₦airaland Forum

davide470:
From the attached picture, the only area we can fully leverage on, after the Brexit is Taking the Market Share of the Mineral Fuels which would be highly competitive.

Except we develop strategies; value propositions, to explore other available opportunities that would arise from the June 23 referendum, i am afraid the status quo would remain.

Aside Oil, most of UK inflows goes into the Capital and Money Market. This is the time interest rates need to go down and other attractive opportunities are pushed forward!

I wonder what the NESG - Nigerian Economic Summit Group is even doing sef.

Rightly said, the whole Brexit process will take at least two years. We have that much time to strategize and tap into numerous opportunities Brexit will be presenting. Good morning!

erico2k2:
And security and Jobs has nothing to do with population ? ?
Some people's reasoning sha

I don't insult people on here, but people like you should know when to shut up. The U.K is opening its market up to the world to attract not just European counterparts but the entire world. If the population is the issue and not the need to forge a new path that allows the nation to make its own rules, decide who to deal with and most importantly take charge of its border. Then why the ongoing business/investment reform with Australia, Japan and China to bolster her investments? According to Theresa, this will allow them to play bigger roles and open their door to skilled labours and desirable talents that can help build the new U.K outside the EU.

Like she said the EU is more vulnerable now than it has ever been and they need the U.K to help prevent potential attacks has they've done in the past.

Amoto94:
I'm afraid that our current crop of ministers aren't capable of negotiating a good deal most especially Minister of Foreign Affairs and that of Trade and Investment

Dr. Okechukwu Enelamah is actually one of our finest brains. But I don't know what happened since he became the minister of industry, trade and investment he has not lived up to his own standard and was fingered in MTN $13 billion transfer. So I don't really know.

Following June 23 referendum, Prime Minister Theresa May on Wednesday delivered Brexit proposed methodology to Donald Tusk, the President of the European Council.

Here’s Theresa May’s letter to Donald Tusk in full

On 23 June last year, the people of the United Kingdom voted to leave the European Union. As I have said before, that decision was no rejection of the values we share as fellow Europeans. Nor was it an attempt to do harm to the European Union or any of the remaining member states. On the contrary, the United Kingdom wants the European Union to succeed and prosper. Instead, the referendum was a vote to restore, as we see it, our national self-determination. We are leaving the European Union, but we are not leaving Europe – and we want to remain committed partners and allies to our friends across the continent.

Earlier this month, the United Kingdom Parliament confirmed the result of the referendum by voting with clear and convincing majorities in both of its Houses for the European Union (Notification of Withdrawal) Bill. The Bill was passed by Parliament on 13 March and it received Royal Assent from Her Majesty The Queen and became an Act of Parliament on 16 March.

Today, therefore, I am writing to give effect to the democratic decision of the people of the United Kingdom. I hereby notify the European Council in accordance with Article 50 (2) of the Treaty on European Union of the United Kingdom’s intention to withdraw from the European Union. In addition, in accordance with the same Article 50(2) as applied by Article 106a of the Treaty Establishing the European Atomic Energy Community, I hereby notify the European Council of the United Kingdom’s intention to withdraw from the European Atomic Energy Community. References in this letter to the European Union should therefore be taken to include a reference to the European Atomic Energy Community.

Read full text here http://investorsking.com/brexit-theresa-mays-letter-donald-tusk-full/

erico2k2:
What are you talking about . Have you seen what the citezens of these country do in the UK ? Do you think brevity was about market ?
It's all about population burden on the NHS . School places . U can imagine not being able 2 get a school place for your kids and you only live 3 streets away .

Oga, its never about population but security and jobs. I won't respond again.

Adesiji77:
@FT: Here is Theresa May's letter to European Council president Donald Tusk and clues for the Brexit talks that lie ahead

Ok @Truth234

The British want to eat their cake and still have it, seeking free access to a 500 million consumer market, yet they don't want to be governed by their rules. Bully!

