senator Ben Ayade to his office on a courtesy visit where he also appealed to the governor to provide land for the force to build a residential estate.

    IGP Idris according to our source, said the Police as part of its efforts to contribute to the nation’s economy will patronize local content, hence will sew its uniforms in the Cross River Garment Factor.

    Ayade, who was in the company of his Chief of Staff, Martins Orim and the Chairman of the New Cities Development Board, KJ Agba was delighted at the propositions and accepted to partner with the Police.

    Note Carefully: The well equipped Cross River Garment Factory is ready to maximally serve one of the basic needs of man by providing clothes for the Nigerian police, schools, traders etc.

  • GTBank Commonwealth Team Wins Royal Salute Coronation Cup

    On Saturday July 23, 2016, the GTBank Common Wealth Team, made up of players from Pakistan, New Zealand, South Africa and Canada, emerged victorious against the England team to win one of Polo’s most iconic trophies. The Commonwealth Team, sponsored by leading African financial institution, Guaranty Trust Bank plc, defeated the England Team 12 – 11 in what was an amazing showpiece of fast-paced polo filled with pure passion, competitiveness and fair play.

    The Royal Salute Coronation Cup is one of the most historic of polo trophies which annually pits the finest international players against the England team in a contest attended by members of the British Royal Family as well as distinguished personalities from the world’s Diplomatic, Aristocratic, Business, Arts, Government and Celebrity circles

    The match, which held Saturday July 23, 2016 was played on the prestigious Smiths Lawn at Guards Polo Club, Ascot, within the magnificent surroundings of Windsor Great Park in London, United Kingdom. The Commonwealth team, represented by South African Chris Mackenzie, Canadian Freddie Mannix, Pakistani Hissam Ali Hyder and New Zealander John Paul Clarkin defeated an English team of tournament veterans Jack Richardson, Max Charlton, James Beim and James Harper to become only the second guest team to win Royal Salute Coronation Cup since 2009.

    According to Brigadier John Wright, Chairman of the Hurlingham Polo Association, “This year’s Royal Salute Coronation Cup showcased international polo at its best. I would like to thank the organizers of this event for creating a world-class platform on which to promote polo to an increasing audience.”

    Commenting on the Bank’s sponsorship of the Commonwealth Team, Segun Agbaje, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, said; “We are proud to sponsor the Commonwealth Team in a tournament that is second to none in the world of Polo and which showcases the noble values of passion, quality and competitiveness – values deeply enshrined in the GTBank culture and which have made the bank a truly African and proudly international financial institution.”

    GTBank has consistently played a leading role in Africa’s banking industry. The Bank operates from over 230 branches in Nigeria and has banking subsidiaries in Kenya, Rwanda, Uganda, Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom. Regarded for its superior financial performance and best in-class product and service delivery, the bank has received numerous awards from industry watchers and analysts, some of which are the “Best Banking Group of 2016, Nigeria,” by the World Finance Magazine and the 2016 Bank of the Year by Euromoney, a leading authority for the world’s banking and financial markets.

  • McKinsey research shows big opportunities ahead in Africa

    Acha Leke, Senior Partner McKinsey Johannesburg 

    Although Africa’s growth has slowed, the long term fundamentals are strong, big business opportunities lie ahead and the overall outlook is positive. These facts are contained in the latest McKinseyGlobal Institute Report just released today titled, Lions On The Move II: Realizing The Potentials of Africa’s Economy.

    According to the MGI’S new report, four fundamentals are likely to underpin Africa’s economic growth. Firstly, Africa has the fastest urbanization rate in the world. Over the next ten years, 187 million more Africans will live in cities—equivalent to half the US population today.Secondly, it has the biggest working-age population in the world of 1.1 billion in 2034—larger than in either China or India. Thirdly, it has the largest reserves in the world of many key natural resources (e.g., 60 percent of the world’s unutilized but potentially available cropland, and the largest global reserves of vanadium, manganese, and many others). Additionally, Africa has the chance to leapfrog old technologies using mobile and digital (e.g., penetration of smartphones expected to hit 50 percent in 2020 vs. 18 percent in 2015).

