₦airaland Forum

Nigeria imposes forex controls, bans import of 680 items

* Manufacturers warn import ban might force closure of plants

* Companies wait for weeks to get dollars to pay suppliers

* Africa's biggest economy suffers from oil price crash

ABUJA, Sept 24 (Reuters) - Nigerian companies making anything from soap to tomato paste could run out of raw materials and be forced to shut down as Africa's top oil producer has effectively banned the import of almost 700 goods to prevent a currency collapse.

Selected luxury items such as make-up or brown bread imported from Europe have become scarce in some shops as the central bank denies importers dollars, seeking to stem the fallout from a crash in vital oil revenues hammering Africa's largest economy.

The central bank has restricted access to foreign currency to import 41 categories of items to stop a slide of the naira but the Manufacturers Association of Nigeria (MAN) said this in fact amounted to about 680 individual items.

The foreign exchange bans are part of a long-term plan by President Muhammadu Buhari to encourage local manufacturing, but they run the risk of pushing the economy closer to recession after growth halved in the second quarter compared with the same period last year.

Many items on the central bank list - ranging from incense and toothpicks to plywood, glass and steel products -- are not available in Nigeria in sufficient volumes.

While Nigeria grows a lot of tomatoes, transport is poor and it lacks facilities to produce the concentrate needed by factories making tomato paste, a staple in the West African nation.

"We've taken this matter up with the central bank and the highest authority in this country ... Fiscal authorities will also be involved, they weren't before," Remi Ogunmefun, the director general of MAN, said.

MAN had told the central bank 105 items should be removed from the list, but the bank said it could not afford to do so and agreed to look into removing 44 items.

MAN also suggested 93 finished items that should be added to the list because Nigeria produces enough of them.

The economic crisis is a blow to Buhari who wants to end dependence on oil revenues but faces criticism for failing to name a cabinet four months after taking office.

Since the central bank unveiled its controls in June, executives have had to deal with foreign suppliers worried they won't get paid. They also struggle to convince banks to approve dollar payments.

"It takes minimum 10 days now to get dollars, before it was 24-48 hours, and sometimes when you request like $100,000, you only get $80,000 and it's getting worse," said an executive at a large furniture company, asking not to be named.

It's not clear which imports are still allowed as the central bank lists only categories. He can still bring in beds and chairs to be assembled in Nigeria, but not sofas.

Some firms have defaulted on contracts and lost credit lines. "Many companies have defaulted on fulfilling foreign obligations ... even blue chip companies ... for the first time," said Muda Yusuf, director general of the Lagos Chamber of Commerce.

POLICY VACUUM

With no cabinet in place, central bank governor Godwin Emefiele finds himself discussing policies usually reserved for a finance or economy minister.

At a news conference on Tuesday, Emefiele justified the controls -- which Buhari has backed -- as a way to create jobs in a country hit by poverty despite its oil wealth.

"I read an advertisement in a paper that shortly after we announced the foreign exchange exclusion for the importation of tomato paste they advertised for almost 1,000 jobs," he said, citing the example of a tomato paste company, a sector that experts do not in fact expect to flourish now.

Emefiele has ruled out another naira devaluation but on Tuesday loosened monetary policies to inject liquidity into banks, which had been forced to transfer government revenues to a central bank account as part of an anti-corruption drive.

Nigeria stepped up import controls when Buhari led a military government in the 1980s and the economy suffered then too.

Razia Khan, Chief Economist, Africa, at Standard Chartered Bank, said there was little certainty the latest controls would boost manufacturing.

"Nigeria has had substantial experience with similar import-substitution policies in the past," said Khan. "Rarely have they succeeded in creating a vibrant, competitive industrial sector, with the capability of creating the employment growth that Nigerian demographics otherwise demand."

According to the Lagos Chamber of Commerce, Nigeria is short of 600,000 tonnes a year of palm oil, that is used to make soap, detergents and cosmetics that have also been restricted. Pharmaceutical firms lack bottles, and glass manufacturers do not have the glass to make them.

BAGS FULL OF CASH

Companies also suffer from the central bank's attempt to stop the dollarisation of the economy. A ban on cash deposits of foreign currency has forced firms to use informal "transfer markets", whereby people abroad wire dollars on a company's behalf.

That exchange rate is well below the official rate to the dollar. Some executives now carry bags of cash to deposit in neighbouring countries.

