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Lady Chukwudozie emerges MAN Chairman, reels out 6-point agenda for manufacturing sector



Lady Ada Chukwudozie, the new Chairman of Manufacturers Association of Nigeria (MAN), Anambra/Enugu/Ebonyi Branch, says manufacturing sector have great prospect of improving and overcoming its present challenges in the country.
Chukwudozie said this while reeling out her six-point agenda in her acceptance speech after emerging the 11thChairman during the 34th Annual General Meeting (AGM) of MAN Anambra/Enugu/Ebonyi Branch held in Enugu on Thursday.
The AGM was themed: “The Declining Ethical Values and Cultures of the 60’s and 70’s in Today’s Current Clime Causes, Effects and Solutions”.
She said that in recognition of these challenges, her administration would tackle it headlong with a six-point agenda, “which I call MRS MAN agenda”, using the acronym MRS MAN.
The new chairman said: “M stands for Membership  –  Top in my agenda is to create a strong cohesion within members and double our membership base.
“To identify key intervention areas and impact opportunities to be pursued by the association, in a bid to enhance the operational efficiency of its members and ensure that they are able to optimise economies of scale that comes from shared infrastructure and services.
“R stands for Relationship  –  To further strengthen relationships and deepen MAN’s strategic partnership with government and other economic actors and stakeholders nationally and internationally.
“S stands for Structure  –  Build an administrative structure for our branch.
“M stands for Media – To improve the public image, visibility of MAN, its noble objectives and to showcase the various products of its members using the print, electronic and social media.”
According to her, the A, which stands for Alliance, will push MAN to forge partnership with our tertiary institutions, research institutions, independent power generating and distribution companies, local and international organization with shared vision, skill sets and smart technologies.
She said: “These partnerships are geared at cost reduction, improved production and services, equitable risk and opportunity share for our members.
“On N, which stands for Network, MAN will network with all government institutions, agencies, and stakeholders, economic actors on policies that affect members and deploy effective communication tools or channels to explain these government policies, guidance and getting feedback.”
She said that the future of “manufacturing is changing globally”, adding that the “era of mass production of goods is giving way to the new growing days of mass customisation of goods”.
Speaking National President of MAN, Mr Mansur Ahmed, after mentioning some challenges facing manufacturing sector currently, noted that the national body of MAN would adopt the six-point agenda of the new branch Chairman nationally.
Ahmed said that MAN would tackle challenges confronting the manufacturing sector by robust partnership with policy makers especially over local or environmental challenges to manufacturers.
“We must partner and work closely with other stakeholders to ensure local or national policies support the manufacturing sector to create wealth, employment opportunities and national growth.
“Manufacturers must take advantage of 200 million Nigerians and the over 1.3 billion people in the Africa continent as a huge market,” he said.
Earlier, the out gone Chairman of the branch, Mr Anietom Igweobi, congratulated Chukwudozie for her emergence and assured her administration maximum support to succeed.
Igweobi said that he believed that the resilient and doggedness of Chukwudozie would definitely move the branch to greater height; while thanking Nollywood veteran, Pete Edochie, for delivering the theme lecture of the AGM”.

Goodwill messages were received from Sen. Victor Umeh; former Minister of State for Mines and Steel Development, Dr Uche Ogah, Oba Murawa Adedioye, representing the Ooni of Ife, Enugu Electricity Distribution Company (EEDC) and National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) among others.

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CBN devalues Naira to 630/$1



The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day, Daily Trust gathered.

The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate to stimulate the economy.

In his inaugural speech, minutes after he was inaugurated as the 16th president of the country, Tinubu said, “Monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.”

There has been a wide margin between the I&E window and the parallel market, a situation that experts say encouraged round-tripping with Bureau de Change operators.

The situation has seen the CBN devise several measures to check the practice as well as completely stop the sale of forex to BDCs.

On Tuesday, President Tinubu met with the top echelon of strategic institutions including the CBN Governor, Godwin Emefiele, at the presidential villa.

At the end of the meeting, neither the presidency nor Emefiele disclosed the outcome of the briefing. It was, however, gathered that the issue of the exchange rate was discussed at the meeting.

The President also met with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari. The removal of petrol subsidy was discussed, it was gathered.