Amoto94:
This provides us with another window to discuss trade agreements, military agreement, and technology transfer if our government is serious they should be able to get a better deal.

True but first our gov have to know their own strength and the team have to be global trades/economies rich.

Adesiji77:
@SkyNewsBreak: Prime Minister Theresa May has triggered Article 50 to begin the formal two-year negotiating process for the UK to leave the European Union

cc: Truth234

Just look at the way she threatened the EU, using security strength of the UK as leverage. Investors seems to buy it as pound is up against the dollar and euro just plunged about 0.6 percent against the greenback.

We will have a better picture of the EU plans on Friday after Malta meeting.

erico2k2:
The only thing we ha e am is Oil . They got that next?

What are you trying to say?

Come in here, let us discuss how Brexit will impact Nigerian economy or how Nigeria as a nation can capitalise on British desperation to form a strong trade alliance as the nation looks to avert an economic downturn and Nigeria looks to recover from one.

Modified: The United Kingdom is seeking trade alliance across the world, and in Africa Nigeria top the list. According to Theresa May, the U.K is breaking out of the EU to take charge of its own affair and deal with other nations without constrain. But how does this affect Nigeria?

Currently, Nigeria-U.K trade volume stood at about £8 billion, even though oil constituted 60 percent of this number. Experts believed that with Brexit and Nigeria's ongoing diversification campaign that Nigeria can easily double this number and even surpass £20 billion projected for 2020.

Likewise, with the U.K out of the picture, the EU that has been pressuring us to sign Economic Partnership Agreement between the European Union (EU) and the Economic Community of West African States (ECOWAS) in order to access our market, will have to bring more to the table and exclude products we can produce locally as demanded previously. Giving us an edge.

As Nigeria's capital market investment inflows continued to drop. It's time to focus on manufacturing sector and non-oil sector to further strengthens our weak manufacturing and increase new job creation.

The U.K Prime Minister Theresa May will officially trigger article 50 of Lisbon treaty today, March 29.

The process that will take at least two years to finalise is expected to impact both the Euro-area and the United Kingdom economies going forward.

However, business sentiment in the U.K has plunged since the announcement of the date, and so is the manufacturing and construction sectors.

Consumer prices in the U.K accelerated more than expected in February to exceed the Bank of England’s target for the first time in almost four years. This persistent rise in the cost of goods, especially imported goods is expected to affect consumer spending and subsequently impact factory production as businesses would be forced to adjust to the loss of economic momentum.

Also, data showed unsecured lending, consumer credit, has climbed by 1.4 billion pounds ($1.7 billion) from December, according to Bank of England. Adding to evidence that consumers are cautious of taking on debt ahead of Brexit.

For many consumers, rising cost of goods and fuel remain the biggest concern, while business organizations are concern about the surge in the cost of input that is eroding profits gained from competitive edge of a lower exchange rate.

The U.K economy which grew by 0.7 percent in the final quarter of 2016 and enjoys the unusual surge in consumer spending during the summer as tourists across the world spend more following June referendum that plunged the pound against most of its counterparts is projected to contract by 1 percent this year from 3 percent recorded last year to 2 percent.

http://investorsking.com/theresa-may-officially-trigger-article-50-today/

The Foreign Portfolio Investment inflows on the Nigerian Stock Exchange dropped to N16.10bn in February as against N22.61bn recorded in January 2017.

NSE made this known in its domestic and foreign portfolio participation in equity trading for February 2017.

The report stated that the total foreign inflows for the period under review declined by 28.79 per cent to N16.10bn when compared with N22.61bn recorded in January.

NSE also said that total foreign outflows decreased by 13.83 per cent from N21.40bn in January 2017 to N18.44bn in February.

The FPI outflow includes sales transactions or liquidation of portfolio investments through the stock market.

Also, the FPI inflow includes purchase transactions on the Nigerian Stock Exchange (equities only).

The report also stated that total transactions at the nation’s bourse decreased by 22.25 per cent to N74.11bn from N95.32bn recorded in January.