For some though, the measures offer hope.

"It's a big challenge to compete in a market with imported frozen chicken and fish. The profit is marginal," said Kabir Chaskewa of Ajima Farms, a family business based near the capital, Abuja.

Compared to a foreign firm that produces frozen chicken in batches of up to 1 million, Chaskewa can only do batches of 5,000. "Now there's a rise in demand for local poultry and rice," he said.

(Reporting by Julia Payne; Editing by Ulf Laessing and Giles Elgood)

http://www.cnbc.com/2015/09/24/reuters-america-nigerian-firms-in-trouble-as-central-bank-measures-backfire.html

BUhari deserves respect for what? Some of you are just sick. The dullard from Daura does not know the meaning of respect.

YES I WILL OFFER MY N16M TO SAVE MY GRANDMOTHER

“The victims of this [throwaway] culture are precisely the weakest and most fragile human beings — the unborn, the poorest, the sick and elderly, the seriously handicapped, etc. — who are in danger of being ‘thrown away,’ expelled from a system that must be efficient at all costs.
…It is necessary to raise awareness and form the lay faithful, in whatever state, especially those engaged in the field of politics, so that they may think in accord with the Gospel and the social doctrine of the church and act consistently by dialoguing and collaborating with those who, in sincerity and intellectual honesty, share — if not the faith — at least a similar vision of mankind and society and its ethical consequences.

Pope Francis

TonyeBarcanista:
I know quite well that the ruling All Progressive Congress is not favorable to having opposition. I am also aware that they are very desperate to shut down opposition, but I really under-estimate the degree to which APC can go to shut down opposition.

When I pulled out of the fraud called APC in February 16, all manners of missiles were thrown at me by members and supporters of the APC with sole aim of either getting me return or to silence my voice. In fact, I had to be more security conscious because life is precious. Nevertheless, I assumed that all those exhibition of hate start and end on Nairaland forum.

Blocking of My Facebook Account:
Towards the end of last month, I created a facebook page TONYE BARCANISTA so as to reach people on facebook despite having an existing facebook account with name SOLOMON TONYE. I ensured that message/articles on TONYE BARCANISTA are written in a way that it won't connote inciting against the Nigeria state, but left it within the confines of constructive criticism. About Two weeks into operation of the account, I received a message from FB that I have been reported for not using my 'Real Name' and always tagging friends. They gave me the grace of uploading my ID to show that the name on the page is my real name. They also said if I had inputed a phone number, all I would have done was phone verification. The account was suspended/closed/blocked.

Blocking of My Main FB Account:
After the blocking of the TONYE BARCANISTA account, I reverted to my existing SOLOMON TONYE account. Both names are mine, and the account is connected with my phone number. However, hours after sharing the article titled The Battle For Senate Presidency: PDP Have The Upper-hand on my FB page, I got a message from some guy saying that 'we are working on this your page'. I ignored the user because I believe that worse come to worse, I will be asked to do a phone verification. Few hours ago, I tried to access my FB page but I was told to 'verify' my account by uploading a Valid ID (and not through phone). Note that on this account I never at any time tag any user. Unfortunately for them, I will NOT submit my ID to them because I have lost confidence on FB to keep my ID confidential.

Since leaving the APC camp, they have deployed the following to gag me:
1. They engaged in character assassination, Insults and varying forms of cyber abuse to no avail.

2. They Created parody accounts on Nairaland to deceive unsuspecting members of the public, but it was futile.

3. They Vigorously stalked me on FB to see that my accounts are locked. This won't stop the advocacy for good governance.

I want to assure them that their efforts to see that I'm silenced on social media shall amount to futility. What will they do next? Will they move their madness to my twitter page or eliminate me completely?

No Retreat, No Surrender!

Facebook has rules and I will expect you to respect these rules. You should not have any problem uploading your verification ID to the system. Your account was flagged by Facebook, do the needful and let it be.

I hope Seun thinks hard about adopting some of these Identity rules, as Facebook. 99% of the fraudulent impostors on this forum will be sent packing. OP, you have a Facebook problem.

[s]

nduchucks:
Biko, try to treat these dellusions of grandeur of yours.

