₦airaland Forum

Mogenerous:
Hello, its me

kpez:
You foolish die! If the next 8 years is to be spent sanitizing the pdp mess in this country, so be it! We've already lost a lot, a little more won't make much of a difference. We'll get there. ll

xtervaganza:
ok no wahala


You have my permission to die now

xtervaganza:
ojukwu is your inspiration na.


He's loser in life and death just like you'll be after you meet your death soon

xtervaganza:
so what are u waiting for?



Go jump off a cliff

989900:
Devaluation is like taking paracetamol for headache, while you keep banging your head against the wall.

We should be treating underlying cause(s), and not symptoms.

We should be working on those things that are putting pressure on forex . . . excess liquidity, imported fuel, imported 'garbage', among other stuffs like stable power supply, and encouraging exports.

Then we would be talking about a stronger Naira, in lieu of devaluation.

Baba, where is your economic team FFS?

Businesses are suffering/collapsing; workers owed/jobs lost!

Almeja:
Interesting, as you mentioned, devaluing the currency means a potential stoking of inflation.

**Nigeria refuses to go way of other oil economies and devalue

**Currency controls starve companies of dollars to pay suppliers

Nigeria’s economy is growing at the slowest pace this decade as oil prices drop. Companies are complaining they can’t get the dollars they need to do business. And trading in the naira has long since dried up.
There are many good reasons why Godwin Emefiele, who runs the central bank of Africa’s biggest economy, should lift currency controls and let the naira depreciate. One of the things holding him back is politics.

Devaluing the naira may give opposition parties the opportunity to claim that Emefiele’s main supporter, President Muhammadu Buhari, has lost control of the economy. With his backing, the policy chief will be able to resist his critics into 2016 before the worsening economic slump eventually forces him to capitulate, according to Standard Chartered Plc and Bank of America Corp.

“They could probably hold out for at least six months, maybe even a year,” said Ayodele Salami, chief investment officer for London-based Duet Asset Management Ltd., which manages about $200 million of African equities. “The central bank has chosen currency stability and the price they’re paying for that is growth. They could hold the line for a lot longer than the markets expect.”

Africa’s top oil producer introduced curbs on buying foreign-exchange from late 2014 in a bid to prop up the naira as prices for crude, the source of two-thirds of government revenue and 90 percent of export earnings, plummeted. These measures have all but fixed the exchange rate at 198-199 per dollar since March, even as other oil exporters from Russia to Colombia and Malaysia have let their currencies slide.

Barclays Plc and HSBC Holdings Plc still think the central bank will be forced to weaken the naira to between 220 and 230 before the end of 2015. The currency dropped 0.1 percent to 199.20 by 12:53 p.m. in Lagos, the commercial capital.

‘In Denial’

The International Monetary Fund says the currency measures are detrimental to Nigeria, where growth slowed to 2.35 percent on an annualized basis in the second quarter. Former central bank Governor Muhammadu Sanusi II said last week his successor was “in denial” if he thought he could continue propping up the naira.

Former general Buhari, who took office as president in May, acted to stabilize the naira when he ruled Nigeria in the 1980s, and since coming to power this time around has said a devaluation wouldn’t be “healthy.” The government put out a statement late Thursday reiterating its opposition to debasing the naira. Emefiele has also warned a devaluation would stoke inflation.

“The central bank governor is doing what he thinks the president wants,” David McIlroy, chief investment officer at Alquity Investment Management Ltd., which oversees $100 million of frontier market stocks and is put off buying more Nigerian shares until the currency weakens, said.

Strategists who earlier this year cut their naira forecasts on expectations Emefiele would capitulate have pushed them back up.

The median year-end estimate in a Bloomberg survey fell to as low as 230 per dollar in May and has since been increased to 200. 

While companies including Dangote Cement Plc, the country’s largest publicly traded stock, and Sahara Group, a power plant operator, have complained that they are struggling to pay for imports, Buhari insists the central bank is provides “legitimate businesses” all the dollars they need.

The authorities’ position is bolstered by foreign reserves that equate to almost six months of imports, double the IMF’s recommendation, and giving authorities
enough firepower to defend the naira.

The exclusion of the country’s bonds from JPMorgan Chase & Co.’s local-currency emerging-market indexes last month has also given Emefiele less incentive to keep portfolio investors on side. They’re already fleeing Nigeria, with foreign holdings of naira government debt falling to less than 10 percent of the total from 27 percent in 2013, according to Standard Chartered. The London-based earns most of its income from emerging markets.

