• Again, Buhari reassures Nigerians, vows to end recession, says Nigerias will begin to enjoy next next year

    19/Dec/2016 // 322 Viewers

     

    PARIS, DECEMBER 19, 2016: (DGW)President Muhammadu Buhari on Monday has again reassured Nigerians at home and in the Diaspora that the ongoing economic recession will end next year other things being equal.

    He disclosed his on Monday while declaring open an induction course organized by the Ministry of Foreign Affairs for Nigerian Career Ambassadors-designate who were recently cleared by the Senate.

    Buhari warned the ambassadors that they would be held responsible for the utilization of resources in their missions.

    In a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, President Buhari said: “We are optimistic that the external factors that partly contributed to push our economy into recession will end in 2017. Until then, I regret that the resources available to fund our missions abroad will not be as robust as we would like.

    “We are working hard to turn around our national economy by effectively reforming our macroeconomic environment through measures, some of which were outlined in my budget speech to the National Assembly last week.”
     
    Noting that the prevailing economic circumstances have led to a restructuring of Nigerian missions abroad, he told the Ambassadors-designate that “as we are all making great sacrifices at home, we also expect you to similarly make judicious use of the resources put at the disposal of your missions.

    “As Heads of missions, you will be held accountable for the utilisation of all resources under your control. These are lean times, and all of us are expected to do more with less.”

    He specifically charged the Ambassadors-designate to change the narrative of Nigeria outside the country by playing up the positive values and outstanding contributions of Nigerians in the global arena.

    He said: “I want to emphasise your duty to change the narrative of Nigeria as seen by the outside world.  For far too long, we have allowed Nigeria to be defined by others, always emphasizing our negatives. To the average foreigner, Nigeria evokes 419, terrorism, militancy, communal and religious clashes, insecurity, corruption and all our other faults.

    “You have the duty to correct this narrative by taking the initiative to define and portray our country for what it truly is. We are a nation of 180 million vibrant, enterprising, hardworking, hospitable and peaceful people. We are a remarkable nation that has succeeded in harnessing our multiple diversities as strengths such that we are the leading country on the continent.”


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  • Buhari Ruined Nigeria By Appointing A Polytechnic Graduate As Finance Minister – Reno Omokri

    19/Feb/2017 // 5242 Viewers

     

     
    Former aide to the former president Goodluck Jonathan, Reno Omokri has accused the president, Muhammadu Buhari of ruining Nigeria’s economy with his choice of cabinet members.
     
    Reno Omokri who had earlier accused the president on his social media page on Facebook of pardoning corruption within his cabinet after he failed to probe the Secretary General of the Federation, Babachir Lawal for awarding himself contracts under the Buhari-led administration took to his Twitter page to blame the current economic downturn of the nation on incapable hands and minds.
     
    Reno Omokri on Twitter accused the president of ruining the nation’s economy by appointing a polytechnic graduate, Mrs. Kemi Adeosun as the Finance Minister.
     
     
     
     
     
     
     
     
     
     


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  • Nigerian economy battered, heading into recession - IMF

    19/Jul/2016 // 1898 Viewers

     


    The International Monetary Fund (IMF) slashed its growth forecast for the Nigerian economy this year on Tuesday, saying a combination of plunging oil revenues and weakened investor confidence will push it into recession.

    The IMF said it expects Africa’s largest economy to contract by 1.8 percent this year, after having forecast in April a 2.3 percent expansion.

    Nigeria’s stall, and sluggish activity in the number two economy, South Africa, is expected to pull down economic growth across sub-Saharan Africa, the IMF said, forecasting a “dramatic implication.” “In 2016, regional output growth will fall short of population growth, implying declining per capita incomes,” it said. 

    Nigeria’s economy has been battered hard by the plunge in oil prices, the main source of the country’s income, as well as prices of other key commodities. 

    In addition, rebels in the southern oil region have forced crude production cutbacks, and internal unrest, especially attacks by the Boko Haram group in the north, has also hurt the economy. 

    Inflation hit an 11-year high of 16.5 percent in June as prices of food and energy jumped after the government freed up the naira currency in April, allowing it to plummet against the US dollar. Also weighing on output have been electricity shortages due to rebels’ sabotage of the gas pipelines that fire power plants.


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  • Jubilation as CBN spokesman ISAAC OKOROAFOR unveils plans for US dollar to crash against the naira

    19/Mar/2017 // 21759 Viewers

     

    The Dollar is set to crash further against the naira in the coming week as the Central Bank of Nigeria (CBN) plans to inject more forex into the market to meet demands of genuine customers. 

    The bank’s spokesman, Isaac Okorafor, in a statement said the CBN was committed to ensuring that authorized dealers got sufficient supply to meet the demands of authentic customers. 

