₦airaland Forum

Our leaders are very jobless nowadays. commissioning petrol stations. It's a pity. If all petrol stations were commissioned by governors what would be our governors? pump attendants? there must be something special about this one, he must be one of the stakeholders.

Trailers are still loading the stones from Ugwuaji, Enugu state.

Don't mind the Owerri man, see as Abians see the pics keep quiet and the Imo man want to expose the Imolites. Okay, go to Douglas, Owerri. while going, go with strong camera to capture details. then when you come out from there, pass through old nekede road, while going, go with JEEP because you may fall into mbuze. Come out from there, you must have some rest before you ask for other places.

Abagworo:
You can't compare these local roads to Nwaorieubi or Orlu roads done by Okorocha. These are same with the 800km rural roads done in almost every community of Imo State. I can provide the photos if you need them too.

He is joking. Forgive him.
Can't you see the hat on his head. It signifies king of joke.

This is not complete until you add "something dey worry you?"

HungerBAD:
huh?

Why you dey ask after another man wife?

Warris all these pregnant women with nude pictures. It's another way of advertising nudity. If Chidimma talk now, everybody will post cucumber. Pregnant women should be decent and stop all these adverts. Even Beyonce, we dont need it. It's not our baby and we didn't contribute. Let them invite us after delivery for chew chow dats all.

Where are you getting your info from. Travel around countries, what you see is Ijebu Garri, is it from the north? in fact the chicken we eat here are from Ota farm. The Egusi, okro are also not from the north. I am not saying they do not export, other regions are also making efforts to counter the time and depend on their strength. That the country is in recession and some regions are deliberately empowered is not that other regions are mumu. Give everyone equal opportunity and let the country grow. Not, stopping importation of automobiles to hurt a region or placing a region in HR dept to favor a certain region.

aljazira:
Dear southerners, northerners get sense pass una. You say most of them are illiterate but they play their cards perfectly. In the midst of a sagging economy and and cloud of uncertainty, they support their own irrespective of the real issue at stake. They too are suffering yet stick to Buhari's economy plan. They are cashing into the agricultural policy of the FG and guess what? With #500 to $1, government is exporting agricultural produce to other countries to their advantage. The Ooni of Ife has also key into that for his people. You think northerners will do to Buhari what you did to Jonathan in 2012? WAKE UP SOUTHERNERS. Most of the people that wail, like and share on Nairaland don't have voters card but those guys you call names have. Think twice.

Valentine is for Soma and Miyonse in BBN who were drunk in love with a girl that played them.

Miracles happen everyday and only the people who believe it can happen experience miracles.
Believe in the works of God and do not be misled and diverted by the events that happen around you. It is well with your soul.
Pastor Chris is a true man of God and likewise other men of God. Until you experience miracles, you would think it is manufactured. Only true men of God perform true miracles. Remember it is God that performs the miracles through his prophets.

Bros I won't lie, I was thinking this way and supported his government but today, it is a different mindset. Seeing is believing. We are now praying to get out of the mess.

kilojoDesigns:
I just laugh when I see stuff like this. the signs were all there, no certificate, running frm debate. even the oldies that experienced his rule before warned but zombies shut their ears to reason, now they open their mouth for hunger.
I wouldnt protest I would watch in hd as some top political dogs stir the ever foolish masses to their favor once again, behind the guise of celebrities that don't know 1 about politics.

Shame shame shame shame shame shame to Nigerian governemtn and the judiciary in Nigeria. Shame to you.

This governor sef.
The buildings are so small that you will think if they are meant to accommodate primary school pupil.
The computers are still the box type when children are using flat screen and All-in-One computers. Is this a set back for children using flat screens at home. How can school set you children backward instead of projecting them for the future?

Remember he will keep his campaign promises including using the nuclear missiles when needed. You think this is Nigeria that the Muslims are intimidating people.
Trump will erase terrorist from the surface of the countries.

thesicilian:
What's UK's business with Islam? That's how people use their own hands to invite trouble to themselves. They'll soon start experiencing the true nature of those terrorists they're aligning themselves with.

I dont think it was made to be worship, besides, this is the the statue of Christ. It is just an art work.