[/s]

chukwudi44:
WTF only God knows the pressure Seun passes through daily in the hands of these fascists!!! Stiffling of opposition voice!!! We survived Abacha, we would surely triumph over the dullard

I hope people understand the truth behind this comment of yours. You cannot but feel really sorry for the pain and threat, Seun absolves from these APC sai chanters behind the scene.

boko haram has been defeated already.

Mogidi:
He would do press-ups tomorrow to "tame his people"

Lt.-Gen. Tukur Buratai, oya, time to tame your people.

989900:
@wailers:

1. Lower Oil prices while partially accountable, is just a part of the story.

2. Why was the past admin still paying roughly N3b/day when oil first dropped to $43/barrel previously?

3. We are able to pay lower this time around largely because of:

A. Additional Local refineries production.

B. Buhari.

C. Corruption loopholes reduced.

D. Far better power supply (Gen. consumption > than vehicle's . . .). #incredible

And sincerely, it should even be lower if all elements of fraud have been checked . . . Slow but steady . . . surely.

At N880m=$4.4m, if the exchange rate were any better, that N880m, would have been some 'mere' N650m/day or less.

At the present oil prices, with an additional 1000MW to take us to 6,000 MW by December, 90% performing refineries, and a better exchange rate -- @ N87/litre we would not be paying subsidy, rather fuel tax to the government, or subsidy and a cheaper pump rate.



Why are some folks unhappy?
Is your love for Jonathan, and hatred for Buhari stronger than your love for yourselves and your kids, both born and unborn?

where is your proof?

That's not a new revelation.

Powerful

When you read comments on threads like this, one begins to wonder, how the average Nigerian processes information

Truckpusher:
This is so true and most at times we do not realize the inner peace that come with these words if practiced.

You cannot be more correct.

To this end, there is a need to ensure the uncontested rule of law and tireless recourse to negotiation, mediation and arbitration, as proposed by the Charter of the United Nations, which constitutes truly a fundamental juridical norm. The experience of these seventy years since the founding of the United Nations in general, and in particular the experience of these first fifteen years of the third millennium, reveal both the effectiveness of the full application of international norms and the ineffectiveness of their lack of enforcement.

When the Charter of the United Nations is respected and applied with transparency and sincerity, and without ulterior motives, as an obligatory reference point of justice and not as a means of masking spurious intentions, peaceful results will be obtained. When, on the other hand, the norm is considered simply as an instrument to be used whenever it proves favourable, and to be avoided when it is not, a true Pandora’s box is opened, releasing uncontrollable forces which gravely harm defenseless populations, the cultural milieu and even the biological environment.
The Preamble and the first Article of the Charter of the United Nations set forth the foundations of the international juridical framework: peace, the pacific solution of disputes and the development of friendly relations between the nations. Strongly opposed to such statements, and in practice denying them, is the constant tendency to the proliferation of arms, especially weapons of mass distraction, such as nuclear weapons. An ethics and a law based on the threat of mutual destruction – and possibly the destruction of all mankind – are self-contradictory and an affront to the entire framework of the United Nations, which would end up as “nations united by fear and distrust”. There is urgent need to work for a world free of nuclear weapons, in full application of the non-proliferation Treaty, in letter and spirit, with the goal of a complete prohibition of these weapons.

The recent agreement reached on the nuclear question in a sensitive region of Asia and the Middle East is proof of the potential of political good will and of law, exercised with sincerity, patience and constancy. I express my hope that this agreement will be lasting and efficacious, and bring forth the desired fruits with the cooperation of all the parties involved.
In this sense, hard evidence is not lacking of the negative effects of military and political interventions which are not coordinated between members of the international community. For this reason, while regretting to have to do so, I must renew my repeated appeals regarding to the painful situation of the entire Middle East, North Africa and other African countries, where Christians, together with other cultural or ethnic groups, and even members of the majority religion who have no desire to be caught up in hatred and folly, have been forced to witness the destruction of their places of worship, their cultural and religious heritage, their houses and property, and have faced the alternative either of fleeing or of paying for their adhesion to good and to peace by their own lives, or by enslavement.

