Business

Banks’ Total Assets Rise To N47.82trn

Published

4 years ago

August 14, 2020

The total assets of the banking sector rose to N47.82 trillion as at the end of June.
A member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, Dr Rafindadi Sanusi, disclosed this during the last MPC meeting in his presentation, which was obtained by our correspondent on Wednesday.
He also said the report on the banking system stability review showed that despite the challenges posed by the COVID-19 lockdown, the banking system remained sound and resilient.
Sanusi said, “The industry capital adequacy ratio had increased to 15 per cent in June 2020, which meets the industry prudential benchmark.
“The non-performing loans ratio had declined to 6.4 per cent in June 2020 from 6.6 per cent in April 2020 and 9.36 per cent in the corresponding period of 2019.
“Total assets of the industry has continued to rise, standing at N47.82 trillion as of end-June 2020.
“Total banking industry credit to the economy has continued to increase even during the months of the lockdown, standing at N18.9 trillion as at end-June 2020.”
Following the introduction of the Loan to Deposit Ratio policy, he said, total gross credit increased by N3.33 trillion between May 2019 and June 2020.
He said, most of the increase in credit was extended to manufacturing, consumer credit, general commerce, ICT and agriculture.

Business

CBN Predicts 4.17% GDP Growth In 2025

Published

1 day ago

January 22, 2025

The Tide

The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.

Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.

The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.

Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.

According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.

Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.

“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.

The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.

Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.

“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.

“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.

“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.

“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.

“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.

“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.

Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.

He noted that the GDP signalled gradual recovery amidst global and domestic pressures.

“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.

“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.

He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.

Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.

Business

Minister Inspects Nigeria/Benin Republic-owned Sugar Firm … Decries Decrepit Condition

Published

6 days ago

January 17, 2025

The Tide

Nigeria’s Minister of State, Industry, Federal Ministry of Industry Trade and Investment, John Owan Enoh, has inspected the Savé Sugar Company, a joint venture between Nigeria and Benin Republic, decrying the current decrepit condition of the facilities.

Inspecting the once thriving company located in Cotonou, Benin Republic recently, the Minister expressed appreciation for the extra security measures put in place by the government of Benin Republic to secure the Savé Sugar Company which was Established in 1975.

Special adviser to the Minister on Media, Diana Tiku Nsan, said on arrival in Cotonou, Sen. Enoh paid a courtesy visit on his Benin counterpart, Minister He noted that during the ship’s port calls, the team engaged with the Indian diaspora worldwide.

Approximately 200 individuals received medical attention from the naval health team during the camp, and beneficiaries were also given free medications.of Commerce and Industry, Benin Republic, Shadiya Alimatou Assouman, where a meeting with both ministers resonated with shared concerns and aspirations of both countries.

Assouman said, “this visit marks a historic moment. Since the inception of the company, no Nigerian minister has visited the facility.

“Your bold step signifies a commitment not only to the sugar complex but also to the bilateral relations between our nations”.

The Minister, who proceeded on an on-site inspection of the facility, observed that the company has experienced changing fortunes and now lies almost decrepit with the last managers, Compliant of China, having vacated in May 2023, at the expiration of a 20-year lease agreement.

After the assessment, the Minister said, “various meetings at both technical and policy levels have continued to be held, but an action is needed.

“This visit is an eye opener, and more than anything else, we seek its revival. The two countries, as a matter of urgency, need to get a worthy core investor within the shortest possible time.

“This is not just about sugar; it is about livelihoods, partnerships, and the shared future of our nations.

“However, where that is not feasible, the recommendation of the 2021 joint assessment report which submits to the selling of our equity in the company will be brought to the table for possible consideration. Action starts today”.

Nsan also said “the deteriorating situation with the Savé Sugar Company Ltd predates the exit of the Chinese. A joint assessment visitation in 2021 was quite damning and recommended that Nigeria sell its equity holding in the company.

“This was declined by the Buhari administration, which instead preferred that upon expiration of the lease agreement with Compliant of China, the two governments competitively source for new core investors.

Business

NGA Becomes Official Partner To 29th Gas Conference … As President Set To Address 2025 World Summit

Published

6 days ago

January 17, 2025

The Tide

The Nigerian Gas Association (NGA) has been officially announced as an “Association Partner” for the 29th World Gas Conference (WGC) 2025, which will take place from May 19 to 23 in Beijing, China.

The WGC 2025 is organised by the International Gas Union (IGU) and hosted in 3-year intervals.

It is the largest and most influential event in the global gas industry bringing together thousands of industry leaders, policymakers, gas executives, specialists, and exhibitors.

The event serves as a critical platform for discussing the future of the gas sector, showcasing innovations, and facilitating high-level collaborations among key stakeholders.

President of the NGA, Akachukwu Nwokedi, will join global energy and gas leaders who will headline the event as speakers.

The conference, billed to focus on the theme, “Energising a Sustainable Future”, is projected to have over 30,000 participants from 70 countries, including 600 companies, 300 exhibitors, and 400 expert speakers.

Nwokedi will emphasise Nigeria’s critical role as a major global natural gas market player.

With over 200 trillion cubic feet of proven gas reserves, Nigeria is Africa’s largest resource proprietor and one of the top ten globally.

Nwokedi will detail Nigeria’s initiatives aimed at exploiting these vast reserves to drive domestic economic growth, secure energy supply, and contribute to international sustainability goals.

Reflecting on the upcoming event, Nwokedi said, “We are proud to have the NGA support the WGC 2025 as an Association Partner.

“The World Gas Conference is a key forum for sharing knowledge and driving meaningful dialogue on the future of natural gas, particularly as the world grapples with the need for a balanced energy transition. Nigeria has a wealth of natural gas resources that, if appropriately harnessed, can position us as a leader in global energy markets.

“The WGC will be a veritable platform for sharing updates on recent industry initiatives, which aims to showcase Nigeria as a destination for gas investments, boost the country’s domestic economic growth and the role of gas in Nigeria’s decarbonisation efforts.

“I am honoured to have been invited to speak as the leader of Africa’s leading gas advocacy group to expound on Africa’s plans to harness untapped natural gas reserves in providing energy security for its 600+ million undeserved population, and how Nigeria is at the forefront of this energy revolution.

“This is important because we understand that maximising the potential of these resources will require strategic investments in infrastructure, policy reforms, and a commitment to cleaner energy solutions”.

With more than 90 years of history, the WGC has consistently provided a platform for discussing the evolving role of natural gas in the global energy mix.

The NGA invites its members and other natural gas value chain players to participate prominently through sponsorship and inclusion in the Nigerian Pavilion at the conference in China.

As Nigeria’s largest gas advocacy body, the NGA remains steadfast in its mission to promote natural gas as a critical component of Nigeria’s energy future and advocate for policies that support its sustainable development.

Through partnerships with global organisations and platforms like the WGC, NGA aims to ensure that Nigeria maintains its position as a leading player in the energy sector.