Bashyours546:
AND WHAT IS THE BENEFIT OF THIS STATUE?
I JUST DEY WONDER HOW SOME XTIANS DEY TRY MODERNIZE IDLE WORSHIPING.

I like it. I like it.
When New York boast of Status of Liberty, Brazil boast with her statue, Dubai with Burj Khalifa at least Alwan Ikoku will boast its own Status. Nice work of sculptural art.

Bros, that someone that told you told you the best thing to do.
Listen to the voice before you vex put your life or health into it.

ibibiofirstlady:
I observe that participants dont't redeem their PH pledge on MMM. I have almost 200 thousand naira with them. I requested help (GH) on the 14th and I have been matched and rematched, yet none of those people have paid even a kobo. Though I am not "poor" but I need back my money. Someone on palmchat advised me to forget it but I just can't.

I don't know whether I am the only one facing this challenge.

This is as good as approving corruption as some members of the house desire it. So once they stop issuing medical services, they will continue with oversea treatment. Its not as if they have been patronizing the Nigerian clinics and hospitals.
But why shouldn't they pay salaries? During election campaigns, they will beg and beg for your votes only for them to come back to intimidate with your vote for them. Our politicians lack respect and maturity.
Just as Oyo state governor said students should beg him in a kind manner for their salaries. Next election is approaching and they will still come back to ask for your vote.

MMM
Did I say that, ow! It's not a bank. Its a Ponzi Scheme.
Ok I do not know. But what I know is that Nigerian Banks are there to take all your money if you look the other way. So why would such system give you fair interest.

If in summary, retain all these, why hold the meeting and why write this long epistle?


In summary, the MPC decided to:
(i) Retain the MPR at 14 per cent
(ii) Retain the CRR at 22.5 per cent
(iii) Retain the Liquidity Ratio at 30.00 per cent and
(iv) Retain the Asymmetric corridor at +200 and -500 basis points around the MPR

ernie4life:
1
CENTRAL BANK OF NIGERIA
COMMUNIQUÉ NO 111 OF THE
MONETARY POLICY COMMITTEE
MEETING OF 23RD AND 24TH JANUARY
2017

1.0.

Background
The Monetary Policy Committee held its first statutory meeting of fiscal 2017 on 23rd and 24thJanuary, 2017 against the backdrop of increased uncertainty arising from political and economic developments around the world. Over the last few weeks the pillars of the old order - free trade, multilateralism and globalization have come under intense pressure, and seemingly giving way to an era of enlightened national interest in the conduct of international economic relations. On the domestic front, the economy remains in recession and inflation pressures have yet to recede. Both external and domestic conditions have blended to significantly complicate the policy environment.
In attendance at the meeting were all 10 members of the Committee. The Committee reviewed the global and domestic economic and financial environments in 2016 and the outlook for the short to medium term in 2017.

External Developments

The uncertainty in the external environment persisted owing to a combination of recent political and economic developments. The key issues include: Brexit, the rising wave of populist and anti-globalization sentiments anchored by emerging bilateralism, divergent monetary policy stance of the advanced central banks and disorderly commodity price movements. With global output growth improving sluggishly, the outlook for 2017 remains unchanged owing to persisting uncertainties in commodity prices and volatility in the financial markets as well as slowing demand in the advanced economies and the emerging markets.

The MPC welcomed the modest increase in oil prices following the last OPEC decision to cut output and noted the increase in the policy rate of the US Federal Reserve Bank in December 2016 and the potential implications of that decision for international interest rates and capital flows. While noting the materiality of the output cut on oil prices, the Committee cautioned that the effect could rapidly wane, given the likelihood of a supply glut from non-OPEC members, low level of global economic activity and weak growth. Emerging markets and developing economies, in particular, have continued to confront strong head winds such as low commodity prices, rising inflation, currency instability, intractable low aggregate demand and subdued capital flows.

