Nigeria Economy | |
Nigeria Economy | |
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Saturday, October 10, 2020 /06:30
AM / by Proshare Research / Header Image Credit: EcoGraphics
The NESG 26 Summit must seize the opportunity of the recent conflict
with the CBN to broaden the debate over the direction of the Nigerian economy
and the required policy imperatives as highlighted earlier.
The NESG should seize the opportunity to address the hitherto unspoken
issues of:
Illustration 7: NESG
Summits: A History of Discourse
Source: NESG
In Search of a Truce
One of the most difficult things to do is not prosecuting a war but
negotiating the peace. The NESG and CBN must both size-up to the onerous
task of shelving organizational egos in the larger interest of the country and
reestablish a fraternal relationship that will serve the broader interest of
economic growth and development of the Nigerian economy. The agenda of the NESG
26 must provide detailed, evidence-based information and analysis that
executives of the CBN can review to reshape monetary positions or gain further
insight into private sector anxieties based on available data.
Going Forward
In line with the preferred situation of collaboration between the NESG
and the CBN, the NESG must always defer to the superior position of data over
opinion. While some of its observations in its 15-point communique were
ascribable to data, others were mere opinions unsupported by evidence. Such
positions are not compelling and are easy targets for potshots by a diligent
analyst or observer. The NESG must sustain a reputation of elevated thinking
and support its stance with evidence-based facts. The first point in its
15-point communique stated, "The Nigerian Economic Summit Group (NESG) notes
that since the inception of this Administration, Agriculture and the need to
ensure Zero Hunger for Nigerians has received considerable attention. However,
despite the budgetary allocations and huge sums of money disbursed by the
Central Bank of Nigeria (CBN) through the Anchor Borrowers' Programme, a huge
gap remains in meeting the food requirements, which has resulted in increasing
hunger among the Nigerian populace". This statement appears to be populist
and suggests sentiments rather than facts.
It would have been more informative if the NESG had stated total
agricultural production and dissected the data into crop classes and made
estimations of domestic production and domestic consumption thereby estimating
the domestic surplus or deficit. It would have been informative if the NESG
quoted the amount lent to the anchor borrowers scheme by the CBN and how much
has been recovered and by how much farm output has increased (or decreased).
Staying true to data rather than broad statements on perception is usually
safer as a subject of discourse.
The NESG may need to upscale its research and ensure that its policy
interventions are always dependent on the evidence-based interpretation of
data. Where legal interpretation is required lawyers available to the group
should be consulted to give a robust interpretation of regulation/laws and
provide comparative legislation in other countries. The need for the review of
legislation of other countries is not for the validation of Nigerian
legislation but to serve as a basis for accessing the impact of similar
legislation on other economies.
The CBN in turn would need to exercise temperance in its public
communication, certain expressions are completely alien to the rarefied status
of a country's Central Bank.
Also, the CBN must recognize the right of institutions and individuals
to have a difference of opinion. At the heart of growth and development is the
rich variety of clever solutions that emerge from a pool of disparate
socioeconomic perspectives. To see sinister ghouls in every act of dissension
from CBN's positions is unhelpful in building a massive cathode machine of
actionable ideas that find refinement in conflict.
Conclusion
The conflict between the NESG and CBN was avoidable but necessary. The
essence of the conflict was to establish clarity and policy coherence. The
battle of brothers was not fashioned to the death but to promote enlightenment
and stronger corporate governance. A number of points become clear in reading
the issues raised by both organisations and their responses to evidence-backed
information on the economy. The points could be summarized as follows:
The cavalier response of the CBN to the NESG's
arguments falls short of best global practices and serves as a point of
learning for the Bank to ensure communication governance within its
traditionally conservative, measured and subject-matter-focused template.
Downloadable Versions of NESG v CBN Report (PDF)
Related News
post on NESG v CBN: Beyond the Battleground Report
1.
NESG v CBN:
Beyond the Battleground - The Need for Facts, Perspective and Resolution
2.
NESG v CBN:
Issues Deconstructed - In Praise of Contexts
3.
NESG v CBN:
Tracking the Data - Beyond Opinion, Evidence-Based Facts
4.
NESG v CBN: Inside the Policy Room
5.
NESG v CBN:
Lessons Learnt and Takeaways
6.