    He said the CBN has so far kept to its promise to supply enough forex to guarantee liquidity in the market. 

    Okorafor, who noted that the bank has since February 2017, supplied over $1 billion to the interbank market, maintained that stability has been restored to the market, with individuals now able to easily access forex.

    A cursory view of the summary of the CBN intervention in the interbank market over the past two months shows the highest bid rate was N360/$1, while the lowest was N315/$1.


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  • Nigerians raise eyebrows as President makes another powerful says 'I will not rest until.....'

    19/Mar/2017 // 30357 Viewers

     

    Amid the myriad of problems plaguing the country here and there,  President Muhammadu Buhari on Friday said that he will not rest until he finds a lasting solution to better the lots of the citizenry. The president said that was the main reason decided not to take a rest after his return from London on medical vacation.

    This came as the President ordered the Central Bank of Nigeria, CBN, and Finance Ministry to immediately release the second tranche of London-Paris Club refunds to state governments, as a way of helping them meet with their financial responsibilities.

    The President was reacting to suggestions by state governors that he took a little more rest, as he narrated his experience in London.

    He also said he turned down requests for him to be visited in London because he wanted to avoid moving government abroad.

    President Buhari, who spoke when he made a sudden appearance at the National Economic Council, NEC, meeting at the Presidential Villa, Abuja, walked into the meeting at exactly 12:30 p.m.

    Muhammadu Buhari
    Journalists were later excused from the hall.

    A statement issued later by Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said President Buhari made a strong case for settlement of unpaid salaries and pension liabilities of workers in states.

    “I will not rest until I address those issues that affect our people. One of these basic things is the issue of salaries. It is most important that workers are able to feed their families, pay rent and school fees, then other things can follow,” he said.

    Buhari, who expressed delight at the unity within the Nigerian Governors Forum, NGF, also thanked them for their display of “love and respect” for him.

    Gives reasons he stopped visits to London

    The President said he was overwhelmed by his recent experience in which states, irrespective of political differences, charged their citizens to pray in mosques and churches for his well-being and apologized to the governors for barring them from visits to him while he rested in London.

    “I didn’t want government to move to London; I wanted it to remain here and I am glad I did,” he said.

    After narrating what he went through during his vacation, President Buhari noted the suggestion by the governors for him to take more rest but insisted that he would remain relentless in the pursuit of the interest of the Nigerian people at all times.

    This, according to him, is the only way to show his gratitude to the people who, he said, had given so much to him

    ‘’I was overwhelmed by the celebration of my return across the country,’’ the President said.

    Chairman of the Nigerian Governors Forum, Abdul-Aziz Yari of Zamfara State, assured the President, on behalf of his colleagues, that they would continue to support his policies and actions.

    In response to the kind gestures of the President, the governors of Imo, Akwa Ibom, Osun and Abia states thanked President Buhari for saving the day for states through the first tranche of the London-Paris Club refunds, while calling for the immediate release of the second one.

    They also commended the trust the President reposed in the Vice-President, Professor Yemi Osinbajo, who they said did not disappoint when he acted as President.


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  • Wild jubilation at Aso Rock as IMF figures show Nigeria rebounds, set to overtake S'Africa as Africa's largest economy

    19/Oct/2016 // 595 Viewers

     

    A new report from the International Monetary Fund (IMF) has projected Nigeria as Africa’s biggest economy, in spite of its current challenges.

    Nigeria is placed ahead of South Africa and Egypt which are second and third respectively.

    In August, Nigeria was reported to have lost its position as Africa’s biggest economy to South Africa, following the recalculation of the country’s Gross Domestic Product (GDP).

    But the IMF’s World Economic Outlook for October, puts Nigeria’s GDP at 415.08 billion dollars, from 493.83 billion dollars in 2015, while South Africa’s GDP was put at 280.36 billion dollars, from 314.73 billion dollars in 2015.According to the report, Egypt’s 2016 data is not available, but its 2015 size remained at 330.159 dollars while that of Algeria, one of the largest economies on the continent, is put at 168.318 billion dollars.

    The United States, China and Japan maintain their spots as the largest economies in the world, ahead of Germany, United Kingdom and France.

    According to a review in September, the current economic recession will outlast 2016, with a Gross Domestic Product (GDP) contraction of 1.7 per cent.

    The IMF had predicted that Nigeria’s economy would grow away from a recession in 2017.

    The country last witnessed a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and lasted until 1984.

    President Muhammadu Buhari’s administration has so far disbursed over N700 billion in capital expenditure this year, part of a record N6.06 trillion (30 billion dollars) budget for 2016. -  NAN


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  • Good News: Naira appreciates as Nigeria's external reserve rises (See exchange rate & external reserve)

    20/Apr/2017 // 740 Viewers

     

    PARIS, APRIL 20, 2017: (DGW) As the nation's apex bank applies measures to strengthen THE Nigerian Naira by supplying $62 million to BDCs , Nigeria's domestic responded positively on Wednesday.

