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PoliticsRe: In Anambra, Fed Govt To Unveil Shoe Warehouse, Procures Shoe Manufacturing Equi by Sunofgod(m): 11:11pm On Mar 15, 2020
See office...... no pc in site just clutter.
PoliticsRe: Crashing Oil Price, Reason To Diversify Economy – Buhari by Sunofgod(op): 11:09pm On Mar 15, 2020
lol.....it's too late already!
PoliticsCrashing Oil Price, Reason To Diversify Economy – Buhari by Sunofgod(op): 11:08pm On Mar 15, 2020
The President, Major General Muhammadu Buhari (retd.), has said that the sudden crash in crude oil price by 45 per cent heightens the need for Nigeria to promote growth in other sectors of its economy.

Buhari stated that the development, occasioned by the outbreak of coronavirus, would seriously affect the ability of the Federal Government to deliver planned infrastructure, especially with the impact on oil revenue.

The President spoke on Wednesday night at the Presidential Villa during a dinner he hosted for participants of the “Going for Growth 2.0 Roundtable.”

The round-table session, which was held earlier same day, was organised by the Central Bank of Nigeria in collaboration with the private sector to discuss challenges of the Nigerian economy and proffer solutions.

Buhari said, “The onset of the coronavirus in December 2019, which has spread to over 100 countries, is having a significant impact on global growth, as well as commodity prices such as crude oil, which has dropped by over 45 per cent since January 2020.

“These external challenges have only served to reinforce the importance of ensuring that Nigeria is self-sufficient in the production of strategic goods.

“They have also highlighted the fact that we need to continue to implement measures that would enable growth in other sectors of our economy and reduce our dependence on earnings from crude oil.

“For these objectives to be achieved, the vital role of the Nigerian private sector cannot be disputed or overemphasised.”

The President stated that his administration had long taken the diversification of the economy as a policy it must implement as a long-term solution to crude oil market volatility.

He called on the private sector to play a supportive role in achieving the self-sufficiency objective, while the government too would do everything within its means to promote the private sector.

The CBN’s Governor, Mr Godwin Emefiele, told the session that the roundtable was a follow-up to the first one held in Lagos in June, which led to the bank increasing credit to the real sector by N1.9tn.

Emefiele explained that the second session was timely, coming amid the coronavirus pandemic and the crude oil price crash.

He said, “The coronavirus has affected global supply chains in key markets and has resulted in significant reductions in the demand for goods and services by consumers.

“More importantly, the impact of the coronavirus has led to a 45 per cent decrease in the price of crude oil since the beginning of the year. It is expected that global growth would also drop in 2020.

“Given our dependence on crude oil for close to 80 per cent of our export earnings and 50 per cent of government expenditures, the drop affects the government’s ability to meet its capital and infrastructure funding objectives.”

The CBN governor informed Buhari that in the days ahead, the recommendations of the round-table session would be forwarded to his office.

Meanwhile, at a separate event, Vice-President Yemi Osinbajo praised Nigeria for moving up on the World Bank’s Ease of Doing Business rankings.

“What is more important than moving up in the rankings is the need to ensure that all our efforts translate into long-term sustainable growth for the economy,” Osinbajo said.

He spoke at the third edition of the Presidential Enabling Business Environment Council awards held at the State House Banquet Hall, Abuja.

The VP urged stakeholders to make the Nigerian business environment very competitive to remain atop on the African continent.

https://punchng.com/crashing-oil-price-reason-to-diversify-economy-buhari/
BusinessRe: Naira Devaluation Likely Soon Due To Oil Price Slump by Sunofgod(op):
Naira wey dey worthless already?......buy dollars now!
BusinessNaira Devaluation Likely Soon Due To Oil Price Slump by Sunofgod(op): 10:57pm On Mar 15, 2020
The Nigerian central bank will be unable to maintain the naira’s value for much longer as a slump in oil prices drains foreign reserves, according to a Bloomberg survey of investors and analysts.

Seven of 16 respondents expect the currency to be devalued in the third quarter, while four forecast a downward adjustment as early as the second quarter. Another three foresee a devaluation in the fourth quarter and two next year.

Oil prices collapsed this week after the world’s biggest exporters failed to agree on how to respond to a drop in demand as global economic growth slows because of the spreading coronavirus. Nigeria is Africa’s top crude producer.

Since the virus first appeared in China late last year, the naira has weakened 1.3% on the spot market to 366.63 per U.S. dollar. The currency’s decline picked up pace in February, when reserves fell more than 4.5% to $36.1 billion.

Nigerian central bank spokesman Isaac Okorafor declined to comment on the survey. Nigerian presidency spokesmen Femi Adesina and Garba Shehu didn’t respond to emailed requests for comment and neither answered calls to their mobile phones.