These realities should serve as a grave summons to an examination of conscience on the part of those charged with the conduct of international affairs. Not only in cases of religious or cultural persecution, but in every situation of conflict, as in Ukraine, Syria, Iraq, Libya, South Sudan and the Great Lakes region, real human beings take precedence over partisan interests, however legitimate the latter may be. In wars and conflicts there are individual persons, our brothers and sisters, men and women, young and old, boys and girls who weep, suffer and die. Human beings who are easily discarded when our only response is to draw up lists of problems, strategies and disagreements.
As I wrote in my letter to the Secretary-General of the United Nations on 9 August 2014, “the most basic understanding of human dignity compels the international community, particularly through the norms and mechanisms of international law, to do all that it can to stop and to prevent further systematic violence against ethnic and religious minorities” and to protect innocent peoples.
Along the same lines I would mention another kind of conflict which is not always so open, yet is silently killing millions of people. Another kind of war experienced by many of our societies as a result of the narcotics trade. A war which is taken for granted and poorly fought. Drug trafficking is by its very nature accompanied by trafficking in persons, money laundering, the arms trade, child exploitation and other forms of corruption. A corruption which has penetrated to different levels of social, political, military, artistic and religious life, and, in many cases, has given rise to a parallel structure which threatens the credibility of our institutions.

I began this speech recalling the visits of my predecessors. I would hope that my words will be taken above all as a continuation of the final words of the address of Pope Paul VI; although spoken almost exactly fifty years ago, they remain ever timely. “The hour has come when a pause, a moment of recollection, reflection, even of prayer, is absolutely needed so that we may think back over our common origin, our history, our common destiny. The appeal to the moral conscience of man has never been as necessary as it is today… For the danger comes neither from progress nor from science; if these are used well, they can help to solve a great number of the serious problems besetting mankind (Address to the United Nations Organization, 4 October 1965). Among other things, human genius, well applied, will surely help to meet the grave challenges of ecological deterioration and of exclusion. As Paul VI said: “The real danger comes from man, who has at his disposal ever more powerful instruments that are as well fitted to bring about ruin as they are to achieve lofty conquests” (ibid.).
The common home of all men and women must continue to rise on the foundations of a right understanding of universal fraternity and respect for the sacredness of every human life, of every man and every woman, the poor, the elderly, children, the infirm, the unborn, the unemployed, the abandoned, those considered disposable because they are only considered as part of a statistic. This common home of all men and women must also be built on the understanding of a certain sacredness of created nature.

Such understanding and respect call for a higher degree of wisdom, one which accepts transcendence, rejects the creation of an all-powerful élite, and recognizes that the full meaning of individual and collective life is found in selfless service to others and in the sage and respectful use of creation for the common good. To repeat the words of Paul VI, “the edifice of modern civilization has to be built on spiritual principles, for they are the only ones capable not only of supporting it, but of shedding light on it” (ibid.).
El Gaucho Martín Fierro, a classic of literature in my native land, says: “Brothers should stand by each other, because this is the first law; keep a true bond between you always, at every time – because if you fight among yourselves, you’ll be devoured by those outside”.
The contemporary world, so apparently connected, is experiencing a growing and steady social fragmentation, which places at risk “the foundations of social life” and consequently leads to “battles over conflicting interests” (Laudato Si’, 229).
The present time invites us to give priority to actions which generate new processes in society, so as to bear fruit in significant and positive historical events (cf. Evangelii Gaudium, 223). We cannot permit ourselves to postpone “certain agendas” for the future. The future demands of us critical and global decisions in the face of world-wide conflicts which increase the number of the excluded and those in need.

The praiseworthy international juridical framework of the United Nations Organization and of all its activities, like any other human endeavour, can be improved, yet it remains necessary; at the same time it can be the pledge of a secure and happy future for future generations. And so it will, if the representatives of the States can set aside partisan and ideological interests, and sincerely strive to serve the common good. I pray to Almighty God that this will be the case, and I assure you of my support and my prayers, and the support and prayers of all the faithful of the Catholic Church, that this Institution, all its member States, and each of its officials, will always render an effective service to mankind, a service respectful of diversity and capable of bringing out, for sake of the common good, the best in each people and in every individual.
Upon all of you, and the peoples you represent, I invoke the blessing of the Most High, and all peace and prosperity. Thank you.

For all this, the simplest and best measure and indicator of the implementation of the new Agenda for development will be effective, practical and immediate access, on the part of all, to essential material and spiritual goods: housing, dignified and properly remunerated employment, adequate food and drinking water; religious freedom and, more generally, spiritual freedom and education. These pillars of integral human development have a common foundation, which is the right to life and, more generally, what we could call the right to existence of human nature itself.

