• Global recession puts pressure on Nigeria’s reserves

    18/Dec/2015 // 130 Viewers

     

    The National Economic Council has urged state governments in Nigeria to adopt stringent conservative measures in handling their finances for the next three years.

    Minister for Budget and National Planning, Udoma Udo Udoma disclosed this while briefing State House Correspondents at the end of the monthly meeting.

    He said the Council reached the decision in order to address the dwindling resources available to government at all levels.

    The National Economic Council meeting, which reviews the position of the economy and looks at options available to government for improvement was presided over by the Vice President, Yemi Osinbajo.

    Addressing newsmen after the meeting, Budget and National Planning Minister Udoma Udo Udoma said the Council emphasized the need for the federal and state governments to work closely on economic matters.

    “We briefed the council about government’s revenue and expenditure projection for the next three years, our view in terms of the global outlook and macro economic framework and we also urged states of the country to look towards improving their internally generated revenue and blocking financial leakages in the system. We emphasized the need in planning for the economy, for the federal government and the states to work very closely together,” he said.

    Taraba state Governor, Darius Ishaku said the country’s excess crude account gained an interest of over 599 thousand dollars, and the current balance of the account stood at 2.2 billion Dollars.

    Sokoto State Governor, Aminu Tambuwal also briefed State House Correspondents at the meeting.

    He said the Central Bank Governor gave an update on current challenges being faced as a result of the fall in the price crude oil, which he said had affected Nigeria’s foreign reserve.

    “The Governor of the Central Bank gave an update on monetary policy measures and foreign exchange management strategy. He reported to the Council about many challenges being faced as a result of the global economy recession. He also reported that a drop in oil prices has caused serious pressure on Nigeria’s reserve, which currently stands at 29 billon Dollars,” Tambuwal explained.

    He said as a monetary policy, the Central Bank Governor announced the adoption of the use of pre-loaded debit cards by travelers instead of cash exchange demand, to reduce the buying of dollar cash for illicit businesses.

     

     

    Source: VON


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  • Lagos ports await 25 vesels laden with fuel, others

    18/Jan/2017 // 172 Viewers

     

    No fewer than 25 vessels are expected to arrive at the Lagos pilotage district with various cargoes, including petroleum products, wheat, salt, and fish and a host of others.

    No fewer than 25 vessels are expected to arrive at the Lagos pilotage district with various cargoes, including petroleum products, wheat, salt, and fish and a host of others.

    This is coming on the heels of another two motor vessels carrying fertiliser and fish; and another one motor vessels with Premium Motor Spirit (PMS) otherwise known as petrol and F/fish are waiting to berth at the Lagos ports.
    With inflation at 11 year high of 18.55 percent, the cargoes are essential commodities, which arrivals will their boost availability in the market and hold prices steady.

    The Nigerian Ports Authority (NPA), which revealed these in its shipping position on Monday, said the three motor vessels were currently at ENL port, while the petroleum-laden ship is at PWA port with 15000 metric tonnes of PMS.

    The fuel, which is expected to boost supply in the downstream market is yet to be cleared for discharge, as the cargo is labeled Customs release not applicable (CRNAPP).
    Meanwhile, the 25 other ships that are expected in the Lagos pilotage district were scheduled to start arriving from January 13 to 28th, 2017.

    The vessels expected include; Green Guatamela; Pretty Lady; Orwell; Zante; Arcadia; Jin Sha Ling; Oceaneagle; Desert Victory; Mol Dedication; Jonathan Swift; Safmarine Chambal; HS Debusy; SafmarineChachai; Rossini; Quadriga; Autumn E; Solstice N and Maersk Cairo and a host of others.

    Petroleum products, such as PMS, Automated Gas Oil (AGO), Jet A1 and base oil are leading the expected cargoes, while other products such as F/Fish, B/Salt, B/Gypsum and wheat, and many others are being imported.


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  • Again, Buhari fails to make the N1 equal in value to $1 as Naira remains 'stable' on the black market but outrageously high (Exchange rate frustrating)

    18/Jan/2017 // 1683 Viewers

     

    PARIS, JANUARY 17, 2016: (DGW) THE naira, Nigeria's domestic currency remained static on the parallel market as of Tuesday 17, 2016 with the currency exchanging for N497 to $1 US dollar. 

    The Naira, however, crashed against the British Pound Sterling trading at N597 and also weakened against the Euro trading at N521 on the black market.

    On Monday, the Nigerian currency on the parallel or black market segment of the Nigerian foreign exchange market traded at N497 to one U.S dollar.


