The Central Bank of Nigeria (CBN) has again shifted the meeting of its 299th Monetary Policy Committee (MPC), from the rescheduled February 17 and 18, to February 18 and 19, 2025.
The bi-monthly meeting which was held last in November 2024 was to hold between January 27–28, but credible sources told metrobusinessnews.com (MBN) that the postponement was like buying time for the release of the rebased inflation and GDP figures.
The sources said CBN needed the new figures so as to bolster confidence in the public since the figures will take the economy to greater heights, in terms of figures, but may not necessarily mean immediate improvement or in tune with the economic realities of the citizens.
The MPC meeting remains a critical event for Nigeria’s economic outlook, influencing decisions on interest rates, inflation control, and broader macroeconomic stability.
At the last meeting of the MPC in 2024, the members had complained that despite the over 800 basis points hike in the Monetary Policy Rate (MPR) the needed objectibes were not achieved as inflation continued to rise, putting pressures on the economy.
According to the personal statements released recently by CBN, the members were unanimous in their submissions that some external factors like insecurity, fiscal Policy measures by the government were putting pressures on the economy with the accopanying hardship
The rebased CPI, which was expected at the end of January, has yet to be published by the NBS, raising concerns about early release of key economic indicatorsthatbwpukd enrich discussions at 4he MpC meeting.
The thinking of the CBN and the members, according to sources, the new figures would engender hope to Nigerians, giving the currenr hardship, since inflation figure, for instance would come down drastically.
The NBS typically releases its CPI report on the 15th of every month. If the agency maintains this tradition, the inflation report could be published just three days before the newly scheduled MPC meeting.
Specifically, NBS had last month said that the details of the newly rebased Gross Domestic Product (GDP) and CPI would be launched at the end of the month.
This was after it announced in October 2024 its plans to rebase the GDP and CPI to reflect current realities and capture structural changes in the economy.
The last rebasing was conducted in 2009, and since then, economic shifts—including increased spending on telecommunications and services—have not been fully captured in inflation measurements.
But MBN could not confirm whether NBS would live up to the expectations of the public by releasing the new figures on its traditional 15th, date, but it was further gathered that CBN will stick to the new rescheduled date, hoping that the new figures would come out before then.
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However, in a statement on Monday, CBN noted that its decision puts to rest speculations surrounding the meeting date, which had emerged due to delays by the National Bureau of Statistics (NBS) in releasing the rebased Consumer Price Index (CPI).
Part of the statement reads, “The Central Bank of Nigeria (CBN) has announced that the 299th meeting of its Monetary Policy Committee (MPC) earlier scheduled for February 17 and 18, 2025, will now be held on Wednesday, February 18 and Thursday, February 19, 2025.”
It noted that with a confirmed date now set, economic analysts and financial market stakeholders are turning their attention to the CBN’s next move on the Monetary Policy Rate (MPR).
Given the current economic trends, some analysts say they expect to see accommodative stance since the rebased figures could make the committee members to maintain the rate.
But Bismarck Rewane, in the presentation at the February LBD Execrive Business Session said the country must be resilient now.
According to Rewane, “In the global scheme of things, scale and size matter more than anything else. While Nigeria may perceive itself as an economic giant, its relevance on the global stage has diminished considerably compared to what it once was or what it thinks it is. Analysts view the situation as a glass both half-full of benefits and half-empty with problems. However, the primary benefit in this world of political and economic uncertainty is the incentive and urgency to build a resilient economy, which could lead to a reversal of the “Japa” syndrome.
We foresee an economy capable of achieving a growth rate in excess of 4% this year.
We anticipate gross capital formation at $60bn, a national savings ratio at 34.8%, a sharp increase in government spending, and numerous other ancillary benefits.
These projections are based on strategic responses to anticipated global shocks, including the removal of economic constraints and structural barriers, policy reforms to enhance the business and investment environment, and the strengthening of domestic industries to reduce external vulnerabilities.:
Economic stability hinges on policy execution.:
