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Nigeria Business News Roundup: November 29, 2023

Nigeria Business New

Nigeria is Africa’s largest economy and one of the most dynamic markets in the world. Here are some of the latest business news stories that you need to know:

Inflation targeting and CBN’s self-imposed accountability test

The Central Bank of Nigeria (CBN) has adopted an inflation targeting framework since 2007, aiming to keep inflation within a range of 6-9%. However, the CBN has failed to meet this target for several years, as inflation has soared to over 18% in October 2023. The CBN has faced various challenges, such as exchange rate volatility, fiscal dominance, supply shocks, and insecurity, that have hampered its monetary policy effectiveness. Some analysts have argued that the CBN should abandon inflation targeting and adopt a more flexible and pragmatic approach to deal with the complex and uncertain economic environment. However, the CBN has maintained its commitment to inflation targeting, arguing that it is a credible and transparent way of ensuring price stability and accountability. The CBN has also taken various measures, such as raising the benchmark interest rate, tightening liquidity, and supporting the naira, to curb inflation and restore confidence in the economy⁴. The CBN’s inflation targeting strategy will be put to a test in the coming months, as it faces the trade-off between stimulating growth and containing inflation.

Underwriter woos Nigerians with loyalty programmes

Sovereign Finance, a leading insurance company in Nigeria, has launched a series of loyalty programmes to attract and retain customers in the competitive insurance market. The programmes include cash rewards, discounts, freebies, and referrals for customers who renew their policies, buy multiple products, or introduce new clients to the company. The company’s managing director, Mr. John Oluwaseyi, said that the programmes were designed to appreciate and reward customers for their loyalty and patronage, as well as to increase the penetration and awareness of insurance in Nigeria. He added that the company was committed to providing innovative and affordable insurance solutions to Nigerians, especially in the areas of life, health, and general insurance.

Groups hail as NASS considers Fiscal Responsibility Act repeal

Several civil society groups have commended the National Assembly for considering the repeal of the Fiscal Responsibility Act 2007, which they described as obsolete and ineffective. The groups, under the umbrella of the Fiscal Responsibility Network, said that the act had failed to ensure fiscal discipline, transparency, and accountability in the management of public finances in Nigeria. They urged the lawmakers to expedite the passage of the new bill, which seeks to establish a Fiscal Responsibility Commission with more powers and functions to oversee and enforce fiscal rules and standards. The groups also called for the inclusion of sub-national governments, state-owned enterprises, and extra-budgetary funds in the scope of the new bill, to ensure a comprehensive and holistic fiscal governance framework in Nigeria.

Plumptre, Oyeneyin case study on Netflix hit movie adopted by universities as learning resource

A case study on the Netflix hit movie, King of Boys: The Return of the King, written by two Nigerian academics, has been adopted by several universities around the world as a learning resource. The case study, titled “King of Boys: The Return of the King - A Netflix Nollywood Partnership”, was authored by Dr. Akintunde Plumptre, a lecturer at the Lagos Business School, and Dr. Oluwaseun Oyeneyin, a lecturer at the University of Lagos. The case study examines the strategic partnership between Netflix, the global streaming giant, and Kemi Adetiba, the Nigerian filmmaker behind the movie, which became the first Nigerian original series on Netflix in August 2023. The case study explores the opportunities and challenges of the partnership, as well as the implications for the Nigerian film industry, also known as Nollywood. The case study has been used by students and faculty at Harvard Business School, Stanford Graduate School of Business, INSEAD, and other prestigious institutions, as a tool for teaching and learning about the global entertainment industry, digital transformation, and emerging markets.

References

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