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Tag: Muda Yusuf

  • Nigeria Must Create Environment To Encourage Export, Attract Forex – Muda Yusuf

    Nigeria Must Create Environment To Encourage Export, Attract Forex – Muda Yusuf

     

    The immediate past Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf has called on the Nigerian authorities to create an enabling environment that will encourage export business and attract foreign exchange (forex).

     

    Nigerian economy, according  to him, has the capacity to attract a lot of foreign exchange because of its size, stressing that there are potentials and  opportunities that are still hidden.

     

    Speaking at the monthly forum of the Finance Correspondents Association (FICAN) on Thursday, Yusuf stated that foreign exchange earning is all about creating the environment for more inflows to come in the form of diaspora remittances, foreign direct investment inflows, foreign portfolio investment,   export proceeds among others.

     

    The theme of the forum is : “Post COVID-19 Economy in H1:2021 and Outlook For Financial Services Sector.”

     

    Specifically, the former DG observed that the exporters are passing through a lot of difficulties, adding that the way to attract foreign exchange is to export but ” if you go to the ports and see what exporters are going through, you feel sorry for them and the Nigerian economy in general.”

     

    According to Yusuf, “We say we don’t have foreign exchange but the way to attract foreign exchange is to export. However, exporting is almost a nightmare in Nigeria.

     

    “For instance, the process for export cannot begin until an exporter has loaded the truck and paid the truck owner.

     

    “After paying the truck owner, he would go through about two weeks of inspection and documentation. After which he will also face the traffic gridlock and  before they could finish the inspection and documentation some of the products must have gone bad especially the ones that are perishable,” he emphasized.

     

    He also said that the policy of exchanging export proceeds at the Nigerian Autonomous Foreign Exchange (NAFEX) rate is not fair to the exporters because of the gap between the official and unofficial exchange rate windows.

     

    This, he revealed, is one of the reasons why some of the exporters hide their export proceeds.

     

    “Exporters should have free access to their export proceeds and be incentivised, just like the Nigerian diaspora were  encouraged with the Central Bank of Nigeria’s naira 4 dollar exchange rate policy for remittances.

     

    Yusuf further stated that looking back in to the last six months, the monetary policy makers retained policy parameters as  the committee  tried  to  maintain  a  balance  between boosting growth recovery and curbing the monetary component of inflationary pressure.

     

    The CBN, according to him, sustained its developmental finance intervention  in  the  first  half  as  part  of  efforts  in  stimulating  local production.

     

    Similarly, “The bank employed administrative measures including Open Market Operation (OMO) auctions, Loan to Deposit Ratio (LDR)/ Cash Reserve Requirement (CRR) debit and special bill auctions to control excess liquidity in the banking system as a way of tackling the monetary inflationary drivers.

     

    “The  banking  industry  demonstrated  resilience  amid  disruptions associated with the pandemic, attributable to the policy intervention of the CBN,” he said.

     

    Going by key ratios, Yusu added that  the banking industry is financially stable and sound with industry capital adequacy and liquidity ratios above  regulatory  threshold  while  non-performing  loan  ratios  is slightly above the five percent prudential guideline.

     

  • Muda Yusuf Bows Out of LCCI

    Muda Yusuf Bows Out of LCCI

    The Director-General, Lagos Chamber of Commerce and industry (LCCI), Dr Muda Yusuf has bowed out of the Chamber.

    This follows his retirement on the expiration of his tenure of office, having meritoriously served the Chamber for a total of 24 years with the last 13 years being in the capacity of Director General.

     

    Dr Chinyere Almona has been appointed to take over from him.

     

    LCCI, in a statement signed by LCCI President, Mrs Tiki Mabogunje described Dr Muda Yusuf as an astute economist of repute who joined the services of the Chamber over two decades ago and rose to become its Director-General through hard work and unrivalled dedication to duty.

     

    According her, Dr Yusuf is a respected public commentator on macroeconomic issues, regulatory environment, economic reforms, policy and institutional reforms, trade policy issues and investment climate matters.  He has led numerous policy reform and engagement sessions on the business environment, investment climate issues and the ease of doing business in Nigeria’.

     

    The LCCI president said Dr. Yusuf will surely be missed by staff, members of the Chamber, partners, collaborators, the diplomatic community, and stakeholders in the media space for his sound economic and analytical prowess, which has contributed immensely to the effectiveness of public policy advocacy and the development of the economy.

     

    According to her, though Yusuf has retired from LCCI, he is definitely not tired of contributing his quota to the prosperity of Nigeria, as the economic powerhouse of the African continent. “We shall continue to benefit from his expertise as he moves to the next stage of his endeavours,” she said.

     

    She said the appointment of Dr. Almona is an added value to the well-established profile of the Chamber.

     

     According to her, the new DG holds a Doctorate Degree in Business Administration from Business School Netherlands and brings with her, about 30 years of diversified experience through her various work experience roles.

     

    According to the LCCI , in her previous position, Almona led the Africa Corporate Governance Programme of the International Finance Corporation (IFC), which provided a wide range of corporate governance reforms across 13 African countries.

     

    She said as a published author, and an international speaker, the new DG will further transform and reposition the Chamber, in this season of the ‘new normal’, and enable it to maintain its position as a leading voice of the organised private.