According to it, the cumulative transactions from January to February decreased by 15.86 percent from N201.37bn recorded in 2016 to N169.43bn in 2017.

It said that domestic investors outperformed foreign investors by 6.78 percent in February 2017.

The report indicated that domestic transactions decreased by 22.88 per cent to N39.57bn from N51.31bn recorded in January.

Also, the foreign transactions decreased by 21.52 per cent to N34.54bn from N44.01bn recorded the previous month.

It stated further that the institutional composition of the domestic market decreased by 21.93 per cent from N31.19bn recorded in January to N24.35bn in February.

The retail composition decreased by 24.35 per cent from N20.12bn to N15.22bn within the same period.

It said the figure indicated more active participation by institutional investors over their retail counterparts during the period under review.

http://investorsking.com/nse-foreign-investment-inflows-drop-n16-10bn/

fmarshal:
99% of the time, Dino may be a criminal.
Unfortunately for Sahara Reporters, they touched his clean 1%. Trust me, he's gonna hang on to this and do what he can.
He is not debunking Harvard or murder, no, he is holding on to ABU case.
Whether he graduated legally or not, the judges hold on to facts, and facts from ABU says he graduated.

How many Sahara Reporters case in the US did you follow? Because I can tell you the sequence. This is even worst, not anywhere clean and most importantly. He is an enemy of the states.

Just like Obanikoro, he will lose. He was even fingered in a witness assassination in 2007 by the U.S government.

The Central Bank of Nigeria has reviewed down the rate at which it was selling dollars to Bureau De Change operators nationwide.

President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, told the News Agency of Nigeria in Lagos on Tuesday that the buying rate for BDCs would now be N350 and would sell at N360 to the dollar.

Before now, BDCs were buying dollars from the CBN at a forward rate of N381 to the dollar and selling at N399 to the dollar.

Gwadabe commended the CBN for heeding the appeal of BDCs for a level playing field for all players in the foreign exchange market.

The ABCON chief pledged the commitment of all BDCs in collaborating with the apex bank to sustain the gains recorded by naira against the dollar.

The CBN, had on Monday, pegged the selling rate for Deposit Money Banks at N360 to the dollar.

The CBN had injected close to two billion dollars since it started its intervention in the foreign exchange market five weeks ago.

Efforts of the apex bank have crashed dollar rates at the parallel market to between N375 in Lagos and N365 in Abuja.

The CBN said it determined to crush speculators in the market and ensure that genuine foreign exchange seekers have access to foreign currencies with ease.

http://investorsking.com/cbn-introduces-new-fx-rate-for-bdcs/

asuustrike2009:
We must start from somewhere

Of course but not when people have died from food poison. Quality Assurance bro

InvestinOwerri:
After frustrating erisco out of Nigeria, they are now baning its importation in order to give dangote monopoly over another important sector! They should continue!!

Erisco is still in Nigeria. Na so e easy to relocate to China?

jjbest123:
Hope We Have A Tomato Factory To Meet Local Demand

Dangote, Erisco, etc but I hope their quality is the same with their foreign counterparts.

The federal government, though the Ministry of Industry, Trade and Investment, yesterday banned the importation of tomato paste, powder or concentrate, and increased the tariff on importation of tomato concentrate among others from five to 50 per cent in order to revive the tomato sector.

According to operators, the value of imported tomato paste in Nigeria is about $170 million and $50 million spent on triple tomato concentrate.

In a document obtained yesterday from the Federal Ministry of Industry and trade and investment titled: ‘Implementation of the tomato sector policy’ which was signed by the Director, Industry Development of the ministry, Mr. Adewale Bakare, stated that such action would revive the sector, create jobs and preserve foreign exchange.

The document stated: “As you are aware, government has overtime engaged tomato industry stakeholders on ways to deepen the industry and particularly, encourage the use of locally produced tomato fruits across the value chain. It is in that regard that I am directed to bring to your notice the decision of the government towards boosting production and attracting investments into the tomato sector.

