At this economically challenging time when Nigeria yearns for all encompassing contribution from credible organizations and individuals, the Chartered Institute of Bankers of Nigeria, CIBN has once again taken the lead to chart a better course.

Economic growth and development is the central focus of the Institute’s 2024 edition of the Annual Banking and Finance Conference. This is in consistence with the Institute’s tradition of being at the forefront in quest for economic stability and national development.

This years CIBN Banking and Finance Conference scheduled to hold from 10 – 11 of September, 2024 at the Hilton Hotel, Abuja, is themed; “Accelerated Economic Growth and Development: The State of the Play and the way forward”.

CIBN Banking and Finance Conference 2024
In a world media briefing held Thursday at the Banker’s house, the Chairman, Consultative Committee for the conference, Dr Oliver Alawuba, Group Managing Director at UBA, said that the “discussions at the conference will focus on the African and indeed Nigerian economic landscape, examining key growth drivers and coming up with strategies for sustainable growth and development.

Bola Ahmed Tinubu, President of Nigeria and President Joseph Boakai of Liberia will be present at the conference. Goodwill messages will be delivered by the Central Bank Governor, Olayemi Cardoso along with other eminent scholars across Africa.

According to Dr Alawuba, some of the key topics to occupy discussions at the strong business sections during the conference are, how to unlock possibilities through artificial intelligence, how to diversify Nigerian export base and addressing issues of FX. These issues will be dissected by experts, not only in the business but also in policy making.

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Dr Alawuba specifically emphasized the focus of the dinner that will be held to close the conference. This he said will hold interaction about the youth aimed at turning the current ‘japa’ syndrome to ‘japa da’. “We want to showcase Nigerian youths that have done very well”. Senator Asuquo Ekpeyoung, the youngest Senator and Prof Aisha Maikudi, the youngest Vice Chancellor will be in attendance to lead interaction at the dinner.

Olanrewaju Speaks on LEGACY
In his welcome address, President and Chairman of Council of CIBN, Prof Pius Deji Olanrewaju articulated the agenda of his administration with the acronym ‘LEGACY’. Prof Olanrewaju hopes to Lead an innovative financial system while building Ethics and professionalism. He plans to promote Gender, generational and geographical balance while focusing on Accelerating institutional values and building Competence in the Nigerian banking industry. Very importantly, he hopes to advance Youth and entrepreneurial engagements in his tenure.

He assured stakeholders, banking professionals and indeed every Nigerian a very robust conference.

www.continentaleconomy.com REPORT | In many developed economies, capital markets function as the backbone of economic growth, significantly outweighing money markets in both size and influence. Conversely, Nigeria’s capital market represents a mere 13% to 16% of the Gross Domestic Product (GDP), highlighting a disconcerting gap and a compelling case for reform.

According to Emomotimi Agama, Director General of the Securities and Exchange Commission, there exists a significant 87% opportunity for investors.

At the recently concluded Mid Year Conference and Induction Ceremony of the Association of Enterprise Risk Management Professionals, Agama, stressed that the Nigerian capital market, despite its immense potential, remains underutilized due to several factors, including poor implementation of enterprise risk management (ERM).

“By improving risk transparency and disclosure, ERM can enhance investor confidence and attract more capital to the market. This, in turn, will contribute to the overall economic development of the nation.

He added that enhancing risk transparency in the capital market can serve as a catalyst for economic growth. An improvement in enterprise risk management practices could potentially elevate the capital market’s contribution to GDP, closing the existing 87% opportunity gap.

Improved Enterprise Risk Management
One of the primary benefits of ERM is its ability to enhance risk transparency and disclosure. By providing a clear picture of potential risks and their associated impacts, ERM enables investors to make informed decisions and assess the investment climate more accurately.

“It is essential for all capital market operators, regulators, and listed companies to improve risk transparency to provide investors with a clearer picture of the investment landscape.”

When investors have a clear understanding of the risks involved in the capital market, they are more likely to have confidence in the market and the economy as a whole. Increased investor confidence leads to greater capital inflows, which can drive economic growth and development.

A Barometer of Economic Health
The capital market serves as a barometer for a nation’s economy. A strong and vibrant capital market is indicative of a healthy and growing economy. Nigeria, unfortunately, has been hampered by mismatched resource allocation, where short-term funds are used to finance long-term projects.