    The new MGI report confirmed that spending by consumers and businesses in Africa today totals $4 Trillion. By 2025, the total could be $5.6 Trillion. Household consumption is expected to grow by 3.3% a year and reach $2.1 Trillion by 2025. The total could be $5.6 Trillion, reflecting an expanding African consuming class. Business spending is expected to grow from $2.6 Trillion in 2015 to $3.5 Trillion by 2025, and Africa has an opportunity to nearly double manufacturing output from $500 Billion today to $930 Billion in 2025. AFRICA’S economies are no longer a story about exporting commodities- but about tapping into vibrant domestic demand. Accelerated industrialization could lead to a steep change in productivity and and the creation of 6-14 million stable jobs over the next 10 years.

    AchaLeke, a McKinsey Senior Partner and Report Co-author, said:“Our new research shows how in coming years Africa will benefit from strong fundamentals including a young and growing population, the world’s fastest urbanization rate, and accelerating technological change. These will help drive rapid growth in consumer markets and business supply chains, and will offer opportunities to build large, profitable industrial and services companies. “Tapping Africa’s consumer markets will require companies to have a detailed understanding of income, demographic, and category trends. Thriving in business markets will require businesses to offer products and develop sales forces able to target the relatively fragmented private sector. But what our research also shows is how much work needs to be done both by companies themselves and by Africa’s governments to translate opportunity into tangible economic benefits.”To make the most of the opportunities, Africa needs more large companies. MGI’S new database of Corporate Africa, shows that the continent has 700 companies with revenues of more than $500 million, of which 400 companies have revenues of more than $1 Billion. AFRICA’S companies are growing faster and are generally more profitable than their global peers. “Africa’s top 100 companies have achieved success by developing strong positions at home, staying the course to build their businesses over decades, integrating what other companies would usually outsource, and investing in building and retaining talent. Further success is possible in six high-potential sectors with high growth, high profitability, and low consolidation. These are: wholesale and retail, food and agro-processing, health care, financial services, light manufacturing, and construction.”

    Governments need to play a stronger role in unleashing renewed dynamism. Six priorities emerge from this research. Firstly, mobilize more domestic resources, taking bold steps to mobilize more of its own funding to finance development. Secondly, aggressively diversify economies, encouraging growth in high-potential sectors in close cooperation with business, based on a clear understanding of their countries’ comparative advantages. Then accelerate infrastructure development and deepen regional integration.

    Additionally, create tomorrow’s talent, ensuring that educational and training systems build work-relevant skills, and that students are aware of, and encouraged to enter, these vocations and that the private sector builds on best practice. Finally, ensure “healthy” urbanization, so that cities grow with the infrastructure required to make the biggest positive economic and social impact possible. Delivering on these six priorities will require the vision and determination to drive far-reaching reforms in many areas of public life—and capable public administration with the skill and commitment to implement such reforms.

  • Ayade’s CRS Government, For, Against or Indifferent: We Shall All Sail Across Together or Sink Together with our Greatest Capital – Ukoyonoh

    Cross River State Logo

    Our Greatest Capital, By Eugene Ukoyonoh

    A few months into my company’s arrival in Kano State to contribute to the successful implementation of the CBN Northwest Entrepreneurship Development Centre (CBN NWEDC) project, I received a SMS message  from the GM of the multi-billion naira Kano five-star  🌟 🌟 🌟 🌟 🌟  Grand Central Hotel, Hajiya Amina Jibrin, who was on her way out of the country, requesting a meeting in a fortnight to consider a problem she felt we could solve for her organisation.  A colleague’s husband and banker had given her my contact.

    On the appointed day,  I sat in her office in company of Malam Nasiru Lawan Idriss – then BDS Manager of the NWEDC – listening carefully to the GM whose accountant was unavoidably absent explain their organisation’s critical need, and considering how we could help.

