Business

How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso

Published

3 years ago

September 27, 2023

Governor of the Central Bank of Nigeria (CBN), Michael Olayemi Cardoso

How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso

Following Senate approval, Michael Olayemi Cardoso began his stint as the 12th governor of the Central Bank of Nigeria (CBN) on Tuesday.

He promised to provide transparent and focused leadership while adhering strictly to the rules, and to return the central bank to its fundamental monetary policy mission.

He also pledged to work in synergy with the fiscal authorities in the overall interest of the economy in the short and medium term.

Cardoso, 66, a former chairman of Citi Bank, was Lagos State Commissioner for Budget and Economic Planning.

He spoke during his screening alongside the four deputy governors by the Senate. All of them were cleared.

The deputy governors are: Mrs. Emem Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.

The deputy governors also responded to some of the questions posed by senators, including Senate President Godswill Akpabio.

All the nominees left the senators in no doubt about their capacity and capability.

Cardoso said for 12 years, between 2010 and 2022 he had the privilege of serving as the chairman of Citi Bank where: “I dedicated myself to enhancing both the financial and non-financial operations of the institution.’’

He told the Senate that the issue of exchange rate of the Naira to other currencies was worrisome.

“For the type of economy that we want, we need to have an exchange rate that is stable and we must apply short and medium term measures to achieve this,’’ he said.

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Cardoso added that CBN’s new management team would evolve rules that were open and transparent and comprehensible by all players in the finance business.

“We cannot expect serious foreign investors and portfolio investors who have an impact on the market to do so if we do not have a transparent system that everybody understands and can rely on,’’ he said.

On inflation, he said: “There is the need to significantly revamp the infrastructure at the central bank with respect to data and to ensure that our data gathering capacity is significantly enhanced.

“This is necessary so that we can make decisions based on stellar data. This is crucial in measuring inflation,’’ he stressed.

He added that reliable studies showed that in the past 10 years to 15 years, at least 50 per cent of inflation resulted from money supply and deficit financing.

“This is a big problem; at least it certainly has been over a period of time and it is something we have to face frontally.

“You have been hearing a lot of complaints. There are various measures to be taken and some of them are already being taken like the removal of fuel subsidy and fast-tracking the collection of taxes,” he said.

Cardoso added: “In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development, finance interventions into more limited advisory roles that support economic growth. These advisory roles would include, for instance, one, act as a catalyst in propagation of specialized institutions and financial products that support emerging sectors of the economy, facilitate new regulatory frameworks to unlock enormous capital, accelerate access to consumer credit, and expand financial inclusions to the masses.”

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He assured the Senate that the CBN under his watch will not be hijacked or used by politicians.

He said: “This is a position of great trust and with that it comes with huge responsibility to meet up that trust …and my idea is to do what is right and how it is right. We have seen the effect of not doing what is right and we do not intend to go that route.

“Secondly, on the issue of not obeying the hallowed chambers’ summons for conversation, frankly, I have absolute no doubt that that has got to be part of the engagements that I spoke about earlier.

“Part of that is that the law specifies that such dialogue should take place twice in a year and as I said in resetting the Central Bank, we must ensure that we do not run foul of the law.

“It goes back to the issue of culture of compliance. We are going to ensure we maintain a culture of compliance in the CBN. There will be zero tolerance for non-complying with orders and I can assure you that that tone would be fully set from the top.”

He added: “What is important to us is the element of economic growth. Our feeling is that in identifying the important issues with economic growth, we believe very strongly that size matters.

“The economic policy proposal of the administration has identified a set of fiscal reforms and growth patterns that will achieve $1trillion GDP within eight years.

“In reviewing selected growth targets that can achieve $1trn GDP, selected countries with large population and similar characteristics as Nigeria, it is interesting to identify micro-economics indicies that points to Nigeria’s economic trajectory, being faithful to implementation of the proposed economic reforms.

