Chairman of the United Bank for Africa, UBA, Tony Elumelu, has said Nigeria is on the right track economically following the decisions of the Central Bank of Nigeria, CBN, at its last Monetary Policy Committee, MPC, meeting on February 27.

Recall that the CBN had during the meeting, raised the Monetary Policy Rate, MPR, by 400 basis points to 22.75 percent from 18.75 percent as part of its tightening policy of the monetary space.

The business mogul in an interview on Thursday expressed cautious optimism that Nigeria is ‘getting there’, emphasising that ‘transformation’ takes time and it is the right time to keep going with the current reforms

However, he stated that authorities must be consistent and focused in their policies to ensure they yield the expected results in the medium to long term.

“Of all the decisions the Central Bank took at the last MPC, if I were there, those are the exact decisions I would have taken in the circumstance.

“Hopefully, let us continue and not relent. It’s still early days.

“This is just the starting, but it seems one can be fairly and cautiously optimistic that we’re getting there. We are on the right track,” he assured.

He also expressed optimism that the value of the naira will start rising substantially against the dollar.

“What I know as a transformation person is that the transformation journey takes time. And, you know it comes with a few initial pains, but (it’s good) to stay focused, stay the course, be consistent, be sincere and be committed to it.

“What I see, you know, I mean fixing the issues, making sure that interest rate is not negative to the investor, making sure that … it’s an inflationary situation and that we’re contracting as much as possible, so that we have fewer Naira chasing dollars, giving confidence to the market”, he said.

https://dailypostngr.com/2024/03/nigeria-back-on-track-economically-tony-elumelu-hails-mpc-decision/

One dollar is still above N1,600 now. It was just about N700 this time last year. Let’s push it back to where it was before…and push it down further…below N700 and it will be widely hailed as economic progress.

We need a holistic approach to economic reform.

MPC is good starting. The committee should have been formed even before the removal of subsidy and devaluation/floating of Naira

Our economy policies begins to yield superlative result

Glory be to God

Thissystem:
Really? Now now now??

Oga, one dollar is still above N1,600 now. It was just about N700 this time last year. Let’s push it back to where it was before…and push it down further and it will be widely hailed as economic progress.

We need a holistic approach to economic reform.

MPC is good starting. The committee should have been formed long even before the devaluation/floating of Naira

What those economist saw while bending you can't see it even if you fly up

APC said ₦216 per Dollar was too much. Therefore, no APC government is good unless Naira goes below 216 per Dollar in the regime.

Bastards,,ds UBA wey dey remove my lean money unnoticed..My app wasn't doing becos I forgot my password so I started using d ussd code not knowing d sinister behind it.. When u press d *919# button,,they will ask u to accept d 6.98naira charges..Unknowning to me that even d transaction is not successful,,they will still remove d 6.98..So i started trying it on many occasions,,na so my 2000naira go turn 1400..This happened for many months before I decode..All ds CEOs na Awodi jeun epe sonra!

Ola9ja23:


What those economist saw while bending you can't see it even if you fly up

Absolutely! They saw a big mess, an economic system like a patient with high BP crisis that needs to be quickly taken to the nearest urgent care facility in an Ambulance. That is Naija's situation right now.

Lol, no worries. E go better! There’s hope

Some emergency lovers of Nigeria will cry and wail to this news still

So are Nigerians taking their money to keep and inflation easing?

Textbook legends and warriors.

Iie

Ola9ja23:


What those economist saw while bending you can't see it even if you fly up

which economists?

Give it 4 months and come back to tell us what they saw.

Workers borrow to buy assets mostly and not to eat suya or fiz their hair. These theories are evasive when it comes to our own dynamics.

Ola9ja23:


What those economist saw while bending you can't see it even if you fly up

But we can see the results of what your voodoo economist saw,it is clear,hyper inflation, hunger in the land,decrease productivity, with multinationals declaring huge loses and many exiting the country.
Let's clap for your economist that can see very far while seated

They will drag him taya this weekend

Slytiger:
Some emergency lovers of Nigeria will cry and wail to this news still

If you have nothing meaningful and relevant to contribute to a news story, allow those who do to contribute. Stop occupying space with useless comments.