    The parting remarks of Hajiya Jibrin at the close of that maiden meeting left an indelible scratch on my mind, not because it was strange anyway.

    She said “Mr. Eugene, I have no question regarding your capability of handling, or commitment to solving, our problem when we finally reach a common ground on charges and payment terms. To answer your question before you voice it out, it was not until you demonstrated a  sense of thorough understanding of our situation and gave handy insights into the solution approaches, which only proved right our link man’s (the banker) edification of your capability, that I developed such confidence.

    Rather, your self-introduction as originating from Cross River State during our acquaintance session instantly shifted my focus from questioning your capability and commitment, to ‘how we could reach a common ground on financing, irrespective of the team you may employ doe the project’. Yes. I have worked with people across multiple backgrounds and cultures in my over 20 years active engagements in local and international assignments at managerial roles, and I know who is who. If you have walked in here with other applicants: one from the east, one from the west and your companion, Malam  Nasiru, to feel a vacant position, you would be readily contracted provided you were qualified.

    The reason is simple. Every single person from your place I have encountered have performed very well with absolute reliance on  ‘high intellectual capability and self-determination’ because they know they do not have godfathers to fall to.”

    I looked at her, nodded and parted. Neither was I flattered nor did I take it lightly. I had encountered several gifted negotiation artists in my career.

    ******
    Applying Our Greatest Capital

    In a recent agribusiness meeting Mr. Mark Asu Ob in his Bompai residence, the amiable Cross Riverian bemoaned why Cross Riverians would be “high flyers wherever you may encounter them individually at different frontiers but can hardly fly together as a team,” citing several instances to substantiate his claim.

    I could not agree more, especially on the premise that I had only met Mr. Mark for the first time ever – in my over a year’s stay in Kano – sitting as the Diocesan Projects Committee Chairman with the Catholic Bishop of Kano, His Lordship, Most Rev. Dr. John Namaza Niyiring (OSA) in a seasoned panel to which we pitched and defended the blueprint of Rev. Fr. Felix Chom Yari championed proposed multi-million naira diocesan youth business complex.  

    We should have met earlier, if at least, there was a functional CRS Catholic Community (I heard of a defunct CRS-Akwa Ibom Catholic Community) in the diocese,  before talking of Association of CRS Indigenes in Kano.

    Meanwhile as a member of nearly one hundred social media groups of different states across the country and some African countries, I have yet to find one group with superior intellectual engagements than Cross River’s.

    Arguments and counter arguments; battles upon battles; attacks and counters; defensive attacks and counters; class stratification based on acclaimed intra intellectual superiority lines;…

    “Ogagagu’ago o”!

    Obviously, as Hajiya Amina Jibrin would infer (whether you consider it mockery, ridicule, insulting or simply a negotiation trick, depends on your perspective), our greatest natural endowment as Cross Riverians is intellectual capital and self-determination.

    However, seeking to shine individually with our high intellectual capital and self-determination is our pride.

    _Seeking to outshine ourselves, one another, each other, for individual vain glory seems to be our appealing order.

    Harnessing and harmonising our greatest capital to fly as a team to our common advantage as Mr. Mark would wish has hitherto proven to be our weakest limb.

    Our greatest capital, a blessing or a curse? A strength or a weakness?

    We have a common entity called Cross River State.

    ****
    It has become more imperative now than ever:

    _that, while many quarters of the nation are clamouring for confederation, we buckled up  for a substantive IGR within our sub-region;

    _that while we all continue to fight, work and pray for a great united Nigeria, we as well adequately prepared for the eventuality of disintegration of our union.

    Is CRS too small to become an independent nation state should it become inevitable?

    In case you are in any doubt, look up Estonia, the birth place of Skype. That proud Eastern European country  has only a little above half a million citizens.
    ******

    Our Situation

    While PDP is currently putting all efforts into reclaiming Edo State as a precursor towards reclaiming power at the centre, APC stalwarts are fighting tooth and nail to claim CRS their party ahead of 2019.