Findings, however, revealed that at the resumption of the weekly bidding for foreign exchange, the apex bank sold the spot rate to banks on behalf of their customers at N631 to a dollar and most bidders got the full amount they requested.

One of the customers told this paper that they applied and that their request was fully granted at N631 as against N461.6.

The move has also seen prices at the parallel market trend downwards. Checks by this paper revealed that prices dropped from N750 to a dollar in the early hours of yesterday to N745 by evening in Abuja and Kano respectively.

The naira weakened in the parallel market to the lowest level in a year on expectations of a possible change in exchange rate management after Tinubu takes office on Monday.

The naira dropped to N762 a dollar on Friday from 775 the previous day in the unauthorized market in Lagos, said Umar Salisu, a BDC operator who tracks the data in the nation’s commercial capital.

The unit has weakened steadily in the parallel market since last week after stabilizing for most of this year.

The market arbitrage (difference between the official and parallel markets) has widened in the past three years from N100 per dollar or about 30 per cent in 2020 to over N400 per dollar (above 100 per cent) sometime last year when the black market rate spiked to N880/$.

Development institutions, including the International Monetary Fund (IMF), are wary of exchange rate differential in excess of five per cent and warn that such could trigger unhealthy manipulation that could negatively affect other efforts on market stabilisation.

From 2020 to 2022, the CBN spent about $42 billion intervening in the foreign exchange market to stabilise the naira. The amount was sold to the end-users, including students and tourists, at the official rates, which are way off the effective exchange rate of the naira.

According to the Financial Stability Report, a publication of the CBN, the apex bank sold $9.2 billion in the market in the first half of last year.

The full data for the second half are not available, but the annualised value is assumed to have surpassed that, especially with the level of social and economic activities associated with the second half.

Whereas the black market rate averaged N730/$, the I&E window finished at suppressed N447/$ on average. That puts the arbitrage at N283/$, pushing the CBN’s FX subsidy in the year to about N3.65 trillion.

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EEDC blames rainstorm for lack of electricity supply in South East



Enugu Electricity Distribution Company

The Enugu Electricity Distribution Company PLC, EEDC, has informed her esteemed customers across the South East that the loss of supply in some areas within its network was due to the rainstorm which occurred on Sunday evening and early hours of Monday

EEDC explained this through a message issued by Mr Emeka Eze, its Human Capital Development Head and made available to reporters.

This he explained had resulted in faults, occasioned by fallen trees and a high rate of broken High and Low Tension poles, causing supply disruption to their 11KV and 33KV feeders across the business districts.

He explained that their various technical/maintenance teams have since commenced patrol of the network to evaluate the extent of damage and treat faults where they are minimal.

EEDC expressed regret over the inconveniences these developments have caused their esteemed customers and appealed for their patience and understanding while these challenges are addressed.

Emeka Eze maintained that EEDC remained committed to delivering improved services to her esteemed customers.

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CBN gives reason for raising interest rate to 18.5 per cent



The Central Bank of Nigeria has opened up on why it raised the Monetary Policy Rate, also known as the interest rate, to 18.5 per cent from 18 per cent.

In a communique from the 291st Monetary Policy Committee meeting posted on CBN’s website on Wednesday, the Governor of the apex bank, Godwin Emefiele, stated that its investigation and research found that the country’s interest would have been higher but for its intervention by raising interest rates.

According to Emefiele, Nigeria’s April inflation rate of 22.22 per cent would have been 30.48 per cent if the MPC had not raised the interest rate.

The bank’s decision to raise interest rates since May 2022 positively moderated the country’s rising inflation rate.

“The results revealed that following each monetary policy rate hike, the rise in inflation moderated relative to what it could have been if the MPC had not aggressively raised rates at all.

“The empirical evidence provided showed that whereas inflation in April 2023 stood at 22.22 per cent, the counterfactual evidence suggests that, it could have risen to 30.48 per cent in April 2023, had the MPC not taken any action to raise policy rates as it did since May last year,” he said.

CBN’s MPC raised the interest to 18.5 per cent.

CBN retained the Asymmetric Corridor of +100/-700 basis points around the MPR, Retained the CRR at 32.5 per cent, and Retained the Liquidity Ratio at 30 per cent.

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