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Tag: Nigeria

  • #NEOC2017: Nigeria will get out of recession this year but…

    …says Africa’s agribusiness to rise to $30trn by 2030

    The convener of Nigeria Economic Outlook Conference, NEOC, Ogho Okiti, has expressed optimism that the nation will get out of reception this year. He however noted that getting out of recession was not the problem but enacting policies that will ensure the nation doesn’t go down the drain again in the coming years.

    In his words: “If more money is deployed into the economy, we will get out of recession this year. However the question to ask after getting out of recession is what next?

    The economic mess we now find ourselves as a nation did not start with the current administration. However, they (the current administration) don’t have the debt appreciation to understand the best approach to adopt to tackle the problem head long”.

    Also speaking on the sidelines of the sabotage and militancy agitation in the Niger Delta, the CEO, Time Economics said: “We need peace in the Niger delta to move forward. The discovery of oil is a problem in itself. Our government needs to cultivate the habit of using allocated capital in the annual budgets to achieve economic recovery.

    We also need rigorous fiscal restricting. Presently there is no link between government revenue and economic activities. The states should take on the onerous responsibility of supporting businesses in order to widen revenue generation.

    Also speaking at the conference, the Managing Director/Chief Executive Officer of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL, Aliyu Abdulhameed said Africa’s agricultural turn over will hit a whopping sum of $30 trillion by 2030.

    Abdulhameed urged investors to see beyond oil and look inwards to the rapid development in the nation’s agricultural sector as led by his agency.

    Abdulhameed, who advocated for the mechanization of farming in the country said: “Advanced countries plant improved seed. We need to replace the human factor in agriculture with machines. There’s an extent to what humans can achieve compared to machines. Machines can work extensively and provide high yield of products as harvest”.

    He also called on respective government authorities, ministries, departments and agencies in all tiers of government to eliminate all forms of bureaucracies that tend to discourage investors in the country.

    The Nigeria Economic Outlook Conference is organized annually to bring together representatives of governments, economists and the business community to x-ray paths to economic recovery and growth.

     

  • In-Photos: Wife of Bill Gates, Melinda arrives Nigeria, meets El-Rufai, others

    Wife of world’s second richest man, Bill Gates Melinda has arrived Nigeria.

    The American businesswoman and philanthropist arrived on Wednesday to meet with Governor Nasir el-Rufai’s management and economic team.

    Wife of Nigeria’s President, Aisha Buhari will also play host to Melinda to discuss issues bordering on challenges and vulnerabilities facing women and children in Africa.

    See photos below:

     

     

  • No substitute to Nigeria’s unity – Ambode

    …Underscores need for remembrance of fallen heroes

    Lagos State Governor, Mr. Akinwunmi Ambode on Sunday stressed the need for the continuous remembrance of the fallen heroes who laid their lives for the unity of the country, saying that the country must remain united to celebrate and honour them.

    Speaking after performing the laying of wreath and release of pigeons in commemoration of the 2017 Armed Forces Remembrance Day Celebration held at Remembrance Arcade, Tafawa Balewa Square (TBS) in Lagos, Governor Ambode said the import of the celebration could not be overemphasized as it signified the great sacrifice put in by the fallen heroes to ensure the unity of the country.

    He said: “For every January 15, we come together to remember our past heroes and the whole essence of being Nigerians is for us to live as a united country and some people have laid their lives for us to be here today.

    “It is important that we must continue to celebrate them and remind ourselves that the unity of Nigeria has no substitute and that is the reason we do this every year.”

    The Governor, who also spoke on the efforts of the State Government at prioritizing the welfare of legionnaires in the State, said the government recently gave them Hilux vehicle and increased their monthly subvention.

    “We have always taken care of legionnaires in the State and I think we have the best welfare programme across the country. Just recently, we gave them Hilux vehicle for their operation and we have also increased the monthly subvention that we give to them.

    “The whole essence is even beyond what we give to legionnaires, we should take proper care of all Lagosians and that is what we are doing,” Governor Ambode said.

    Also speaking, Chairman of Nigerian Legion, Lagos State Chapter, Col Samuel Akande (Rtd) thanked Governor Ambode for his continuous support to legionnaires in the State, especially in the area of welfare to widows of fallen heroes and members of the association.

    He said: “We like to use this opportunity to thank the Governor of Lagos State for all his provision and care for us. He recently gave us N5million to take care of our widows and members. Not only that, he promised us two vehicles and he has given us one. We pray that God will continue to take him higher and higher in good health.