“These include ‘classification of greenhouse equipment as agricultural equipment to attract zero per cent import duty. Ban on the importation of tomato paste, powder or concentrate put up for retailing and others Ban on tomato prepared or preserved by vinegar or acetic acid and others.

“Increase in the tariff on the tomato concentrate and other concentrates (HS Code 2002.90.11.000) from five percent to 50 percent and additional levy of $1,500 per metric tons with the objective of increasing the current tariff from five percent to 50 percent (35percent +5 percent+10 percent) and an additional levy of US$1,500 metric ton. Restriction on the importation of tomato concentrates to the seaports to address abuse of ECOWAS Trade Liberalisation scheme (ETLS) and inclusion of tomato production and processing in the list of industries eligible for investment incentives administered by the Nigeria Investment Promotion Commission (NIPC).”

It further stated that “It is expected that the foregoing measures which are situated within the overall road map for the development of the industry, will create jobs, save foreign exchange and create capacity for export of tomato concentrate and paste to ECOWAS sub –region and beyond.”

http://investorsking.com/fg-bans-importation-of-packaged-tomato-paste/

good

verygudbadguy:
Lovely.. Our love for our mothers can not be overemphasized. They deserve every bit of it.

Both parents should share the love though... It took two to make us... Don't mind me ooo.

#JealousyDeyWorryMe

BTW, i like Ahmed Musa's concept. He used all his jerseys from different team to construct the dinning chairs. Watch how Nigerians will imitate that concept sharply

He copied it from Obafemi Martins

ISTANDWITHBUHAR:
I just went ahead to read about it, But does that mean their currency is not more in circulation?

Demonetization means it's no longer a legal tender. Hence, not in circulation.

ISTANDWITHBUHAR:
Well maybe after checking this..

http://life-in-saudiarabia..com/2015/01/top-10-weakest-currencies-of-world.html

Updated in March 2017.

What are you trying to say? From your own link

From 1980 to April 12, 2009 Zimbabwean dollar was the official currency of Zimbabwe. As a result of political disorder and the collapse of the economy, the Zimbabwean dollar having currency code ZWD (symbol: Z$) is no longer in exchange and flow. http://life-in-saudiarabia..my/2015/07/zimbabwe-dollar-worlds-weakest-ever.html

ISTANDWITHBUHAR:
OP you are wrong, Zimbabwe should be the worst in the world go check again and correct yourself..

Maybe you should be the one to go and check, Zimbabwean dollar was demonetized in 2015. They now spend US dollar, South Africa Rand, etc

The Federal Government is targeting an investment inflow of N14.67tn into the economy before the end of the 2017 fiscal period, figures obtained from the Ministry of Budget and National Planning have revealed.

The proposed investment inflow of N14.67tn when compared with a total Investment of N13.6tn for 2016 represents an increase of N1.07tn.

A breakdown of the figure showed that the private sector is expected to make the highest form of investment in the 2017 fiscal period with N10.75tn.

This is an increase of N596bn over the N10.16tn investment, which the sector made in 2016.

Based on the plan, the Federal Government is expected to make a total investment of N2.05tn in 2017 as against the N1.58tn investment it made in 2016.

For the state governments, a total amount of N1.85tn investment is being expected from them; the same amount was reportedly made last year.

In order to achieve the objective of stimulating investment, the Federal Government is planning to provide incentives to support industrial hubs, and review local fiscal and regulatory incentives to support the development of industrial cities, parks and clusters, especially around existing ports and transport corridors.

There are also plans to revitalise export processing zones by reviewing local fiscal and regulatory incentives; rationalise tariffs and waivers on the equipment and machinery imports required for agro-industry; and establish special economic zones to provide dedicated infrastructure to support hub productivity.

There is a plan to promote local content by sourcing raw materials and spare parts locally, leveraging public procurement of locally manufactured goods and expand the capabilities of the Bank of Industry to enable it to support manufacturing firms through low cost lending.

