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Thread: Latest Nigerian News from Forex Forum Nigeria.

  1. #21
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    Nigeria’s economic recession may last 20 years – Jimoh Ibrahim

    Businessman and Ondo governorship aspirant, Jimoh Ibrahim, has warned that the current economic recession facing Nigeria may last for another 20 years if the global oil price continues in its downward trend.

    Mr. Ibrahim gave the warning on Thursday at the launch of the book, Worshipper In the Temple of Justice, organised in honour of emeritus professor of law, David Ijalaye, at the Oduduwa Hall of the Obafemi Awolowo University.

    “With the current crude oil prices and current situation of the country, except there is a miracle that will chance the situation, we may be experiencing this recession for 20 years,” he said.

    “Our Naira has lost its value and this is the worst recession I have seen in many years and nothing seems to be happening.”

    Mr. Ibrahim recommended that Nigeria adopts the economic model of Iran in order to record meaningful development.

    On the recent arrest of judges by the State Security Services, he noted that the development could whittle investor confidence.

    “In a case where a judge is found with over N54 million and that it was found under his bed, no one would want to do business with you,” he said.

    “It is very bad and has got so bad, if the Judiciary cannot be trusted so what are we saying.”

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    Before Buhari Nigeria’s economy had been diagnosed HIV positive – Ohakim

    The immediate past Governor of Imo State, Chief Ikedi Ohakim, has said that the nation’s economy was HIV positive before the advent of the Muhammadu Buhari administration, but was professionally managed with anti-retroviral drugs.

    Chief Ohakim made his feelings known while delivering a 52-page lecture, “Leadership in times of adversity: Navigating Nigeria’s turbulent economy”, at the 2016 Diocesan Synod of Ikeduru Anglican Diocese.

    “There is no doubt that before the Muhammadu Buhari administration, Nigeria’s economy had been diagnosed HIV positive, but it was being professionally managed with anti-retroviral drugs.

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    Experts set agenda for 22nd Nigerian Economic Summit.

    In the midst of what some analysts describe as the worst economic downturn in decades, Nigerians have spared no effort in making known their discomfort and disappointment at the present economic realities.

    The grave misdeed of too much dependence on sale of crude oil for revenue generation cannot be overemphasized, this is why, when oil prices fell from more than $100 a barrel to about $40, the Naira lost more than a third of its value and is still falling.

    For the foreseeable future, signs abound that the price of oil will remain low, not only because of oversupply in the market but also as a result of several other indices, green technology is catching up both in cost and efficiency, also manufacturing, ICT, agriculture and other viable alternatives to oil are been embraced around the world as part of efforts to create a stable economy in order to withstand global uncertainty.

    As a huge consumption economy, Nigeria is definitely paying a costly price of been unable to feed itself, resulting in undesirable economic growth, dwindling foreign reserves, stress in balance of payment and a constant mounting pressure on local currency exchange rate relative to major currencies. Commendably, discussions on diversification have been held at virtually all economic and business sessions in the last few years, with many conclusions on the need to consciously adopt the change in Nigeria alternative.

    Speaking on the need to embrace the made in Nigeria initiative, Erudite economics scholar, Professor Gafar Ijaiya of the department of economics, University of Ilorin, describe the made in Nigeria initiative as long overdue, expressing that Nigeria enjoyed a rich and vibrant economy during the early days of deliberate localization “in the decades following Nigeria’s independence in 1960, before we fell into the trap of overdependence on oil, we had very vibrant industries that were producing for our local consumption, The manufacturing sector helped to stabilize the nation’s economic development in terms of employment, export and agriculture which serves as source of foreign exchange earnings, however, when the oil boom came, we abandoned all that worked for us and gave undue concentration to oil which contributed to the present economic realities”

    Calling on delegates at the forth coming NESG 2016 summit to provide valuable recommendations that will lead the country in the right way out of the present economic recession, Ijaiya maintained that local production and consumption is a must for any economy facing recession “Any economy that wants to survive a recession must learn the strict culture of self-sufficiency, particularly as it concerns moribund industries, strengthening the agricultural sector and even empowering ICT, we must go back to the drawing board and embrace the spirit of growing, producing and buying our own if we are to experience success from the change agenda of the present administration”.

    Interestingly, the 2016 and 22nd Nigerian Economic Summit has, as its theme, “Made in Nigeria” and experts are looking forward to leading discussions that will inform the structural and fiscal changes required to strengthen the Nigerian Economy, Setting an Agenda for the summit, Foremost business consultant, financial analyst and columnist Opeyemi Agbaje, CEO, RTC Advisory Services Limited,. Commended the choice of this year’s theme, describing it as a step in the right direction as long as the sentiments are objectively articulated.