    And the tides are high indeed with intellectual battles and counter battles, in some cases, in favour of, in some cases, unclear and in other cases,   to the detriment of, our common entity – dear Cross River State.

    I think that a formidable opposition devoid of selfishness will be very healthy for our state polity but however feel that our most important concentration for now should be on how we can emerge stronger and smarter from these hard times of national and global recession to become the envy of nations.

    I read a commentary by the Speaker of the CRSHA  somewhere thus:

    “My concern about the recession is that it may just last longer than we expect and go deeper into the fibre of our economics. The fundamental framework of our economic resources are fragile, sometimes faulty and deceptive.

    From my study and understanding of Revenue of states in Nigeria, I am concerned  that very soon most states will collapse because their IGR will be worst hit by the continued Recession. Take for instance PAYE TAX, collected by states, the PAYEE accounts for over 40%  of the IGR Revenue of states.

    With recession, jobs will go, salaries will remain unpaid, and so will remittance from Payee . The other Tax Revenue items are tied to economic activity and growth, consumption etc. ..which are virtually going comatose.  My Take is that we need to deploy strategies that are beyond Fiscal policies. .We need to urgently do something that we have not done before. .something is missing.”
    *****

    My Submission

    # It is high time we had two sets of manifestoes and developmental governance blueprints pre-elections.

    Before clarifying on the that:

    # Ahead of politicking and electioneering lie governance, the most important of all.  We have clocked nearly 16 months into Prof. Ben Ayade’s CRS government. Hence, this is no election time anymore.

    # All and sundry should harmonise and channel our intellectual capital into collaborative determination to help Gov. Ayade implement the manifesto and blueprint that rode his team into office. The success of our common entity should be our focus.

    # Gov. Ayade’s team at government should be, and remain increasingly, accommodating to criticisms,  adjusting to constructive criticisms, extracting from seemingly destructive criticisms,  while welcoming destructive criticisms as a beauty of democracy.
    I read an impressive response (appreciating and promising to look-up with her team on issues raised) by Dr. Betty Edu to Dr. Princewill Odidi’s quality additions/review commentary to her post on AyadeCare Health Insurance bill. That is democracy.

    # Gov. Ayade’s government should immediately take deliberate steps to foster an internal collaborative teamwork culture to curb the unhealthy menacing and demeaning loops of intra team power tussles (or outright selfishness within its ranks) as regularly washed publicly to us on social media.

    # I feel, besides the huge revenue generation potentials of free flow of commodity and human traffic into and out of Cross River,  that tapping the full potentials of the state tourism industry is strongly tied to  enabling intra country and international transport pathways.

    Back to sets of pre-elections governance blueprints:

    # Political parties and their flag bearers should have their manifestos and leadership blueprints as it were (or should be).

    # The masses should have their own well documented continuously improvable blueprints for their expectations from governments at all levels. This should include support bills for legislations.

    #  The masses blueprints will serve as benchmarks to measuring the weight and feasibility of politicians political manifestos to enable their objective decision prior to elections. It will also serve to measuring, shaping and directing governance when leaders are finally elected into offices.

    # Hence, a real social impact calling is beckoning on us: NGOs, civil societies, the private sector, youth and women mobilisers at all levels,  development experts and so on to act now. Let us begin to educate groups, organise townhall meetings, etc to harmonise our intellectual prowess to working out governance blueprints for our dear state.

    ****
    Finally, for Prof. Ayade’s CRS government, let us work together and support him to succeed because whether we are for, against or indifferent to the government, we shall all sail across together or sink together with our greatest capital.

    Long live Cross River State!
    Long live Nigeria!!

