{"id":54804,"date":"2021-12-20T20:11:50","date_gmt":"2021-12-20T19:11:50","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=54804"},"modified":"2021-12-20T20:11:50","modified_gmt":"2021-12-20T19:11:50","slug":"2022-as-an-election-year-expect-inflation-wahala-isan-boss","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/2022-as-an-election-year-expect-inflation-wahala-isan-boss\/","title":{"rendered":"2022 As An Election Year, Expect Inflation Wahala-ISAN Boss"},"content":{"rendered":"
In this interview with newsmen on the event of Independent Shareholders Association of Nigeria(ISAN) end of year get- together,its National Co-ordinator,Prince (Dr) Anthony Omojola, looks at the out-going year and the in-coming year 2022 and made some projections.Even as he advises various agencies of government and others on the way forward for the country economically speaking.Our Reporter was there.Excepts:<\/div>\n
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Q:How will you describe the out-going year of 2021 and what is your expectations for 2022.<\/div>\n
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ANS:Well,all things being equal this year has been better than last year(2020).And its my expectation and prayer that next year will be better than the current year.The reasons for these are very obvious even as we continue to be threatened\u00a0 allegedly by news of new variants of Covid-19 .So its my hope that 2022 would be better economically.<\/div>\n
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Q:Would you give kudos to the Central Bank of Nigeria(CBN)for being so active in the economy over all\u00a0 these years?<\/div>\n
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ANS:We all know that the CBN has been doing a lot to kick-start the economy after the ravages caused by the Covid-19 pandemic via several interventions which has been laudable.In fact their efforts are to impact various aspects of the economy.The only advise i can give to them is not to be too direct in these interventions.Rather,they should empower the banks further to carry out these functions.AM not saying that these things are not been done by involving the banks;but they should do more in empowering the banks to do it.This will help us as a nation in several ways by strengthening our system as well as the operators to be truly accountable and functional and responsible. Because its the banks that knows the customers and are in a better position to collect loans etc made out to them.<\/div>\n
For instance,concerning the N500 million loans planned for the University under-graduates instead of giving it directly to the students the apex bank should find a way the\u00a0 concerned Tartary Institutions can be empowered to set up courses and business activities and programmes that can enable the students\u00a0 develop skills that can enhance their entrepreneurship capacity and business management skills when the loans are accessed.<\/div>\n
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Q: ISAN had advertorials in the papers of recent battling CBN over its cash reserve ratio policy.What concerns ISAN about the apex banks CRR policy?Or is ISAN thinking of setting up a bank?<\/div>\n
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ANS:Not that at all.The CRR ratio is getting too high and is restricting banks from having enough cash reserves for their transactions.When CBN forces banks to reserve a total of 27.5% of their total cash with them is way too high.Last year(2020) it was 22% and this year(2021)it was upped by 5%…This is just too bad and too high.We are saying reduce it to 15% so that banks will have funds to lend to the real sector of the economy and other customers.And if not pay them money as interest to the banks to enable them service the sources of the funds-at least.We are shouting now because if no one talks the apex bank may even decide to up this in the coming year without realizing that our banks are being unintentionally weakened to the detriment of the economy.Besides i don’t want to go on and tell you about the billions that our banks are paying to AMCON and the taxes etc that they have to bear to the detriment of (we0 shareholders.Because at the end of the day its the investors in these banks that bear the brunt of it all.<\/div>\n
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Q:Well the Federal elections in Nigeria will hold February 2023 which means that year 2022 is more like an election year since most of the parties,if not all of them, would be holding their primary elections and conventions in the year in question.So,what should we expect economically speaking?<\/div>\n
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ANS:As is widely known during election years there is normally more money in circulation and if its not well managed it could lead to ardent inflation -which is\u00a0 enemical\u00a0 \u00a0to the survival of the poor.Hence i will call on our economic managers to brace up for this in the overall interest of the Nigerian nation.If its well managed a lot of Nigerians could have access to more funds as a result which could be good for the economy and to Nigerians.But violence needs to be curtailed and the activities of the terrorists need to be checked nation-wide.<\/div>\n
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Q:Would you say the capital market did well this year?Or are you unimpressed despite the transformation of NGX ,ETC.<\/div>\n
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ANS:You see,i will say we did well.You could see NGX trying to assert themselves with more training for every segment involved in the capital market.That was good in-deed.And some companies like MTN Nigeria has taped a great opportunity to invite more Nigerians to participate in their ownership within the year.We hope that NNPC which is already unbundled will next year follow sooth the example of MTN Nigeria,by quoting on the stock exchange.Another growing area of the market is private sector bond market and the debt capital market as championed by FDMQ-which i may describe as the fastest growing exchange.And i hope the operators will be more sincere and accountable so that they do not fail investors and others.<\/div>\n
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Q:Nigerian Agricultural sector appear to be in crisis with the failure of\u00a0\u00a0Bank\u00a0of Agriculture(BOA) and the mounting debt in the CBN programmes as a result of insecurity?<\/div>\n
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ANS:To encourage non-oil export and production,Agriculture should have been the route to go,but for the issues of insecurity.Nigeria’s Agriculture could have been better positioned.But the reverse is the case today sadly.<\/div>\n
\u00a0Q:\u00a0 Any comments on the closure of most of the nation’s borders\u00a0despite ECOWAS agreement?<\/span><\/div>\n
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ANS:This is not good enough,the federal government should as a matter of urgency open all borders in the spirit of ECOWAS.Its not good that most of the closed borders\u00a0 are to the South of the country whileas those that bordered the country to the North are opened.It tend to give the impression that some rules we are making is just for the South. FG should make rules for the entire country to ensure economic survival of the Country.As well the tax laws should not be made to favour just the federal level,it should be made for the good of all levels of government.<\/div>\n<\/p>
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interview with newsmen on the event of Independent Shareholders Association of Nigeria(ISAN) end of year get- together,its National Co-ordinator,Prince (Dr) Anthony Omojola, looks at the out-going year and the in-coming year 2022 and made some<\/p>\n","protected":false},"author":6,"featured_media":21386,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[9275],"coauthors":[2391],"class_list":["post-54804","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-isan"],"yoast_head":"\n2022 As An Election Year, Expect Inflation Wahala-ISAN Boss - National Wire<\/title>\n<meta name=\"description\" content=\"interview with newsmen on the event of Independent Shareholders Association of Nigeria(ISAN) end of year get- together,its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/2022-as-an-election-year-expect-inflation-wahala-isan-boss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2022 As An Election Year, Expect Inflation Wahala-ISAN Boss - 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