    Opeyemi Observed that the country still needs to work on getting its policies right “For me, we still have to get our policies right, for example there should be discussions about attracting investors, which I would love to see addressed at the summit, secondly the foreign exchange conundrum needs to be fine-tuned,

    “We have spoken extensively on oil dependence, but I say that, Nigeria’s economy is diversified, since the contribution of the oil sector is reducing drastically as we have seen non-oil sector make significant contributions to the country’s GDP. However, made in Made in Nigeria for me means a very strong domestic Non-oil sector, which comprises agriculture, manufacturing, tourism, education and other industries in Nigeria, exporting to the world, so in the end, we don’t just stop import, but we ensure to sell our made in Nigeria product, services and ideas to the world” He concluded.

    As the nation awaits recommendations from the 22nd Nigerian Economic Summit, in the approaching weeks, the made in Nigeria agenda will ultimately guide discussions and the overall direction of the summit especially at this time of pronounced economic recession. The production and consumption of made in Nigeria goods and services will progressively help in maintaining a trade balance between imports and exports, conserve and even add to our foreign reserves while reducing the pressure on the naira to other currencies, above all a wholehearted support of the made in Nigeria drive, will help to achieve self-sufficiency.

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    Economic recession: India to pay Nigeria $15bn for oil exports.

    – Governments of Nigeria and India have agreed on a $15billion transfer of funds to boost the West African country’s ailing economy

    – The funds is payment for oil exports to India by Nigeria over a certain period of time

    – The deal is expected to be completed by December 2016 and will see Nigeria get paid the billions of dollars even before it has supplied the products

    The federal government of Nigeria is set to receive $15bn from the ****** government to help Nigeria solve liquidity issues causing the current economic recession.

    Punch reports that according to minister of state for petroleum Ibe Kachikwu, the funds is not a loan or gift but payments for oil that Nigeria will later supply to the Asian country.

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    Nigeria loses N90 billion due to attacks in Niger Delta.

    Nigeria has lost N90 billion in one month due to the attacks on oil facilities by vandals in the Niger Delta region and decline in global oil prices of crude oil.

    According to a report on Premium Times, the revenue allocation to federal, states and local governments for September dropped by about N90.27 billion, as they shared a total of N420 billion for the month.

    It was gathered that about N510.2 billion was shared at the Federation Account Allocation Committee (FAAC) meeting in August.

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    Wal-mart Will Worsen Nigeria’s Economic Crisis, Say Nigerian Traders

    The National Association of Nigerian Traders (NANT) has raised the alarm that the imminent entry of the World’s biggest retail chain, Wal-mart into Nigeria will spell doom for the country’s retail businesses

    The association was reacting to the retail giant’s announcement that it was planning to explore having economic footprints in Lagos State.

    It also stated that the government would be paying lip-service to patronising locally made products if it allowed Wal-mart into the country.

    President of association, Ken Ukaoha, speaking on behalf of its members, said while not working against expanding the economy, the country may not be fit enough to accommodate a market giant like Wal-mart, given Nigeria’s current economic crisis.

    According to him, though there were high hopes that the global giant in retail would soon register its presence in the country, it would mean bringing to reality the worst nightmares of local producers and traders who were struggling to get the industrial sector on its feet.

    Ukaoha noted that as much as the government was working to revive the economy, the proposed entry of Wal-mart which had generated mixed reactions from industry observers, would have been good if the investor was looking at marketing Nigeria’s local products.

    “If you read the economy today, the only hope left for the country in terms of employment generation is the retail trade sector. This sector has accommodated an impressive number of people who may have remained unemployed. Bringing Wal-mart to the country will displace local businesses and employees. Besides, the government is campaigning for the promotion and patronage of our locally made goods yet they are planning to accommodate a store which deals in foreign items. Take ShopRite for instance, 97.8 per cent of what it displays on shelves are foreign items. Bringing Wal-mart will further increase Nigeria’s appetite for foreign goods.

    “The government is unconsciously killing the industrial sector. Regardless of the worth of a foreign investment, government needs to be careful as it cannot eat its cake and have it. If care is not taken, a time is coming that Nigeria will be weeping like Ghana where it will be complaining that the economy has been ripped off by foreigners”, he warned.

    The government needs to sit down and do a cost-benefit analysis of this arrangement. Wal-mart is a one-stop shop that will give consumers everything they want. But what they are offering is not made in Nigeria. What value are they then adding to the economy? I’m afraid that our local producers and retailers may not be able to survive if the market eventually settles down,” he argued.

    It will be recalled that in July, a delegation from Wal-mart led by its top executive for Europe, the Middle East, Africa, and Canada, Shelley Broader, paid a visit to the Governor of Lagos State, Mr. Akinwunmi Ambode, intimating him of plans to bring the carrier of the ‘Save money, live better’ slogan to the state. The governor welcomed the move and promised to expedite actions to see that their plan comes to reality.

