Policy Measures
CBN governor vows to block maize importation
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele on Thursday vowed to resist importation of maize as Nigerians have the capacity and capability to grow the crop locally to meet consumption demand. On that note, he has urged youths across the country to embrace agriculture, declaring the bank’s readiness to support those ready to venture into it. Emefiele made the declaration in Katsina at the unveiling of the first maize pyramid and flag-off of the 2021 maize wet season farming under the CBN-Maize Association of Nigeria (MAAN) Anchor Borrowers’ Programme. He averred that Nigerian youths could leverage their talents, along with technological tools to improve farm productivity and delivery of agricultural produce to markets. While noting that agriculture offered significant benefi...
IMF, World Bank advocate flexible fiscal support, debt relief
Against the backdrop of a pandemic impacted global and national economies, the International Monetary Fund (IMF) and World Bank have urged fiscal authorities to execute flexible and supportive fiscal policies to support economic recovery and cushion the long-term impact of the pandemic. In a paper that was titled: ‘Tailoring Government Support’, IMF staff said until the pandemic is brought under control, fiscal policy will have to remain flexible and supportive. It advised governments to prioritize certain policy measures that include targeted support to vulnerable households, investment in health system and more focused support to viable firms, warning that if the pandemic persists, widespread corporate insolvencies could result, destroying millions of jobs, particularly in contact-intens...
Donald Trump’s bias hawk FCC nominee one step closer to confirmation
On Wednesday, the Senate Commerce Committee voted to advance the nomination of Nathan Simington, a Republican in favor of greater government oversight of speech on the internet, to the Federal Communications Commission. Simington’s nomination now awaits a floor vote for final approval. President Donald Trump nominated Simington to be the next Republican FCC Commissioner in September. If approved, Simington would fill Republican Commissioner Mike O’Reilly’s seat, leaving the agency at 2-2 deadlock when Chairman Ajit Pai steps down on January 20th. Without a Democratic majority at the FCC, the Biden administration will likely have difficulties rolling through any major policy measures until another nominee is vetted and approved. In August, Trump abruptly withdrew O’Reilly’s renomination for...
German foreign minister: EU veto ‘hostage’-taking on foreign policy must end
Germany’s foreign minister said on Monday the European Union should abolish the right of individual member states to veto foreign policy measures as the 27-nation bloc could not allow itself to be “held hostage”. His comments, which came days after a more junior official criticised Hungary by name, reflect growing frustration in Berlin at the way in which EU member countries can prevent the bloc from acting in matters on which almost all members agree. “We can’t let ourselves be held hostage by the people who hobble European foreign policy with their vetoes,” Heiko Maas told a conference of Germany’s ambassadors in Berlin. “If you do that then sooner or later you are risking the cohesion of Europe. The veto has to go, even if that means we can be outvoted.” His remarks amount to a highly u...