    “I also pray that God will continue to protect our members still in active service and those in the war front and we pray that by this time next year, Boko Haram will be a thing of the past in this country.”

    Apart from the Governor, some other notable Nigerians who equally performed the laying of wreath included Speaker of Lagos State House of Assembly, Mudashiru Obasa; Chief Judge of Lagos State, Justice Olufunmilayo Atilade; Oba of Lagos, HRM Oba Rilwan Akiolu, Service Commanders of military and para-military formations in the State, among others.

  • Kidnappers of Nigeria Turkish College staff, students demand N1.2bn ransom

    Kidnappers of Nigeria Turkish College staff, students demand N1.2bn ransom

     

    The abductors of students and members of staff of the Nigeria Turkish International College (NTIC) have demanded N1.2b ransom for the release of the victims.

    The abductors reportedly called a family member of one of the victims on Sunday to make the demand.

    Recall that they were abducted at about 9:30pm on Friday when the kidnappers dug through the fence and entered through a back door.

    The Police have confirmed that the gunmen invaded the school and took the students and the teachers away in a white Toyota Hilux vehicle.

    According to a report by Daily Trust, the kidnappers “have been using the victims’ phone numbers to call their families. Each time the families try to negotiate, they would end the call.”

    It was learnt that footage of the CCTV Cameras at the school hostel indicated that the kidnappers wore masks when they stormed the hostel.

    One of them reportedly wore skirt but he is suspected to be a man.

    Among the victims were two Junior Secondary School (JSS) students, one Senior Secondary School (SSS) student, three Nigerian workers and two Turkish staff.

    Meanwhile, representative of Inspector-General of Police, Ibrahim Idris, AIG Zone 2, Aderanti Kayode and Commissioner of Police, Ogun Command, llliyasu Ahmed have visited the school and assured that the victims would be freed.

     

  • You have made us proud, Buhari tells Nigerian troops in Sambisa, Liberia

     

    President Muhammadu Buhari has congratulated the Nigerian troops presently battling Boko Haram sect in Sambisa forest as well as some troops on peacekeeping in Liberia for displaying unalloyed patriotism in the fight against terrorism in their duty posts.

    Buhari, who addressed the officers via separate video conferences on Sunday to mark this year’s Armed Forces Remembrance Day, enjoined the Nigerian troops to maintain the standard of discipline and efficiency.

    The President spoke to the Commanders in the three locations namely: Major General Victor Ezugwu, Acting GOC, 7 Division, Nigerian Army ( Sambisa Forest); Major General Salihu Uba, Force Commander for the United Nations Mission in Liberia (UNMIL) and Air Commodore Charles Owoh, Air Commander, Operation Lafiya Dole, Air Force Base Yola.

    Addressing the soldiers in Sambisa forest, Buhadi said, “Goodmorning officers and men of the 7th Division of the Nigerian Army. You have done Nigeria a great pride. Your success was received spontaneously by all Nigerians. I congratulate you and thank you very much for the honour done to the country and to us. Well done! I wish you and your families well and I hope that you are in touch with your families. I wish you more success and please maintain the standard of discipline and efficiency. Thank you very much indeed.” ‎

    In another video chat with the special forces in Liberia, Buhari said, “Good morning General [Salihu Uba, Force Commander for the United Nations Mission in Liberia]. We thank God and we thank technology. I can see you and I can hear you. I am impressed with the turnout of your men and I thank you for keeping the flag flying on the performance of Nigerian military in the United Nations peacekeeping operations. God willing as you briefed us, in 2018, the last contingent of Nigeria troops in Liberia will come back. I sincerely wish them a successful operation and I wish the General the best of luck.”

    The President also paid special tributes to the air forces personel in Yole.

    He said, “That was a good presentation. I get regular briefing from your Chief of Air Staff. Your performance speaks for itself and you have raised the morale of your colleagues in the military especially the army. With your hi-tech performance and platforms, we have been able to restore the sanity and the territorial integrity of Nigeria; I congratulate you. For the officers and men, you know you cannot be over-trained. With your hi-tech outfit, training has to be continuous and I am very pleased with the initiative that you have taken in maintenance of equipment. It is very encouraging and a boost to our morale here. I congratulate you and please pass my message to your families that we are very mindful of their patience and anxiety whenever you are in the field. Thank you very much indeed.”

    Earlier at the National Arcade in Abuja, President Muhammadu Buhari accompanied by Vice President Yemi Osinbajo, the Senate President, the Speaker of the House of Representatives, the Acting Chief Justice of Nigeria, the Service Chiefs and the Inspector-General of Police performed the Wreath Laying Ceremony for the 2017 Armed Forces Remembrance Day.

