Tag: Nigeria

  • Nigeria to issue N95bn bonds on Dec. 14 – DMO

    Nigeria to issue N95bn bonds on Dec. 14 – DMO

    Nigeria plans to sell N95 billion (302 million dollars) worth of bonds on Dec. 14, its last debt auction for the year, the Debt Management Office (DMO) said on Tuesday.

    The office said it would sell N35 billion of a bond maturing in 2036; N25 billion of paper maturing in 2026 and N35 billion of debt maturing in 2021, using the Dutch auction system.

    Results of the auction are expected to be released on the following day.

    All the bonds on offer are reopenings of previous issues.

    Africa’s biggest economy issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit. (one dollar= N315.00)

  • FG blocks 571,000 tonnes of rice from entering Nigeria

    FG blocks 571,000 tonnes of rice from entering Nigeria

    The Federal Government said it has perfected plans to stop about 571,000 tonnes of foreign rice kept in neighbouring countries targeted for sales in the yuletide period from entering the Nigerian market.

    The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who disclosed this in Abuja on Monday, stated that some of Nigeria’s neighbours, particularly the Republic of Benin, were not moving goods within the region as required by relevant treaties.

    He, however, stated that the Federal Government would henceforth check all illegal movements of food and non-food items into Nigeria from the neighbouring countries.

    Ogbeh also said Nigeria recently took delivery of 110 rice mills in its bid to enhance local production so as to commence the exportation of white rice from next year.

    In Ogbeh’s words:, “What they do is that they import goods, station themselves at our borders and then smuggle them into Nigeria. For instance, the Republic of Benin doesn’t eat parboiled rice. They eat white rice. But all the rice that comes from the borders into Nigeria is parboiled.

    “I have a list now of all the ships that left Thailand in the last seven weeks and they’ve arrived; 571,000 tonnes of rice waiting to enter Nigeria for Christmas. But we won’t allow that. We have to review the treaty in the region, because we are at the losing end. Why are we doing this? It is because this rice is not definitely grown in the Republic of Benin.”

    Speaking further, Ogbeh said: “They bring tomato paste and chicken not produced in the Republic of Benin and because the Nigerian market is so huge, that they want to exploit it. But no economy out of sympathy should damage our own and we should not out of sentiment allow anybody to do things to us, which we can’t do to them.

    “When Dangote was trying to ship his cement through the Republic of Benin to Togo, it took him one year to persuade them.”

    Ogbeh reiterated that the country would start exporting rice from next year, as he stated that 110 mills had been acquired to make this a reality.

    He said, “We can make it happen. We have just brought in 110 rice mills of different capacities. Some can do 100 tonnes, others 50, 40, 20 and 10 tonnes. We are going to give them to cooperative organisations and rice millers all over the country to enhance their milling capacities.

    “We have another 12 rice mills to come in maybe next year so that the milling capacity is strong enough for us and we too will begin to export white rice to West Africa.”

    On the issue of possible famine in Nigeria from January next year, the minister stated that the government was prepared and promised that the country would not experience such.

    The minister stated, “We want to put it quite clearly that there is no danger of famine in the country, because the government will not allow that to happen. We are already taking steps to make sure that Nigerians don’t go through any such harrowing experience. There has been some panic over the massive purchase of grains from many of the big grain producing fields in some parts of the country.

    “This fear was heightened by emirs and chiefs in the North, who met with us on Tuesday last week and raised the same anxiety. It is true that for the first time in our history, we are witnessing an extra-ordinary purchase of our grains from the West, North and Central Africa. We are even getting demands from as far as Namibia; they are asking for grains in large quantities of up to 37,000 tonnes of maize,” Ogbeh said.

     

  • Buhari is biggest beneficiary of PDP in Nigeria – Lamido

    Buhari is biggest beneficiary of PDP in Nigeria – Lamido

     

    One of the founding fathers of the Peoples Democratic Party, PDP and immediate past governor of Jigawa State, Alhaji Sule Lamido has said that President Muhammadu Buhari is the greatest beneficiary of the crisis in the PDP.

    Lamido argued that there was no way Buhari could have been given an opportunity to contest for presidency at the outset of the present dispensation in 1998/99, saying that the President was able to come to power in 2015 because of the efforts of the PDP in reconciling and stabilizing the country.

    Lamido, who spoke in his Bamaina hometown at the weekend, stated that all the leaders, including himself, are to be blamed for the party’s woes, but maintained that the PDP is beyond any personality, and that it belongs to Nigerians so cannot be appropriated by anybody.