The ecological crisis, and the large-scale destruction of biodiversity, can threaten the very existence of the human species. The baneful consequences of an irresponsible mismanagement of the global economy, guided only by ambition for wealth and power, must serve as a summons to a forthright reflection on man: “man is not only a freedom which he creates for himself. Man does not create himself. He is spirit and will, but also nature” (BENEDICT XVI, Address to the Bundestag, 22 September 2011, cited in Laudato Si’, 6). Creation is compromised “where we ourselves have the final word… The misuse of creation begins when we no longer recognize any instance above ourselves, when we see nothing else but ourselves” (ID. Address to the Clergy of the Diocese of Bolzano-Bressanone, 6 August 2008, cited ibid.). Consequently, the defence of the environment and the fight against exclusion demand that we recognize a moral law written into human nature itself, one which includes the natural difference between man and woman (cf. Laudato Si’, 155), and absolute respect for life in all its stages and dimensions (cf. ibid., 123, 136).

Without the recognition of certain incontestable natural ethical limits and without the immediate implementation of those pillars of integral human development, the ideal of “saving succeeding generations from the scourge of war” (Charter of the United Nations, Preamble), and “promoting social progress and better standards of life in larger freedom” (ibid.), risks becoming an unattainable illusion, or, even worse, idle chatter which serves as a cover for all kinds of abuse and corruption, or for carrying out an ideological colonization by the imposition of anomalous models and lifestyles which are alien to people’s identity and, in the end, irresponsible.
War is the negation of all rights and a dramatic assault on the environment. If we want true integral human development for all, we must work tirelessly to avoid war between nations and between peoples.

First, it must be stated that a true “right of the environment” does exist, for two reasons. First, because we human beings are part of the environment. We live in communion with it, since the environment itself entails ethical limits which human activity must acknowledge and respect. Man, for all his remarkable gifts, which “are signs of a uniqueness which transcends the spheres of physics and biology” (Laudato Si’, 81), is at the same time a part of these spheres. He possesses a body shaped by physical, chemical and biological elements, and can only survive and develop if the ecological environment is favourable. Any harm done to the environment, therefore, is harm done to humanity. Second, because every creature, particularly a living creature, has an intrinsic value, in its existence, its life, its beauty and its interdependence with other creatures. We Christians, together with the other monotheistic religions, believe that the universe is the fruit of a loving decision by the Creator, who permits man respectfully to use creation for the good of his fellow men and for the glory of the Creator; he is not authorized to abuse it, much less to destroy it. In all religions, the environment is a fundamental good (cf. ibid.).
The misuse and destruction of the environment are also accompanied by a relentless process of exclusion. In effect, a selfish and boundless thirst for power and material prosperity leads both to the misuse of available natural resources and to the exclusion of the weak and disadvantaged, either because they are differently abled (handicapped), or because they lack adequate information and technical expertise, or are incapable of decisive political action. Economic and social exclusion is a complete denial of human fraternity and a grave offense against human rights and the environment. The poorest are those who suffer most from such offenses, for three serious reasons: they are cast off by society, forced to live off what is discarded and suffer unjustly from the abuse of the environment. They are part of today’s widespread and quietly growing “culture of waste”.

The dramatic reality this whole situation of exclusion and inequality, with its evident effects, has led me, in union with the entire Christian people and many others, to take stock of my grave responsibility in this regard and to speak out, together with all those who are seeking urgently-needed and effective solutions. The adoption of the 2030 Agenda for Sustainable Development at the World Summit, which opens today, is an important sign of hope. I am similarly confident that the Paris Conference on Climatic Change will secure fundamental and effective agreements.
Solemn commitments, however, are not enough, even though they are a necessary step toward solutions. The classic definition of justice which I mentioned earlier contains as one of its essential elements a constant and perpetual will: Iustitia est constans et perpetua voluntas ius sum cuique tribuendi. Our world demands of all government leaders a will which is effective, practical and constant, concrete steps and immediate measures for preserving and improving the natural environment and thus putting an end as quickly as possible to the phenomenon of social and economic exclusion, with its baneful consequences: human trafficking, the marketing of human organs and tissues, the sexual exploitation of boys and girls, slave labour, including prostitution, the drug and weapons trade, terrorism and international organized crime. Such is the magnitude of these situations and their toll in innocent lives, that we must avoid every temptation to fall into a declarationist nominalism which would assuage our consciences. We need to ensure that our institutions are truly effective in the struggle against all these scourges.
The number and complexity of the problems require that we possess technical instruments of verification. But this involves two risks. We can rest content with the bureaucratic exercise of drawing up long lists of good proposals – goals, objectives and statistical indicators – or we can think that a single theoretical and aprioristic solution will provide an answer to all the challenges. It must never be forgotten that political and economic activity is only effective when it is understood as a prudential activity, guided by a perennial concept of justice and constantly conscious of the fact that, above and beyond our plans and programmes, we are dealing with real men and women who live, struggle and suffer, and are often forced to live in great poverty, deprived of all rights.

