Nigerian economy desperately needs diaspora remittances, says Emefiele - Newstrends
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Nigerian economy desperately needs diaspora remittances, says Emefiele

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Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has highlighted the importance of diaspora inflows to the economy, stressing the country will be in a position to reap its benefits if remittance infrastructure improves.

He spoke on the newly introduced “CBN Naira 4 Dollar Scheme,” an initiative aimed at incentivising senders and recipients of international money transfers.

Emefiele spoke at a webinar organised by Fidelity Bank Plc, entitled, “The New FX Policy, Implications and Positive Impact on Diaspora Investments”.

The CBN governor explained that the new policy was expected to attract diaspora remittances through the official foreign exchange channels as well as support forex stability in Nigeria.

The CBN had earlier in a circular dated March 5, 2021, signed by A.S. Jibrin, on behalf of the Director, Trade and Exchange Department, stated that the new initiative would become effective on Monday and Saturday, May 8, 2021.

In line with this initiative, all recipients of diaspora remittances through CBN’s licensed International Money Transfer Operators (IMTOs) shall henceforth be paid N5 for every $1 received as remittance inflow.

The apex bank said in the circular, “The CBN shall through commercial banks, pay to remittance recipients the incentive of N5 for every $1 remitted by sender and collected by the designated beneficiary.

“This incentive is to be paid to recipients whether they choose to collect the United States dollar as cash across the counter in a bank or transfer same into their domiciliary account. In effect, a typical recipient of diaspora remittances will at the point of collection, receive not only the USD sent from abroad, but also the additional N5 per USD received.”

Providing more insight into the new policy, Emefiele said it would offer Nigerians in the diaspora a convenient way to send remittances, adding that it would also aid diaspora investments.

He said, “Our policy on the administration of remittance flows is aimed at increasing the transparency of remittance inflows, reducing rent-seeking activities, and providing Nigerians in the diaspora with cheaper and more convenient ways of sending remittances to Nigeria.

“In addition, we believe that this new policy measure will encourage banks and financial institutions to develop products and investments vehicles geared towards attracting investments from Nigerians in the diaspora. We have no doubt that these changes can help to finance a future stream of investment opportunities for Nigerians living abroad.”

However, Emefiele said, “Yet, the introduction of the new policy presented new challenges, as operators and remittance service providers were initially unable to integrate with the agent banks.” He said the central bank would continue to work to resolve the intermittent interface challenges in the marker.

Emefiele disclosed that the average cost of sending $200 worth of remittance to Nigeria from the US was about 4.7 per cent.

He said, “Countries in South Asia, such as Pakistan and Bangladesh, are aware of this impact and they introduced reimbursement schemes to support inflows.

“In Pakistan, the scheme, which is known as free send, has enabled record amount of inflows of over $2 billion a month even during the COVID-19 pandemic. Bangladesh introduced its own scheme in June 2019, which is a two per cent rebate on remittance inflows. Following this action, they have also seen a 20 per cent boost in remittance inflows.

“On the topic of round tripping, there is a maximum amount that you can remit through an IMTO. You can’t send a $100,000 through an IMTO. The CBN’s action, while it does not go far enough in offering total reimbursements, is a step in the right direction in reducing the cost burden for Nigerians remitting funds to Nigeria.”

Emefiele also disclosed that the central bank had been engaging the IMTOs and the banks to ensure more convenience in fund remittance.

He said, “In an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the Diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the central bank. This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora. This new policy is expected to take effect on the 8th of March 2021.

“Accordingly, the CBN strives to constantly improve our remittance infrastructure, ease the process of international money transfer and simplify the experience for senders and recipients. In this regard, we note that the efficiency of remittance services, especially as provided by the IMTOs is critical to our aim of boosting inflows. We would constantly seek to fine-tune our policies to mitigate factors that affect the quality of service customers face when using IMTOs.”

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NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote

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NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote

NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote

Dangote Petroleum Refinery has disputed claims by the Nigerian National Petroleum Company Limited (NNPCL) that it fully met its obligations under the Federal Government’s naira-for-crude programme, revealing that the national oil company supplied only three of the 14 crude oil cargoes expected under the arrangement.