Although the naira is at its weakest since August 2017, when it was last devalued, it has traded in a narrow range in that period under the management of the central bank.

“If the base and bear case scenarios play out, it’s difficult to imagine the Central Bank of Nigeria being able to hold the currency at these levels,” analysts at FirstRand Ltd.’s Rand Merchant Bank wrote in a research note. They estimate the naira is 17% overvalued.

The central bank will likely opt for a devaluation of between 10% and 15%, according to 10 of the survey participants. Four expect a devaluation of between 5% and 10% and the rest foresee an adjustment of at least 20%. A previous survey conducted in February forecast the naira wouldn’t be devalued until 2021.

Concerns of a devaluation have also weighed on Nigerian stocks. The benchmark index in Lagos fell 1.8% on Thursday, taking its decline in the past five days to more than 12% and dragging the gauge to levels last seen in early 2016.

Reserves Burned

To keep the naira stable, central bank Governor Godwin Emefiele has burned through a quarter of the nation’s reserves since June. He’s also restricted importers’ access to hard currency and stepped up the sale of high-yielding government debt known as OMO bills.

The bank could opt for more capital controls to sustain the naira. A stable currency is critical to President Muhammadu Buhari’s plan to revive local industries and wean the economy off oil.

Emefiele has vowed to keep the naira steady, saying in late November that the slide in reserves wasn’t a cause for concern.

“We will not hesitate to deploy additional measures to shield the Nigerian economy from headwinds,” he said at a conference in the capital, Abuja, on Wednesday.

Participants in the survey, conducted March 9-10, included money managers, analysts and economists based in Nigeria and abroad. Most asked for their submissions to remain anonymous.

Oil futures fell more than 30% in New York and London on Monday, the biggest drop since the Gulf War in 1991, before recovering some ground. Crude sales account for about half of Nigerian government revenue and 90% of the nation’s exports.

https://www.energymixreport.com/naira-devaluation-likely-soon-due-to-oil-price-slump-survey/
PoliticsRe: - by Sunofgod(m): 10:52pm On Mar 15, 2020
Nigeria is too uncivilised for a such....
PoliticsLagos Explosion Unfortunate – Buhari by Sunofgod(op): 10:47pm On Mar 15, 2020
PRESIDENT Muhammadu Buhari on Sunday night commiserated with families of victims of a pipeline explosion in Abule Ado, Amuwo Odofin local government area of Lagos State.

The President also condoled with the Lagos State government and all residents affected by the unfortunate incident that killed at least 15 people and injured several others.

President Buhari in a statement signed by his Senior Special Assistant on Media and Publicity, Garba Shehu, described the incident as a national tragedy.

“A misfortune of whatever scale anywhere is a tragedy to the country, and while the NNPC makes efforts to determine the cause of the incident, I send my deepest and profound sympathises to the victims, their families, government and people of Lagos State.”
https://www.vanguardngr.com/2020/03/lagos-explosion-unfortunate-buhari/

PoliticsRe: It's Now More Than Ever That I Wish My President Traveled by Sunofgod(m): 10:39pm On Mar 15, 2020
matify83:
Seeing that Covid-19 is hell bent on decimating the population of the aged as they have borne the full wrath of the pandemic the most.

Fatality rate is Highest amongst the aged especially those who have other associated debilitating ailments.

With Britain contemplating self isolation for people 70 years and above for about 4 months, Italy and Spain on lock down, Canadian PM on self isolation and Spanish PM positive for Covid, my president has suddenly gone into "hermit mode".

This pestilence is threatening to fling most economies into recession as most economic activities are at a standstill especially in countries where social distancing is being enforced to delay the spread of the virus.

Panic buying has emptied most supermarket shelves and people's houses have now been transformed into "shoprite" all in a bid to avoid the looming apocalypse.

It was reported that 50 vessels laden with our oil were roaming the high sea looking for buyers that are not forthcoming. China that hitherto before now guzzled most of the world's oil to run their industries have been preoccupied with fighting for their own survival from what they have accused the American's of releasing in their backyard.

With fewer confirmed cases in Africa, the dark continent is now the preferred place to be as we can glean from the refusal of our president to do anymore foreign "waka"

I can safely guess that our "Airforce one" has never been grounded for this long.

I want to quote some nairalander by saying : Mr PMB, please travel to your usual London, we want to test something.
Lol.....Bubu is in self isolation in the other room!