“One of the critical challenges facing Nigeria’s capital markets is the mismatch in resource allocation. The prevailing practice of utilizing short-term funding for long-term projects has led to significant inefficiencies and increased risk. This approach often subjects capital projects to fluctuations in funding availability, exacerbating financial instability.”


“To ensure sustainable economic growth, Nigeria must concentrate on aligning funding strategies with project timelines. Long-term financing must be directed towards long-term projects to create a resilient economic structure,” Agama added.

The reliance on short-term funds for long-term projects introduces inherent financial risks, particularly regarding interest rates that can significantly exceed initial projections. Understanding and addressing these risks through effective enterprise risk management is vital.

If You Ask Me
The future of Nigeria’s capital markets lies in its ability to enhance enterprise risk management practices. With an 85% opportunity yet to be harnessed, the imperative is clear: build trust through transparency and better risk management. By transforming the capital market’s risk profile, Nigeria can not only boost investor confidence but also stimulate economic growth and sustainability.

The correlation between investor confidence in the capital market and overall economic health cannot be overstated. As investor confidence grows, so does the economic robustness, paving the way for sustainable growth in various sectors.

To capitalize on the substantial opportunities available, it is crucial for stakeholders within Nigeria’s capital markets to adopt enterprise risk management frameworks proactively. Initiatives that foster collaboration among regulators, market operators, and companies can pave the way for a more transparent and robust market.

As we look to the future, the question remains: will Nigeria seize this opportunity, or continue to let the potential of its capital markets lie dormant? Only through action can the nation unlock its full economic potential and establish a strong, resilient capital market.

By addressing the critical intersections of risk management and investment confidence, Nigeria stands at the precipice of transformative economic growth. The time for change is now; the opportunity cannot be overlooked any longer.

Nigeria Now Second Most Food-Insecure Nation Globally

Ghana’s Inflation eases to 28-month low in July

From Kenya, Secretary General of COTU Cautions on IMF conditionalities Implementation

SOUTH AFRICA’s Number of unemployed rises to 8.4-million

Zimbabwean Manufacturers decries forex inaccessibility

Nigeria has experienced a sharp deterioration in its food insecurity status, now ranking as the second country globally with the highest number of people grappling with hunger, according to the 2024 Global Report on Food Crises (GRFC).
GRFC attributed this position to a complex interplay of factors, including conflict, economic shocks, and climate change.
Since 2016, Nigeria has consistently ranked among the top ten countries grappling with food insecurity. A gradual ascent saw the nation climb from fourth in 2016 to second in 2017, before experiencing a temporary respite in 2018
Ghana's annual inflation rate has dropped to 20.9 percent in July 2024. This is its lowest level in 28 months since March 2022, and the fourth consecutive month of decline.
The Government Statistician, Professor Samuel Kobina Annim, in Accra on Wednesday, attributed the overall decline to decreases in both food and non-food categories, underscoring the broad impact these reductions have had on the economy.
As inflation continues to ease, there is growing speculation that Ghana's central bank may consider lowering interest rates to further stimulate economic activity.
Secretary General of the Central Organization of Trade Unions in Kenya, Francis Atwoli has strongly cautioned John Mbadi, Secretary of the National Treasury Cabinet against blindly implementing IMF loan conditionalities.
In a statement dated August 14, Atwoli urged Mbadi to carefully consider the potential impacts of these conditions on Kenya’s economy. He noted that consequences from following IMF advice without scrutiny has historically been adverse for citizens and workers.
The IMF conditions include hiking taxes, reducing subsidies and cutting government waste. With these conditions Kenya stand a chance of unlocking $3.9bn in economic funding and a separate climate funding of $542m.
Unemployment rate jumps to 33.5% in South Africa in the second quarter of 2024, the highest since the government repealed COVID-19 rules in the second quarter of 2022
According to Reuters, an Economist, Sanisha Packirisamy said significant job creation in South Africa would take time, and "as such we are not expecting significant jobs growth in the remainder of this year".
Business Live said that SA added about 1.8-million jobs since the start of 2022. This was mostly towards the end of 2022 and the beginning of 2023. Over this period, the labour force increased by about 2.2-million to 25-million. This resulted in the total number of unemployed people in SA increasing to a 8.38-million in the second quarter of 2024.
The Confederation of Zimbabwe Industry (CZI), the country’s biggest business lobby group, has raised serious concern over manufacturers difficulty to obtain foreign currency from the Willing Buyer Willing Seller (WBWS) platform in order to import critical raw materials.
CZI CEO, Sekai Kuvarika said the situation was dire.
According to Business Times, manufacturing sector in Zimbabwe is highly import dependent, over 70% in most of the cases.
Inability to access forex is a serious threat to the economy

On the 27th of March 2024, Mrs Regina Ekijeme Aviomoh performed the akhe cooking title ceremony that initiated her into the clique of recognized women in Weppa and Wanno kingdoms. According to the culture, the highlight of the prestigious ceremony lies in the final splash stage; a separate rite where women adorn themselves and showcase their beauty.
Regina Aviomoh is preparing to participate in this final segment of the ceremony, which completes the process of becoming a full Onekhakha in wanno kingdom. A spectacular aspect of this phase of the ceremony is the time taken to prepare her, along with other women that will participate in the ceremony.
The agelong (Nene) plant, mixed with lime, is still very much available for its use to darken the feet of an Onekhakha, which differentiates and stands them out from the other women. To achieve the desired ‘dark feet’, the application of the plant on Mrs Aviomoh’s feet had started today, 5 days before the day of the event. This is a job for the elderly.
Accompanying the darkening of the feet is the painting of her skin to create the feeling of being special, which she truly is for performing the Akhe ceremony. Hauwa, designated body artist, is bringing her special skills to full bare, by creating flowery designs on Regina’s back, legs, arms and chest, a day before the main day.
Today is the main day, when Regina Aviomoh will join the other women in showing their beauty to the entire kingdom, in the major market arena. It is about 7.00am, the make-up artist is here to apply the final make-up on her face, decorate her hair and get her dressed up; aided by some other experienced women in the art of women for Akhe title ceremony.
Mrs Regina Aviomoh is ready to hit the market, fully dressed and adorned with beads and metals on her head, beads on her neck and body, a hand-woven and elaborately decorated Igbogane on her waist and beautiful ceramics on her legs. (These on her legs used to be real elephant tusks)
What a remarkable beauty wrapped in elegance and showcased in traditional attires [pause] It is natural for this gorgeous appearance to ignite jubilation. Egor community truly has a priceless jewel ready to be shown to the wanno community
It is time to hit the road to Agenebode market (voice) [prayer subtitle] God, shield us from sickness and death, take us there and bring us back in safety with joy. O God, victory is ours today. We will be like those that went and came back in safety
At this point, Chief Mrs Regina Aviomoh will meet the elders for clearance, before commencing the procession with other women, who are arranged according to communities slated for today’s procession.
Here the procession begins with fanfare, dancing and jubilation. The entourage made up of an all-male -group, beating drums and chanting songs; young and old women dancing in excitement and other women, will process round the Agenebode market.
When the eye beholds beauty, especially in this procession, there is usually appreciation. Family members, friends and market women did not only verbally appreciate Mrs Regina Aviomoh’s appearance, they also gave money.
The procession is gradually coming to a close. It is time to meet and shake hands with older Onekhakhas to pay them homage and be welcomed into the league of the traditionally important women in Wanno kingdom.
Hmnnn, we are back from the market. The procession was a success. Felicitations, merriment (eating and drinking), music and dancing follow.
Congratulations!! Onekhakha Mrs Regina Ekijeme Aviomoh

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ASSOCIATION OF ENTERPRISE RISK MANAGEMENT PROFESSIONALS ( AERMP ) #Rebroadcast #livebroadcast
#CEMTELEVISION

ASSOCIATION OF ENTERPRISE RISK MANAGEMENT PROFESSIONALS ( AERMP ) #Rebroadcast #livebroadcast
#CEMTELEVISION

#Rebroadcast #livebroadcast
#CEMTELEVISION

#Rebroadcast #livebroadcast
#CEMTELEVISION

The task of harnessing the productivity of youth in Nigeria, indeed, cannot t be left to the government alone, though it is the responsibility of the government to establish formidable structures to galvanize efforts from different quarters.
Truly, different stakeholders have offered varying measures of assistance, a lot of which have made some good impact. Very notable of these stakeholders is the church that has done and has continued to do its bit in contributing to the empowerment of youths, both on a large scale and on individual levels.