    Eugene Ukoyonoh is a Cross Riverian 
    based in Kano State. 
    eutherolemodel@gmail.com

  • Governor Ayade to open Pharmaceutical Company in Calabar, Partners Dana Pharmaceuticals (Video + Photos)

    PHOTO: Governor Ayade’s visit to Calabar Pharmaceutical Company Site and Cross River Garment Factory with the MD of Dana Group. To further broaden the frontiers of investment in Cross River, Governor Partners Dana Group of Companies on Airline/Pharmaceutical Company

    Speaking to newsmen during his visit to the proposed site, Governor Ayade said; “What you are seeing here is the Calabar Pharmaceutical Company Site. The original intention and spirit of this factory is to provide the drug demand for the proposed Cross River State Health Insurance Scheme.

    “As you are well aware, the Health Insurance Bill has been passed by the House of Assembly and I am going to be signing it into law by Monday or Tuesday. 
    “The idea therefore is that if Cross River State will be having huge demand for drugs for her citizens who will be covered under the comprehensive insurance scheme, it therefore means that we cannot continue to depend on Lagos and imported drugs to be able to support our people and that only as government we concealed this idea of Calabar Pharmaceuticals and set up CalaPharm. 
    “With the coming of CalaPharm, we partnered with a Pakistani firm that has been majorly involved in this construction work. As you are well aware too, Dana Pharmaceuticals, one of the outfit of Dana Group of companies have been into the production of quality pharmaceutical goods. So at this point, we move into a serious phase now that the bill is ready to be signed into law, having been passed by the Cross River State House of Assembly. 
    “It is important that we get somebody who have a deep skin in the business environment here in Nigeria, to also have somebody who is a strong industry player in Nigeria, who has good grabs and while we are not throwing away Pakistani partners who will also be at the background to give technical support. 
    “We think that this factory will be a complete game changer in the pharmaceutical business. What is critical is that, the entire South-South and the whole of South-East, stretching to Cameroon and western part of Cameroon, stretching to the borders of Northern Nigeria does not have a major pharmaceutical factory and so most of the drugs come from South-West Nigeria and find their way here. 
    “This will be the manufacturing outfit for the south-south and of course because it is going to be a major outfit with a strong partner on ground, the quality control will be excellent and so reliable, affordable quality drugs to cover our insurance programme and stretch beyond the borders of Cross River State, to carter for other states and neighbouring countries, that is the critical focus of the Calabar pharmaceutical Factory. 
    “This is part of the concept in ensuring that we reduce the dependence on foreign based drugs and therefore reduce the pressure on our Naira. I am sure that in the next 2-3 months, you will all see Dana Air flying ton Calabar. Governor Ayade concluded.
    Watch Video Extract of Governor Ayade’s visit to Calabar Pharmaceutical Company Site, with the MD of Dana Group below…

  • Textile union lauds Governor Ayade on Garment factory, seeks partnership

    Professor Ben Ayade, Governor of Cross River State 

    By Emmanuel Ulayi 

    The National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN) has lauded Cross River State Governor, Prof. Ben Ayade for his foresight in the establishment of the Calabar Garment Factory, saying it is a landmark achievement in the nation’s quest to diversify its economy.

    The recommendation which was contained in a letter signed by the National Secretary of the Association, Comrade Issa Aremu to Ayade, maintained that the factory, when fully operational has the potential of transforming the economic landscape of the state and the country at large.

    Aremu who is also the Deputy National President of Nigerian Labour Congress (NLC) said: “We congratulate Professor Ben Ayade on the successful establishment of what is regarded as a world class garment factory in Calabar.” The union stated further that “The factory which is one of the signature projects of your administration aimed at creating mass and decent jobs for the good people of Cross River State is also reckoned to be the biggest in Africa with the capacity to employ about 3,000 workers, largely women.”

    According to the textile union, “With this singular project, your administration has commendably and practically moved in the direction of economic diversification favoured by Buhari administration and we will be glad to partner you.”

    Comrade Issa added that “As a leading private sector union affiliated to the NLC and Industrial Global Union with headquarters in Geneva, Switzerland, we are ready to cooperate with you in ensuring that the aim of establishing the garment factory is achieved.”

