NEWSPAPER REVIEW – 21 January, 2019
With the recent statistics from Nigeria Insurers
BDC
Exch. Rate (USD) 362
Exch. Rate (Pounds) 465
Exch. Rate (Euro) 415
Inflation 11.44
Crude Oil Price $62.53
BUSINESS DAY
Analysts expect CBN to keep rates
unchanged as MPC meets today
Ahead of the Monetary Policy Committee (MPC) meeting
decision tomorrow (Tuesday), analysts in the financial
services sector anticipate no change in the key monetary
policy stance of the Central Bank of Nigeria (CBN). With
uptick in Nigeria’s inflation rate and fragile economic
growth, economists and analysts polled in a BusinessDay
survey said it would be best for Monetary Policy committee
of the CBN to retain interest rate at 14%.
To read more on this article, see page 2
Kano approves N34.6m for expansion of
water supply in Bichi
The Kano State Government has approved N34.6 million
for the expansion of Bichi Township Water Supply Scheme
to boost water supply in the town.
Commissioner for Information, Mallam Mohammed Garba,
said this in a statement issued to newsmen in Kano, the
state capital, on Friday, January 18, 2019.
According to the commissioner, the State Executive
Council gave the approval during its weekly meeting held
on Thursday at the Government House, Kano.
He said the expansion of the scheme in the town would
check the persistent water shortage and alleviate the
suffering of the residents in getting safe drinking water.
To read more on this article, see page 23
THISDAY
Insurers Seek Collaboration against
Uninsured Vehicles
Association(NIA) that only 2.5 million out of a total 12
million vehicles plying Nigerian roads have genuine motor
insurance cover, insurance sector operators have
reiterated their resolve to ensure that the remaining 9.5
million uninsured vehicles on roads are insured.
The insurers also expressed optimism in doubling their
premium income this year through various activities that
would ensure that Nigerians understand the benefits of
insurance and that only genuine insurance underwriters
receive premium from the public.
To read more on this article, see page 23
Limit Your Foreign Exchange Exposure in
2019, FSDH Tells Firms
The anticipated hike in interest rate by the Federal Open
Market Committee (FOMC) of the United State Federal
Reserve is expected to have a negative impact on foreign
capital inflows into Nigeria as well as on foreign exchange
(FX) rate.
Owing to this, analysts at FSDH Merchant Bank have
advised companies in Nigeria to limit their FX exposure.
They gave this advice in their macroeconomic and financial
markets outlook (2019 – 2021) titled: “Bumpy Road Ahead
– Policy Options and Strategies,” unveiled at the weekend.
To read more on this article, see page 23
THE NATION
NIA gets NAICOM’s, CBN’s nod to digitalise
marine certificate
The National Insurance Commission (NAICOM) and
Central Bank of Nigeria (CBN) have granted approval to
the Nigerian Insurers Association, (NIA) to digitalise
marine insurance certificate, Chairman of the association,
Mr Tope Smart has said.
The NIA Chairman, who is also the Group Managing
Director of NEM Insurance Plc, spoke during an interactive
session with journalists in Lagos.
Smart said the development will generate more income for
the industry and contribute to the nation’s Gross Domestic
Product (GDP).
He said: “The initiative will also help the industry to recover
all lost income prior the approval. The industry is also
adopting the use of technology to drive insurance
business. Technology plays vital role in the growth of any banked, 10.3 percent served by other formal institutions
business and economy. and 9.8 percent served by informal service providers.

To read more on this article, see page 21 To read more on this article, see page 22

‘Use pension funds to finance real estate’

Is the housing challenge defying all logic? No, says a

former President of the Nigeria Institution of Estate
Surveyors & Valuers (NIESV) and Principal Partner, Bode
Adediji & Partnership, Mr. Bode Adediji. Rather, he
suggests that the country should use the Pension Fund as
a first tier finance for real estate development. He believes
that overhauling of the Land Use Act as well as ensuring a
sound mortgage system, including effective policies on
housing, will go a long way in tackling the over 17 million
housing deficit afflicting the country. Adediji speaks on
various issues, including the need for a ‘Made-in-Nigeria’
house, in this interview with Assistant Editor OKWY
IROEGBU-CHIKEZIE.

To read more on this article, see page 24

DAILY TRUST

Minimum wage will lead to inflation – Sekibo

The Managing Director/Chief Executive Officer of Heritage

Bank, Mr. Ifie Sekibo, has said that a new minimum wage
will increase liquidity and money supply issues and lead to
inflation in the country.

Speaking in Lagos at a discourse with the theme ‘Human

Capital Index versus Economic Growth, Nigeria’s Policy
Options’, organised by the bank in partnership with
Vanguard Media, Sekibo stressed that the minimum wage
would increase liquidity and money supply problem and
lead to inflation, a development which will make the Central
Bank of Nigeria to mop up the excess money through Open
Money Operation (OMO).

To read more on this article, see page 22

CBN introduces new initiatives to drive

financial inclusion

The Central Bank of Nigeria (CBN) has introduced new

initiatives to meet the 80 percent financial inclusion target
by year 2020, the bank’s Governor Godwin Emefiele has
said.

The CBN adopted the National Financial Inclusion Strategy

(NFIS) in 2012. The strategy seeks to drive financial
inclusion up to 80 percent by year 2020. A review by ElFina
showed that in 2016, 58.4 percent of Nigeria’s 96.4 million
adults were financially included comprising 38.3 percent