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  • Again, NIGERIA suffers humiliation as ADB refuses her $5 billion loan request

    18/Jan/2017 // 1365 Viewers

     

    PARIS, JANUARY 18, 2016: (DGW) Nigeria has again been refused $5 billion loan request after she was previously refused by China by Africa Development Bank (ADB)

    Reason cited was unclear economic reform, National Daily has reported.

    According to the report, the country's delay in submitting the required economic reform plans have stalled the country’s effort in securing about $5bn from international lenders.

    Nigeria had explained that she intends to use the loan to tackle the lingering recession facing the country. 

    Investigation showed that for about a year now, Nigeria has been in talk with the World Bank, promising to present its proposed reform plans before the end of last December, 2016 but failed to do so.


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  • Nigerian economy improving, showing signs of quick recovery - Analysts

    18/Jul/2016 // 378 Viewers

     

    Nigeria’s economy is still Africa’s number one, notwithstanding the 30 per cent drop in the currency last month knocked almost $150 billion off its Gross Domestic Product (GDP).

    South Africa, which has regained second place after overtaking Egypt, is closing the gap, although its economy also shrank with the   weakening of the rand. The gap between both economies has narrowed to $60 billion from $170 billion at the end of last year.

    The International body said the economy could contract, even as Renaissance Capital Limited’s analyst, Yvonne Mhango urged the government to address the sundry economic issues facing the country.

    Last month, with the CBN’s forex  policy,  the naira depreciated after a 15-month currency peg curbed investment and contributed to a 0.4 percent contraction in the economy in the three months through March.

    According to the IMF, the four-month delay in passing the record N6.1 trillion ($21.6 billion) budget, meant to stimulate growth  by spending on roads, ports and electricity generation, will reduce its efficiency.

    The administration’s vision to diversify the economy which relies on oil for more than 70 percent of revenue, has not translated into big investments, and infrastructure to support local manufacturers doesn’t exist yet, according to Mhango.

    She regretted that not much has been heard enough on how the government planned to improve and make the business environment more conducive. She added in a statement that there has been little color on fiscal policies to drive the growth agenda.

    Nigeria is facing a revenue squeeze as oil earnings fail as a result of militancy. The naira peg at 197-199 per dollar, compared with an unofficial exchange rate of 340 per dollar just before the currency was allowed to float, caused fuel shortages for months as businesses struggled to access foreign currency to place orders.

    “It is not sufficient to focus on going from a de facto peg to a flexible regime,” IMF’s Resident Representative in Nigeria, Gene Leon, said.

    “The authorities need to be announcing at the same time how the change affects fiscal policy, how is it impacting inflation, balance sheets of corporates, balance sheets of the banks, and how the increased fiscal receipts allows the undertaking of development,” he stated in a statement.


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  • Nigerians Jubilate As Finance Minister Finally Delivers, Shocks The World With Her Best Move

    18/Sep/2016 // 4484 Viewers

     

    POST.NG - The Minister of Finance, Kemi Adeosun, on Friday, September 16, disclosed plans to pump in billions of naira into the nation’s economy, as a means of bouncing it back to life.

     
    ‎The Minister, who made this known during a press briefing in Abuja, ‎said N350 billion will be released next week to ‎various Ministries, Departments and Agencies, MDAs, while another N60 billion, would be released for social intervention programmes, including school feeding programmes, and teachers assistants scheme, designed to enhance the standard of livings of Nigerians.
     
    Injecting billions of naira in key Ministries such as Power, Works and Housing, Interior, Transport, Agriculture, and Defence, according to her, is capable of boosting spending, as more Nigerians will be employed in those sectors.
     
    The Minister said, ‎”This will take our total capital spend to over N700 billion.‎
     
    “We are funding the rehabilitation of abandoned airport projects. Significant funding is going into agriculture, because of the time sensitivity of the sector.
     
    ‎”Government had to intervene, to ensure food production was restored, to bring down rising food prices.
     
    “A lot has gone in for defence, because we needed to rebuild and retool the capabilities of our army, to continue with the efforts in the North-East part of the country,” Adeosun explained.
     
    Elaborating on the Social Intervention Programme, she said the scheme will enable government release monies for the N5,000 stipend, to the most vulnerable people in the society.
     
    On the multiplying effect, Adeosun reiterated that the release of the funds, will enable thousands of graduates who have enlisted as primary school teaching assistants under the N-Power programme, to get their salaries, or stipends at the end of the month.
     
    ‎Speaking on the success so far recorded in her Ministry, ‎she said, the Ministry of Finance has also secured approval from the World Bank, African Development Bank, AfDB, and other multilateral and international lending financial institutions, to secure loans on minimal interest rates, in a bid to rejuvenate the nation’s economy.
     
