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Thread: Latest Nigerian News from Forex Forum Nigeria.

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    ICT SMEs Identified as Panacea to Nigeria’s Economic Woes.

    As Nigeria continues to look out for ways of lifting its economy out of economic recession, the ICT industry has been identified as one of the sectors that can support the economy.

    Speaking in Lagos at the 5th and maiden Lagos edition of the “Startup Friday”, organised by the Office for ICT Innovation and Entrepreneurship (OIIE), a subsidiary of National Information Technology Development (NITDA),the Acting Director-General, National Information Technology Development (NITDA), Dr. Vincent Olatunji said the body was looking for a way of proposing to government what it could take to take Nigeria out of recession.

    He added: “We’ve seen that in the ICT and that’s why we’re trying to support startups to create so many ICT SMEs across the nation that will turn to employable people, and we believe this will really solve a major problem of Nigeria which is unemployment”.

    Giving insight into the N3 million Remita Seed funding to three technology startups in Nigeria, Executive Director, Strategy, SystemSpec, Mr. DeremiAtanda said: “This is just to give helping hand to those passionate young Nigerians who have ideas that can rule the world to step closer to putting Nigeria on the global landscape.
    “They don’t need any 25 years like we’ve done to become global brands-emerging brands in developing economies. We want the world to see the best of Nigeria today. We want to be part of those giving wings to the eagles in Nigeria’s Tech industry to fly.

    “We’ve had some different programmes in the past but now we’re saying that especially in this period of recession it’s time for you to catalyse ideas. And ideas that are birthed when things are in the low are potentials of huge returns when things stabilise.

    “So we say about now there are many people who have huge ideas but there isn’t enough funding to these brains. So it’s a difficult time. But even as we’re all having our tough times we believe it’s also right for we to put money in and encourage these young people”.

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    Nigerians are worried about economy.


    According to a survey carried out by FKO Investments and Research Limited, 75 per cent of Nigerians are worried about the economy while 15 per cent are worried about terrorism and insecurity. Ten per cent of Nigerians are worried about crime.

    The economic decline of the Nigerian state has affected the lives of the populace negatively. Prices of goods and services are rising daily while the income of the populace remains stagnant. Nigeria is an import-dependent country and the scarcity of foreign exchange will adversely affect the importation of commodities.

    Nigeria can move from being an import-dependent country to an export-driven economy. This can be achieved through proper policy and planning. Before ban can be laid on the importation of products, there needs to be an alternative. That means production of that said commodity and in proper circulation which will serve as an alternative on the banned import products.

    The need to develop the rural part of Nigeria is crucial in the development of the Nigerian economy. Industries should also be situated in rural communities and not urban centres such as Lagos, Abeokuta, Port Harcourt among others. The term NANO-ECONOMY comes to play when an industry is situated in a rural economy. For example, if an industry is situated in a village in Osun State, the food sellers, “pure water” sellers, recharge card vendors and so on, will invade that site and set up shops in order to sell their commodities. After the opening of the industry and they are ready for operations, those petty traders remain because a ready market has been established. Over time, guest houses will be built in that community so as to house employees of that industry thereby fostering the establishment of schools and health centres for the children of the employees. All this, over time develops that village, and there will be a movement of goods and services from that village to the rest of the world and the economy of that community uplifted forever thereby fostering development and curtailing rural-urban migration.

    The fight against corruption is necessary because corruption has eaten deep into the fabric of our existence, corruption cases should be fought to a reasonable conclusion, giving room for speedy trials. This will send a signal to the international community that we Nigerians are serious about the fight against corruption.

    Foreign investors follow trends of the happenings of various economies of the world which form their basis of investing in such economies. Foreign investors will invest in a stable, less corrupt economy.
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    Country On the Way Out of Recession - Finance Minister.

    Mrs Kemi Adeosun, the Minister of Finance, on Wednesday said that the nation was already getting out of recession, saying the Federal Government had taken steps that were in the best interest of the citizens.

    Adeosun disclosed this in her closing remarks at a two-day conference of National Council of Finance and Economic Development (NACOFED) in Abeokuta.

    "We are already getting out of recession because of the actions the Federal Government is taking, if you are in a problem, the day you start to step towards progression, you are already getting out of it.

    "The government is investing more in capital than we have ever invested, we are sorting out infrastructures, we are stopping wastage and so the sign of recovery is already there.

