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E-naira Jumps By 284%, Notes Decline To N2.7 Trillion – CBN

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Last Updated on December 29, 2023 by Fellow Press

The volume of eNaira in circulation rose by 284.6 per cent to N9.78bn in August, according to the Central Bank of Nigeria.

This is as the volume of notes and coins declined by 14 per cent to N2.65tn in August 2023. The bank disclosed this in its recently published ‘Economic Report’ for August 2023.

The apex bank noted that the volume of eNaira in circulation is still insignificant when compared to the coins and notes in circulation. It said, “There was a substantial increase in the eNaira, which rose by 284.6 per cent to N9.78bn, although the ratio of eNaira to CIC at 0.37 per cent remained insignificant, compared with notes and coins which accounted for 99.63 per cent.”

Commenting on currency in circulation, the bank stated that this declined by 11.7 per cent to N2.66tn in the month. It explained, “Currency-in-Circulation, however, declined by 11.7 per cent to N2.66tn, which moderated the growth in the reserve money.

“There was a substantial increase in the eNaira, which rose by 284.6 per cent to N9.78bn, although the ratio of eNaira to CIC at 0.37 per cent remained insignificant, compared with notes and coins which accounted for 99.63 per cent. The volume of notes and coins, however, declined by 14.0 per cent to N2.65tn at end-August 2023.”

It highlighted that this reduction was driven by increased use of alternative channels of payment, as more people adopted electronic transfer payments and other electronic platforms.

Since the CBN launched the eNaira in 2021, there have been questions about its adoption. According to the International Monetary Fund, about 98.5 per cent of eNaira wallets have remained unused one year after the launch of the digital currency.

In a report titled, ‘Nigeria’s eNaira, One Year After,’ the IMF revealed that adoption of eNaira by households and merchants has been slow and low.

It said, “The retail wallet downloads saw a few weeks of initial surge before tapering off. More specially, it only took 25 days for the number of downloaded wallets to reach 500,000 units—but going from there to 600,000 units took another 63 days; and to 700,000 units yet another 143 days.

“As of end-November 2021, the total number of retails eNaira wallets amounted to about 860,000. This is just 0.8 per cent of Nigeria’s active bank accounts. Merchant wallet download has reached about 100,000 in end-June, which is about one eleventh of the number of merchants with Point-of-Sales (POS) terminals—which enables credit or debit card payments.”

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AMCOSS, PADI partner for 3-day management training

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A leading personnel consultancy, AMCOSS, is organizing “a 3-day leadership and management development retreat” for PEDI management staff.

The retreat which is scheduled to hold between Thursday 20th June and Saturday 22nd June 2024, will feature trending, emerging and solution-focused presentations, as well as interactive sessions by the participants.

The programmes of the event lined up are as follows:

Opening day, June 20 will start by 9:00am, and by 10:00am, the Managing Director/CEO will give a welcome address, which will be followed by a brief remark from the Managing Director of PEDI, Ilesa. An highlight of the event is a guided tour of places of historical importance in Ilorin.

By 2:30pm, there will be a presentations titled “Effective Leadership and Leadership Skills”, followed by the interactive session of questions and answers.

There will be three presentations on the second day June 21, tagged: “Managerial Skills and Personal Effectiveness”; Performance Management System” and “Health and Well-being”.

Likewise on the last day of the programmes, there will be two presentations: “Team Building and Effective Communication” and “Organisational Continuity, Sustainability and Succession Planning”.

The training starts each day by 9am, with provision for interactive sessions after each presentation and lecture, tea break/lunch, and ends approximately 4:30pm.

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Dangote to venture into steel production

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Last Updated on June 14, 2024 by Fellow Press

Africa’s richest man, Alhaji Aliko Dangote has mooted plans to delve into steel production in the near future stating that he wants to ensure that every steel used in West Africa comes from Nigeria.

The industrial mogul stated this during an interview at the ongoing Afreximbank Afro-Caribbean Trade & Investment Forum in Nassau, The Bahamas.

When asked if he is taking a break after the refinery, he noted that the next venture after the refinery project would be in Steel manufacturing and ensure that all Steel products used in West Africa comes from Nigeria.

He also encouraged African leaders to take agriculture and solid mineral development seriously lamenting the fact that food imports cost the continent dearly by increasing unemployment and poverty.

He said, “What we need to do that is missing is actually to concentrate and pay more attention to agriculture and solid minerals.
I don’t like people coming to take our solid minerals to process and bring the finished product.
We should try and industrialise our continent and take it to the next level.”

“I told somebody we are not going to take any break. What we are trying to do is to make sure at least in West Africa, we want to make sure that every single steel that we use will come from Nigeria”

Nigeria has tried unsuccessfully to become a leader in the steel manufacturing industry with a handful of failed projects like the Ajaokuta steel plant, Delta Steel Company, Osogbo and Jos rolling mills even under government and private ownership.

Like the oil refineries, the federal government under different administrations has spent billions trying to put the local steel plants to work but has been unsuccessful.
The administration of President Bola Tinubu had promised during the campaigns to ensure steel production starts in the multi-billion-dollar Ajaokuta steel complex.

The federal government in the 2024 appropriation act budgeted around N4.45 billion for the plant but hopes to raise around N35 billion from private investors to bring the plant to life for the first time in its history.

However, the Minister of Steel Development, Shuaibu Audu has also stated that reviving the plant could cost around $2 billion to $5 billion.

According to the National Steel Raw Materials Exploration Agency (NSRMEA), total steel consumption in the country averages around 10 million metric tonnes of which 70% is imported.
The current Minister of Steel Development had earlier stated that Nigeria spends around $4 billion on steel imports annually despite having around 74 steel plants and fabricators across the country.

Nigeria is home to significant iron-ore deposit- a critical raw material in steel production found in Kogi state.

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