Overall, the Committee noted that whereas improved commodity prices may provide modest tailwinds for resource dependent economies in 2017, the medium-term outlook continues to be muffled by stagnation and uncertainty in the prospects for global trade, subdued investment and heightened policy uncertainty, especially in some major economies. Nevertheless, the IMF estimates that these constraints would decline; paving way for mild improvements in economic growth from 3.1 per cent in 2016 to 3.4 per cent in 2017. Global inflation commenced a moderate but steady rise on the backdrop of improvements in oil prices and currency depreciation in several emerging markets. However, amongst the major advanced economies, only the U.S Fed has commenced policy tightening1 while the Bank of Japan (BOJ), the Bank of
1
The Federal Reserve raised its benchmark Federal Fund rate by 25 basis points in December 2016, to a range of 0.50 to 0.75 per cent, and also provided indication of rate hikes in 2017
England and the European Central Bank, all retained their accommodative policy stance at their most recent meetings. Domestic Output Developments Data released by the National Bureau of Statistics (NBS) in November 2016 showed that the economy contracted further by 2.24 per cent in Q3 2016, having slipped into recession following another contraction in output in Q2,2016. Although the overall contraction in Q3 was greater than was observed in Q1 and Q2, the non-oil sector grew by 0.03 per cent in Q3, driven mainly by agriculture, which grew by 4.54 per cent.


The Committee is of the view that the key undercurrents i.e. scarcity of foreign exchange, low fiscal activity, high energy prices and the accumulation of salary arrears - cannot be directly ameliorated by monetary policy actions. The Committee hopes that the recent increase in oil prices would be complemented by production gains to provide the needed tailwinds to sustainable economic activity.
In that regard, the Committee commends the commitment of the fiscal authorities to step up efforts to fill the aggregate demand gap through a speedy resolution of the domestic indebtedness of the federal government to states and local contractors. The Committee believes that doing so will aid the effort towards economic recovery.


Developments in Money and Prices The committee noted that money supply (M2) grew by 19.02 per cent in 2016, being 8.0 percentage points higher than its programmed limit. It underscored the necessity of keeping the economy adequately lubricated in the face of declining output. Growth in Net Domestic Credit (NDC) was 24.79 per cent at end- December 2016, being 17.94 per cent above its provisional benchmark for 2016. Likewise growth in net credit to government, at 58.84 per cent, surpassed its programmed target of 47.4 per cent. In effect, all the major monetary aggregates exceeded their programmed provisional benchmarks for fiscal 2016.
Headline inflation (year-on-year) continued to rise, creeping up in December 2016 to 18.55 per cent from 18.48 per cent in November, and 18.33 per cent in October, thus sustaining the upward momentum since January 2016.


The increase in headline inflation in December 2016 was driven by increase in the food component, which inched up from 17.19 per cent in November to 17.39 per cent in December. Core inflation, on the other hand, moderated slightly to 18.05 per cent in December 2016 from 18.24 per cent in November. The Committee observed the increases in the month-on-month inflation rate in November and December, in contrast to successive declines between June and September 2016. It noted that the structural factors driving the sustained pressure on consumer prices, such as the high cost of power and energy, transport, production factors, as well as rising prices of imports are yet to abate. Nonetheless, the Committee estimates that the current policy stance and other measures directed at improving food production would combine with base effect to usher in some moderation in consumer prices in the short to medium term.
Money market interest rates fluctuated in tandem with the level of liquidity in the banking system. Thus, average interbank call rate, which stood at 15.34 per cent on 21st November 2016, closed at 9.90 per cent on December 30, 2016. Between these periods, the interbank call rate averaged 13.59 per cent. The average interbank call rate however, fell to 3.00 per cent on December 9, 2016, due to an increase in net banking sector liquidity to N495.48 billion on December 8, 2016, following the payment of statutory revenue to states and local governments as well as maturity of CBN bills during the period.

The Committee welcomed improvements in the equities segment of the capital market as the All-Share Index (ASI) rose by 2.84 per cent from 25,499.00 on November 21, 2016, to 26,223.54 on January 20, 2016. Similarly, Market Capitalization (MC) increased by 2.5 per cent from N8.80 trillion to 9.02 trillion during the same period. Relative to end- December 2016, the capital market indices, however, fell by 2.04 and 2.05 per cent, respectively, reflecting the challenges confronting the economy.