Thissystem:
One dollar is still above N1,600 now. It was just about N700 this time last year. Let’s push it back to where it was before…and push it down further and it will be widely hailed as economic progress.

We need a holistic approach to economic reform.

MPC is good starting. The committee should have been formed even before the removal of subsidy and devaluation/floating of Naira

Let's push it?, na wheelbarrow?. I can't understand how you guys are bad students of knowledge, you have been told Emefiele printed 22trillion without considerable economic activities to back it up. If you can't understand the attendant effect, nobody can help you.

Criminal banker

Clown!
How is Nigeria back on track when subsidy is being paid from the backdoor,at a far expense than even during PMB's time and the Naira massive depreciation has caused massive inflation?
Or massive inflation and unaffordabiity of food and goods are good economic indices?

immortalcrown:
APC said ₦216 per Dollar was too much. Therefore, no APC government is good unless Naira goes below 216 per Dollar in the regime.

When PDP was selling oil for over $100/barrel, how much reserves did they leave behind?. Did Okonjo Iweala not tell us to brace up for tough times ahead, she was even borrowing to pay salaries.

seborrhic:
Clown!
How is Nigeria back on track when subsidy is being paid from the backdoor and the Naira value have caused massive inflation?
Or massive inflation and unaffordabiity of food and goods are good economic indices?

Na you dey collect the subsidy?, how much are you being paid as subsidy?

This government will so Bleep everyone up that , you don't need to have sex with your wife anymore



In 2 months time you will be shocked

Peter ObiLiar the container economist opened his mouth to condemn the CBN's MPC rate while his illiterate followers were licking his vomits. The same policy experts were praising, same policy Tony Elumelu is praising, same policy that has increased foreign inflows in a few weeks. Obi should keep his mouth off macroeconomics and face his container business.

Putindbutt:

Let's push it?, na wheelbarrow?. I can't understand how you guys are bad students of knowledge, you have been told Emefiele printed 22trillion without considerable economic activities to back it up. If you can't understand the attendant effect, nobody can help you.

No be the one Dem tell u u hear?

Putindbutt:

Let's push it?, na wheelbarrow?. I can't understand how you guys are bad students of knowledge, you have been told Emefiele printed 22trillion without considerable economic activities to back it up. If you can't understand the attendant effect, nobody can help you.

Pushing it back means correcting anomalies, reversing and correcting any bad policies.... and flushing the decay in the system. Then we will be back on the right track and start hailing the performers.

Our leaders can't just continue giving excuses telling us it's because of this or that. They need to hold the bull by the horn and fix whatever is necessary to fix. That is why they are there! If there is excess cash in circulation, then they should mop up the excess cash and curb inflation so people can breathe.

We can't just be online here arguing and trying to figure out the cause, doing permutaions and combinations, apportioning blames, while millions are dying on hunger due to bad governance.

Thissystem:


Pushing it back means correcting anomalies, reversing and correcting any bad policies.... and flushing the decay in the system. Then we will be back on the right track and start hailing the performers.

Our leaders can't just continue giving excuses telling us it's because of this or that. They need to hold the bull by the horn and fix whatever is necessary to fix. That is why they are there! If there is excess cash in circulation, then they should mop up the excess cash and curb inflation so people can breathe.

We can't just be online here arguing and trying to figure out the cause, doing permutaions and combinations, apportioning blames, while millions are dying on hunger due to bad governance.

I thought you followed CBN and its MPC guidelines, mopping up excess cash was a key indicator and already being in effect. do you think we can sail smoothly without weathering the storm.

Thissystem:
Chairman of the United Bank for Africa, UBA, Tony Elumelu, has said Nigeria is on the right track economically following the decisions of the Central Bank of Nigeria, CBN, at its last Monetary Policy Committee, MPC, meeting on February 27.

Recall that the CBN had during the meeting, raised the Monetary Policy Rate, MPR, by 400 basis points to 22.75 percent from 18.75 percent as part of its tightening policy of the monetary space.