To enable these real men and women to escape from extreme poverty, we must allow them to be dignified agents of their own destiny. Integral human development and the full exercise of human dignity cannot be imposed. They must be built up and allowed to unfold for each individual, for every family, in communion with others, and in a right relationship with all those areas in which human social life develops – friends, communities, towns and cities, schools, businesses and unions, provinces, nations, etc. This presupposes and requires the right to education – also for girls (excluded in certain places) – which is ensured first and foremost by respecting and reinforcing the primary right of the family to educate its children, as well as the right of churches and social groups to support and assist families in the education of their children. Education conceived in this way is the basis for the implementation of the 2030 Agenda and for reclaiming the environment.
At the same time, government leaders must do everything possible to ensure that all can have the minimum spiritual and material means needed to live in dignity and to create and support a family, which is the primary cell of any social development. In practical terms, this absolute minimum has three names: lodging, labour, and land; and one spiritual name: spiritual freedom, which includes religious freedom, the right to education and other civil rights.

For this reason I pay homage to all those men and women whose loyalty and self-sacrifice have benefitted humanity as a whole in these past seventy years. In particular, I would recall today those who gave their lives for peace and reconciliation among peoples, from Dag Hammarskjöld to the many United Nations officials at every level who have been killed in the course of humanitarian missions, and missions of peace and reconciliation.

Beyond these achievements, the experience of the past seventy years has made it clear that reform and adaptation to the times is always necessary in the pursuit of the ultimate goal of granting all countries, without exception, a share in, and a genuine and equitable influence on, decision-making processes. The need for greater equity is especially true in the case of those bodies with effective executive capability, such as the Security Council, the Financial Agencies and the groups or mechanisms specifically created to deal with economic crises. This will help limit every kind of abuse or usury, especially where developing countries are concerned. The International Financial Agencies are should care for the sustainable development of countries and should ensure that they are not subjected to oppressive lending systems which, far from promoting progress, subject people to mechanisms which generate greater poverty, exclusion and dependence.

The work of the United Nations, according to the principles set forth in the Preamble and the first Articles of its founding Charter, can be seen as the development and promotion of the rule of law, based on the realization that justice is an essential condition for achieving the ideal of universal fraternity. In this context, it is helpful to recall that the limitation of power is an idea implicit in the concept of law itself. To give to each his own, to cite the classic definition of justice, means that no human individual or group can consider itself absolute, permitted to bypass the dignity and the rights of other individuals or their social groupings. The effective distribution of power (political, economic, defense-related, technological, etc.) among a plurality of subjects, and the creation of a juridical system for regulating claims and interests, are one concrete way of limiting power. Yet today’s world presents us with many false rights and – at the same time – broad sectors which are vulnerable, victims of power badly exercised: for example, the natural environment and the vast ranks of the excluded. These sectors are closely interconnected and made increasingly fragile by dominant political and economic relationships. That is why their rights must be forcefully affirmed, by working to protect the environment and by putting an end to exclusion.

Here is a full transcript of his remarks.
http://time.com/4049905/pope-francis-us-visit-united-nations-speech-transcript/

Thank you for your kind words. Once again, following a tradition by which I feel honored, the Secretary General of the United Nations has invited the Pope to address this distinguished assembly of nations. In my own name, and that of the entire Catholic community, I wish to express to you, Mr Ban Ki-moon, my heartfelt gratitude. I greet the Heads of State and Heads of Government present, as well as the ambassadors, diplomats and political and technical officials accompanying them, the personnel of the United Nations engaged in this 70th Session of the General Assembly, the personnel of the various programs and agencies of the United Nations family, and all those who, in one way or another, take part in this meeting. Through you, I also greet the citizens of all the nations represented in this hall. I thank you, each and all, for your efforts in the service of mankind.

