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 Politics › Re: Nigeria To Grow By 0.8% In 2017 – IMF by Truth234(op): 7:23am On Apr 19, 2017 |
NERGP projects 2.19 percent growth rate in 2017. IMF forecast 0.8 percent. Considering the fact that we would still be in recession until at least second quarter. A 0.8 percent is more like it. 2 Likes |
| Politics › Nigeria To Grow By 0.8% In 2017 – IMF by Truth234(op): 7:20am On Apr 19, 2017 |
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. “Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016,” the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected growth in several countries in the region, resulting in 1.4 percent growth of gross domestic product (GDP). Nigeria, the continent’s most populous nation and a leading oil producer, was expected to return to growth in 2017 after a challenging 2016 characterised by recession, a dip in oil prices and energy shortages. “Output in Nigeria is projected to grow by 0.8 percent in 2017 as a result of a recovery in oil production,” said the report, also citing sustained growth in the agricultural sector. South Africa, which was hit by slow growth in 2016 was expected to register a slight improvement of 0.8 percent, up from 0.3 percent in 2016, as the impact of devastating drought was beginning to recede and electricity capacity improved. The continent’s most advanced economy is currently reeling from a recent downgrade to “junk” status by two credit ratings agencies, Standard & Poor’s and Fitch, something which could have an adverse impact on the already anaemic economy. Another regional black gold producer, Angola, which experienced zero growth in 2016, was expected to show improvement this year, thanks to the effects of economic diversification. Although there were signs of recovery in the region, the international lender warned that the outlook remained subdued. “Many of the largest non-resource intensive countries will find it increasingly hard to sustain growth through higher public capital spending, as they have done in the past, in the face of rising public debt and a slowing credit cycle.” It said output growth was expected “only moderately” to exceed population growth over the forecast horizon. Double digit inflation was forecast in several countries, including Nigeria, Angola and Ghana, following a sharp depreciation of their respective currencies in recent months. Tanzania, Kenya, Ivory Coast and Senegal are forecast to lift GDP by between 5-7 percent in 2017. Ethiopia is expected to grow by 7.5 percent. http://investorsking.com/nigeria-to-grow-by-0-8-in-2017-imf/ 1 Like |
| Foreign Affairs › Re: Theresa May Calls For General Election by Truth234(m): 2:31am On Apr 19, 2017 |
Ralphlauren:You don't have to live in the UK to trade global financial markets. In my case, never been to the UK. |
| Foreign Affairs › Re: Theresa May Calls For General Election by Truth234(m): 2:04pm On Apr 18, 2017 |
Ralphlauren:No, read the submission again. It has started declining, for instance, on a three-month average housing price rose 3.8 percent year-on-year from Jan to March. This was below the 10 percent recorded a year ago and also the lowest in almost 4 years. Hence, one of the reasons Theresa May wants to secure her seat ahead of possible disaster. Alarming to us in the Finacial sector. |
| Foreign Affairs › Re: Theresa May Calls For General Election by Truth234(m): 1:43pm On Apr 18, 2017 |
1bkaye:Theresa May is trying to secure her seat ahead of potential catastrophe. Capitalising on two things, the recent poll that showed conservative party is leading with more than 20 points. Two, the economy remains resilient for now even after Brexit was triggered last month. If granted tomorrow she could win, before the Britons start experiencing an economic crisis as consumer spending that has been supporting the economy has started slowing down and so is the retail sales. The housing price is on the decline, same with business confidence. She knows she cannot get the Brexit legislation she needs through the House of Commons with the slim majority she inherited from David Cameron come 2020. |
| Politics › Northern Leaders Kick Against Restructuring by Truth234(op): 5:22am On Apr 13, 2017 |
Northern leaders on Wednesday rejected the calls for restructuring of the country.https://www.thisdaylive.com/index.php/2017/04/13/northern-leaders-kick-against-restructuring// 1 Share
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| Business › CBN Opens Special Forex Window For Smes by Truth234(op): 4:10am On Apr 11, 2017 |
The Central Bank of Nigeria on Monday said it had opened a special foreign exchange window for the Small and Medium Enterprises. The window would enable them to import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, who disclosed this in a statement, explained that the apex bank’s special intervention was necessitated by its findings that a large number of the SMEs were being crowded out of the forex space by large firms. Under the special arrangement, he said enterprises with staff strength of between 10 and 199 and asset base of between N5m and N500m would be offered the opportunity to import eligible items within the approved threshold. Meanwhile, the Central Bank of Nigeria is planning to sell shorter-dated dollar forwards to inject liquidity into the official market and try to support the naira. The local currency