Increasing interest rate won't control inflation, World Bank warns Nigeria – Newstrends
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Increasing interest rate won’t control inflation, World Bank warns Nigeria

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Increasing interest rate won’t control inflation, World Bank warns Nigeria 

 

Efforts to tame galloping inflation in Nigeria through continued hike in interest will not achieve such result, the World Bank has said.

The World Bank stated this, warning that the monetary policy tightening measures by the Central Bank of Nigeria (CBN) will not address the inflation issue in the country.

The World Bank disclosed this in its global economic prospects report released on Wednesday..

The tightening of the monetary policy rate (MPR) is the increase of interest rate aimed at controlling inflation.

The Monetary Policy Committee (MPC) has increased the interest rates this year from 22.75 per cent in February to 26.25 per cent in May, which is a total increase of 750 basis points.

The World Bank in its latest report stated, “Risks to Nigeria’s growth outlook are substantial, including the possibility that the tightening of monetary policy stops short of reining in inflation.”

The report also predicted Nigeria’s economic growth rate outlook for the rest of 2024 and 2025 to remain the same.

It said, “Growth in Nigeria is projected to pick up to 3.3 per cent this year and 3.5 per cent in 2025,” the World Bank said.

“After the macroeconomic reforms’ initial shock, economic conditions are expected to gradually improve, resulting in sustained, but still-modest growth in the non-oil economy.

“In addition, the oil sector is expected to stabilise as production somewhat recovers.”

 

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Shell restates commitment to Nigeria’s socio-economic development, gets FRCN award

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Shell restates commitment to Nigeria’s socio-economic development, gets FRCN award

 

Shell Petroleum Development Company of Nigeria Limited (SPDC) says it remains unwavering in its commitment to supporting the socio-economic development of Nigeria, especially in its areas of operations in the Niger Delta.

The SPDC Director and Head of Corporate Relations, Igo Weli, disclosed this in Port Harcourt, Rivers State.

Weli, represented by the Shell spokesman, Michael Adande, gave the position at a dinner on Friday to celebrate the 21st anniversary of Treasure FM, a member of the Federal Radio Corporation of Nigeria (FRCN) network.

“Our commitment stretches back to the 1950s, with a wide range of programmes supporting education, infrastructure, community electrification, and business empowerment,” he said.

A major highlight of the anniversary dinner was the presentation of the FRCN Award for Consistent Media Partner to Shell Nigeria.

“This award serves as a strong reminder that Shell’s dedication to the socio-economic development of the Niger Delta region remains a cornerstone of our presence in Nigeria.”

The award recognises Shell’s partnership with FRCN, particularly its support for the weekly live programme ‘Canvas: Niger Delta Roundtable’, which fosters crucial discussions on development issues impacting the region.

Weli said, “While the award itself was unexpected, it reinforces the value of initiatives like Canvas.

“This recognition motivates us to keep promoting development, not just in our operational areas but across the entire nation.”

Canvas: Niger Delta Roundtable has since 2017 aired twice weekly on different radio stations in the Niger Delta with live online streaming.

It dedicates an hour in exploring topics relevant to the development of the region and its people.

General Manager, FRCN Treasure FM Port Harcourt, Fred Onyeka Nwaulune, commended Shell’s partnership.

He said, “Shell has been a reliable media partner, consistently educating the Niger Delta region on the importance of dialogue for development and peaceful solutions.

“Their programme aligns perfectly with FRCN’s focus on sustainable development.”

He noted that through the dialogue radio programme, Shell had demonstrated a continued focus on driving progress and positive change in the Niger Delta and beyond.

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Naira falls to N1,505/$ in parallel market

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Naira falls to N1,505/$ in parallel market

The Naira yesterday depreciated in the parallel market to N1,505 per dollar from N1,495 per dollar last weekend. Similarly, the Naira depreciated to N1,490.2 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,490.2 per dollar from N1,485.53 per dollar last weekend, indicating N4.67 depreciation for the naira. The volume of dollars traded (turnover) in the market fell by 21.4 per cent to $152 million from $193.5 million traded last week Friday.
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Consequently, the margin between the parallel market and NAFEM rates widened to N14.8 per dollar from N9.47 per dollar last weekend.

Naira falls to N1,505/$ in parallel market

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Toyota Nigeria hosts Toyota Motor Show in Lagos this week

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Toyota Nigeria hosts Toyota Motor Show in Lagos this week

Toyota (Nigeria) Limited (TNL) will this week treat its customers and fans to a special Toyota Motor Show in Lagos.
The three-day event holding from Thursday, June 27 to Saturday, June 29, 2024 at The Podium in Lekki, will provide an enabling environment for customers and prospects to interact closely with their vehicles and get more informed about the company’s after-sale services/products vis body and paints and allied products, vehicle service and spare parts.
The Motor Show, the company said, would feature test drive of different models, free vehicle diagnostics, as well as a full complement of after-sales services on the ground for customers to take advantage of.
Senior management staff of TNL will also be on the ground to meet with customers and prospective customers.
The event scheduled to hold from 10 am to 7pm daily, according to TNL, will “provide an enabling environment for our customers to touch and feel our array of wonders on wheels.
“We want our customers to take advantage of the topnotch services we offer, such as improving the interior of your vehicle and the body to look good as new.
“Body and paint products and spare parts will also be on sale. Special service package opportunity is part of the deal.”
The company advised motorists to visit the Toyota Motor Show and take advantage of the huge discounts on vehicle purchase and servicing of their vehicles, which would be applied immediately or locked in to be redeemed later.
Some of the Toyota models being distributed by Toyota (Nigeria) Limited and would also be on display at the Show are Belta, Starlet, Rumion, Corolla, Camry, Corolla Cross, Hiace bus, Hiace Ambulance, Coaster, Hilux ( Prerunner), Hilux with canopy, other Hilux options, Prado TX and LC 300 VX Turbo
Toyota Nigeria’s facilities and dealership network are spread across Nigeria, manned by a well-trained workforce to deliver top-notch service to customers across Nigeria.

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