NESG v CBN: Next
Steps - The State of the Nation Execution Imperatives
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23. CBN Issues Guidelines for the Implementation of the N50bn Targeted Credit Facility- Mar 25, 2020
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26. CBN Issues Guideline on Nigerian Payments System Risk and Information Security Management Framework - Mar 04, 2020
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28. CBN Issues Circular on Pre-Authorisation of Cards in Nigeria - Dec 30, 2019
29. CBN Issues Consumer Protection Regulations - Dec 23, 2019
30. CBN Reviews Charges On ATM, Card Maintenance and Others - Dec 22, 2019
31. CBN Publishes Exposure Draft On The Guidelines For Shared Services Arrangements For Banks And OFIs - Nov 27, 2019
32. CBN Publishes Regulation For The Operation of Mortgage Guarantee Companies in Nigeria - Nov 26, 2019
33. CBN Notifies of The Automation Of Form NXP On The Trade Monitoring System - Oct 30, 2019
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39. CBN Issues Approvals-In-Principle To Three Payment Service Banks - Sep 18, 2019
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41. CBN Issues Guidelines On The Issuance And Treatment Of Bankers Acceptances And Commercial Papers - Sep 16, 2019
42. CBN Issues Regulation On Electronic Payments And Collections For Public And Private Sectors - Sep 11, 2019
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156. CBN Clarifies Circular on Usage of Naira Denominated Cards Overseas - Apr 24, 2015
157. CBN Stops Rendition of Returns on Defunct Micro Credit Fund - Apr 17, 2015
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160. CBN Warns Against the Use of Foreign Currency as Medium Of Exchange in Nigeria - Apr 07, 2015
161. CBN lays Guidelines on Mobile Money Services in Nigeria - Apr 02, 2015
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164. CBN Publishes Regulatory and Supervisory Guidelines for DFIs in Nigeria - Mar 19, 2015
165. CBN Sets Guidelines for N300 Billion Real Sector Support Facility - Mar 04, 2015
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167. CBN Restricts Use of Unfettered Access in Exchange Manual - Feb 23, 2015
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169. CBN Closes RDAS/WDAS Foreign Exchange Window - Feb 18, 2015
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171. CBN Sets Time Bar for Resolution of Customers Complaints - Feb 18, 2015
172. CBN Issues Framework for the Implementation of Electronic Payments Incentive - Feb 13, 2015
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176. CBN Notifies Banks on Onward Reporting of Fraud in Non-EMV Environments- Jan 30, 2015
177. CBN Directs Banks to Compute Net Open Position on Daily Basis - Jan 30, 2015
178. CBN Reviews Weekly Cash Sales to BDCs to $30,000 - Jan 23, 2015
179. CBN Reviews Foreign Currency Trading Position of Banks to 0.1% of SHF - Jan 13, 2015
180. CBN Signs MoU with Deposit Money Banks to Boost Power Supply - Dec 23, 2014
181. CBN Directs Banks to Commence Issuance of Centenary N100 Banknote - Dec 22, 2014
182. CBN Reduces Foreign Exchange Trading Position of Authorized Dealers to Zero Percent - Dec 18, 2014
183. CBN Issues 48hours Deadline for Utilization of Funds Purchased from Forex Market - Dec 18, 2014
184. CBN Releases Circular on Sales of Foreign Exchange without Adequate Documentation - Nov 21, 2014
185. CBN Releases Circular to All DMs and Merchant Banks on the Implementation of Swift SSS - Nov 20, 2014
186. CBN Kicks-off the Development of Consumer Protection Framework for Financial Institutions - Oct 22, 2014
187. CBN Sets BVN Compliance Deadline for DMBs and Bank Customers - Oct 22, 2014
188. CBN Increases Outbound International Money Transfer Limit - Oct 14, 2014
189. CBN Releases Collateral Registry Regulation - Sep 30, 2014
190. CBN Rolls Out Electronic Payments Incentive and Awareness Campaign - Sep 19, 2014
191. CBN Releases Circular on the Acceleration of Bank Verification Number - Sep 19, 2014
192. CBN Releases Guidelines for Financial Holding Company (HoldCo) - Aug 29, 2014
193. CBN Develops Authorized Signatories Verification Portal for the Banking Industry - Aug 21, 2014
194. CBN Earmarks 60% of MSME Development Fund for Women - Aug 18, 2014
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198. CBN Excludes Non-Distributable Regulatory Reserve in the Computation of Capital of Banks - Aug 07, 2014
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