weakened on both the official and black markets. The naira fell to 328.50 on the official market but later gained some ground to close at 306.15 after the CBN intervened, Reuters reported. However, the local currency closed at 405/dollar on the black market. In a statement on Monday, the Acting Director, Corporate Communications, Mr. Isaac Okorafor, said, “In the weeks ahead the (central bank) will sustain its intervention through the sale of foreign exchange to all segments of the market. “The bank will sell short-tenured forwards of seven-day to 30-day maturity to meet demand of manufacturers and all other foreign exchange users. “These significant injections of foreign exchange into the market should reassure all foreign exchange users of our determination to continue to meet all legitimate FX demand in the market while striving to achieve exchange rate stability in the market.” On Monday, traders said the bank would auction $100m to be settled between one week and 30 days, as against 60-day contracts it had written previously. The CBN had auctioned $418m at N310 on Friday to airlines, agricultural firms, petroleum and raw material importers in addition to $350m it sold last week to individuals with certain foreign expenses. The CBN has been battling naira volatility brought on by low oil prices, which has plunged the economy into a recession. The multiple exchange policy has masked the pressure the currency is under and made it difficult to attract inflows as investors struggle to price naira assets, Reuters reports quoting analysts. Last week, the International Monetary Fund said the naira was overvalued by around 10 to 20 per cent, and called for changes to Nigeria’s exchange rate policy. http://investorsking.com/cbn-opens-special-forex-window-for-smes/ 1 Like |
| Politics › Re: Understanding The Nigerian Economic Recovery And Growth Plan by Truth234(op): 11:57am On Apr 09, 2017 |
Adesiji77: |
| Politics › Re: Understanding The Nigerian Economic Recovery And Growth Plan by Truth234(op): 3:18am On Apr 09, 2017 |
davide470:These are some of the fundamental problems with Nigerian economy. Instead of the government to lower taxes as a fiscal stimulus to aid the entire economy, few capitalist companies were favoured. These companies make money at the expenses of the masses and pass it on to shareholders with a promise to not lay-off. We need a more holistic approach, you can't be looking to attract investors and increase economic productivity while at the same time planning to increase taxes. It will merely worsen the ease of during business --especially for an economy just coming out of recession. 1 Like |
| Politics › Re: Understanding The Nigerian Economic Recovery And Growth Plan by Truth234(op): 12:51pm On Apr 08, 2017 |
Lalasticlala Mynd44 seun Dominique |
| Politics › Understanding The Nigerian Economic Recovery And Growth Plan by Truth234(op): 12:43pm On Apr 08, 2017 |
The Federal Government on Wednesday formally launched the Nigerian Economic Recovery and Growth Plan (NERGP) to broaden its strategic objectives by restoring growth, build a globally competitive economy and accelerate inclusive growth by investing in the Nigerian people for the next three years, 2017-2020. Here are the breakdown of the key aspects of the plan; Economic Growth The federal government targets Gross Domestic Product of 2.19 percent growth rate in 2017 but expected an expansion of 4.8 percent by 2018, while projecting that in 2019 the economy would moderate to 4.5 percent before hitting 7.0 percent growth rate in 2020. However, while the 2017 economic growth rate is achievable considering current progress, the 4.8 percent forecast for 2018 seems a bit over-ambitious given the current headwinds — especially with the unstable nature of the country’s foreign revenue and the difficulties in generating enough to aid the economy to achieve 4.8 percent growth rate just after economic downturn, cast a doubt on that possibility. Also, the restricted 41 items would have to be reviewed and non-oil sector that has consistently contributed between 89-90 percent to the economy would have to be bolstered with the right monetary and fiscal policy to aid businesses. Another issue is the proposed increase in the federal government’s revenues from N2.7 trillion to N4.7 trillion by 2020. According to the Minister of Budget and National Planning, Udo Udoma, there is need to up tax revenue from the current 6 percent it contributed to the economy to about 15 percent — which is about 150 percent increment. This is counterproductive to the well-crafted plan as manufacturers and businesses would naturally pass on the difference to the consumers, therefore, further increasing the cost of goods, inflation rate, that the FG seek to reduce to a single digit by 2020 and impact productivity even more. Oil Production Accordingly, the federal government seeks to boost oil production from 1.4 million barrels per day (mbpd) in 2016 to 2.2 million bpd in 2017 and subsequently increase production to 2.5 mbpd in 2020. Whereas, OPEC monthly oil report released in March showed Nigeria’s oil production declined slightly in February from 1.533 million bpd recorded in January to 1.526 million. Making the nation the second-largest oil producer in Africa after Angola recorded 1.649 million bpd for the same month. Therefore, for Nigeria to achieve 2.2 million bpd oil output in 2017 