- Migration Management Key To Economic Growth – Obaseki
There are about 1, 490 illegal entry point in Nigeria which have been contributing to illegal migration into the country, according to the Edo State Governor, Godwin Obaseki, who seeks closure and tight security in order to curb treacherous activities of some illegal migrants.
Obaseki, while declaring open the 2019 Comptroller-General of Immigration’s Annual Conference in Benin-city, Edo State capital, which was themed “‘Migration Management in a Developing Economy; the Role of NIS’, said Nigeria needs to emulate other countries when it comes to border security as it affects the nation’s economy.
He added: “Some of these illegal migrants commit crimes in the country, as some even have the Nigerian voter’s card. It is worthwhile for any country to develop a policy on migration as it is necessary to manage a country’s economy.”
Delivering a paper entitled: ‘Government’s Effort at Curtailing Irregular Migration: The Edo Experience’, Obaseki assured that the State will support policies aimed at reducing illegal migration.
He listed four modalities put in place by the state to combat illegal migration to Europe, which include Returnees Management; Resettlement and Reintegration; Advocacy and Awareness Promotion; Promotion of Human Rights and Development of the state economy.
The State Governor applauded the new security measure put in place by the Nigeria Immigration Service (NIS); the introduction of the National Biometric Identity Card for Intra-ECOWAS Travel and Biometric Registration of foreign nationals.
Responding, the Comptroller-General of NIS, Muhammad Babandede, commended the Edo State Government for its efforts and commitment in the fight against human trafficking in the state.
“It is not wrong to travel but, what is important is to manage it so that the travellers, the state and federal governments, as well as the destination countries would benefit from migration,” he said.
Meanwhile, the Minister of Interior, Rauf Aregbesola has hinted that the Federal Government is making moves to introduce a better technology for the issuance of the Nigerian Passport that would not require physical contact between the passport seeker and passport provider.
IMF Staff Completes Virtual Mission to Lesotho
Lesotho has been struggling with the fallout from the pandemic and a sharp decline in revenues from the Southern African Customs Union (SACU); The authorities and the mission team made significant progress in their discussions on policies that could be supported by the IMF under a financial arrangement.
A team from the International Monetary Fund (IMF), led by Mr. Aqib Aslam, conducted a series of virtual missions, most recently from September 7 to October 15, 2021, to discuss the authorities’ economic and financial program and their request for IMF financial support.
The authorities and the mission team had productive discussions on policies that could be supported by the IMF under a financial arrangement. The program under discussion would aim to support a durable post-pandemic recovery, restore fiscal sustainability, strengthen public financial management, and ensure the protection of the most vulnerable. Other key structural reforms to be implemented include strengthening governance and fostering private sector investment to spur inclusive growth and employment over the medium term.
At the end of the visit, Mr. Aslam issued the following statement:
“Lesotho has been experiencing twin economic shocks resulting from the pandemic and a decline in revenues from the Southern African Customs Union (SACU) that have proved to be highly volatile. Public expenditures have been increasing while SACU revenues were buoyant but have not adapted to their decline and the limited growth in other revenue sources. At the same time, the economy has been in recession since 2017. The resulting fiscal and external imbalances, if left unaddressed, would continue to put pressure on international reserves and lead to government payment arrears.
“Discussions emphasized the need to support a robust and inclusive post-pandemic recovery. To this end, the mission discussed with the authorities a number of options for containing the fiscal deficit to a level that is sustainable and can be fully financed. The team noted that the adjustment should be focused on expenditure measures while boosting poverty-reducing social spending to protect the most vulnerable. Complementary actions include efforts to broaden financial access and inclusion; strengthen financial supervision; modernize the legal frameworks for bank lending, business rescue, and restructuring, and digitalize payment systems.
“On the fiscal front, efforts should focus on addressing the public sector wage bill, which is one of the largest in the world compared to the size of the economy; saving on public sector and official allowances; better targeting education loans; streamlining the capital budget and initiating gender-responsive budgeting. Discussions also considered measures to modernize tax policy and improve domestic revenue mobilization. The mission noted the need to address long-standing PFM issues to ensure the provision of reliable fiscal data, the integrity of government systems, and the sound use of public resources.
“Significant progress was made during the visit, and discussions will continue in the coming weeks. If agreement is reached on policy measures in support of the reform program, an arrangement to support Lesotho’s economic program would be proposed for the IMF Executive Board’s consideration.
“The IMF team thanks the authorities for their hospitality and constructive discussions.”