“There’s enough room to maintain the current regime for now,” said Samir Gadio, head of African strategy at Standard Chartered in London, which in September changed its end-of-year forecast for the naira to 200 from 222. He now predicts a devaluation by the end of March. “Eventually an adjustment will take place if oil prices remain at these levels. It’s unlikely to be imminent.”

superstar3:
We are in the era of 'stealing is corruption'. No more 'yam and goat' approach.

The office of the Special Envoy on Gender (SEOG) and the Department for Agriculture and Agro-industry (OSAN) of the African Development Bank (AfDB) commissioned a report, “Economic Empowerment of African Women through Equitable Participation in Agricultural Value Chains”. The study, which was launched in Abidjan, Côte d’Ivoire, in August 2015, identifies opportunities for women in four subsectors including cocoa, coffee, cotton and cassava sectors in Côte d’Ivoire, Ethiopia, Burkina Faso and Nigeria, respectively.

According to the report, Nigeria represents Africa’s top producer of cassava with 53 million tons in 2013 – about 20% of global cassava (approximately USD 16 billion in value); however, the country only exported USD 1 million worth of the staple. The global production of cassava was valued at USD 51 billion in 2013 – the highest production value (USD 35 billion) of the four sub-sectors featured in the report, but signifying the lowest export value (approximately USD 1-2 million).

“Nigeria is the largest producer of cassava in the world, but that doesn’t mean anything if we don’t lift women out of poverty. I want us to be the largest processor of cassava in the world as well, and this can be done by adding value to our products and moving women up the value chain,” said Akinwumi Adesina, President of the African Development Bank.

The Nigeria launch of the report took place in Abuja on October 19, 2015, with the AfDB’s Country Director for Nigeria, Ousmane Dore, calling on partners to act on the findings.

“Our objective for commissioning the study was for the African Development Bank to play a decisive role in contributing to the economic empowerment of African women in agriculture,” said Dore. “This event is a call for all our esteemed stakeholders to join forces in a discussion on to how to take this work forward.” 

There are approximately 6 million smallhold cassava farmers in Nigeria alone, and women account for a quarter of these smallholders, but earn only 17% of their male counterparts’ income because their productivity is lower than that of men. According to Geraldine Fraser-Moleketi, the AfDB’s Special Envoy on Gender, “African women feed the continent and they can feed the world, too. But we must close the wide gap in wages and agricultural yields between men and women if Africa is to achieve full economic transformation.”

The report highlights five major constraints that can limit women’s productivity and full inclusion into the agricultural economy, namely: lack of access to assets such as land and modern equipment, limited access to financing, limited training, government policies that fail to address the specific issues faced by women in the sector, and time constraints due to heavy domestic responsibilities.

The report highlighted three broad areas for action that could begin to address the specific constraints women face in each focus country: 

1. Grow the number of large-scale agribusiness entrepreneurs by providing access to financing and training, and improving regional and global market links.

2. Make sure women are remunerated by setting them up as co-owners, improving productivity, and providing training in core business skills.

3. Increase women’s access to niche markets by producing and marketing women-only products.

The role of women is largely limited to the unskilled parts of production: Few own the land on which they work, they are rarely remunerated for their labour and they often do not control the income generated from the sale of agricultural produce.

This report help identify areas that the AfDB and its partners can target to empower women economically through agriculture as the Bank implements its Gender Strategy (2014-2018).

www.afdb.org

Hello, how are you?
It's so typical of me to talk about myself, I'm sorry
I hope that you're well
Did you ever make it out of that town where nothing ever happened?

It's no secret that the both of us
Are running out of time

NgeneUkwenu:
So people Still read Vanguard Newspaper? A very useless and sectional paper..

Miracle4Sure:
That's PDP problem.......Ameachi don become senator

Former minister of Aviation, Femi Fani-Kayode has reacted to the confirmation of the former Governor of Rivers State, Rotimi Amaechi, as a minister of the federal republic of Nigeria by the senate.

Reacting to Amaechi’s confirmation on Thursday, Mr Fani-Kayode said: “Rotimi Ameachi’s confirmation as a Federal Minister is the greatest mockery of the governments so-called war against corruption. It stinks.”

OrlandoOwoh:
You believe that with a person like Buruji Kashamu in the House, Sekibo should be saying anything on morality?