CBN Gov, Cardoso pledges to combat inflation

The CBN governor, Mr. Olayemi Cardoso, has vowed to tackle inflation and improve people’s lives through his policies. He made this statement when he received the Impact Investing Community, led by the former CBN governor and the 14th Emir of Kano, Muhammadu Sanusi II.

Sanusi, who also heads the Tijaniyyah Sufi order of Nigeria and the neighbouring countries, advised Mr. Cardoso to work hard to reduce the inflation rate, which he said had eroded the wealth of Nigerians.

Mr. Cardoso thanked Sanusi and the Impact Investing Community for their visit, saying they represented a bright future for Nigeria with the potential to transform the economy by investing in opportunities across the country.

He also reiterated his commitment to focus on the core mandate of price stability and collaborate with the Impact Investing Community to create frameworks that would encourage investments that would contribute to economic growth.

Sanusi, on his part, praised the CBN’s activities for their impact on Nigerians, adding that many people often “do not know the impact of a central bank’s work until a central bank fails.”

He also emphasised the need for the fiscal authorities to focus on agriculture and education, especially for the girl child.

Sanusi pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.

The Chair of Impact Investing, Mrs. Ibukun Awosika, said they came to the CBN to express their willingness to support the bank and the federal government in changing Nigeria’s investment climate by redirecting resources to areas where they would make the most positive impact.

She said there was over $200 trillion available globally as investment funds, with $1 trillion of it for impact investing.

She added that impact investing, with a presence in over 41 countries, was ready to partner with traditional investment practitioners to make an impact in the country.

She also stressed the importance of social investment and sought the CBN’s support to enable the body to achieve its goal.

The deputy governor in charge of corporate services, Dr. Bala Bello, thanked the team for their support, noting that global capital was moving towards social investment.

He also said that collaboration and effective communication were essential to successfully navigating the current challenges in the country.

Forex: Dangote repatriates $687,977 million from pan-African operations

Dangote Industries

Limited, DIL, said over the weekend that it had repatriated more than $576,008,672.41 through various Nigerian banks.

It also said it had a cash swap arrangement of $111,968,109.38 between Dangote Cement Plc and Ethiopian Airlines, saving the same amount that the CBN would have paid.

Dangote has accused BUA Group of spreading false and misleading news about its forex transactions, approved by the CBN, for its pan-African operations. Dangote reaffirmed its commitment and confidence in Nigeria, saying that the current government, led by President Bola Tinubu, has shown the will and resolve to revive the economy.

It said, “We are not body-shop investors. We believe in Nigeria, and we believe in Africa. We are genuine and authentic about our investments, and we urge all relevant agencies to investigate our FX transactions in the past ten years and publish any infraction noticed or discovered.”

Dangote insisted that all forex bought for its African Project Expansion were legitimate and fully used for their intended purposes. Dangote revealed that the projects that the forex was used for are visible for everyone to see.

According to the company, “some of these projects were inaugurated by Nigerian top-ranking government officials and attended by chief executives of various banks, captains of industries, and the presidents of the host countries with their senior government officials.

“The inauguration events of these projects were well documented and covered by both local and international media. There are also print and electronic copies of the inauguration ceremonies as further evidence of the prudent use of the funds.”

Dangote further explained that its huge investments in pan-Africa will lead to the repatriation of forex in the near future and increase foreign exchange earnings in Nigeria, as well as stabilise the forex market.