    The former governor who admitted that his party, the PDP was presently undergoing several challenges said the party successfully stabilized the country before the incumbent (President Buhari) could contest.

    In his words: “It is not about one’s own personality or one’s ego, but it is about this party called PDP which carries the Nigerian hope which was able to get Nigerians stabilised in spite of the vilification and propaganda and prepared the ground fully for Buhari to come in and become a president because if there is any great beneficiary of PDP in Nigeria, it is Buhari.”

    Speaking further, he said: “between 1998 and 1999, there was no way Buhari could have gotten the opportunity to contest, he can’t contest I don’t mean to insult him, but it is simply a historical fact that all those that are now calling the shots, is all, thanks to PDP because the country has been stabilised and reconciled.

    So, anybody in the Villa or Government Houses or wherever they are, who are now enjoying this APC thing are simply because PDP was able to restore the country and made it possible for them,” Lamido said.

    Speaking on the massive defection of members from the PDP to the ruling APC, Lamido said: “But today, no matter how big you are as a thief, if you go to APC, they would accept you, look at those going to APC in the last two to three weeks, these are people who are literally on trial by the EFCC.

    Maybe because the PDP couldn’t stand up for them, that’s why they are going there or maybe APC has no qualms about fraud by accepting them with the intention of cleaning them,” he added.

  • Nigeria, Morocco Bilateral Agreements will shorten Nigeria’s recession – Elumelu

    Nigeria, Morocco Bilateral Agreements will shorten Nigeria’s recession – Elumelu

    The Chairman of Heirs Holdings, Mr Tony Elumelu, has said the Bilateral Agreements signed between Nigeria and Morocco will help shorten Nigeria’s economic recession.

    Elumelu made his stance known after participating in the signing ceremony of two of the bilateral agreements, at the State House, Abuja, on Saturday.

    The Bilateral Agreements (twenty one in number) were signed between Nigeria and Kingdom of Morocco during the 3-day official visit of the Moroccan King Mohammed VI to Nigeria.

    The agreements included, the Memorandum of Understanding Relating to Potential Collaboration Between Heirs Holdings and Banque Centrale Populaire and Memorandum of Understanding between United Bank for Africa Plc and Attijari Wafa Bank of Morocco.

    Elumelu, who is the founder of Tony Elumelu Foundation, commended President Muhammadu Buhari for his forsight and vision for the nation.

    “To me, what happened here today is just beyond one sector. We have seen the delegation of Morocco and we have also seen our own Nigerian private sector people.

    “What we have done today in my view point will help further shorten our recession and take us to economic prosperity and boom again.

    “I say this from deep of my heart that I like it when our political leaders like Presidents begin to create platforms and opportunities like this for the private sector to grow because it is the private sector that will help to create employment.

    “So, what has happened today is good and a big plus for our government and our President,’’ he said

    Governor Abubakar Badaru of Jigawa, who also spoke after the ceremony, described the signing of the agreement on the gas pipeline project as “a wonderful development’’ for Nigeria.

    He said that many West African countries would witness economic prosperity as a result of the gas pipeline project.

    “The gas pipeline is a wonderful development for the country. It will help the African regions as the pipeline passes across so many countries.

    “We heard that power, fertilizer plants will be built, and many other developmental activities are going to happen around this agreement.

    “So, I believe it will help the state governments because the economic fortune of the country will improve and when they improved it will reflect on the economies of the states.

    ”There will be job creation and a lot of employment and it is the citizens of the states that will benefit from the job creation.’’

     

  • Cameroon Women 0-1 Nigeria Women: Oparanozie’s goal seals Super Falcons African title

    Cameroon Women 0-1 Nigeria Women: Oparanozie’s goal seals Super Falcons African title

    Desire Oparanozie’s 84th-minute strike fired Nigeria to African Women’s Cup of Nations glory with a 1-0 win over Cameroon in Yaoundé.

    The Guingamp star’s goal in the second half was enough to separate the two teams and give Florence Omagbemi’s women an eighth African crown

    The tournament’s outstanding team failed to repeat the fluency and brilliance of their defeat of South Africa in the semi-final, but Florence Omagbemi’s team found one more sumptuous moment during the closing stages of the game.

    trophy

     

  • Moroccan king visits Nigeria for the first time, meets Buhari

    Moroccan king visits Nigeria for the first time, meets Buhari

    President Muhammadu Buhari on Friday in Abuja met briefly with King Mohammed VI of Morocco, who arrived Abuja on Thursday, for a 3-day official visit to Nigeria.