as projected in the NERGP, the country would have to start producing above 2.2 million pdp henceforth and up its oil rigs from the current 26 to about 34 recorded in 2014. Which is unlikely given global oil glut that has plunged both the oil prices and investments in new oil and natural gas projects. This is likely to affect the proposed improve oil revenue and further damp other financial projections on the NERGP. Overall, the NERGP remains the only broad economic plan in recent time. However, it failed to converge both the monetary and fiscal policy succinctly enough to address some salient issues that have been confronting lacklustre growth, low productivity, poor job creation and weak consumer spending. Rather, the emphasis was on high taxes in an economy that is looking to attract foreign investors and improve ease of doing business. http://investorsking.com/understanding-the-nigerian-economic-recovery-and-growth-plan/ |
| Foreign Affairs › Re: U.S. Launches Missile Strike On Syria In Response To Gas Attack by Truth234(op): 6:29am On Apr 08, 2017 |
Amoto94: |
| Business › Naira Slides To 405/$ Amid Tight Dollar Supply by Truth234(op): 5:11am On Apr 08, 2017 |
The naira slid to 405 against the United States dollar on the parallel market on Friday amid tight supply of the greenback. This was despite a series of currency forwards sold by the Central Bank of Nigeria this week aimed at clearing demand for the US currency on the official market, traders said. The local unit had dropped to 397/dollar on Thursday, after hovering between 390 and 395 earlier in the week. Following series of CBN interventions in the interbank market and fresh dollar injections for invisible transactions, the naira had appreciated to 375/dollar. Analysts have reacted to the latest rebound of the dollar, saying speculators might be responsible for the loss recorded by the naira. “The Nigerian economy is an import-dependent one. It is a question of demand and supply and the issue here has to do with liquidity. However, we cannot rule out the activities of speculators in this regard,” a currency expert at Ecobank Nigeria, Mr. Kunle Ezun, said. The CBN had on Thursday offered $100m in currency forwards to be settled within 60 days. The central bank has been selling dollars to try to narrow the spread between the naira’s official and black market exchange rates. On Wednesday, the CBN intervened in the Bureau de Change segment of the market, selling $10,000 to operators aside the $10,000 it sold to them on Tuesday. The central bank had also on Monday injected $240m into the foreign exchange market. Specifically, it released the sum of $90m to meet requests for invisibles such as business travel and personal travel allowances, medical and school fees, while the sum of $150m was also made available to authorised dealers in the interbank wholesale auction window on the same day. Economic and financial analysts said the spate of interventions and dollar supply by the central bank would determine the direction of the naira in the coming weeks. The naira closed at 306.2 to the dollar at the interbank market on Thursday, same level it closed the previous day. http://investorsking.com/naira-slides-405-amid-tight-dollar-supply/ |
| Foreign Affairs › Re: U.S. Launches Missile Strike On Syria In Response To Gas Attack by Truth234(op): 5:02am On Apr 07, 2017 |
Rebel says US attack destroyed 14 jets. |
| Foreign Affairs › U.S. Launches Missile Strike On Syria In Response To Gas Attack by Truth234(op): 2:53am On Apr 07, 2017*. Modified: 7:41am On Apr 07, 2017 |
The U.S. launched a cruise missile attack against Syria two days after Bashar al-Assad’s regime used poison gas to kill scores of civilians, an act that drew international condemnation and that President Donald Trump called “an affront to humanity.” The strike early Friday morning in Syria targeted hangars, planes and fuel tanks at one Syrian military airfield, according to a U.S. official. The U.S. attacked with about 60 Raytheon Co. Tomahawk cruise missiles fired from two Navy destroyers. The task of military planners was made riskier by the presence of Russian forces in Syria to support Bashar al-Assad’s regime in its battle against rebel groups that include Islamic State and al-Qaeda fighters but also some backed by the U.S. The decision to strike in Syria marked a stark reversal for Trump, who during his presidential campaign faulted past U.S. leaders for getting embroiled in conflicts in the Middle East. But he said this week that deaths of children among the more that 70 killed in the April 4 attack, images of which were broadcast worldwide, crossed “beyond red lines” and changed his thinking. Xi Meeting The attack occurred while Trump was at his Florida estate after a dinner with Chinese President Xi Jinping, where they were to discuss what to do about North Korea’s nuclear program and U.S.