     

  • Tribal marks on children, infringement on human rights— parents

    Many parents in the Federal Capital Territory (FCT) have frowned at the inscription of tribal marks on the faces of children, describing it as archaic, and an infringement on their fundamental human rights.

    Some of the parents who spoke with the News Agency of Nigeria (NAN) in Abuja said that parents inscribed marks on their children during the pre-colonial era for easy identification.

    Mr John Aderogba, the Principal, Faith Academy Day Secondary School, Kubwa said tribal marks was used to identify an individual from a certain clan during the war.

    Aderogba stated that the marks made it easier for people to locate their homes, and communities after being taken away by the colonial masters.

    “Those days, parents give tribal marks to their children at the age of nine or ten, and maybe at the age of 24 the person finds his way out of slavery, the only way he could find his way back then, was through the tribal mark.

    “The tribal marks were given according to each person’s clan majorly in Kwara, Osun and Oyo states then.

    “But we discovered that the issues that brought about tribal marks are no longer there, nobody is doing any slave trading again.

    “No need to deface that your innocent child; and that issue also violates human rights, because the time these marks are given to the children, it is without their consent,” he said.

    According to the principal, people understand better, are more enlightened in the modern times and can sue their parents for such acts even as far back as 30 years.

    He said that people their parents gave tribal marks in the olden days disliked it, but were left with little or nothing much to do.

    Mr Edward Abalaka, a public servant with tribal marks on his face, said he did not inscribe marks on the faces of his children, adding that it would have amounted to inflicting pain on them.

    “I was given tribal marks during the civil war period, and it was used to differentiate a particular tribe from another.

    “As we continue to grow, things changed and tribal marks could be compared to the awkward way of circumcision in the olden days on the male children, but gone are those days.

    “You as a parent will even pity the children you give birth to now, and for that you will be so careful not to use a razor or knife to make a mark on them.

    “As a young boy, I felt the pain and it will not be right to do so to our children now,” Abalaka said.

    He, however, said that the marks had not made him feel inferior in the society; rather people easily identified his tribe.

    Mrs Felicia Idowu, a nurse with the Daughters of Charity Hospital Kubwa, who also has tribal marks on her face, said tribal marks on the faces of children in recent times would make their peers make jest of them often.

    Idowu noted that such incisions on a child could make him withdrawn from the society, adding that it could affect the developmental process of the child.

    According to her, reasons for tribal marks on the faces of people born in the 1950’s and 60s is for easy recognition of where they hail from which is understood.

    She said that nothing justified tribal marks on the faces of children in recent times than describing it as a violation on the rights of such an individual.

    Grace Ferdinard, a staff with a travel agency, said tribal marks were not important, adding that people could still identify their relatives with or without the marks.

     

    “Parents don’t need to mark the faces of their children, because even if the person travels out of the country and stay there for over two or three decades, he can still be identified.

    “These days we have different technological gadgets through which contacts and communications are made with relatives, irrespective of the distance or where they may be,” she said.

  • We have restored Nigeria’s territorial integrity – Buhari

    Muhammadu Buhari, Sunday, boasted that his administration has been able to restore Nigeria’s hitherto lost sanity and territorial integrity, hailing the country’s Armed Forces for making his dream possible.

    He asked the nation’s security outfits not to rest in their oars, saying they must keep the pace of actions they undertook in seeing the total defeat of insurgence in the country,noting that the country was proud of them.

    President Muhammadu Buhari speaks with Military men in Operation base via NigComSat. With him are Vice President Yemi Osinbajo, Minister of Defence, Bgrig General Mansur Dan Ali, President of the Senate, Dr Bukola Saraki and other Service Chiefs during the Wreath Laying ceremony of 2017 Armed Forces Remembrance Day at the Arcade in Abuja.

    Speaking, Sunday, in Abuja, at a live video call to Nigeria’s troops battling insurgency in the North East as well as international peace troops in Liberia, during the occasion of the 2017 Armed Forces Remembrance Day celebration, the president, who expressed satisfaction with the successes recorded so far by the troops not only in restoring peace in the country but African sub-region, asked the Armed Forces to maintain the tempo in its operations whenever in need.

    “With your performances, we have been able to restore the sanity and territorial integrity of Nigeria. I congratulate you, “he said.

    The president insisted that he was impressed with Armed Forces performance just as he said the rest of the nation was concerned about their welfare.