    The Naira appreciated by N12 to N385 against the US dollar on the parallel market as the Central Bank reportedly sold $20,000 to about 3,170 BDCs resulting in sharp drop of exchange rate on the parallel market  from average of N397 per dollar on Tuesday to N385 per dollar at the close of business yesterday.

    As signs of good things to come, Nigeria's external reserve has reportedly risen by $260 million to $30.6 billion since the beginning of this month, official figures by the Central Bank of Nigeria shows.

    CBN says Nigeria's reserve rose from $30.3 billion at the end of March to $30.6 billion on Tuesday.


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  • Breaking! Naira collapses again before Buhari, new exchange rate will shock you!

    20/Aug/2016 // 1869 Viewers

     

    The Naira on Friday suffered further loss against the dollar at the parallel market as it lost one point to the US currency, the News Agency of Nigeria reports.

    The naira exchanged at N395 to the dollar from N394 it posted on Thursday, while it traded at N505 and N442 to the Pound Sterling and the Euro respectively.

    At the Bureau De Change segment of the market, the currency closed at N395 at the trading, while to the Pound and Euro, it exchanged at N503 and N434, respectively.
     
    However, it strengthened at the official interbank market as it exchanged at N316.55, from N347.13 posted on Thursday.
    Traders at the market expressed hope that the naira would rebound in the coming weeks as banks were ready to sell foreign exchange to BDCs in the coming weeks.


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  • Again, Naria sinks ahead of Christmas, exchange rate disheartening

    20/Dec/2016 // 1753 Viewers

     

    The naira has depreciated against all major currencies on the parallel market yesterday, December 19, 2016 as the scarcity of foreign exchange continues compared with how much it exchanged for on Friday last week.

    Reports showed that the nation’s currency, which earlier depreciated to N487 to the dollar, slipped further as a result of strong demand for the greenback exchanging for as high as N490.

    A trader attributed the high dollar demand observed in the parallel market to the activities of importers who have to make payments to bring in goods for end of year sales.

    Meanwhile, the Central Bank of Nigeria (CBN) has asked banks to submit bids for a “special currency auction” to clear the backlog of matured outstanding dollar obligations for selected sectors of the economy, traders said on Monday.
    The central bank instructed commercial lenders to submit backlog dollar demand from fuel importers, airlines, raw materials and machinery for manufacturing firms and agricultural chemicals by 1500 GMT for a special forex intervention, Reuters disclosed.

    Traders said the central bank plans to sell “funded forwards of two to five months tenor” dollars to the targeted sectors at an auction ahead of the closure of the forex market for the year.

    The central bank is expected to close all foreign exchange transactions this Friday ahead of its financial year end and the Christmas period. The naira currency has traded around N305.5 to the dollar on the official interbank market since August.

    Two weeks ago, the bank had asked commercial lenders to submit bids for a special intervention auction targeting fuel importers, but the result of the auction has not yet been released, traders said.

    On Monday, the Nigerian National Petroleum Corporation said it had imported about 38.7 million litres of aviation fuel, which it said “represented about 26-day sufficiency”, as part of its “ensure a hitch-free air travel across the country during and after the yuletide period”.


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  • In recession, Buhari drags Nigeria to the Arab world, prepares for first Islamic bond, shops for advisers

    20/Dec/2016 // 1235 Viewers

     

    Nigeria is looking for financial and legal advisers and trustee firms to organise its first Islamic bond in the domestic market, the country's Debt Management Office (DMO) said on Monday.

    The OPEC member, which is Africa's largest economy, is working on a debut sovereign sukuk but has yet to determine the size of a potential deal.

    Nigeria, which is in a recession and needs to raise funds to plug a budget deficit, has set up a government committee to advise on the amount to be raised from the Islamic bond sale, the timing and jurisdiction of the issue.

    Issuance of a sovereign sukuk is part of a plan by Nigeria's debt office to develop alternative sources of funding and to establish a benchmark curve.

    In a public notice, the DMO said it required the services of banks and an issuing house to serve as financial adviser, a legal firm to serve as a legal adviser and a trustee firm. It said bids for the roles are to be submitted by Jan. 9.

    The advisers are expected to work with the debt office towards the sukuk issue at a date that is yet to be announced.

    In October, the central bank issued guidelines limiting commercial banks' investment in Islamic bonds issued by state governments to 10 percent of the total amount on offer and fixed a maximum tenor of 10 years for the bonds.

    Nigeria has the largest Islamic population in sub-Saharan Africa. Around half of the 180 million people in Africa's most populous nation are Muslims.

    REUTERS

     


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