-China trade disagreements. Traveling to Mar-a-Lago from Washington on Thursday, Trump spoke to reporters aboard Air Force One about Assad, saying “what happened in Syria is a disgrace to humanity. And he’s there, and I guess he’s running things. So something should happen.” Soon after, Secretary of State Rex Tillerson appeared in a hastily arranged news conference in Florida — his first in the U.S. since he was confirmed for the job — ostensibly to discuss Xi’s visit. But the real intent was to address the Syria issue, according to a State Department official who asked not to be identified because he wasn’t authorized to speak publicly about the matter. The gas attack, Tillerson said, “violates all previous UN resolutions, violates international norms and long-held agreements between parties, including the Syrian regime, the Russian government, and all other members of the UN Security Council.” The attack “requires a serious response,” he said. Tillerson also had stern words for Russia. “It is very important that the Russian government consider carefully their continued support for the Assad regime,” he said at the Palm Beach airport. While Tillerson told reporters that “steps are under way” to mobilize a coalition to remove Assad, he said that effort would probably come after Islamic State terrorists in the country are defeated and some stability returns to the Middle East country. http://investorsking.com/u-s-launches-missile-strike-on-syria-in-response-to-gas-attack/ mynd44 |
| Business › Re: Naira Overvalued By 20%, Says IMF by Truth234(op): 12:43pm On Apr 06, 2017 |
occam:They are not exchanging at cheaper rate, the current rate is still higher than 305/$ stipulated in the 2017 budget. Responded because you seem more mature. |
| Business › Re: Naira Overvalued By 20%, Says IMF by Truth234(op): 10:37am On Apr 06, 2017 |
LordAdam16:Lol.. Adam relax, this is a mature discussion. Like I stated in my previous post Egypt consumer confidence is at a record low and currently stood at 64. Any average economist don't need to be told why, its simple, low exchange rate increase cost of imported goods and subsequently impact consumer spending and skyrocket inflation rate to 30.2%. The highest inflation rate since November 1986. Adam, Nigeria's inflation without devaluation is 17.78% and expected to improve in the first quarter. Here is a link to the data http://www.tradingeconomics.com/egypt/consumer-confidence?embed http://www.tradingeconomics.com/egypt/inflation-cpi Again, Adam $28.5B is not Egypt highest FDI since 2011, in 2015 Egypt FDI was $44.8B and even before devalution it was $35B in the second quarter of 2016. The $28B was for 2016 third quarter and currently stood at $34.3B. Also, because Egyptian pound was projected to appreciate does not mean it will. Its mere prediction. My friend I am not a politician and you have to apologize for your misconduct before I correspond with you any further. |
| Business › Re: Naira Overvalued By 20%, Says IMF by Truth234(op): 8:29am On Apr 06, 2017 |
Daboomb:Here is an excerpt from a reuters article Senate leader Bukola Saraki told Reuters last month Nigeria needed to sell oil and other assets to avoid a "worst-case scenario" of seeking an International Monetary Fund (IMF) rescue.Since Egypt devalued the Egyptian pound by 48% to meet IMF demands for $12 billion loan last year, the local currency has dropped another 10 percent. Even though, FDI surged due to criminal international capitalists that are always on the look out to profit from weak local currency at the expense of the locals, and the non-oil sector that initially improved due to the low exchange rate has contracted to 45. In fact, the economy is now worse than Nigeria with consumer confidence at all time low. Egyptians are frustrated, while IMF and its capitalist cohorts are smiling to the bank. President El-Sis can't even rest, currently in the US to appease the power that be for crumbs. If IMF is truly the messiah then why are these nations still struggling? Nigeria says NO IMF. 2 Likes 1 Share |
| Business › Re: Naira Overvalued By 20%, Says IMF by Truth234(op): 7:49am On Apr 06, 2017 |
Joavid:There is nothing like injecting dollars into the economy, our foreign revenue is in dollars and needs to be converted to local currency before it can be used to fund 2017 budget. The CBN is not giving out those funds, rather exchanging it for capital projects as stipulated in the 2017 budget. We are in a petrol-dollar economy , we need both to service the economy until will fully diversify. 5 Likes 1 Share |
| Business › Re: Naira Overvalued By 20%, Says IMF by Truth234(op): 7:08am On Apr 06, 2017 |
Adesiji77:IMF is a confused international organisation with little to no real knowledge of the local economy. Imagine, the same IMF that said the Naira would plunge to 1000 against the US dollar without free floating it is now saying Naira is overvalued by 10-20%. Add that difference to the current exchange rate, you will get about 420/$. So what happened to the 1000/$ projection? In Seun Kuti's voice, IMF, International ModaFcker. 55 Likes 6 Shares |
| Business › US Import Of Nigerian Oil Hits 42-month High by Truth234(op): 6:33am On Apr 06, 2017 |