Total foreign exchange inflows through the CBN increased significantly by 82.45 per cent in December 2016 owing mainly to the increase in oil prices. Total outflows, however, spiked during the same period. The Committee noted that the average naira exchange rate remained stable at the inter-bank segment of the foreign exchange market in the review period.
2.0. Overall Outlook and Risks The medium term outlook based on available data and forecast of key economic variables indicate a more resilient economy in 2017. Growth is expected to turn positive in fiscal 2017, as prior policy lags converge and the fiscal space becomes more accommodative. In addition, the agricultural sector is expected to play a bigger role in driving growth, given the expansion of the Anchor Borrower Program, as well as other developmental initiatives of the Government. Likewise, the prospects for moderation of price developments appear to be strengthening on the heels of positive developments inthe food sub-sector.



The Committee identified the downsiderisks to this outlook to include the possibility of a slower-than-expected rate of global economic activity, fluctuating oil prices and production shut-ins due to vandalism of oil installations.
3.0. Summary of Considerations
The Committee re-assessed the headwinds which confronted the economy in 2016 and the opportunities for recovery in 2017. In particular, the MPC evaluated the implications of the rising wave of nationalistic ideologues across the West, the re-evaluation of trade agreements and the possibility of rapid monetary policy normalization in the United States, with adverse consequences for other countries, including Nigeria. The uncertainties underpinning the implementation of Brexit and the apparent retreat from globalisation and free trade were also important points of reflection.


In recognition of the seemingly inevitable structural shift in the global economy, the Committee reiterated the need to be more inward looking and hasten efforts towards economic diversification to support the domestic economy and improve life for the Nigerian people. Consequently, members acknowledged the imperative of sectoral policies and greater coordination of monetary and fiscal policy.
Conscious of the prevailing market sentiments in favour of a rate cut, the Committee reasoned that most of its decisions in 2016 were informed by the need to address the delicate balance between price stability and growth. Noting that the pressures on consumer prices were yet to abate and even as the economy continued to be in recession despite the intervention support by the


Central Bank, the Committee stressed that it was not oblivious of the full ramifications of the economic challenges facing the country.
The MPC was concerned that the current situation was not amenable to simplistic analyses and quick fixes such as have found expression and increased attention at different fora and the media. The domestic economic challenges which include a chronically import dependent consumption culture, lack of competitiveness of many sectors of the economy and yawning infrastructural gap, have combined with an unfavourable external environment to complicate the macroeconomic policy environment. The Monetary Authority had on many occasions, and to the extent feasible, taken extra-ordinary steps to support other policies as well as compensate for aspects of structural gaps in the economy even at the expense of its core mandate.
The Committee specifically noted the positive contribution of agriculture to GDP in the third quarter, mostly attributable to the Bank’s interventions in the sector.


The Committee hopes that given the thrust of the 2017 budget and accompanying sectoral policies, output growth should resume in the short to medium term. The MPC, therefore, lends its voice to efforts for an early finalization of the 2017 Federal Budget by the authorities concerned, and the resolve to pursue a non-oil driven economy, as these will go a long way in stimulating aggregate demand and restoring confidence in the economy. The Committee also urged the authorities to seriously consider using the Public Private Partnership (PPP) model in its infrastructure development programme as a means of cushioning any possible shocks to budgeted revenue.
The Committee further noted that Inflationary pressures would begin to subside as non-oil output recovers and the naira exchange rate stabilizes. Until then, it stressed, a rate cut would worsen the inflationary conditions and undermine the current outlook for stability in the foreign exchange market.


The Committee also feels that doing so would further aggravate demand pressures while undermining existing income levels in the face of the already expansionary monetary policy and increasing inflationary pressure which will make the economy unattractive for foreign and domestic investment. Given these limitations, the Committee was reluctant to lower the policy rate on this occasion but remained committed to doing so when the conditions permit.
From a financial stability standpoint, the Committee noted the possible impact ofthe inclement macroeconomic environment on banking sector resilience.

The MPC urged the Management of the Bank to engage industry operators to discuss likely issues of asset quality, credit concentration and high foreign exchange exposures.
Given the growth in money supply arising from unconventional monetary policy operations of the Bank and implications for price and exchange rate developments, the Committee is committed to moderating growth in narrow money in the 2017 fiscal year in line with the Bank’s monetary growth benchmarks.


4.0. The Committee’s Decisions
The Committee, in consideration of the headwinds in the domestic economy and the uncertainties in the global environment, decided by a unanimous vote to retain the MPR at 14.0 per cent alongside all other policy parameters.