    He assured the troops that government was with them in what they were doing, adding that his administration would always respond to their operational needs so as to achieve their set goals.

    Earlier, Presi­dent Buha­ri led senior government officials to lay wreaths at the National Military Cenotaph in Abuja. The ceremony is held every January 15 in honor and mem­ory of Nigerian military per­sonnel who died in active ser­vice to the nation.

    The president arrived at the occasion, and after the national anthem, reviewed the guard of honour mounted by the Nige­rian Army, Navy, Airforce and the Nigerian Legion.

    He thereafter proceeded to lay a wreath at the foot of the tomb of the ‘Unknown Sol­dier’ at the Military Cenotaph, oppo­site the Eagles Square, after Chris­tian and Muslim prayers as well as observance of a-min­ute silence and one-round of gun salute were made.

    Thereafter, Vice-President Yemi Osinba­jo laid the wreath at the Ceno­taph, followed by the Senate President, Bukola Saraki; House of Rep­resentatives Speaker, Yakubu Dogara; and the Acting Chief Justice of Nigeria, Justice Walter Onnoghen in that order.

    Minister of Defence, Man­sur Dan-Ali; Minister of the Federal Capital Territory, Mo­hammed Bello; Chief of De­fence Staff, Gen. Gabriel Ol­onishakin; the Chief of Army Staff, Lt. Gen. Tukur Buratai; Chief of Naval Staff, Vice-Admiral Ibok Eket-Ibas; and Chief of Air Staff, Air Vice Marshal Sadiq Abubakar, also laid their wreaths.

    Not left out of the wreath-laying were the Inspector-General of Police, Ibrahim Idris Kpotum ; the Doyen of the Diplo­matic Corps and Cameroo­nian Ambassador to Nigeria, Mr. Salahudeen; represent­ative of widows of deceased soldiers, Mrs. Veronica Aluko as well as the Chairman of the Ni­gerian Legion, retired Colonel Micah Gaya.

    The wreath-laying ceremo­ny was followed by a thunder­ous 21-gun salute to the fall­en heroes, as all officers and guests present remained standing.

    The commander of the Brigade of Guards, Brig. Gen Sani, guided the President to sign the Armed Forces Re­membrance Day Register and the release of white pigeons to signify peace.

    An unprecedented highlight of the event was when the president got a firsthand expe­rience in a theatre command control vehicle from where he spoke to the officers and men of the General Officer Commanding, GOC, 7 Division of the Nigerian Army as well as the troops fighting insurgency in Maiduguri, Borno state.

    “Good morning officers and men of the 7 Division of the Nigerian Army, you have done Nigeria proud. I congratulate you and I thank you very much for the honour you have done to the country and to us. I wish you more success. Please, maintain the standard of efficiency. Thank you very much indeed, “he said.

    On their part, the troops on ground in Maiduguri ap­preciated the president with three hearty cheers, as their commander promised to dis­charge their duties to the na­tion faithfully.

    The president was also able to speak with the Nigerian Peace Mission troops in Liberia as well as view satellite images of the Nigerian Air Force surveillance over Maidu­guri and nearby towns.

  • Nigeria’s economic woes caused by bad leadership, poor fiscal management – IMF

     

    The International Monetary Fund, IMF has attributed the current economic crisis in the nation to bad leadership and poor fiscal management of those at the helm of affairs.

    The IMF stated this in its policy paper on macroeconomic developments and prospects in low-income developing countries, LIDC on Thursday.


    The fund attributed economic failures in the country to “delayed/poorly managed policy adjustment.”

    The IMF stated: “Domestic policy failures cited include delayed/poorly managed policy adjustment to lower commodity prices (as in Nigeria, where foreign exchange rationing adversely affected debt service capacity of many corporates).”

    The IMF also blamed the failures on lack of business confidence and delay in policy adjustment by Nigeria’s leadership.

    It said that the challenges concerning foreign exchange had pushed inflation to double digits in Nigeria, Africa’s largest economy.

    The IMF added, “There were sharp movements in currencies across many LIDCs during 2015. Further sizeable depreciations were recorded in 2016 in commodity exporters under stress,” the paper read.

    It stated further: “Mongolia, where reserve levels have been significantly eroded, and Nigeria, where efforts to support the naira through foreign exchange rationing, have gradually crumbled.

    “Inflation has risen to troubling levels in a handful of cases, concentrated in sub-Saharan Africa. Among commodity exporters, large exchange rate depreciations were a key contributor in Mozambique, Nigeria, and Zambia.”