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“In economies bigger than $1trillion, these indices include moderate inflation, sizeable foreign reserves and capacity to creating rebound from economic downturns.

“In other words, to the extent that the administration has defined such a bold target for the country, it is our feeling that achieving this is very critical to achieve the stability that we require in various economic indices.

“It is not the only thing, but it is very important. So we believe that this is the right way to go.

He insisted that the immediate issues his team would address at the CBN include both Operational and Systems.

He added: “It is what I will term uncorrelalational issues. We are aware that there are unsettled obligations by the CBN. Whether it is $4b, $5b or $7b I don’t know but definitely the immediate priority is to ascertain the extent.

“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.

According to him, the medium term measures in reviving the economy “have to do with balance of payments over a period of time like the sort of things that are being done already with respect to ensuring that we are getting more from petroleum resources with the removal of fuel subsidy and diversifying the economic base of the country.

“That I believe will continue by the present administration and of course it will take time. I think we should take that as a medium term measure than the immediate.”

Many financial experts rated the appearance of the CBN governor and his deputies high, especially their pledge to return the apex bank to its core responsibilities.

How I will tackle inflation, naira, forex crises – CBN Gov, Cardoso

(Nation)

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NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Jobs

Published

21 hours ago

September 21, 2026

Trends Admin

NADDC Pushes Affordable Auto Loans to Boost Vehicle Ownership, More Job

The National Automotive Design and Development Council has called for far-reaching reforms in vehicle financing to make car ownership more affordable while boosting local vehicle assembly, job creation and industrial development.

The Council said a properly structured financing system could turn vehicle credit from a mere consumer lending product into a major economic tool for expanding productive mobility and strengthening Nigeria’s automotive value chain.

Director-General of NADDC, Otunba Joseph Oluwemimo Osanipin, stated this in an address delivered on his behalf by the Council’s Principal Information Officer, Tanko Kyumnom, at the Lagos Chamber of Commerce and Industry (LCCI) Auto Sectoral Group Symposium in Lagos.

The symposium, held on Thursday, September 17, 2026, at the Henry Fajemirokun Hall of LCCI, was themed: “From Subsidy to Credit: Can Vehicle Financing Replace Fuel Subsidy as Nigeria’s Mobility Equaliser?”
Osanipin said the growing cost of mobility had made it necessary to explore financing models that would enable individuals, businesses and transport operators to acquire vehicles without bearing the full cost of ownership upfront.

According to him, spreading vehicle payments over an agreed period could provide a more sustainable pathway to vehicle acquisition, provided that the financing products are affordable, accessible and structured around the economic realities of Nigerian consumers.

He, however, cautioned that simply making credit available would not be enough.
“Vehicle financing offers a more sustainable approach by enabling individuals, businesses and transport operators to acquire vehicles and pay for them over time,” Osanipin stated.
The NADDC DG said the bigger opportunity lies in linking vehicle financing with the growth of locally assembled and Nigerian-made vehicles.

He explained that increased access to credit for locally produced vehicles could generate wider economic benefits by stimulating demand for domestic assembly, supporting component manufacturers, creating jobs and strengthening local supply chains.

Osanipin therefore urged stronger collaboration among government institutions, financial institutions, vehicle manufacturers and other stakeholders in designing financing schemes capable of supporting both mobility access and automotive industrialisation.

The NADDC boss identified affordable vehicle loans, leasing arrangements, fleet financing, credit guarantees and appropriate interest-rate support as mechanisms that could broaden access to vehicle ownership and productive mobility.

lt also stressed the need for repayment structures that take into account the earning patterns and business realities of Nigerians, particularly transport operators and small businesses whose vehicles are directly linked to their income-generating activities.

Osanipin maintained that the objective should extend beyond increasing the number of vehicles on Nigerian roads.
“The goal is not simply to put more vehicles on Nigerian roads. It is to ensure that Nigerians can access productive mobility without placing an unsustainable burden on government finances or household incomes,” he said.

