Connect with us

Business

WTO May Name Okonjo-Iweala DG On Monday

Published

on

High Expectations As Okonjo-Iweala Becomes WTO DG Tomorrow

The World Trade Organisation (WTO) may on Monday, February 15 confirm former Finance Minister Dr Ngozi Okonjo-Iweala Okonjo-Iweala as its next Director-General.

A notice posted on the international trade body’s website on Tuesday contained this hint.

WTO said in the statement: “The WTO’s General Council will hold a special meeting on 15 February at 15:00 Geneva time to consider the appointment of the next Director-General. The meeting will take place in a virtual format.”

If announced as the Director-General, Dr Okonjo-Iweala will be making history as the first African and the first woman to occupy the exalted office.

The race for a new DG for WTO started in May 2020 following the announcement by the former incumbent, Roberto Azevêdo, to step down on August 31, 2020, a year ahead of the expiration of his tenure, as the body called for nomination.

The nominees were pruned from the initial eight to five and eventually two; Okonjo-Iweala and South Korean Trade Minister Yoo Myung-hee.

Okonjo-Iweala enjoyed massive support across the region and was set to emerge as the new DG but the United States, under former President Donald Trump, did not support the former Nigerian finance minister candidature and that created a hiatus since the practice in  is that the DG must be a product of consensus.
READ ALAO: Contractors Storm N’ Assembly, Protest Against Non-payment Of N8b
Mr Joe Biden’s administration has, however, lent its support to Okonjo-Iweala, which set the stage for Okonjo-Iweala to emerge as the consensus candidate.

Yoo Myung-hee, Okonjo-Iweala’s major rival, officially withdrew from the race last week, and said in a tweet that she would “work closely with the new DG.”

Read more authentic news on our social media platforms

Continue Reading
Click to comment

Business

NBS Puts Rate Of Inflation In One Month At 19.64%

Published

on

NBS Puts Rate Of Inflation In One Month At 19.64%

Inflation rate rose to 19.64 per cent in July 2022 from 18.60 per cent in June 2022, according to the National Bureau of Statistics (NBS).

It was 1.82% increase from that of the previous month, said the Bureau in its report titled “CPI July 2022.”

The report noted the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger, transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing.

Inflation rate which measures Composite Price Index (CPI) was the highest since September 2005.

The report said: “In July 2022, on a year –on- year basis, the headline inflation rate was 19.64%,” It added that “This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.3%).

It added that on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

The NBS said the percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.

According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) functions and all-items basis.

 READ ALSO: CBN Raises Interest Rate To 14% To Tame Rising Inflation

It added that on a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021.

The report noted that on a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).

It said in July 2022, food inflation on a year-on-year basis was highest in Kwara (29.28%), Akwa Ibom (27.22%), and Kogi (26.08%), while Kaduna (17.16%), Jigawa (17.46%) and Anambra (19.25%) recorded the slowest rise on year-on-year food inflation.

The bureau said on a month-on-month basis, July 2022 food inflation was highest in Kwara (3.90%), Delta (3.61%), and Benue (2.94%), while Taraba (0.14%), Gombe (0.94%), and Niger (1.13%) recorded the slowest rise on month-on-month inflation.

 

Read more authentic news on our social media platforms

Continue Reading

Business

Debt Profile Under Buhari Worrisome – CBN

Published

on

Yoruba Leader Writes Buhari, Seeks Talks Over Emergence Of Yoruba Nation

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

Read more authentic news on our social media platforms

Continue Reading

Business

BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

Published

on

BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

Read more authentic news on our social media platforms

Continue Reading

Top Stories

%d bloggers like this: