Nigeria is scheduled to host the 2016 Annual Meetings of the Association of African Central Banks (AACB) holding in Abuja from August 15-19, 2016. The meeting of the assembly of governors will be preceded by technical committee and bureau meetings from August 15-17, 2016 as well as a symposium on August 18, 2016, with the theme, “Unwinding Unconventional Monetary Policies: Implications for Monetary Policy and Financial Stability in Africa”.
The symposium, which will hold at the CBN Head Office, Central Area, Abuja, will be declared open by President Muhammadu Buhari, while the keynote address will be delivered by Prof. Mario Draghi, Governor, European Central Bank. Speakers at the symposium include Prof. Njuguna Ndung’u, former Governor, Central Bank of Kenya and Dr. Augustin Carstens, Governor, Central Bank of Mexico.
The concept for the formation of an Association of African Central Banks was first introduced on May 25, 1963, at the Summit Conference of African Heads of State and Government held in Addis Ababa, Ethiopia.
The first AACB meeting of central governors was held in Addis Ababa, Ethiopia, between February 15 and 22, 1965, mainly to examine a cooperation mechanism and its related organs.
Since then, the association has, in addition to various extraordinary meetings, organised 38 ordinary sessions.
The key objectives of the AACB include to promote co-operation in the monetary, banking and financial spheres in the African region; assist in the formulation of guidelines along which agreements among African countries in the monetary, banking and financial fields shall be reached; and help in strengthening all efforts aimed at bringing about and maintaining price stability and financial stability in the African region.
Others are to examine the effectiveness of international economic and financial institutions in which African countries have an interest and suggest ways of possible improvement and envisage, following a well-timed and sequenced convergence process, the advent of a single currency and a common central bank in Africa.
Currently, the association is collaborating with the African Union (AU) in formulating and implementing the African Monetary Cooperation Programme (AMCP). Ground work for the establishment of the African Central Bank is now going on through the Steering Committee manned by experts from the AU and AACB.
… Proposes self-funded JVCs to curb debts, political interference
From Juliana Taiwo-Obalonye, Abuja
As part of its efforts to stave off future indebtedness in cash calls obligations, improve the country’s economy and curb political interference, the Federal Government yesterday proposed a new self-funded Joint Ventures Cash Calls, otherwise referred to as IJVC.
It has also said that all bank customers operating domiciliary accounts are permitted to lodge dollar cash into their non-export Dom accounts subject to the provisions of the Money Laundering Act.
Taraba State Governor, Darius Ishaku, who stated this while briefing newsmen on the outcome of the National Economic Council (NEC) meeting also disclosed that the Excess Crude Account (ECA) balance has risen to $3.93 billion as at July 20. The proposed JVC is a self-funding entity outside the rather cumbersome government budget process and is expected to improve accountability within the governing structure of the Joint Ventures (JVs) reduce to political interference, given that operational control rests with joint teams and ultimately IJVC entities when formed. It would also focus on commercial decision making.
Cash calls of the Nigerian National Petroleum Corporation (NNPC) rose to over $6 billion, a staggering amount even as Nigeria slides toward recession prompting the Senate to launch a probe into the venture cash calls by the NNPC, declaring that the volume of indebtedness was unacceptable.
The probe was, however, stalled by the absence of International Oil Companies (IOCs).
Ishaku added that the Minister of Budget and National Planning, Senator Udo Udoma, also made a presentation on Medium Term Expenditures Framework (MTEF) 2017 – 2019 to the Council.
According to him, the Finance minister gave an update on Budget Support Facility stating that 35 States applied for the facility, 28 States met the requirements while seven States sent their required documentations late and were being processed.
Also briefing, the Niger state governor, Abubakar Sanni Bello, disclosed that the NEC received the presentation on self sufficiency in food production by the Minister for Agriculture, Chief Audu Ogbeh.
He added that the government would soon launch “The Green Alternative” as a road map following FEC’s endorsement.
The two main thrusts of the road map, according to Bello, were to operate in partnership with State Governments to meet national production targets and to embark on production of export commodities.