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Domestic Economic Review

Nigeria’s Inflation Climbed To Its Highest In 3 Years– Nairametrics

Nigeria’s inflation rose to 15.75% in December 2020, a big leap from the 14.89% recorded in the previous month which is the highest rate recorded since December 2017. Nigeria’s food inflation also rose to its highest in 3 years. The last time Nigeria recorded a rise in the food index as high as 19.56% was November 2017– Nairametrics

CBN to Review New Products Of Licensed Institutions – The Punch

 The Central Bank of Nigeria (CBN) has said it will review the products and solutions being introduced by licensed institutions. It said this in a circular released on Monday to all Deposit Money Banks, Mobile Money Operators and Payment Service Providers titled ‘Issuance of the framework for regulatory sandbox operations’. The circular read, “The Central Bank of Nigeria is committed to building a financial services sector that promotes stability, fosters innovation and deepen inclusion. “In this regard, the CBN has implemented several reform initiatives towards the achievement of these objectives. In continuation of these efforts, the CBN hereby issues the framework for the regulatory sandbox operations in Nigeria. “The framework details the requirements for conduct of live tests on innovative products, services and other solutions in a controlled environment.

CAC Begins Implementation Of CAMA 2020 – Nairametrics

The Corporate Affairs Commission (CAC) has announced the commencement of the implementations of the Companies and Allied Matters Act, 2020 (CAMA 2020), adding that it has introduced a self-service portal which would be used for would be used for end-to-end electronic submission by customers. Recall, in August 2020 that President Muhammadu Buhari had assented to the Companies and Allied Matters Bill 2020, which was passed by the National Assembly.

Some Provisions under the new CAMA include:

  • Provision of single-member/shareholder companies- Section 18 (2) of the new CAMA now makes it possible to establish a private company with only one member or shareholder.
  • Appointment of Company Secretary now optional – Going forward, the appointment of a company secretary for a private company is optional.
  • Procurement of Common seal not mandatory – Contrary to the previous document that insisted that every company must procure a Common Seal, CAMA 2020, according to Section 98, does not require one

Umeh: Increased Electricity Tariff Tough For Consumers To Pay — Vanguard

Chief Executive Officer of Century Power Generation Limited, Chukwueloka Umeh, says that the Nigerian Electricity Regulatory Commission, NERC’s, failure to increase electricity tariff in smaller, steady steps from 2015, as stipulated in the Multi-Year Tariff Order (MYTO), has made the almost 100 per cent increase for some consumers very discomforting, especially at this time of unprecedented economic hardship. Dr Umeh said for there to be electricity available to every Nigerian, tariff increment is necessary for the power value chain to work effectively. He, however, admits that the timing for this increase could be better, considering the economic situation in the country. Speaking as a guest on a television program in Lagos, he reasserted that the government’s role in the power sector needs to be solely that of an enabler that provides a conducive investment climate for investors, as well as a regulator that oversees the operation of the industry.

FG Threatens Second Lockdown Over Low Compliance With COVID-19 Protocols – ThisDay

The federal government yesterday warned of another lockdown if Nigerians continue to disregard non-pharmaceutical interventions (NPIs) introduced to combat the spread of COVID-19. It also cautioned schools against demanding COVID-19 test results as a prerequisite for allowing in students, who resumed studies yesterday. The resumption of schools was, however, characterised by low compliance with COVID-19 protocols in many states, THISDAY’s investigation has revealed. Also, as the nation grapples with the outbreak of the second wave of COVID-19, the Christian Association of Nigeria (CAN) has issued a health advisory to all churches in the country to check the rising infection rate. At its briefing yesterday in Abuja, the Presidential Task Force on COVID-19 urged Nigerians to do everything possible to avoid a second lockdown in Nigeria by ensuring strict compliance with the NPIs.

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