    She said, ‎”We are working with the Ministries to try to speed things up.
     
    “We are working with the Bureau for Public Procurement, BPP, to see how to fast track the process of contracts, so the delays could be removed, so that monies could trickle down into the pockets of Nigerians.
     
    ‎”We have strategic plans to take us out of recession.
     
    “We want to ensure the recession is as short as possible.
     
    “We don’t want to prolong the recession. We think some of the initiatives we are working on, will begin to bear fruits.
     
    “Already there are activities resuming on roads, power, health, solid minerals, and water resources,” Adeosun said.‎‎


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  • Queen marks 90th birthday, as popular as ever

    19/Apr/2016 // 182 Viewers


    (FILES) This file photo taken on June 24, 2015 shows Britain’s Queen Elizabeth II and her husband Prince Philip, The Duke of Edinburgh, as they arrive at the Adlon Hotel in Berlin.
    Queen Elizabeth II will celebrate her 90th birthday on April 21, 2016, with a family gathering and a cake baked by a reality television star, as a new poll finds Britain’s longest serving monarch is as popular as ever. The queen has reigned for more than 63 years and shows no sign of retiring, even if she has in recent years passed on some of her duties to the younger royals.
    / AFP PHOTO / Ronny HARTMANN

    Queen Elizabeth II celebrates her 90th birthday on Thursday with a family gathering and a cake baked by a reality television star, as a new poll finds Britain’s longest serving monarch is as popular as ever.
    The queen has reigned for more than 63 years and shows no sign of retiring, even if she has in recent years passed on some of her duties to the younger royals.

    A new poll suggests the British public want it to stay that way, with 70 percent saying she should reign for as long as possible, the highest proportion since 1981.

    Support for the monarchy remains high at 76 percent, according to the Ipsos-Mori poll for King’s College London.

    “The queen is hugely popular, she is liked personally and is felt to have done an excellent job,” Roger Mortimore, a professor at the Institute of Contemporary British History at King’s College London, told AFP.

    Thursday’s celebrations will be low-key, with the main public events, including a military parade and lunch for 10,000 guests on The Mall outside Buckingham Palace, taking place as part of her official birthday celebrations in June.

    With her husband Prince Philip, she will meet members of the public near Windsor Castle, her weekend residence, before lighting the first of a chain of beacons stretching across Britain and its overseas territories.

    At an event in Windsor’s town hall, the queen will be presented with a cake baked by Nadiya Jamir Hussain, the winner of the “Great British Bake Off”, a hugely popular television cooking competition.

    The Muslim mother-of-three will present the orange drizzle cake, with orange curd and orange butter cream, to the queen personally — a prospect she said has left her “so nervous I can’t even look at the oven”.

    The queen will also attend a family birthday dinner organised by her heir Prince Charles, emphasising her role as the head of four generations of the House of Windsor.

    Charles and his son William are increasingly taking over the queen’s duties, although she still carried out 393 engagements last year, including state visits to Malta and Germany.

    William, who with his wife Kate and two young children has brought fresh energy to the royals, paid tribute to the matriarch he and his brother Harry describe as “the boss”.

    “I am incredibly lucky to have my grandmother in my life. As she turns 90, she is a remarkably energetic and dedicated guiding force for her family,” William said.

    – Lunch with Obama –
    The queen has seen 12 prime ministers pass through Downing Street since she ascended to the throne in 1952, meeting them once a week at the palace and still receiving daily updates of the workings of parliament.

    Conservative Prime Minister David Cameron will pay tribute to the monarch in parliament on Thursday, while US President Barack Obama will also pay his respects when he joins the queen for lunch at Windsor on Friday.

    The queen is widely viewed as a constant and stabilising presence in a turbulent world, a status she has cultivated by refusing to make public her personal views.

    Her determination to remain above politics has come under pressure ahead of Britain’s EU referendum on June 23, after a newspaper reported that she favoured a vote for Britain to leave the 28-nation bloc.

    The claim in The Sun, under the headline “Queen backs Brexit”, prompted a rare and strongly worded denial from Buckingham Palace, emphasising that she has and will always be politically neutral.

    In September last year, the queen broke Queen Victoria’s record to become Britain’s longest reigning monarch, but played down the achievement, saying it was “not one to which I have ever aspired”.

    “Inevitably, a long life can pass by many milestones. My own is no exception,” she said.- Guardian

     


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

    19/Dec/2016 // 221 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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  • Nigerian economy battered, heading into recession - IMF

    19/Jul/2016 // 1824 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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  • Wild jubilation at Aso Rock as IMF figures show Nigeria rebounds, set to overtake S'Africa as Africa's largest economy

    19/Oct/2016 // 518 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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