The refinery said the deliveries represented less than 25 per cent of the crude volumes it anticipated receiving through the initiative, forcing it to source the majority of its feedstock from international suppliers to keep operations running.

The clarification follows NNPCL’s recent assertion that it supplied all crude cargoes made available under the naira-for-crude programme and did not withhold feedstock from the 650,000 barrels-per-day Dangote Refinery.

Responding to the claim, Dangote Refinery maintained that the crude volumes supplied under the arrangement fell significantly short of its operational requirements.

According to refinery officials, the facility received only about four million barrels of crude per month, compared with an expected allocation of roughly 13 million barrels monthly under the programme. The shortfall, the company said, made it impossible to rely solely on domestic crude supplies.

To bridge the gap, Dangote Refinery said it turned to international crude suppliers, purchasing additional feedstock from global trading companies and producers in Africa, the Middle East and other oil-producing regions.

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The refinery noted that the naira-for-crude initiative remains an important policy designed to support local refining, reduce pressure on Nigeria’s foreign exchange reserves and improve the availability of petroleum products in the domestic market. However, it stressed that the programme can only achieve its objectives if adequate volumes of crude are consistently supplied to local refineries.

The disagreement comes shortly after Dangote Refinery announced plans to begin selling refined petroleum products in United States dollars, citing rising production costs caused by inadequate domestic crude supply and increased dependence on imported crude purchased at international market prices.

The company explained that buying crude in dollars while selling refined products in naira had become increasingly unsustainable, particularly amid exchange rate volatility and higher global crude prices.

Industry analysts have warned that continued reliance on imported crude could increase production costs, place additional pressure on Nigeria’s foreign exchange market and ultimately affect domestic fuel prices.

At the same time, analysts noted that higher international oil prices could improve Nigeria’s export earnings, partially offsetting some of the economic pressures associated with increased crude import costs.

For its part, NNPCL maintained that it fulfilled its obligations by delivering every crude cargo allocated under the programme, arguing that crude supply depends on production levels, availability, contractual commitments and operational schedules.

The differing positions highlight the broader challenge of ensuring sufficient domestic crude supply for local refineries despite Nigeria being Africa’s largest crude oil producer.

Since commencing operations, Dangote Refinery has increasingly relied on a combination of domestic and imported crude to maintain production. The refinery is expected to play a pivotal role in reducing Nigeria’s dependence on imported petroleum products, improving energy security and expanding exports of refined fuels across Africa.

Industry stakeholders say strengthening the implementation of the naira-for-crude policy and guaranteeing consistent crude supply to domestic refiners will be critical to achieving the Federal Government’s goal of making Nigeria self-sufficient in refined petroleum products.

NNPCL delivered less than 25% of expected crude under naira-for-crude programme — Dangote

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Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure

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Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure

 

Jetour Nigeria has unveiled the RELY R8, a premium pickup truck designed to combine rugged performance with luxury, advanced technology and exceptional versatility, setting a new benchmark for work and recreational vehicles in Nigeria.

Engineered to thrive in the country’s demanding terrain, the RELY R8 is built for agriculture, construction, logistics, security escort operations and weekend adventures, offering the toughness of a workhorse without sacrificing the comfort and refinement of a modern SUV.

The pickup boasts high ground clearance, impressive approach and departure angles, and a reinforced chassis designed to withstand harsh road conditions while delivering excellent stability, even in strong crosswinds.

Its all-terrain capability is enhanced by multiple driving modes, allowing drivers to switch effortlessly between mud, sand and paved roads. Whether tackling heavy-duty tasks or venturing off the beaten path, the RELY R8 is built to perform with confidence.

Inside, the vehicle departs from the traditional utilitarian pickup design, featuring a spacious SUV-inspired cabin that comfortably accommodates five adults while offering a premium driving experience.

Speaking on the new model, Jetour Nigeria representative, Kemi Adeola, described the RELY R8 as a perfect blend of strength, innovation and comfort.

“The RELY R8 delivers strength, reliability and advanced technology in one vehicle. It offers the capability of a modern workhorse without compromising on premium comfort or safety,” she said.

The pickup is equipped with a high-performance processor that powers its L2+ intelligent driving assistance system. It also features a 12.3-inch HD touchscreen infotainment system with Apple CarPlay, Android Auto and remote engine start for enhanced convenience.

