Thursday 22nd September 2016

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Sanusi Foresees Rebound of Economy, Backs CBN on Rate Retention Supports calls for sale of national assets

Obinna Chima The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Alhaji Muhammadu Sanusi II, among

other experts in the financial services industry, yesterday backed the resolve of the Monetary Policy Committee (MPC) to retain the benchmark monetary policy rate (MPR), as

well as other monetary policy tools at the end of its meeting last Tuesday. Sanusi also expressed optimism that the Nigerian economy was on the right

path and would rebound. The emir said this at the launch of the Nigerian Banking Report 2016 by Afrinvest West Africa Limited titled “Search for Investor

Confidence” in Lagos. The MPC held the MPR at 14 per cent, with an asymmetric window at +200 and -500 basis points at the end of its September meeting. The CBN

also maintained banks’ Cash Reserve Requirement (CRR) at 22.5 per cent and the Liquidity Ratio (LR) at 30 per cent. Continued on page 8

Budget Scandal: House in Rowdy Session, Refers Abdulmumin to Ethics C’ttee… Page 10 Thursday 22 September, 2016 Vol 21. No 7826. Price: N250

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Nigeria Will Not Slip Back to Lazy Overreliance on Oil Muhammadu Buhari Until a few years ago, Africa Rising was a dominant theme in conversations about the global economy. That enthusiasm has since cooled,

OPINION so that in newsrooms, think tanks and conference panels, “Africa Rising!” has given way to a more questioning “Africa

Rising?” While some of that pessimism may be justified, we do not have the luxury

of distracting ourselves with lamentations about our current circumstances. Instead of hoping for commodity prices to rise, African countries should seize the opportunities that these times present — not

least here at today’s U.S.Africa Business Forum — to lay a foundation for the kind of economic growth that transforms the lives of our people. One of our biggest challenges

during the boom years was that we failed to convert the benefits of high commodity prices into more jobs and significant improvements in Continued on page 8

Senate Calls FG’s Economic Managers Incompetent, Seeks Cabinet Reshuffle Ekweremadu, Akume kick against sale of oil assets Address N’Assembly, Dogara urges Buhari Obama expresses confidence in the administration TobiSoniyi,Omololu Ogunmade and Damilola Oyedele in Abuja The Senate yesterday kickstarted its debate on the economic turmoil in the country, with some senators blaming the recession on the incompetence of some ministers in President Muhammadu Buhari's cabinet. Senators, who did not mince words during plenary in the upper chamber, said that the president had put round pegs in square holes, observing that the incompetence of such ministers had largely contributed to the

festering crisis. They called on the president to immediately reshuffle his cabinet by redeploying competent hands to handle sensitive economic matters. Leading the debate on the recession yesterday, the Senate Leader, Ali Ndume, laid the premise for Nigeria’s current predicament, disclosing that no fewer than 15 countries in different parts of the world, including Brazil, Russia, Japan, Ukraine, Greece, Venezuela,

LEADING NIGERIA’S MARKETING PITCH TO THE WORLD

L-R: Minister of Mines and Steel, Dr. Kayode Fayemi; President Muhammadu Buhari; United States Secretary of Commerce, Ms. Penny Sue Pritzer; and Minister of Industry, Trade & Investment Dr. Okechukwu Enelamah, shortly before Buhari godwin omoigui Continued on page 8 addressed Heads of Government and CEOs at the U.S.–Africa Business Forum in New York… yesterday


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