This is the fifth time that a Pope has visited the United Nations. I follow in the footsteps of my predecessors Paul VI, in1965, John Paul II, in 1979 and 1995, and my most recent predecessor, now Pope Emeritus Benedict XVI, in 2008. All of them expressed their great esteem for the Organization, which they considered the appropriate juridical and political response to this present moment of history, marked by our technical ability to overcome distances and frontiers and, apparently, to overcome all natural limits to the exercise of power. An essential response, inasmuch as technological power, in the hands of nationalistic or falsely universalist ideologies, is capable of perpetrating tremendous atrocities. I can only reiterate the appreciation expressed by my predecessors, in reaffirming the importance which the Catholic Church attaches to this Institution and the hope which she places in its activities.

The United Nations is presently celebrating its seventieth anniversary. The history of this organized community of states is one of important common achievements over a period of unusually fast- paced changes. Without claiming to be exhaustive, we can mention the codification and development of international law, the establishment of international norms regarding human rights, advances in humanitarian law, the resolution of numerous conflicts, operations of peace-keeping and reconciliation, and any number of other accomplishments in every area of international activity and endeavour. All these achievements are lights which help to dispel the darkness of the disorder caused by unrestrained ambitions and collective forms of selfishness. Certainly, many grave problems remain to be resolved, yet it is clear that, without all those interventions on the international level, mankind would not have been able to survive the unchecked use of its own possibilities. Every one of these political, juridical and technical advances is a path towards attaining the ideal of human fraternity and a means for its greater realization.

The 1980s is repeating itself all over again. Maybe the Facebook generation should live through this incoming storm, perhaps....., just maybe, they will begin to understand the meaning of free enterprise.

Nigeria imposes forex controls, bans import of 680 items

* Manufacturers warn import ban might force closure of plants

* Companies wait for weeks to get dollars to pay suppliers

* Africa's biggest economy suffers from oil price crash

ABUJA, Sept 24 (Reuters) - Nigerian companies making anything from soap to tomato paste could run out of raw materials and be forced to shut down as Africa's top oil producer has effectively banned the import of almost 700 goods to prevent a currency collapse.

Selected luxury items such as make-up or brown bread imported from Europe have become scarce in some shops as the central bank denies importers dollars, seeking to stem the fallout from a crash in vital oil revenues hammering Africa's largest economy.

The central bank has restricted access to foreign currency to import 41 categories of items to stop a slide of the naira but the Manufacturers Association of Nigeria (MAN) said this in fact amounted to about 680 individual items.

The foreign exchange bans are part of a long-term plan by President Muhammadu Buhari to encourage local manufacturing, but they run the risk of pushing the economy closer to recession after growth halved in the second quarter compared with the same period last year.

Many items on the central bank list - ranging from incense and toothpicks to plywood, glass and steel products -- are not available in Nigeria in sufficient volumes.

While Nigeria grows a lot of tomatoes, transport is poor and it lacks facilities to produce the concentrate needed by factories making tomato paste, a staple in the West African nation.

"We've taken this matter up with the central bank and the highest authority in this country ... Fiscal authorities will also be involved, they weren't before," Remi Ogunmefun, the director general of MAN, said.

MAN had told the central bank 105 items should be removed from the list, but the bank said it could not afford to do so and agreed to look into removing 44 items.

MAN also suggested 93 finished items that should be added to the list because Nigeria produces enough of them.

The economic crisis is a blow to Buhari who wants to end dependence on oil revenues but faces criticism for failing to name a cabinet four months after taking office.

Since the central bank unveiled its controls in June, executives have had to deal with foreign suppliers worried they won't get paid. They also struggle to convince banks to approve dollar payments.

"It takes minimum 10 days now to get dollars, before it was 24-48 hours, and sometimes when you request like $100,000, you only get $80,000 and it's getting worse," said an executive at a large furniture company, asking not to be named.

It's not clear which imports are still allowed as the central bank lists only categories. He can still bring in beds and chairs to be assembled in Nigeria, but not sofas.