The increase in the United States’ imports of Nigerian crude oil has continued, with a record import of 9.78 million barrels in January, the latest report from the US Energy Information Administration has revealed. Nigeria saw significant reduction in the US imports of its crude in recent years, starting from 2012, following the shale oil production boom. The US import of Nigerian crude fell to 6.17 million in June 2013 from 10.115 million barrels in May and about 40 million barrels in March 2007. In 2014, when global oil prices started to fall from a peak of $115 per barrel, Nigeria saw a further drop in the US imports of its crude from 87.4 million barrels in 2013 to a record low of 21.2 million barrels. For the first time in decades, the US did not purchase any barrel of Nigerian crude in July and August 2014 and June 2015, according to the EIA data. The US almost tripled the volume of crude oil bought from Nigeria last year, with the biggest monthly import of 8.43 million barrels in July. It imported 76.9 million barrels of Nigerian oil in 2016, up from 19.9 million barrels in 2015. Nigeria’s crude oil and condensate production averaged 1.676 million barrels per day in March, a fall of over 200,000 bpd from the previous month, according to the Ministry of Petroleum Resources. The ministry said the country’s oil output was 1,676,045 bpd in March, down from around 1.9 million bpd in February, but it did not provide reasons for the sharp month-on-month fall. However, Platts quoted sources close to the matter as saying the output was down mainly due to maintenance at the Bonga field, which averaged around 150,000-200,000 bpd. Shell said in early March that Bonga production would be shut in for about four weeks to five weeks due to turnaround maintenance and engineering upgrades at the Bonga floating, production, storage and offloading vessel. The nation’s oil production still remains sharply below its capacity of 2.2 million bpd, with the main export grade Forcados still shut in. It plummeted to near 30-year lows of around 1.2 million bpd in May 2016 as attacks on oil facilities in the Niger Delta rose at an alarming pace due to resurgent militancy. But the output has recovered gradually this year as militant attacks have fallen substantially since early January after the government stepped up peace talks with leaders and youths in the Niger Delta to end militancy in the region. The Head of Energy Research, Mr. Dolapo Oni, said the decision by the government to explore negotiating opportunities with militants in the Niger Delta region against the military campaign of the past seemed to be yielding positive result. He said, “The renewed government negotiation initiative being led by Vice-President Yemi Osinbajo has seen him frequently visiting the region in the recent past. Militant attack on facilities has also declined significantly and repair work is being carried out at accelerated pace and fear of militant attacks is subdued. “While it is yet to be ascertained if negotiations could result in a long-time deal, we believe the measure is more reliable than the military option. Recovery in production is critical for Nigeria as the country continues to battle with economic recession and foreign exchange scarcity.” Oni said if the disruptions in the Niger Delta region were allowed to continue, the country would likely fall short of this oil output projection of 2.2 million for 2017. “It is, therefore, necessary for the current effort by the government to yield positive result and we believe recent developments indicate some success so far,” he added. http://investorsking.com/us-import-nigerian-oil-hits-42-month-high/ 2 Likes |
| Business › Naira Overvalued By 20%, Says IMF by Truth234(op): 5:57am On Apr 06, 2017 |
The International Monetary Fund has said Nigeria’s economy needs urgent reform. In a in a report published on Wednesday, it highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document, a report from the IMF staff which Reuters saw an earlier version of last month, outlined a raft of failings in the Federal Government’s handling of the economy and could affect at least $1.4bn in international loans. The report expressed the issue in a more critical tone than the IMF’s board adopted in a statement last week, although it also said Nigeria should lift the remaining foreign exchange restrictions and scrap the system of multiple exchange rates. The Washington-based fund’s analysis came on the same day President Muhammadu Buhari launched the Economic Growth and Recovery Plan in Abuja. But the IMF said the plan, criticised by economists for including few concrete measures, was not enough to drag the economy out of recession. If Nigeria’s economy was to recover, “much more needs to be done”, the IMF said in the staff report, Reuters reported. It also urged the Federal Government to introduce immediate changes to the exchange rate policy – characterised by the Central Bank of Nigeria curbing, multiple exchange rates and an artificially high naira valuation – or risk “a disorderly exchange rate depreciation.” That naira overvaluation is “somewhere to the tune of 10 to 20 per cent,” the IMF’s Mission Chief for Nigeria, Gene Leon, said in a separate telephone media briefing. Additionally, Leon said the Federal Government’s 2017 projections for non-oil revenues were more optimistic than the IMF’s, and the government needed to increase tax levels to diversify its income. The Presidency, Budget and Planning ministry, Finance ministry and the CBN did not immediately respond to requests for comment, Reuters reported. The fund said the Federal Government officials were concerned about the IMF staff report’s view. The government had said further measures were under way which included the implementation of a more flexible foreign exchange market and “maintaining tight monetary policy to underpin price stability”, according to the IMF report. http://investorsking.com/naira-overvalued-20-says-imf/ 3 Likes |
| Politics › Re: The Birth Of A Nation - Truth234 by Truth234(op): 11:34am On Apr 05, 2017 |
TonyeBarcanista:Thanks Erudite Tonye 1 Like 1 Share |