According to him, a properly structured automotive financing system could create a stronger connection between mobility, economic inclusion and domestic vehicle production.

“With the right policies and partnerships, vehicle financing can become a powerful instrument for mobility, economic inclusion and automotive industrial development,” Osanipin added.

The NADDC’s position places vehicle financing within the broader effort to build a sustainable automotive ecosystem in Nigeria—one in which access to credit supports vehicle users while also creating stronger demand for local assembly, components and associated automotive services.

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Jetour T1 Storms Abuja as Automaker Accelerates Nigeria Expansion

Published

1 day ago

September 21, 2026

Trends Admin

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

Following a successful debut in Lagos, Jetour Nigeria will host the Jetour Experience Abuja from September 22 to 24, 2026, positioning its all-new T1 model as a major competitor in the country’s growing adventure SUV market.

The three-day event in the Federal Capital Territory will give prospective buyers and motoring enthusiasts direct access to product demonstrations, expert-led technical sessions, and hands-on test drives.

“Strong participation, extensive test drives, and significant sales enquiries at the Lagos edition, coupled with growing demand from Abuja residents, influenced the decision to bring the experience to the nation’s capital,” the company said in a statement. The show holds at Maha Event Centre, Area 8, Garki.

To support its growing national footprint, Jetour Nigeria has established a network of seven accredited dealers: Elizade Nigeria Limited, New Era AutoVehicle Services Limited, Kojo Motors, Germaine Auto Centre, Tab Autos Limited, R.T. Briscoe Motors, and Mandilas Autos. The partnerships cover retail sales, genuine spare parts supply, and comprehensive after-sales maintenance.

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The T1 enters the market with a focal point on balance—combining off-road capability with urban comfort.

The smart T1 has the following features-
Dimensions: 4,705mm (L) x 1,967mm (W) x 1,843mm (H) |; Wheelbase: 2,800mm; and
Powertrains: 1.5L Turbo / 2.0L Turbo (254 hp, 390 Nm torque).

The drivetrain is BorgWarner XWD Intelligent 4WD | 7-Speed DCT or 8-Speed Automatic. Terrain Capability: 199mm ground clearance, 600mm wading depth, and 28° approach/departure angles.

Other features include 15.6-inch HD touchscreen, Qualcomm Snapdragon 8155 platform, 8-speaker audio, 5-seater configuration with 574 litres of rear luggage space, 85 percent high-strength steel chassis alongside a Level 2 Advanced Driver Assistance System (ADAS), which includes Adaptive Cruise Control, Lane Keeping Assist, Forward Collision Warning, and Autonomous Emergency Braking.

Since its Nigerian market entry, Jetour has secured several local and international automotive honors, including Fastest Growing Auto Brand of the Year and Auto Brand of the Year.

Jetour T1 Set to debut in Abuja as Expansion Gains Momentum

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Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Published

2 days ago

September 20, 2026

Trends Admin

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.

The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.

The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.

The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.

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Its safety equipment includes front, side and curtain airbags, Vehicle Stability Control, Hill-Start Assist, Hill-Descent Control and a 360-degree panoramic camera with 2D and 3D viewing modes. Advanced Driver-Assistance Systems are also available.

Inside the cabin, the X70 Plus features a 10.23-inch LCD touchscreen, dual-zone climate control with air purification, wireless charging, a panoramic sunroof and an eight-speaker audio system.

Jetour Nigeria, the authorised distributor of the brand in the country, currently operates through seven accredited dealers: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.

The company said the dealer network supports vehicle sales, genuine spare-parts supply and after-sales services across the country.

Jetour has also received recent industry recognition in Nigeria, including Fastest Growing Auto Brand by the Nigeria Auto Journalists Association and Auto Brand of the Year at the Nigeria Transport Lecture and Awards.

The Abuja experience is expected to provide prospective customers in the FCT and surrounding states with direct access to the X70 Plus and other Jetour models as the brand continues its national market expansion.