Some firms have defaulted on contracts and lost credit lines. "Many companies have defaulted on fulfilling foreign obligations ... even blue chip companies ... for the first time," said Muda Yusuf, director general of the Lagos Chamber of Commerce.

POLICY VACUUM

With no cabinet in place, central bank governor Godwin Emefiele finds himself discussing policies usually reserved for a finance or economy minister.

At a news conference on Tuesday, Emefiele justified the controls -- which Buhari has backed -- as a way to create jobs in a country hit by poverty despite its oil wealth.

"I read an advertisement in a paper that shortly after we announced the foreign exchange exclusion for the importation of tomato paste they advertised for almost 1,000 jobs," he said, citing the example of a tomato paste company, a sector that experts do not in fact expect to flourish now.

Emefiele has ruled out another naira devaluation but on Tuesday loosened monetary policies to inject liquidity into banks, which had been forced to transfer government revenues to a central bank account as part of an anti-corruption drive.

Nigeria stepped up import controls when Buhari led a military government in the 1980s and the economy suffered then too.

Razia Khan, Chief Economist, Africa, at Standard Chartered Bank, said there was little certainty the latest controls would boost manufacturing.

"Nigeria has had substantial experience with similar import-substitution policies in the past," said Khan. "Rarely have they succeeded in creating a vibrant, competitive industrial sector, with the capability of creating the employment growth that Nigerian demographics otherwise demand."

According to the Lagos Chamber of Commerce, Nigeria is short of 600,000 tonnes a year of palm oil, that is used to make soap, detergents and cosmetics that have also been restricted. Pharmaceutical firms lack bottles, and glass manufacturers do not have the glass to make them.

BAGS FULL OF CASH

Companies also suffer from the central bank's attempt to stop the dollarisation of the economy. A ban on cash deposits of foreign currency has forced firms to use informal "transfer markets", whereby people abroad wire dollars on a company's behalf.

That exchange rate is well below the official rate to the dollar. Some executives now carry bags of cash to deposit in neighbouring countries.

For some though, the measures offer hope.

"It's a big challenge to compete in a market with imported frozen chicken and fish. The profit is marginal," said Kabir Chaskewa of Ajima Farms, a family business based near the capital, Abuja.

Compared to a foreign firm that produces frozen chicken in batches of up to 1 million, Chaskewa can only do batches of 5,000. "Now there's a rise in demand for local poultry and rice," he said.

(Reporting by Julia Payne; Editing by Ulf Laessing and Giles Elgood)

http://www.cnbc.com/2015/09/24/reuters-america-nigerian-firms-in-trouble-as-central-bank-measures-backfire.html

ajepako:
Sahara Reporters, The Nation, TVC and Leadership Newpaper don't even bother reporting Boko Haram or Fulani herdsmen attack anymore.

I remember how their days were not completed during the last administration without screaming the havoc wrecked by Boko Haram

But these days, they have really gone dumb,deaf and blind..

Now, to get news of insurgency in the north, its CNN , BBC or Vanguard..

Propaganda, half truth and falsehood wont last forever..

They have gone into blackout mode

anigbajumo:
U ar mad,u made a mistake nd ah let u knw,y u cum dy spew trash?am living comfortable nd feeling happy evrydae....werey na yer mamaa dy live miserable life


Gerrout of my mention,Bastard!!!!!

You have to give it to this almajiri, basket mouth has nothing on you

anigbajumo:
Shut up!who tell u say I b betrayal supporter.....

Abeg off here

Why all this cheap raking go and stone your dullard from duara. Saraki is not the reason for your miserable life.

anigbajumo:
Who is nw dullard?Obviously is you....

Nah me dey stone una Emir and your lord Saraki bah? Tell your fellow almajiris to send their stones in the direction of your dullard from daura.

it took less than 12 hours for APC to call themselves liars.

Firefire:
Let them start from the bottom. It would be a bottom-up attack.

The turn of the certificate forger and liar under oath will surely come at the fullness of time.

I don't have any portion in APC kamikaze battle , let them kill and burn themselves, that's their own problem.

Angry worshippers on Thursday attacked the President of the Senate, Dr. Olusola Saraki , the Emir of Ilorin, Alh. Ibrahim Sulu Gambari, and many political figures at the Eid Praying Ground in Ilorin in protest against the state of the economy of Kwara.

When will these angry protesters attack their dullard from Duara

Sai Chanters were born confused.