    The king, on arrival at the Presidential Villa at about 1.20p.m. inspected a guard of honour mounted by men of the Guards Brigade.

    The Guards Brigade also honoured the visiting King with 21-gun salute.

    Shortly after the inspection of the guard of honour, Mr. Buhari and Mohammed met behind closed doors, before leaving the Presidential Villa for National Mosque to perform the 2-raka’at Juma’at Prayer.

    King Mohammed, who is leading a 300-man delegation, is visiting Nigeria for the first time since he ascended the throne in July 23, 1999.

    The meeting between President Buhari and King Mohammed is expected to focus on bilateral trade and economic relations.

    Laoye Jaiyeola, Chief Executive Officer, Nigerian Economic Summit Group (NESG), said that public and private sectors of both countries would collaborate to leverage on opportunities for sustainable economic growth.

    Mr. Jaiyeola spoke at the Nigeria-Morocco Business Meeting , with the theme: “Business Climate and Investment Opportunities.”

    According to him, improved business relations between Nigeria and Morocco will create mutual benefits, connect the continent’s markets and enhance competitiveness.

    Analysts say with the visit the diplomatic row between Nigeria and the Kingdom of Morocco which erupted over a purported phone conversation between former President Goodluck Jonathan and King Mohammed VI, may have been put to rest.

  • Nigeria’s humanitarian crisis largest in Africa – UN

    The Deputy Humanitarian Coordinator of the United Nations, UN, for Nigeria, Peter Lundberg, on Friday said the humanitarian crisis in the North East is the largest in Africa.

    Lundberg made the remark during a Press Conference organised by the United Nations Office for the Coordination of Humanitarian Affair, OCHA, in Abuja.

    The press conference was aimed at launching OCHA’s Humanitarian Response Plan, HRP, for the North East region in 2017.

    Lundberg also appealed to the international body to donate the sum of $1bn to meet the needs of 6.9m people facing humanitarian crises in the North East.

    The Deputy Director disclosed that in 2016, Nigerian Armed Forces, “pushed back Boko Haram from territories it had formerly occupied, thereby making the scale of human sufferings to become more apparent to humanitarian community.”

    Speaking further, he said, “We welcome the full cooperation of the Nigerian government and the initiative behind the Inter – Ministerial Task Force to address the humanitarian situation.

    “This is the largest crisis on the African continent and I am confident that with the support of the international community and the private sector, we can begin to bring hope to the people of the north east.”

    He noted that the Humanitarian Response Plan will address the need of 7m people in “dire need of nutrition, food, shelter, health, education, protection, water and sanitation needs of the very vulnerable.”

    Lundberg projected that 5.1 million people in the north east will face serious food shortage due to the conflict and the risk associated with unexploded improvised devices which have prevented farmers from planting for a third year in a row, thereby causing imminent food crisis.

    “The narrative on this humanitarian crisis can no longer be ignored and we are appealing to the international communities to help us prevent deaths of thousands of innocent civilians over the coming 12 months,” Lundberg added.

    Also speaking at the event, the Minister of State, Budget and National Planning, Zainab Ahmed, expressed Federal Government’s resolve towards working with the International communities to eradicate the humanitarian crisis in the North Eastern part of the country.

    “The Government has already demonstrated and will continue to demonstrate strong commitment to working together with the international humanitarian community,” she said.

     

  • OPEC excludes Nigeria from production cut as oil prices set to appreciate

    OPEC excludes Nigeria from production cut as oil prices set to appreciate

    Following its 171st meeting held at Organization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna on Wednesday 30th November, 2016, OPEC, has reached a landmark deal that will effectively cut production by about 1.2 million barrels per day, or about 4.5 percent of current production, to 32.5 million barrels per day.

    A statement issued by Idang Alibi, Director, Press Ministry of Petroleum Resources, said the agreement follows an earlier meeting held in September in Algeria where each member country reached a consensus on the need to cut production.

    The statement said: “it will be the first time since 2008, that OPEC would be accomplishing such a feat which is expected to tackle the key challenge of low price of oil in the international market which has affected the global economy with most OPEC member countries including Nigeria feeling the impact.”

    Member countries at the meeting agreed on the deal where considerations of the cartel offered to Iran, Libya and Nigeria would mean that in 2017, total production might likely increase, even as other members seek to cut output in the first quarter of next year.

    In the agreement where the countries are exempted from the production, Nigeria was accommodated due to some of the Oil and Gas facilities damaged by militant attacks in recent months.

    Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum Resources, led Nigeria’s delegation at the meeting and the negotiation which saw Nigeria get an exemption from the production cut. The concession was given as the country has been through production challenges recently due to the vandalism of oil and gas infrastructure which has negatively affected the country’s ability to produce oil optimally in the recent past.

    This deal will obviously enhance the prospects for the Oil and Gas industry with the impacts already being felt as oil prices surged more than 8% Wednesday afternoon in London, hitting a high of $51.84 a barrel.

    A stable increase in oil prices which is one of the rewards that the deal will produce would most likely contribute positively to the stimulation of the economies of member countries including Nigeria who are presently undergoing challenges.

    The details of the deal saw Saudi Arabia agree to take on the highest burden of cuts—a 486,000 barrel a day to its output, while persuading Iraq to reach a decision to reduce its output, as well as getting non-OPEC producer Russia on board for a 300,000 barrel-a-day cut, according to OPEC.

    This landmark deal is coming at a time when Dr. Ibe Kachikwu, the Honourable Minister of State for Petroleum Resources is working assiduously with Ministers from other OPEC member countries and Nigeria’s Dr. Mohammed Sanusi Barkindo as the Secretary General of the Organization, to steer the organization to achieve and sustain unity and competitiveness in the global energy market.

  • Nigeria to host first edition of W/A Public Service Games in 2017

    Nigeria to host first edition of W/A Public Service Games in 2017

    Nigeria would host the maiden edition of the West African Public Service Games (WAPSGA), the ECOWAS Commission has said.

    Commissioner for Social Affairs and Gender, Ms Fatimata Sow said this at a two-day meeting of the Coordinating Committee of the WAPSGA in Abuja on Thursday.

    “Nigeria has been selected to host the first edition of the games.

    “This gives us hope as the country which has developed the games will guide the process to its logical conclusion.’’

    Sow was represented by the Director, ECOWAS Youth and Sports Development Centre, Mr Francis Njoaguani.

    She said that the hosting of the games would “expand the scope of employment for the teeming youth of the region’’.

    She urged all member states yet to establish their National Federations of WAPSGA to do so without further delay.

    She added that the national federations would be the “pillars on which the WAPSGA will flourish’’.

    The Head of Division, Youth, Sports and Employment, Mr Kennedy Barsisa recalled that the planning for the games started in 2007.

    Barsisa said “by 2017, we will have the first edition of the WAPSGA’’.

    Also, the Director, Gender, Youth Civil Society, Employment and Drug Control, Dr Sintiki Tarfa Ugbe said the games would promote sub-regional cooperation.

    Tarfa was represented by Mr Daniel Akwasi Amankwaah, a Principal Programme Officer in the commission.

    He reiterated the importance of sports in the society and added that it would also enhance integration in the West African region.

    “Regardless of age, gender, and ethnicity, sports is enjoyed by all, its reach is unrivalled.

    “The West African Public Service Games is a practical step to provide a platform for public servants to interact, share and exchange social and cultural values, thereby enhancing the regional integration agenda of ECOWAS.

    “This is in conformity with the ECOWAS Vision 2020, which seeks to navigate from ECOWAS of States to an ECOWAS of people’’, he said.

    The Chairman of the committee and First Secretary of Liberian Embassy, Mr Daniel Rogers, noted that promoting sports in the sub-region was also in line with the UN resolution on sports.

    “You will recall that the United Nations in 2003 adopted a resolution to emphasise the role of sports as a means to promote education, health, development and peace.

    “These are all essential ingredients in regional integration’’, he said.

     

  • FTAN, others, seek uniform standard for hospitality, tourism nationwide

    FTAN, others, seek uniform standard for hospitality, tourism nationwide

    The Nigeria Tourism Development Corporation (NTDC), Federation of Tourism Association (FTAN) and other relevant stakeholders have recommended the adoption of uniform standards for hospitality and tourism industry in Nigeria.

    The organizations made the recommendation in a communiqué issued at the end of a two-day Nigeria Tourism Investors Forum and Exhibition, 2016, held in Abuja.

    The communiqué, which was read by a Tourism Officer with NTDC, Mr.Osalusi Afolabi, said that the classification and grading of hotels and tourism in the country should be based on uniform standards that would be applicable nationwide.

    “The communiqué also recommended further discussion with relevant stakeholders in the tourism industry.

    “It noted that it will be unethical to engage in multiple standardizations contrary to the best practice in other nations of the world.

    “It will also negate compliance with the UN World Tourism Organisation and ECOWAS Standards,’’ the communiqué added.

    The theme for this year’s forum and exhibition was “Tourism: Tool for Economic Recovery and Development