| Politics › Re: The Birth Of A Nation - Truth234 by Truth234(op): 11:15am On Apr 05, 2017 |
Seun, mynd44 and others where is my birthday gift? |
| Politics › The Birth Of A Nation - Truth234 by Truth234(op): 11:13am On Apr 05, 2017 |
With the recent developments across the country, there is no doubt a new nation is in the making. The Nigeria we used to know is metamorphosing into a New nation, but what is surprising is the strength of the youths, from the North to the South and the East to the West, the youths are not just clamouring for a change but also revolting against an archaic conventional system that has not just plunged the nation into an economic recession but designed to fail. The voiceless have suddenly realized how indestructible they can be if merged and has since harnessed their tools, while the one percent minority but powerful are wary of this growing voices. It is paramount to underscore and celebrate these voices, while highlighting our collective progress thus far. Since Nigeria slid into economic recession in the second quarter of 2016, the new administration has made changes to the existing policies or in some cases overhauling the entire system. However, it is important to stress that this administration didn’t start this change, this change begins from the People’s Democratic Party (PDP) who laid the foundation and built the biggest telecommunication sector in Africa and one of the biggest in the world, built the modern train networks, restructured the refineries and broadly industrialized the economy. While it wasn’t a flawless era, it gave birth to the pervasive social media campaign that shifted the power from the minority to the voiceless majority and was a key factor in unseating the incumbent president for the first time in the history of the nation. Today, Nigeria is not just the largest economy in Africa but also one of the best global investment destinations. This new status has helped attracts people like Mark Zuckerberg, Facebook co-founder and CEO, top global investors like Tiger Global, Omidyar Network etc., and most importantly allowed the youths to find solutions to local problems while creating jobs by building companies like Payporte, Hotel.ng, Paga, Iroko Partners, Jobberman, Konga, Flutterwave, etc. Also, it’s imperative to highlight the 81 young Nigerian innovators presented N756.3 million grant on Tuesday in Abuja by the Vice President Yemi Osinbajo under the Federal Government’s economic empowerment initiatives to further affirm government commitment to growth and development. However, all these won’t be possible without voices like Omoyele Sowore of Sahara Reporters, Chimamanda Ngozie Adichie, Japhet omojuwa, my friend Gbenga Aborowa, Seun Kuti, Vibrant TonyeBarcanista, Objective PassingShot, Area father Charle Boy, Femi Fani-Kayode and a host of others that are using their Facebook, Nairaland, Twitter and Instagram platforms to call out injustice and proffer solutions to salient issues. They’ve not just given birth to a new Nigeria but remain the voices of those still not reached. Today, April 5th is my birth and I just wants to celebrate our strengths, diversity and future. http://investorsking.com/the-birth-of-a-nation/ |
| Business › Naira Gains On Fresh Dollar Supply, Now 390/dollar by Truth234(op): 5:27am On Apr 05, 2017 |
The naira recorded a gain against the United States dollar on the parallel market on Tuesday, a day after the Central Bank of Nigeria injected $240m into the foreign exchange market. The local unit rose from 395/dollar on Monday to 390/dollar on Tuesday as the new forex supply weighed on the market. The CBN had on Monday released the sum of $90m to meet requests for invisibles such as business travel and personal travel allowances, medical and school fees. The apex bank also offered a total of $150m to authorised foreign exchange dealers in the interbank wholesale auction window same day. The development brought to $240m the total amount of forex released by the regulator on Monday. The regulator also adjusted the sale day of forex to Bureau De Change operators to Tuesdays only to reduce logistical difficulties. As a result, the central bank would sell $10,000 only to low-end forex dealers once a week, instead of $8000 a week previously. Economic and financial analysts said the spate of interventions and dollar supply by the central bank would determine the direction of the naira in the coming weeks. On the back of the previous forex supply by the CBN, the naira had appreciated to 375/dollar early last week. The local currency, however, weakened to 383/dollar on Thursday before dropping to 390/dollar on Friday. “The latest dollar injection is yet to fully percolate into the forex market; when that happens, the naira will appreciate further,” a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said. The naira closed at 306.25 to the dollar on Tuesday at the interbank market, compared with 306.30 the previous day. Meanwhile, the CBN said on Tuesday it would offer dollar forwards to be delivered within two months to offset a backlog of matured foreign exchange obligations to manufacturers, airlines, fuel importers and agriculture businesses. “Authorised dealers’ accounts with the central bank will be debited in full for the naira equivalent of the dollar bid amount on a spot basis,” the bank said in a notice to commercial lenders. “The central bank will settle the bids through forward settlements of two months,” the CBN added without specifying the amount of dollars to be sold. http://investorsking.com/naira-gains-fresh-dollar-supply-now-390dollar/ |