The business mogul in an interview on Thursday expressed cautious optimism that Nigeria is ‘getting there’, emphasising that ‘transformation’ takes time and it is the right time to keep going with the current reforms

However, he stated that authorities must be consistent and focused in their policies to ensure they yield the expected results in the medium to long term.

“Of all the decisions the Central Bank took at the last MPC, if I were there, those are the exact decisions I would have taken in the circumstance.

“Hopefully, let us continue and not relent. It’s still early days.

“This is just the starting, but it seems one can be fairly and cautiously optimistic that we’re getting there. We are on the right track,” he assured.

He also expressed optimism that the value of the naira will start rising substantially against the dollar.

“What I know as a transformation person is that the transformation journey takes time. And, you know it comes with a few initial pains, but (it’s good) to stay focused, stay the course, be consistent, be sincere and be committed to it.

“What I see, you know, I mean fixing the issues, making sure that interest rate is not negative to the investor, making sure that … it’s an inflationary situation and that we’re contracting as much as possible, so that we have fewer Naira chasing dollars, giving confidence to the market”, he said.

https://dailypostngr.com/2024/03/nigeria-back-on-track-economically-tony-elumelu-hails-mpc-decision/

Because the increase in MPR mean that people like Tony and his UBA will earn more from interest rates from investors, of course he will applaud the decision.

Nigeria, home of animals.

Edoreborn:
Bastards,,ds UBA wey dey remove my lean money unnoticed..My app wasn't doing becos I forgot my password so I started using d ussd code not knowing d sinister behind it.. When u press d *919# button,,they will ask u to accept d 6.98naira charges..Unknowning to me that even d transaction is not successful,,they will still remove d 6.98..So i started trying it on many occasions,,na so my 2000naira go turn 1400..This happened for many months before I decide..All ds CEOs na Awodi jeun epe sonra!

The guy and his bank are thieves.. That's what they do while using USSD. Na Tinubu guy,so he will certainly support his pal.. He knows the billions he will benefit from Tinubu's government, so he can't say anything different from what he said..

Ola9ja23:


What those economist saw while bending you can't see it even if you fly up

Who told you tolds deadwoods policy makers are economists? They saw the dollar at 700 naira and took it to 1500 naira, they saw inflation at 21% and took it to 30%, they saw the economy at a balance rate and took it to doom.

One thing people like you do not understand is that your politicians and their appointees are there to make policies which will only favour them and their friends.

Putindbutt:

I thought you followed CBN and its MPC guidelines, mopping up excess cash was a key indicator and already being in effect. do you think we can sail smoothly without weathering the storm.

"Weathering the storm” according to dictionary definition means "to survive a difficult situation or period without being seriously harmed or very badly affected by it."

Unfortunately, our situation is currently not that way in Naija. People are seriously harmed or very badly affected.
So we need a cushioning effect. Government needs to act fast to save the masses.

The situation of millions of Nigerians right now is like holding somebody by the throat while pinning him to the wall and you keep telling him to endure. That’s government relationship with the masses right now in terms of economic condition.

Take a look at the thread below.
46 University Professors died while waiting for relief or ”weathering the storm”
https://www.nairaland.com/8005767/economic-hardship-46-professors-others

Putindbutt:

When PDP was selling oil for over $100/barrel, how much reserves did they leave behind?. Did Okonjo Iweala not tell us to brace up for tough times ahead, she was even borrowing to pay salaries.

PDP and Okonjo Iweala were all there, yet APC dropped the statement. So, your logic is very childish.

Ola9ja23:


What those economist saw while bending you can't see it even if you fly up

You are right, I always take caution before commenting on such topics. There’s more to economics than beer parlor prognostication!

2 digit inflation figures cannot fit any track but I hear him, he is hoping it continues to go down till it is single digit. I am not sure I can take Elumelu seriously because he is part of the just formed private economy roundtable to the government so I am cautious this is not praise singing for CBN to assuage Nigerians. It is difficult to call him objective but God bless Nigeria regardless. Until the banks start lending to real sector to revive the economy, I can't take them seriously. The banks are complicit in our current situation making money through non core banking activities.