    "Agriculture and solid mineral are already starting to grow and so they are responding to our policy initiative and we are expected to continue in that direction.

    "Nigeria is getting out of the trouble that we have found ourselves, we are turning things around and I believe everybody is united and everybody that were here represented the 36 states, "she said.

    Adeosun also urged all the State Commissioners for Finance, Accountant-General and all finance professionals to always take stock and also compute their own balance sheet, saying it would assist them before decisions were taken.

    She explained that the move would allow the states to know their liabilities, strengths and ways to go about their finances in the future, adding that it would in no small measure helped the Federal Government.

    "We need to take stock, one of the most important thing I want to encourage all to do is to compute your own balance sheet, what are your assets, what are your liability, know your position.

    "What are those pension liability, contractors liabilities that are hidden, bring them out, compute them, know them, it is very important.

    "One of those things we have realised in the Federal level is that if that had been done we would have probably made better decisions in the past.

    "If you don't have the data you can carry on spending as if all is well only for a problem to come out as it has done in our own case to affect us.

    "I just want to charge everybody to quietly compute your balance sheet and know it so that you can make decisions that really have the full picture, "she said. (NAN)

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    Stop blaming Buhari for Nigeria’s economic woes – APC chieftain



    A chieftain of All Progressives Congress in Sokoto State, Alhaji Abubakar Yabo, on Thursday called on Nigerians to stop blaming President Muhammadu Buhari for the economic challenges facing the country.

    Yabo said that Nigerians should hold the immediate past administration responsible for the economic situation facing their country.

    The APC stalwart said that the policies and programmes being implemented by the Buhari administration to ameliorate the sufferings of the people would yield results.

    He said that President Buhari’s war against corruption and looting of public funds would also yield dividends.

    He said, “Before the advent of this administration, there was no discipline anywhere; elected representatives do what they want with public funds. Nigerians should stop blaming Buhari.

    “The impact of what the president is doing now will manifest when Nigerians key into his change mantra.”
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    Military managed Nigeria’s economy better.

    General John Nanzip Shagaya, a Minister of Internal Affairs under Babangida military regime, represented Plateau South on the platform of the Peoples Democratic Party, PDP, in the Senate between 2007 and 2011.In this encounter, Shagara speaks on Nigeria at 56 against the backdrop of the current economic recession among other issues, saying the military managed the economy better.

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    FG spends N720.5bn on Nigeria's economic recession.



    About 720.5 billion naira ($2.4 billion) has been spent on Nigeria as capital expenditure this year to help drag the country economy out of recession, President Muhammadu Buhari said.

    In a televised address to mark the nation’s 56th independence anniversary on Saturday, October 1, President Buhari said: “I believe that this recession will not last. Several hundreds of thousands of (unemployed) workers will be re-engaged in the next few months as our public works program gains momentum.

    ” The president also said the government has been negotiating to end militant attacks on oil and gas facilities in the Niger Delta, but would not be intimidated by armed groups.

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    IMF: Nigeria’s Economic Challenges Pose Risk to Other W’African Countries.

    • IFC launches new platform to mobilise $5bn for infrastructure in Nigeria, others
    • Lawmakers demand Emefiele’s sack over falling Naira

    Chika Amanze-Nwachuku and Obinna Chima in Washington DC and Damilola Oyedele in Abuja

    The International Monetary Fund (IMF) has warned that the decline in Nigeria’s economic growth, if not reversed timely, may have a spillover effects in other economies in West Africa.

    IMF’s Assistant Director/Head, Fiscal Policy and Surveillance, Catherine Pattillo, said this while responding to a question during a media briefing on the Fiscal Monitoring Report at the ongoing IMF/World Bank meetings in Washington DC.

    In another development, several members of the House of Representatives have called for the removal and replacement of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for the continuous depreciation of the Naira.

    The Nigerian economy is in recession. The National Bureau of Statistics (NBS) recently revealed that the country’s GDP contracted by 2.06 per cent in the second quarter of 2016, compared to the negative growth of 0.36 per cent recorded in the first quarter of 2016.

