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

    18/Jul/2016 // 425 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 // 4559 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 // 227 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.

    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 // 265 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 // 5115 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 // 1841 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 // 21648 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 // 30233 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 // 548 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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  • Breaking! Naira collapses again before Buhari, new exchange rate will shock you!

    20/Aug/2016 // 1791 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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