    According to the fund, Nigeria is affected by Boko Haram-led attacks in the North and disruptions to oil production in the Niger Delta region.

    “Aside from direct damage and increased security outlays, conflict situations undermine business confidence, investment, and tourism,” it stated.

    It added that Nigeria’s economic problems affected neighbouring countries such as Chad and Benin Republic.

    “External developments have predictably played an important causal role in the emergence of financial sector stress, through falling commodity prices, declining remittances, and adverse spillovers from neighbours — as in the impact of Nigeria’s economic difficulties on Benin Republic.
    That said, teams’ assessments indicate that poor macroeconomic policies and weak supervision have also played a significant contributory role.”

     

     

  • Again, Nigeria’s inflation soars high, hits 18.5 percent

    The National Bureau of Statistics, NBS on Friday announced that the Consumer Price Index, which measures inflation with the index rising, hit 18.55 per cent in the month of December.

    According to a report posted on the NBS website, the 18.55 per cent is an increase of 0.07 percentage over the 18.48 per cent recorded in the month of November.

    NBS report attributed the increase to a rise in the price of electricity, housing, water, clothing, footwear and education.

    It reads in part, “The Consumer Price Index which measures inflation increased by 18.55 per cent (year-on-year) in December 2016, 0.07 percent points higher from the rate recorded in November (18.48 per cent).

    “Communication, restaurants and hotels recorded the slowest pace of growth in December, growing at 5.33 per cent and 8.91 per cent (year-on-year) respectively.

    “During the month, the highest increases were seen in housing, water, electricity, gas and other fuels, clothing and footwear, and education.”

    NBS noted that during the month, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.66 per cent year on year.

    Reviewing the report, Opeoluwa Idowu, an economist with Consumersng shared a simplified analysis wherein he pointed at the urban index rose by 20.12 per cent (year-on-year) in December from 20.07 per cent recorded in November, while the rural index increased by 17.20 per cent in December from 17.10 per cent in November.

    “On month-on-month basis, the urban index, rose by 1.08 per cent in December from 0.78 per cent recorded in November, while the rural index rose by 1.04 per cent in December from 0.79 per cent recorded in November.” Mr, Odowu said.

     

  • Dollar scarcity: Be more creative to earn more, presidency tells Nigerians

    Presidency yesterday urged Nigerians to be more creative in the face of the biting economic recession to attract more foreign exchange as a means of ending the Dollar scarcity in the country.

    It also called for improved peace and tranquility in the Niger Delta region to boost the oil production which would in turn generate more returns in form of foreign earnings for the country.

    This was even as it also stated that Nigeria’s involvement in The Gambia’s political impasse was not to intimidate the out-going President, Yahya Jammeh but by its action playing a leadership role.

    The position of the presidency was made through the Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Mallam Garba Shehu on “Politics Today”, a Programme of the Channels Television, monitored in Abuja.

    Speaking against the background of a protest by some Nigerians in Abuja on Friday who called for immediate action to curb the disparity between Naira and US Dollar, Shehu said that but for some measures already taken by the government, the situation would have been worse than it is presently.

    Notably, Naira is presently at its worse times, chasing the US Dollar at N500 per Dollar.

    Shehu said: “Unfortunately, I am not an expert in these matters but to my layman’s understanding, we have a Dollar crisis.

    Dollar inflow into Nigeria is short. Whatever that is short in terms of supply creates demand in high proportions. It would have been worse if the government has not taken quite a number of measures including the restriction of our scares foreign exchanges to sectors that are very critical, that create jobs, that generate income to the country.

    “The Central Bank of Nigeria, CBN had already dismissed those protests. In a system, no matter how rotten it is, it produces beneficiaries. People are happy with the old order, when people will go, take US Dollar form the CBN, and go to the Bureau De Change. Now, CBN doesn’t sell Dollars. It is the commercial banks that sell.

    What I think needs to be done is that beyond the government, all of us as Nigerians have a responsibility. What do we do? Let us be more creative, try to export more, try to produce local goods that sell abroad, so that more Dollars would come.

    Let us continue to stabilize the ongoing situation in the Niger Delta so that earnings from the oil sector are not disrupted. When we have more Dollars coming in, they will sell cheaper.”

    On the Gambian political crisis, the Presidential spokesman said that though the presidency was still awaiting the official outcome of the mediation led by President Buhari as the Chief Mediator of ECOWAS in the matter, hopes were high that the matter would be amicably resolved between outgoing President Jammeh and the President-Elect, Adama Barrow.