| Business › CBN Directs Banks To Pay Cash To Forex Users by Truth234(op): 5:29am On Apr 04, 2017 |
The Central Bank of Nigeria on Monday directed all banks to pay cash over-the-counter to desiring foreign exchange customers. The directive, according to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, was issued to further ease the access of customers to foreign exchange. He said that the apex bank had also released the sum of $240m to meet genuine demands from users of foreign exchange. Out of this amount, he stated that the CBN released the sum of $90m to meet requests for invisibles such as business and personal travel allowances, as well as medical and school fees. He added that the balance of $150m was offered to authorised forex dealers in the interbank wholesale auction window. Okorafor also disclosed that the apex bank had adjusted the sale of forex to the Bureau De Change operators to Tuesdays only in order to reduce logistical difficulties. He added that henceforth, the CBN would sell $10,000 only to low-end forex dealers once a week. While urging the banks to oblige the genuine requests of customers, he advised customers to report any uncooperative bank to the CBN through available platforms. The CBN has since the beginning of last month made offers and releases to the interbank foreign exchange market in its bid to sustain forex supply to different categories of users. http://investorsking.com/cbn-directs-banks-pay-cash-forex-users/ |
| Properties › Re: Virtual Office Available On The Mainland,lagos (pics Incl) by Truth234(m): 5:11am On Apr 01, 2017 |
website, more pix |
| Business › External Reserves Hit Two-week Low As Naira Weakens by Truth234(op): 4:06am On Apr 01, 2017 |
The country’s external reserves fell to a two-week low and the naira eased on the black market on Friday after the Central Bank of Nigeria pledged to step up dollar sales. This came just as the CBN said it would announce a new exchange rate for Bureau De Change Operators next week, Reuters reported. The central bank had on Tuesday set a rate of N362/dollar for the BDC operators to sell the greenback to customers, an 11 per cent rise over the 399 it set in January. The CBN has been selling the dollars on the official market in order to narrow the spread with the black market rate, which was quoted at a record low of N520 per dollar a month ago. On Friday, the black market naira rate, which has firmed 17 per cent since last month due to central bank dollar sales on the official market aimed at narrowing the spread, eased by 1.8 per cent to 390/dollar, Thomson Reuters data showed. The naira held its level at 306.35 to the dollar after the central bank sold $1.5m on the spot market. The CBN had on Thursday said it would increase the amount it was offering to the BDCs to $10,000 per member from $8,000, but would announce a new rate on April 3. Traders said the new rate announcement had created uncertainty and caused the naira to trade weaker on the black market. But dollar buffers have started to decline. Traders estimate that the bank has sold more than $1bn in currency forwards since last month to boost liquidity. The external reserves, which have risen by 16.1 per cent since the start of the year, stood at $30.29bn by March 29, but are still far off their peak of $64bn, hit in August 2008, the CBN data showed. The International Monetary Fund on Thursday urged the Federal Government to lift the remaining foreign exchange restrictions and scrap the system of multiple exchange rates in order to revive the economy. Economic and financial experts said they were not sure if the CBN would continue to intervene in the market, especially as the price of oil continued to decline slightly in recent times. Some analysts believe the central bank may not cut further the N360/dollar rate set for the sale of the greenback for invisibles by commercial banks. http://investorsking.com/external-reserves-hit-two-week-low-naira-weakens/ |
| Travel › UK Deports 23 Nigerians Over Immigration Offences by Truth234(op): 11:38am On Mar 31, 2017 |
The United Kingdom Government on Friday deported 23 Nigerians for various immigration offences in the country. The all male deportees arrived at the Murtala Muhammed International Airport, Lagos at about 6 am in a chartered aircraft. The spokesman for the Nigeria Police Force, Lagos Airport Command, Joseph Alabi, confirmed the development. The deportees were received by officers of the Nigeria Immigration Service, the National Agency for the Prohibition of Trafficking in Persons and the Police. Also on ground to receive them were officials of the Federal Airports Authority of Nigeria. The deportees were profiled by immigration authorities before they were allowed to leave for their respective destinations. http://investorsking.com/uk-deports-23-nigerians-immigration-offences/ |
| Politics › FG To Explore Tunnelling Technology In Transportation by Truth234(op): 5:22am On Mar 31, 2017 |