Safety is another major highlight of the RELY R8, with features including Intelligent Cruise Control, Lane Keeping Assist and Autonomous Emergency Braking, all designed to provide greater confidence and protection on every journey.

Jetour Nigeria has continued to strengthen its presence in the country’s automotive market, earning recognition as the Fastest Growing Auto Brand in Nigeria, while its Jetour Dashing SUV won the prestigious Car of the Year award. The company has served as the sole authorised distributor of Jetour vehicles in Nigeria since 2022.

The RELY R8 is backed by comprehensive manufacturer support, genuine spare parts and professional after-sales service through Jetour Nigeria’s network of authorised dealers, including Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited and Mandilas Motors.

Jetour Nigeria has invited prospective customers to visit any of its authorised dealerships nationwide to book a test drive and experience firsthand the RELY R8’s blend of rugged capability, cutting-edge technology and premium comfort.

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No Hiding Place for Traffic Offenders as FRSC Unleashes 12 Special Operations Nationwide

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No Hiding Place for Traffic Offenders as FRSC Unleashes 12 Special Operations Nationwide

 

The Federal Road Safety Corps (FRSC) has launched one of the most ambitious nationwide road safety operations in its history, deploying 12 intelligence-driven, code-named special enforcement campaigns across the country’s Zonal Commands in a decisive bid to curb road crashes, crack down on traffic offenders and save lives.

The coordinated initiative, known as the Zonal Special Intervention Patrol (ZSIP), commenced on July 20, with all 12 Zonal Commands simultaneously rolling out operations specifically designed to tackle the peculiar road safety challenges within their jurisdictions.

The operations are peration Fushin Zuma (Anger of the Bee) in Kaduna, Operation Ride Safe in Bauchi, Operation Shark Smile in Port Harcourt, Operation ABO (Safe Passage) in Lagos, Operation Sauka Lafia in Abuja, Operation Kasolayo in Ilorin, Operation Kwushi Ihe Mberede in Enugu, Operation Sanity in Osogbo, Operation Total Compliance in Benin, Operation Harbin Kunama (Scorpion Sting) in Yola, Operation Hadarin Kalangu in Jos, and Operation Daidaita Loading in Zone 10.

The Corps said the coordinated intervention reflects its determination to confront the major causes of road traffic crashes through intelligence-led enforcement, aggressive public enlightenment, enhanced operational visibility, stakeholder engagement and strategic collaboration with other security agencies.

Approved by the Corps Marshal, Shehu Mohammed, the Special Intervention Patrol is designed to empower each Zonal Command to tackle the unique crash patterns and traffic violations prevalent in its area of responsibility.

According to the Corps Marshal, the initiative marks a significant departure from conventional traffic enforcement, shifting instead to targeted, intelligence-based operations capable of delivering measurable results in reducing road crashes and fatalities.

He explained that each operation had been carefully crafted to address dangerous driving behaviours and recurring traffic offences responsible for avoidable deaths and injuries on Nigerian roads.

Mohammed disclosed that the operations would witness massive deployment of FRSC personnel to highways, motor parks, loading points and other critical traffic corridors across the country.

The enforcement exercise, he added, would be complemented by sustained public awareness campaigns, stakeholder engagement and close collaboration with sister security agencies to ensure effective enforcement and prompt emergency response.

He warned motorists, commercial vehicle operators and fleet owners that there would be no hiding place for traffic offenders, stressing that anyone found violating traffic regulations would face firm but professional enforcement in line with the Corps’ statutory mandate.

The Corps Marshal, however, assured law-abiding road users that the operations were not designed to harass or punish responsible motorists but to safeguard lives and property.

He urged Nigerians to cooperate with FRSC patrol teams by obeying traffic regulations, avoiding dangerous practices such as overloading, mixed loading and reckless driving, while encouraging members of the public to report unsafe road users.

Mohammed also called on transport operators to embrace voluntary compliance, noting that road safety remains a shared responsibility requiring the collective commitment of government, transport stakeholders and every road user.

Summing up the Corps’ renewed determination to reduce road carnage on Nigerian highways, he declared: “Every Zone has a mission. Every patrol has a purpose. Every operation is a commitment to saving lives.”

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