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Nigerian capital market academics president urges CBN to ease rates, revive development finance
via Punch Nigeria4 min read
Prof Uche Uwaleke, President of the Capital Market Academics of Nigeria, has called on the Central Bank of Nigeria to gradually lower interest rates and revitalize development finance through specialized institutions. He warned that high borrowing costs are hindering investment, business expansion, and job creation. Speaking in Abuja, Uwaleke argued that Nigeria's inflation is increasingly structural and cannot be effectively addressed solely by repeated interest rate hikes. He advised that monetary policy should rely less on increasing the Monetary Policy Rate as the primary inflation control instrument, suggesting a cautious moderation of interest rates supported by fiscal measures to tackle supply-side bottlenecks. Uwaleke also stressed that the CBN's focus on price stability should not lead to abandoning targeted financing for productive sectors. He recommended that the CBN facilitate development finance interventions through existing Development Finance Institutions, allowing these specialized bodies to finance agriculture, manufacturing, exports, housing, and small businesses, rather than directly administering intervention programs. While commending the CBN's reforms, including clearing foreign exchange obligations, discontinuing Ways and Means financing, banking sector recapitalization, and foreign exchange reforms, Uwaleke noted that the benefits of these reforms have not yet reached many Nigerians. He highlighted that economic success should also be measured by impr
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Four academics at the Federal University Oye-Ekiti FUOYE have been awarded a total of ₦89.964 million in National Research Fund grants from the Federal Government. These grants will support innovative research projects aimed at addressing critical socio-economic, educational, and healthcare challenges in Nigeria. The Vice-Chancellor of FUOYE, Professor Joshua Ogunwole, announced this development, highlighting it as a significant milestone for the university's research profile. The beneficiaries were selected through a competitive process, with their projects focusing on unemployment, artificial intelligence in education, pharmaceutical innovation, and healthcare. Professor Omotosho Babatunde Joshua received ₦19.964 million for his research on addressing unemployment in the Nigerian formal labor market. Dr. Adeniyi Bolajoko Florence, a Reader in the Department of Educational Management, secured ₦20 million for her study comparing traditional and AI-driven teaching in Nigerian federal universities. Dr. Ojo Stephen Kayode, a Reader in the Department of Microbiology, was awarded ₦21 million for his project on developing cosmetic formulations using fungal melanin for hair growth and dandruff management. Lastly, Dr. Adeleye Olutayo Ademola, a Reader in the Department of Pharmaceutics and Pharmaceutical Technology, received ₦29 million for his research on combating diabetic wounds using natural remedies. The university views these grants as a testament to its growing reputation as a
Must ReadThe Community Court of Justice of the Economic Community of West African States has launched its Electronic Case Management System ECMS to strengthen regional judicial integration, improve access to justice, and enhance transparency. Yaouza Ouro-Sama, Chief Registrar of the ECOWAS Court, stated that the digital platform will harmonize judicial processes among member states and make justice more accessible. The ECMS aims to streamline case management by reducing delays, eliminating bottlenecks, and providing real-time access to case information for stakeholders. Justice Ricardo Goncalves, President of the ECOWAS Court of Justice, highlighted that the multilingual web-based platform, available in English, French, and Portuguese, will digitalize every stage of judicial proceedings, including electronic filing, case management, notifications, secure communication, and digital archiving, benefiting over 400 million citizens. He noted that the COVID-19 pandemic accelerated the need for modernization, leading to this development. While technology will not replace judicial decision-making, the Court expects 80 percent of legal professionals to register within six months and aims for a fully digital Court by 2030. Goncalves urged judges, lawyers, member states, litigants, and development partners to embrace the platform to strengthen justice within the ECOWAS Community.
Must ReadPaul Namaske, Vice Principal of Government Day Secondary School, Lassa, in Borno State, recounted an attack by terrorists on Monday, June 29, during which two teachers and over 20 students were abducted while writing National Examinations Council examinations. Namaske stated that a military aircraft's presence caused the insurgents to disperse, allowing the captives to escape and be rescued by soldiers. The Nigerian Army confirmed the rescue of 10 victims, including teachers and students. Acting Military Information Officer, North-East Joint Task Force, Operation Hadin Kai, Capt. Muhammed Goni, reported that ground troops, supported by air platforms, rescued the victims unhurt after making contact with the abductors near Daggu. During the rescue operation, one soldier and a member of the Civilian Joint Task Force were killed. Troops also recovered seven motorcycles from the fleeing terrorists. Efforts are ongoing to rescue the remaining victims.