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    Finally, APC accepts responsibility for Nigeria’s poor economic situation,

    After several months of blaming the erstwhile ruling party, PDP, for the current state of Nigeria’s economy, the APC has accepted responsibility.
    The ruling party also promised to fix the problems.

    The APC’s position was stated by Governor Rochas Okorocha who briefed journalists after a meeting between the party’s governors and President Muhammadu Buhari at the Presidential Villa, Abuja.

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    Why APC must accept responsibility for Nigeria’s economic downturn – Governors

    The All Progressives Congress on Monday said the lingering economic crisis in the country should no longer be blamed on the 16-year streak of the Peoples Democratic Party, PDP.

    The party said it could no longer continue to blame past administrations for the enormous hardship Nigerians are grappling with.

    The party’s new position was disclosed by the Governor of Imo State, Rochas Okorocha, when he briefed reporters shortly after he and other APC governors met with President Muhammadu Buhari in the State House on Monday afternoon.

    “We must take responsibility and we must never shift the responsibility to anybody,” Mr. Okorocha said. “We are responsible for everything happening in Nigeria.”

    “The good, the bad, the ugly but we are promising Nigerians that we shall fix it,” Mr. Okorocha said.

    The admission followed months of stern denial from the leadership of the APC and the Buhari administration, who maintained that Nigerians should direct their anger towards the PDP.

    Between mid-August and early September, the APC joined issues with the PDP for the latter’s role in bringing Nigeria to its current unbearable state.
    The party’s chairman, John Oyegun, admonished the PDP to desist from commenting about economic matters, saying the party should apologise for its 16-year rule instead.

    “It was stomach-churning and downright immoral for the ruinous PDP, which has yet to show remorse or exhibit any form of penitence for presiding over the mindless looting of the nation’s treasury, to now put itself up as the saviour of Nigerians,” Mr. Oyegun said in an August 22 statement.

    Mr. Oyegun reiterated his position on September 5, a week after the country officially plunged into recession.

    Barely a week later on September 22,President Buhari again blamed the PDP for ruining the economy.

    “After 16 years of PDP regime, there was no power supply, no much infrastructure, no rail and no security; this is what it left for us,’’ Mr. Buhari said.

    But Mr. Okorocha, who is also the chairman of APC Governors’ Forum, said the party had now recognised that Nigerians are experiencing untold economic pains and his party had commenced initiatives that would address them.

    “We share the pains of Nigerians, every human being must feel it,” Mr. Okorocha said. “We also feel what they are going through but we are asking for a little patience let us do things the right way and do it once and for all.”

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    Massive deployment of ICT in learning, panacea to Nigeria’s economic woes

    Except the Federal Government amends the National Development Agenda and cause it to take cognizance of the role of Information and Communications Technology (ICT), in delivering education that would transform raw materials to desired products, the chances of overcoming the present economic challenges remain very slim.

    This is as the imperatives of deploying ICT in all sectors of the nation’s economy is dire, so as to solve the plethora of socio-economic and political problems negating national progress.

    Immediate past vice chancellor of Covenant University, Ota, Ogun State, Prof. Charles Ayo, while delivering a paper titled, “Deconstructing the National Development Agenda: The Role of Information and Communications Technologies” said, “For 56 years after independence, this country has been in search of peace, unity and viable economic and infrastructural development. To some opinion leaders, these are pointers towards a failed state. Despite the fact that several developmental plans have been made with several visionary goals, none of these have yielded the required results, based on the available indices about the socio-political and economic challenges that have always bedeviled our nation.

    “We are convinced beyond reasonable doubt that nations are built by skills, and skills are acquired through quality education. Looking at our developmental issues as a nation, it is crystal clear that what makes a nation is not abundance of the natural resources buried under the earth, but the abundance of intellectual capital, which is grossly lacking.”

    He continued, “Therefore there is need for massive deployment of ICTs in education delivery to solve the problem of access, particularly through the adoption of Open and Distance Learning (ODL), and Massive Open Online Course (MOOC). Let us deconstruct our national development agenda by refocusing on human capital development. California, one of the states in the United States is a perfect example.

    “Its economy is larger than that of France or Brazil. It is better than Texas, the oil rich state of the US. California’s economy is built around the ivory tower- Stanford University that play host to the Silicon Valley. The valley houses the best IT firms in the world, such as Apple, HP Google, Facebook, Cisco, eBay, Oracle, Netfix, among others. These are multi-billion dollar companies. The valley can be considered the epicenter of ICT innovations in the world,” Ayo explained.

    He added that the state is also the home of Hollywood, a multi-billion-movie industry that contributes billions of dollars to the GDP of the state. “This is another example of an investment in human capital development,” he said.
    Noting that the country does not need rocket science to be back on track, he said a paradigm shift in education and technology, as well as massive investment in human resources will solve the challenges.