Aisha is enjoying this period
HealthRe: Chinese Health Workers Take Off Facemasks To Celebrate Fall In Coronavirus Cases by Sunofgod(m): 10:04pm On Mar 15, 2020
I'm suspecting these chinese people.......have they found a cure they're not sharing?
PoliticsRe: Condolence messages for Mother Of Kogi State Governor by Sunofgod(m): 10:01pm On Mar 15, 2020
Coronavirus....
TravelRe: Coronavirus: Nigerian Embassy In U.S. Suspends Passport Interviews, Biometric by Sunofgod(m): 9:59pm On Mar 15, 2020
Na wa oh....next US suspends any flight containing Nigerians.
HealthRe: COVID-19: Government Cautions Against Travel To Ghana Over New Cases -NCDC by Sunofgod(m): 9:34pm On Mar 15, 2020
The virus don enter....
PoliticsRe: Breaking News:governor Yahaya Bello Of Kogi State Just Lost His Mum by Sunofgod(m): 8:37pm On Mar 15, 2020
Who cares?
CrimeRe: Breaking !!! IGBERE TV Boss Regains Freedom by Sunofgod(m): 7:43pm On Mar 13, 2020
Journalism is suicide in Naija.......
PoliticsRe: Ugwuanyi: We Have Appropriated ₦3.4 Billion For SME Industries In 17 LGAs by Sunofgod(m): 7:41pm On Mar 13, 2020
Bragger...
SportsRe: CAF postpones 2021 AFCON Qualifiers Indefinitely by Sunofgod(m): 7:29pm On Mar 13, 2020
Why na?
PoliticsRe: Russian Trolls Meddling In 2020 US Elections Take Cover In Nigeria - CNN by Sunofgod(m): 7:26pm On Mar 13, 2020
Trump go finish naija final be dis.....
PoliticsRe: Sanusi Preparing To Leave Awe With El-Rufai (Photos) by Sunofgod(m): 4:48pm On Mar 13, 2020
Hes under sharia arrest na?
HealthRe: Coronavirus: What Is The Fate Of Nigerians Abroad? by Sunofgod(m): 4:44pm On Mar 13, 2020
Only a mad man would consider returning to Nigeria because of corona..... you stand a better chance of survival outside Nigeria. Boko Haram and Buhari remain more deadly.
Foreign AffairsRe: Brazilian Official Who Met Trump And Pence At Mar-a-lago Tests Positive For Coro by Sunofgod(m): 9:38pm On Mar 12, 2020
Fake News..... grin
SportsRe: Coronavirus: UEFA Postpones Man City/Madrid, Juventus/Lyon Matches Indefinitely by Sunofgod(m): 9:20pm On Mar 12, 2020
Everything scatter...
PoliticsRe: Election Tribunal Orders Substituted Service On Governor Diri by Sunofgod(m): 7:28pm On Mar 12, 2020
Email dem na.....with read receipt!
PoliticsRe: Mele Kyari: Nigerians Should Prepare For 3 Months Trouble Over Oil Price Crash by Sunofgod(m): 7:45pm On Mar 11, 2020
budaatum:
Price of petrol at the pump in UK has remained the same too.

Anyone anywhere seen petrol price drop?
Yes ohh.....by a whole 2p per litre!
PoliticsRe: Mele Kyari: Nigerians Should Prepare For 3 Months Trouble Over Oil Price Crash by Sunofgod(m): 7:22pm On Mar 11, 2020
We've become used to it......
PoliticsRe: Tunji Bello: Lagos To Experience 240 Days Of Rain In 2020 by Sunofgod(op): 11:00pm On Mar 10, 2020
Upworkwriter007:
Pls Goan fuel your gen, cose to me, its like saying that there won't be light for 240-270 days
Excellent advise...... huh
PoliticsRe: Beautiful Lady Sent Back At National Assembly For Wearing This (photos) by Sunofgod(m): 10:11pm On Mar 10, 2020
My eyes were drawn to the breasts first.....the dress is cryptic.
Foreign AffairsRe: Earthquake Rocks Italy Amid Coronavirus Outbreak by Sunofgod(m): 10:08pm On Mar 10, 2020
End times..... Seems Vatican city is being targeted?
PoliticsRe: Tunji Bello: Lagos To Experience 240 Days Of Rain In 2020 by Sunofgod(op):
PoliticsTunji Bello: Lagos To Experience 240 Days Of Rain In 2020 by Sunofgod(op): 10:07pm On Mar 10, 2020
Commissioner for the Environment and Water Resources, Dr Tunji Bello, has urged residents of Lagos State to prepare for likely consequences of 240-270 days rain with the 2020 rainfall predicted to begin in March 19 and end Nov. 22.

Bello made this known at a news conference on the 2020 Seasonal Rainfall Predictions and Prevention of Flooding in Lagos, held at the Ministry’s Conference room on Tuesday.

According to him, it is necessary to inform Lagos residents about the 2020 rainfall prediction by the Nigerian Meteorological Agency (NIMET).

“Seasonal Rainfall Prediction (SRP) is to allay fears of residents and prepare them ahead for the likely consequences of the rain,” he added.

Bello said that rainfall prediction for Lagos in 2020 was a near-normal one, saying that Ikeja was expected to have about 1,526 millimeters, while Badagry was 1,759 millimeters.