The Federal Government has disclosed plans to leverage on tunnelling technology to address the problem of population explosion and transportation in urban centres. The Minster of Transportation, Mr. Rotimi Amaechi, made this known at the first Nigeria International Tunnelling and Underground Space Conference organised by the Tunnelling Association of Nigeria in Lagos on Thursday. According to the minister, who was represented by the Managing Director, Nigerian Railway Corporation, Mr. Freeborn Okhiria, underground space development will be a major inter-ministerial commitment to respond to the country’s infrastructure needs. He said the government could leverage on the vast potential and possibilities in tunnelling technology to address the major fundamental problems currently hindering infrastructural development, especially in urban centres. Amaechi stated, “Other nations are doing it, so why not Nigeria? We are, therefore, eager to tap into what this global knowledge has to offer Nigerians and the Nigerian state for the overall good of our people towards achieving excellence and sustainable development in line with global trends. “According to the draft National Integrated Infrastructure Master Plan of 2013, Nigeria needs about $2.9tn in 30 years to close its infrastructural gap; that was the period the country was spending $10bn on its infrastructure at lower interest rate. “Recent reports (2016) suggest that the country requires $12bn to $15bn annually for the next six years to meet the infrastructure requirements. At current market rates, this amount to over N7tn per year. Closing this gap, therefore, demands commitment from the government, but surely not without the inclusion of all Nigerians and relevant stakeholders in the key sectors for the development of our infrastructure.” The Chairman, TAN Ad Hoc Committee, Mr. Abidemi Agwor, said there was a need for effective use of underground space as much as the surface. The President, International Tunnelling Association, Mr. Tarcisio Celestino, said tunnels would decrease road accidents and fatalities as well as address the problem of space scarcity in cities. The President, Nigerian Society of Engineers, Mr. Otis Anyaeji, who was represented by Mr. Emmanuel Akinwole, noted that investing in tunnels would provide a window through which the country’s economic development could be measured. “Government needs to review current procedure to infuse underground space in planning,” he said. The Vice President, International Commission on Large Dams, Mr. Imo Ekpo, said tunnelling would help the country to cope better with its growing population and industrialisation. http://investorsking.com/fg-to-explore-tunnelling-technology-in-transportation/ 1 Like |
| Career › Nigerian Pilot, Ademilola Odujinrin, Makes History As First African To Fly The W by Truth234(op): 1:28pm On Mar 30, 2017 |
A Nigerian pilot who works for Air Djibouti has become the first African pilot in history to fly solo around the world. Ademilola “Lola” Odujinrin completed the final leg of his historic journey Wednesday afternoon, landing safely at Washington Dulles International Airport. The pilot has completed the entire circumnavigation in a Cirrus SR22, stopping in more than 15 countries on five continents, returning to Washington DC, where his journey began back in September. The flight is part of Project Transcend, a foundation which aims to inspire young people to achieve their goals, regardless of their personal circumstances. Ademilola says: “Ever since I was a child, I dreamed of one day flying around the world. We have a responsibility to lead by example and follow our dreams. I want African children to think: ‘I can do this too!’” I would like to extend my sincere gratitude to Air Djibouti’s Chairman, Aboubaker Omar Hadi, and Cardiff Aviation’s Chairman, Bruce Dickinson, who have supported me throughout this journey. Without them, this would not have been possible.” Both formed part of a high-level delegation to welcome the historic aviator on the tarmac at Dulles Airport, including: the Ambassador of Djibouti to the United States, His Excellency, Mr. Mohamed Siad Doualeh; Senior Director of Strategic Planning for Djibouti Ports & Free Zones Authority, Mr. Dawit Michael Gebre-ab; and Chief Operating Officer of Air Djibouti, Mr. Moussa Houssein. Other distinguished guests included the CEO Africa World Press, which plans to publish a book on the journey. Ademilola has logged over 4,000 hours as a commercial Boeing 737 pilot since earning his pilot licence six years ago. The Chairman of Air Djibouti, Aboubaker Omar Hadi, says: “By supporting initiatives like Lola’s flight around the world, Air Djibouti hopes to inspire a new generation of pilots in Africa and help to pave the way for the aviation industry to thrive in the region. “The benefits will be felt within the region, as this will encourage more intra-African trade and sustainable economic development. “With the commencement of the Single African Air Transport Market set for June 2017, air travel in the continent is positioned to grow rapidly and become a key contributor to the region’s economic and social development.” Globally, the aviation industry represents a massive opportunity for African economies to play a larger role. It is estimated that 2017 alone will see approximately four billion airline passengers worldwide, as well as over 50 million tonnes of cargo being transported by air. http://investorsking.com/nigerian-pilot-ademilola-odujinrin-makes-history-as-first-african-to-fly-the-world-solo/ 1 Like
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