In summary, the MPC decided to:
(i) Retain the MPR at 14 per cent
(ii) Retain the CRR at 22.5 per cent
(iii) Retain the Liquidity Ratio at 30.00 per cent and
(iv) Retain the Asymmetric corridor at +200 and -500 basis points around the MPR

Thank you for listening.
Godwin I. Emefiele
Governor, Central Bank of Nigeria
24th January, 2017

https://www.cbn.gov.ng/Out/2017/MPD/Central%20Bank%20of%20Nigeria%20Communique%20No%20111%20of%20the%20Monetary%20Policy%20Committee%20Meeting%20of%2023rd%20and%2024th%20January%202017.pdf

I sat down to compare his words and what Bible teaches us but I am yet to get answers.
To be truthful, Nigeria is in a war, Religious war and Tribal War. Believe it or not. During war both sides kills, right?
I do not know if it has been declared war or not but as a Christian, when war breaks out what do you do?

My guy see all the arsenal from from every region of Africa, to him if all release their missiles, i wont survive to chop the wealth I have made.

fIFirst, Nigeria is not America to be made great again.
Nigeria has to start working before it can be made great.
To solve problems in Nigeria must start with identifying the problems.
Forget about the crime, that is not the problem, forget tribalism, that is not the problem, the problem is that the key driver of development and life improvement is not shared well and when it is shared, it does not do what it was budgeted to do.

i THOUGHT THEY SAID HE WAS INVITED TO TRUMP INAUGURATION

Kikukikukikukiki!!! Laughing in Avatar language.
How can Nigerian armies solve problems in Gambia when they cannot solve their own?
Spending money on wars when the country is in recession?
Nigeria is a joke government

You sounded like one of those that were told about the failure of the scheme last year as they temporarily shut down, some people ranted that they will definitely be back. Of course they are back.
Now you and others are not ranting again.
Meanwhile if anyone wants to take MMM to EFCC, say yeah otherwise nay.

megrimor:
Your quest for the downfall of MMM is more than your quest to make Heaven.

Repent now

Nigerians easily get distorted by comparison when events like this happen. CNN wrote about what happened in Nigeria, a few number commented by citing their opinion but most comments I have read here has not discussed what would have happened that resulted to the misfire but have channeled the fight in other ways.
Nobody asked could this really be a mistake or deliberate knowing that Boko Haram have infiltrated every corner. We should ask right questions that solve problems or get people out of problems.

Nigeria is the most corrupt country in the world. Someone will ask if I'm just knowing it now. I mean how can an ex governor have such money to buy and maintain a jet. Other African countries with corrupt presidents don't have governors with greed like Nigeria has. Meanwhile there is poverty everywhere in Nigeria and people can find a decent job or stable lifestyle.
What can Nigeria do to be set free.

I bet you you haven't benefited from it. Do you buy house car or marry from it. Share your gains with mmm please.

ofemigeorge:
It was paining you went we were collecting huge money from it
You didn't have the liver to get involved. Or maybe the money. Bad belle

Osetigo!
An American colleague once told me that after making money from his current dork he will travel to Philippines to spend his retirement
I asked him why he said with what he has he can live as a King their.
So, you see, mavrodi abi na macaroni rep in Nigeria will become the king soon in Philippines. You know what he won't invite you for his coronation.

never in the history of Nigeria has consumers queued for cooking gas. maybe, i have not seen..

If you think CNN is becoming unprofessional, watch FOX news. The thing is that he has no right to say such. Media has its freedom of speech, most especially when they are informing the people what is going on in the government. Trump is simply intimidating the media so that they can start praising him. But CNN has gone many years ahead of such trick.
Is just like saying that journalists are killed by politicians and we clap for politicians and say the journalists are talking too much.

LesbianBoy:
Very good! CNN are becoming unprofessional!


God bless donald "nwa" trump!

MMM is back. You can say hello now in confidence.

virginboy1:
This is good to know, on the contrary,


I'm sitting down with one cute dark gal like that in a KeKe
and she is smiling at me seductively...I won't smile back
until she pays her transport fare.

Dis nah buhari regime I hear say laugh don add price

#copied#