The IMF mission met with Prime Minister Majoro, Minister of Finance Sophonea, Central Bank Governor Matlanyane, and other senior government officials. The team also met with representatives of the diplomatic community, private sector, civil society, and multilateral development partners.
Nigeria’s Inflation: Prices Increase at Slower Pace in September 2021
Prices of goods and services moderated further in Africa’s largest economy, Nigeria in the month of September 2021, the latest report from the National Bureau of Statistics (NBS) has revealed.
Consumer Price Index (CPI), which measures the inflation rate, grew at 16.63 percent year-on-year in September, slower than the 17.01 percent rate achieved in the month of August.
On a monthly basis, inflation rose by 1.15 percent in September 2021, representing an increase of 0.13 percent from 1.02 percent filed in August 2021.
Food Index that gauges price of food items grew at 19.57 percent rate in the month, below the 20.30 percent rate recorded in August 2021.
The increase in the food index was caused by increases in prices of oils and fats, bread and cereals, food product N.E.C., fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg.
However, on a monthly basis, the price of food index rose by 0.20 percent from 1.06 percent filed in August 2021 to 1.26 percent in September 2021.
The more stable twelve months average ending in September 2021 revealed that prices of food items grew by 0.21 percent from 20.50 percent in August to 20.71 percent in September.
Prices of goods and services have been on the decline in Nigeria in recent months, according to the NBS. However. on masses are complaining of the persistent rise in prices of goods and services across the nation.
Some experts attributed the increase to Nigeria’s weak foreign exchange rate given it is largely an import-dependent economy.
Global Debt Rises by $27 Trillion to $226 Trillion in 2020 – IMF
The pandemic has led to an unprecedented increase in debt—issued by governments, nonfinancial corporations, and households the IMF estimated in the latest Fiscal Monitor report. In 2020 global debt reached $226 trillion and increased by $27 trillion, the IMF estimated Wednesday (October 13) in Washington, DC.
High and growing levels of public and private debt are associated with risks to financial stability and public finances, said Vitor Gaspar, Director of the IMF’s Fiscal Affairs Department.
“According to preliminary estimates from the Global Debt Database, global debt by governments, households, and non-financial corporations reached $226 trillion. That represents an increase of $27 trillion relative to 2019. Both the level and the pace of increase are record highs. We know that high and rising debts increase risks to financial stability and public finances,” Gaspar said ahead of the Fiscal Monitor release.
Gaspar emphasized that countries with a high credibility fiscal framework benefit from better bond market access. They also experience lower interest rates on sovereign bonds.
“A strong message from the fiscal monitor is that fiscal credibility pays off. Countries that have credible fiscal frameworks benefit from better and cheaper access to bond markets. That’s a precious asset to have in an uncertain and difficult times like COVID 19. Fiscal credibility pays off!,” added Gaspar.
He also recognized that while the international community has provided critical support to alleviate fiscal vulnerabilities in low-income countries, still more is needed.
“In 2020, the IMF’s rapid financing and the G20 Debt Service Suspension Initiative contribute to make resources available to the countries that need it the most. But more is needed. With a general allocation of SDRs of $650 billion, liquidity has been provided, but much more could be achieved if rich countries would make part of their resources available to the developing world. By doing so, donors would be contributing to fighting the pandemic and to the achievement of sustainable and inclusive growth,” said Gaspar
How FirstBank Employees Are Making A Difference in Their Immediate Environments Through The SPARK Initiative
African Development Bank Group President Akinwumi Adesina Assures Nigeria of Bank’s Strong Support to Achieve Food Security
Fintech TagPay Rebrands to Skaleet
Social Media2 weeks ago
Facebook Downtime Plunges Zuckerberg’s Wealth by $7B in Few Hours
Economy4 weeks ago
FG Plans To Deliver 15 Projects Across The Country With $4B Foreign Loans
Government4 weeks ago
Envoy Considers Establishment Of Chinese Banks In Nigeria To Boost Economy
Crude Oil2 weeks ago
Crude Oil Trading Near 3-year High Following OPEC+ Agreed to Gradual Increase
eNaira3 weeks ago
Official eNaira Website Goes Live
Economy3 weeks ago
British Petrol Stations Run Dry as Truck Driver Shortage Disrupts Supply Chain
Energy2 weeks ago
Ikeja Electric Notifies Lagos Customers On 8-Week Power Outage
Government4 weeks ago
Lagos Prohibits Open Cattle Grazing, Sanwo-Olu Signs Bill Into Law