  • Gov Ayade awards 37 Billion Naira contract for the dualisation of roads in Northern Cross River

    The Cross River State Government under the leadership of His Excellency, Professor Ben Ayade has awarded N31.750,525.81 Billion Naira contract for the dualisation of Mfom, Okpoma, Okuku, Imaje, Bekwarra, Obudu and Obanliku road to Sydney Construction Company.

    Sydney Construction Company is an Australian company that based on construction of high end projects including roads,
    Cross River State is working under Governor Ben Ayade the Promise Keeper. God bless Cross River State.
  • Effective Coordination of Monetary and Fiscal Policies can Stimulate Nigeria’s Economy – Ceeja Ojong

    ON THE NEED FOR EFFECTIVE COORDINATION OF MONETARY AND FISCAL POLICIES TO STIMULATE THE NIGERIAN ECONOMY

    By Ceeja Ojong

    Monetary and fiscal policies contain the standard tools for macroeconomic management. Broadly, monetary policy looks to manage and control the inflation rate, interest rates and exchange rate as well as growth of money base. Whereas fiscal policies revolve mainly around the control and management of government expenditure, taxation and borrowing.

    Depending on the objectives of macroeconomic management or policy design at any one time period these policies could be expansionary or contractionary or a combination of both. Expansionary policies usually entail increased government expenditure, reduced taxation, lowering of interest rates, increase in money supply and increased borrowing, etc. Contractionary policies would usually represent the opposite picture.

    Stimulus packages for jumpstarting economies already in recession or depression or going into recessions are designed around expansionary fiscal and monetary policies following the Keynesian orthodoxy. A lowering of the interest rates may be also desirable in such situations.

    However, expansionary monetary policy could conflict with the overly concerns of most Central Banks with satisfying their most important objective of maintaining price stability in the economy implying they try to deploy all the tools in their kit to rein-in inflation.

    In doing so, they also respect the economic wisdom that says inflation rates must not be higher than interest rates if we are not to dampen investments and further ruin prospects for recovery or growth. So, this is why the CBN sets the MPC rate (monetary policy rate) which approximates to the benchmark interest rate (short-term) at defined intervals to be higher than the inflation rate.

    Nevertheless, higher interest rates could in themselves discourage investments since the cost of funds in the economy will become too high for prospective borrowers or users of funds. Again, it is to be noted that inflation itself is only an intermediate target or goal. The final goal is to achieve sustainable and inclusive economic growth and in some cases a modest rise in inflation rate is to be expected in situations of accelerating economic activity or increasing growth rates.

    Part of the perplexity that now exists is the sterilization of funds in the CBN by way of the TSA (Treasury Single Account) rather than releasing the money to create more value through the multiplier process in the economy. The key idea of the TSA was not to tie down the funds in the CBN as to crowd out private sector investments or increase the cost of loanable funds in the economy, but mostly to ensure that the government has a clear picture of its cash position on a daily basis and to be able to deploy the funds to its priority areas on a needs basis.

    Add all of these to the drastic drop in foreign exchange earnings, divestment of foreign portfolio investments and cut-back on foreign direct investment (FDI) and unfavourable terms of trade vis-a-vis the huge appetite for forex from the domestic economy then one would not envy the CBN Governor’s tough task at the moment.

    The economic situation is further complicated by the fact that most contract quotations as included in the budget estimates and the exchange rate assumption for the National Budget were pegged at the rate of N197 to US$1 that has now depreciated to about N306 to US$1. The implication here is that the 2016 National Budget may not be implementable at the expected  level of activity. The obvious reality is that there are no additional earnings to augment for the nominal value increases especially in capital budget items arising from exchange rate depreciation against the 2016 Budget target rate.

    What is now actually needed for our country is policy harmony and effective coordination of fiscal and monetary policies. I doubt that any such robust framework is existent at the moment.

    We do as well need not only innovative and visionary leadership but also serious financial engineering and macroeconomic wizardry to get us out of the woods.

    May God bless Nigeria!