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    Post We’re committed to Nigeria’s economic growth, stability - US

    The United States government has restated its commitment to economic growth and stability in Nigeria. US Chargé d’Affaires in Nigeria, David Young, who made the remark at a Nigerian-American Chamber of Commerce Conference on SME Financing and Franchising, stressed that America shared Nigeria’s goals for a prosperous economy

    Young, in a statement issued by the US Embassy in Abuja, said the US had provided more than half a billion dollars in annual assistance to Nigeria in the areas of health and security, adding that it was also increasingly focused on the issues of economic stability and growth for the country.

    “We recognise that our shared health and security goals depend on a prosperous economy,” Young stated.

    He recalled that at the U.S. Africa Business Forum two weeks ago in New York, President Barrack Obama said: “Wherever I’ve gone, from Senegal to South Africa, Africans insist they don’t just want aid, they want trade.

    ‘’They want partners, not patrons. They want to do business, and grow business and the United States is determined to be that partner, for the long term.

    ” He recalled former Ambassador James Entwistle’s frequent reminders to Nigeria that the relationship between the two countries was, indeed, a partnership, in which the United States didn’t do things for Nigeria, but with Nigeria.

    He, therefore, highlighted the US’ support for Africa’s economic prosperity under President Obama, including renewal by Congress of the Africa Growth and Opportunity Act, AGOA, for another decade.

    Other important steps taken by the United States, according to him, include the launching of Trade Africa and Power Africa, creating the Doing Business in Africa campaign and increasing commitments from the US Export-Import Bank, Overseas Private Investment Corporation, OPIC, and the Millennium Challenge Corporation, MCC.

    The 2016 Nigerian-American SME Financial and Franchising Conference is a bilateral trade and investment advancement initiative organised in collaboration with the Economic Section of the United States Embassy in Nigeria.

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    Economic growth’s impossible without focus on made in Nigeria – Buhari

    FG working to take Nigeria out of recession — Udoma Nigeria’s economic situation worse than stagflation — NESG Says FG strategic programme falls short of a devt plan Laments absence of policy framework Says despite high yield, Nigeria’s instruments remain unattractive Urges FG to de-emphasise pursuit of stronger naira

    By Michael Eboh

    The Federal Government, Monday, disclosed that the country would not attain the much needed economic growth and development without a strong foundation and emphasis on made in Nigeria goods and services.

    Speaking at the ongoing 22nd Nigerian Economic Summit in Abuja, President Muhammadu Buhari also stated that the diversification of the Nigerian economy remained a cardinal point of his administration, adding that his greatest desire is that Nigeria moves from import dependence to self-sufficiency in local production, becoming an export-led economy in goods and service.

    According to him, this had been the commitment and mandate of this administration, while he noted that he has remained focus on it each day since the assumption of this administration.

    He said, “I am also delighted that you have chosen as your theme: ‘Made in Nigeria’ which lies at the heart of so many of the efforts we are making to lead us through this troubled times and to lay a firm foundation for the future.

    “As I have said in the past, we need to diversify the economy so that we never again have to rely on one commodity to survive as a country, so that we can produce the food we eat, make our own textile, produce most of the things we use and create the right environment for our young people to be able to benefit and create jobs through technology.

    “There is clearly no better way to achieve this without building our economic foundation on made in Nigeria goods and services. Fortunately, we have champions of made in Nigeria that had defied the odds over the years to produce locally and contribute to our economy.

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    How Nigerian economy can become globally competitive – NESG Chairman

    For the Nigerian economy to be globally competitive, it is imperative for public procurement processes to dedicate specific portion to made-in-Nigeria goods and services.

    The Chairman, Nigeria Economic Summit Group (NESG) Board Committee, Adedoyin Salami, said this on Monday in Abuja at the opening of the 22nd edition of the Nigeria Economic Summit (NES 22).

    “If made-in-Nigeria must succeed, it should not be the challenge of the federal government alone. All the 36 states of the federation and the Federal Capital territory (FCT) must have a role to play,” Mr. Salami said at the summit, which has “Made-In-Nigeria” as its theme.

    The NES Board Chair, who lamented that the country’s current economic indices were far from ideal, said it was the worst case scenario of stagflation, where there was stagnant growth, coupled with rising costs.

    “The country’s economic situation is worse than stagflation. What we have is an economy that is shrinking in size. So far, this year it has shrunk by about 1.5 per cent, with combination of stagnant growth and rising costs,” he noted.

    Mr. Salami said the growth rate began slowing down since 2013 before contracting into the recent recession. He said the country should see the situation as an opportunity to revitalize and re-engineer the economy to grow again.

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