    He, however, warned that further negligence in these sectors would further fuel underdevelopment, emergence of separatist groups and other social vices that are counterproductive.

    The former vice chancellor assured that the deployment of ICTs in governance, education, business and health, would yield great developmental dividends to the country.

    Chancellor of the institution, Dr. David Oyedepo, former Executive Secretary of the National Universities Commission, Prof. Peter Okebukola, Vice Chancellor of Bells University of Technology, Prof. Jeremiah Oladele Ojediran, and his counterpart at Crawford University, Igbesa, Ogun State, Prof. Isaac Ajayi, who were present at the lecture, in their respective remarks, urged government to utilise the numerous developmental benefits inherent in education and technology.

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    How Nigeria will maintain resilience against the ‘storm’

    Confidence towards the Nigerian economy received a welcome boost following reports of the country reclaiming its position as the largest economy in Africa.

    According to the International Monetary Fund (IMF), Nigeria’s GDP currently stood around $415.08 billion in October while South Africa at $280.36 billion, sparking discussions on the nation’s stand against the ‘economic storm’.

    Although the release was seen as a breath of fresh air, it must be kept in mind that Nigeria is still entangled in a painful battle with depressed oil prices, while ongoing concerns over faltering domestic growth weigh on sentiment.

    External risks such as a resurgent dollar amid renewed United States’ rate hike expectations have pressured the Naira, with the local currency currently trading around N460 on the black market exchange as of writing.
    Oil’s volatility and rising rate hike expectations enticed bearish investors to send the Naira to the lows of N475 against the Dollar in early October before prices staged a remarkable rebound towards N450.

    With the Naira’s value being dictated by external risks in the shorter term, the current rebound in value may be the product of oil’s resurgence amid renewed hopes of a potential Oil Producing and Exporting Countries (OPEC) freeze deal.

    WTI Oil currently hovers above $50, a value, which is supportive of Nigeria that receives over 90% of its export revenues, and 70% of its government revenues from oil prices.

    If oil continues to trade higher and OPEC surprise the markets with a freeze deal, the world’s largest economy in Africa could be elevated as rising oil revenues would help plug the budget deficit.

    Looking at the economic data, Nigeria’s inflation floated towards 17.9 per cent in September its highest figure in eleven years consequently highlighting the pressures faced since the NBS stated that the country stumbled into a technical recession.

    Although the figure was somewhat painful, the visible slowdown from August’s 17.6% level displayed the impacts of the record 14% interest rates set by the Central Bank of Nigeria.

    It seems that the CBN is on a quest to quelling inflation while attracting Foreign Direct Investments (FDI) via high-interest rates and although it may be early to gauge the impacts, the early results look encouraging.

    The main theme in Nigeria revolves around the government finding solutions to fund its budget, which could help the nation steer away from the curse of oil reliance.

    President Muhammadu Buhari has tabled a budget of N6.06 trillion for 2016, but the shortfall continues to spark debates over selling key assets to plug the deficit. While selling the national assets may offer a solution in the short term, the long-term losses of potentially relinquishing the goods at below cost value could place the nation under further pressure.

    With Nigeria displaying resilience despite the persistent talks of a recession, nations such as China and America have come forward to offer a helping hand.

    Chinese investors have already signed an agreement to boost the Nigerian economy with digital television, information communication in focus, while the U.S has pledged to increase FDI in Nigeria.

    Despite the short-term gloom and doom, the global economy remains optimistic over the future of Nigeria’s economy once diversification builds momentum.

    For instance, PwC’s research indicates that the nation could reach $1.4 trillion by 2030 making it a super power that could shake the globe. The first steps to this great journey remain critical with everything revolving around diversification and finding the right methods of funding.

    When discussing diversification, the blueprints have already been published, with agriculture acting as the goose that lays the golden eggs. With a population hovering around 180 million and set to grow exponentially with years, agriculture could be a key attribute, which sparks economic stability.

    Once any nation has the ability to feed itself, the surplus may be exported globally, which could provide additional government revenues that are reinvested back into the nation. Other major sectors in Nigeria such as maritime, tourism, technology and manufacturing all have the ability to generate untold results once the infrastructure is reinforced.

    The complicated jigsaw puzzle on how to stabilise the Nigerian economy will slowly become solvable by the day with pieces such as diversification, funding and improving economic data provide investors the clarity needed to fill the gaps.
    When falling oil prices punished the nation, the main focus revolved around diversification, but this has shifted to the budget deficit and solutions for funding.

    Nigeria plans to sell a Eurobond worth $1 billion before the end of the year and if this is successful, it could bolster sentiment towards the Nigerian economy as the first steps are taken to plug it’s N2.2 trillion budget deficit.

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