According to him, Lagos with 1,714 millimeters, Ikorodu with 1,690 millimeters and Epe with 1,730 millimeters.

The commissioner said that before the rainy season, a couple of rainfall was expected to occur which would be enormous and tend to give a false start to the rainy season.

“Lagos Island is expected to have a rainfall onset date of March 19, with an error margin of three days, while its cessation date is expected to be Nov. 26.

Read Also: NiMet warns disaster managers to prepare for excess rainfall events
“It is also expected that Lagos Island will have about 252 days of rainfall and about 1,714 millimeters of rainfall over the year.

“It can be deduced that Lagos State shall experience a rainy season of 240-270 days, while the maximum annual rainfall is predicted to be 1,750 millimeters.

“Year 2020 will likely experience days with extremely high rainfall amount which may result in flooding.

“Another contributory factor to possible flooding in the state is sea level rise.

“This poses the biggest risk to coastal areas and the state’s drainage infrastructure, as anytime there is high tidal movement, it may “lock up” the discharged points of drainage channels and until it recedes, there will be no discharge.

“Such occurrences also caused back flows, resulting to flooding but as soon as the Lagoon recedes, all generated storm water run-off will immediately discharge and our roads will be free,” Bello said.

He assured Lagos residents that the state would continue to reap the gains of planning, as the flood control measures in the state had been stepped up to contain any unforeseen weather condition.

The commissioner added that relevant measures had been put in place in preparation for the 2020 rainy season.

Bello said the state was determined to maintain and sustain the long-established synergy and partnership with Ogun-Osun River Basin Development Authority.

He said the partnership had ensured control and monitoring of steady and systematic release of water from Oyan Dam to prevent flooding of the release of the downstream communities.

He said the emergency Flood Abatement Gang under Drainage Maintenance Department of the Ministry had been consistently de-silting and working on secondary collectors and conduits, to enable them discharge efficiently and act as retention basins.

Bello promised to beef up the ministry’s enlightenment efforts to sensitise and advise communities in coastal and low-lying wetland areas of the state, to move upward to avert needless loss of lives and property when the need arises.

He said the ministry would also serve abatement notice to owners of illegal structures, violators of buildings, regulations on drainage alignments tenements and institutions discharging solid waste in water bodies.

Bello, however urged media to support the state government under the leadership of Gov. Babajide Sanwo-Olu to sensitise Lagos residents who resided along flood plains of major rivers and drainage channels to always be on the alert and ready to relocate to higher grounds when the need arises.

He advised residents to report cases of drainage blockages, dumping of waste into other unauthorised places.

Bello said that telephone numbers of all the state drainage engineers would be available in the 57 Local Government Areas and Local Council Development Areas of the state to attend to all needs before, during and after the rainy season.

He, however, appealed to the people to support government efforts by complementing the state government through regular clearing of drains in their frontages to ensure free-flow of storm water.

He warned residents to desist from dumping refuse into drainage and on the roads.
https://thenationonlineng.net/240-days-lagos-rainfall-starts-march-19-says-commissioner/

PoliticsRe: Coronavirus: CBN Advises Nigerians To Adopt Alternative Payment Methods by Sunofgod(op):
Utter bullshhit...
PoliticsCoronavirus: CBN Advises Nigerians To Adopt Alternative Payment Methods by Sunofgod(op): 10:00pm On Mar 10, 2020
The Central Bank of Nigeria (CBN) on Tuesday advised Nigerians to adopt alternative payment methods like electronic transfers to avoid the spread of Coronavirus. The CBN Director of Corporate Communications, Mr Isaac Okoroafor, gave the advice in a telephone interview with the News Agency of Nigeria (NAN) in Lagos.

He said one of the ways people could contact the disease was by touching a surface or object that had the virus and then touching one’s mouth, nose or possibly the eyes. “In times like this, it is advisable for Nigerians to adopt alternative payment methods such as electronic transfers, internet banking, USSD, etc, to avoid the disease – Covid-19.

“The Naira note is one surface that people touch every day. It will be wise for us to wash hands after handling money, especially if you are eating or touching food,” he said. Okoroafor said these alternative payment methods with the benefits, were well developed and worked well. He said: ”Its efficiency has minimised liquidity, settlement, systemic credit and operational risks which were inherent in financial transactions. “It is secured, reliable, accessible, prompt and cost effective to meet all users’ needs. Nigerians should use it.’’

The CBN director reiterated the need for Nigerians to handle the Naira with care and pride, describing it as a symbol of our identity and value. He warned Nigerians against stepping on, squeezing, defacing or staining the naira notes. Okoroafor also warned that it should not be sold or counterfeited
https://www.vanguardngr.com/2020/03/coronavirus-cbn-advises-nigerians-to-adopt-alternative-payment-methods/

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