Commenting on the investment drive, analysts said there was a need for the government to make it easier for people to do business in the country, adding that the poor perception of foreign investors about the Nigerian business climate was one of the major reasons for the huge decline in investment inflows into the country.

The Managing Director of an investment promotion firm, Footprints for Africa, Mr. Osita Oparaugo, explained that while there were huge investment opportunities in the country, the harsh operating environment was limiting the interests of investors in key sectors of the economy.

Oparaugo, whose firm is currently into partnership with five African countries including Nigeria on investment drive, urged the Presidential Enabling Business Environment Council to quickly commence the process of identifying and reducing the bureaucratic processes and regulations that impeded the private sector.

PEBEC was set up by the Federal Government in October last year to improve Nigeria’s ranking in the ease of doing business index and is being chaired by Vice-President Yemi Osinbajo.

Oparaugo said as part of efforts to correct the poor perception of foreign investors, a Memorandum of Understanding had been signed between the company and the Nigerian Investment Promotion Commission.

The MoU, according to him, will enable the company to showcase the huge investment opportunities in the non-oil sectors of the Nigerian economy.

He said, “We are committed to helping intra-African and foreign investors find the right partners and opportunities, joint ventures or partnerships and to establish presence through Private Public Partnership.

“There are numerous investment opportunities in Nigeria but a lot of investors particularly the foreign investors are not taking this advantage owing to the fact that they have a poor perception of the investment climate. This is understandable when you consider the fact that the operating environment is not friendly and the lack of continuity in some programmes of government.”

The Executive Secretary, Nigerian Investment Promotion Council, Ms Yewande Sadiku, said that the commission was working assiduously to promote the required synergy between investors and critical stakeholders in various sectors of the Nigerian economy.

She added that the commission would work hard to promote the ease of doing business within the area of its jurisdiction as part of its contributions to the recovery efforts.

http://investorsking.com/fg-targets-n14-67tn-investments-2017/ Lalasticlala Mynd44 seun Dominique

Adesiji77:
The value of a country's currency in relation to the USD does not tell the full story.

Truth234, come in here

Rightly said, South Korea Won is currently 1117.60 to a US dollar, yet the economy is far better than Nigeria.

Lower exchange rate is actually an economic strategy to aid exports and create local jobs. Nigeria first implemented it in 1973 when we first devalue the Naira against the US dollar by 10 percent to bolster our exports but after oil boom, our exports decline and so is the relevance of such strategy. Happy Sunday.

modath:
You picked Trump out of that, are you aware of the keystone pipleine?

http://www.cnbc.com/2017/03/24/boom-keystone-would-make-us-and-canada-bigger-competitors-with-opec.html

Like i'll always say, i don't like long drawn out back & forth, it most often than not devolves into animosity... Let me leave you with a few things to peruse...


http://oilprice.com/Energy/Energy-General/US-Oil-Rig-Count-Continues-To-Rise-Despite-Saudi-Warnings.html

It's hard to explain to people outside the industry how this work. I already stated that surge in US production is disrupting OPEC strategy. Hence, plunged in global oil prices and the reason they are meeting in Kuwait tomorrow.

Let me ask you why did US producers stop production when oil plunged to its lowest last year? Listen there is limit to how low they can go, and they came on board because of Trump tax advantage and OPEC successful consensus.

I spoke extensive on Trump policy and you said that was the only thing I picked. Listen Keystone project was blocked by Obama because of its impact on climate, Trump approved because he has repeatedly stated he doesn't believe in it. Again, I don't even know why this is now an issue when it still needs two different approvals (Nebraska Public Service Commission and local landowners) before they will even start the project that will take years. My question is how does that impact current economic approach?

modath:
90% of the people will see this & call you enemy of progress, saboteur, profiteer even if you have not a single dollar on the market for sale... Simple reading beyond brown envelope journalism will help majority of them face reality..

Better to look away & hope that better days will miracalously come out of this misadventure... BTW, Russia is keeping things "realistic" ...

http://oilprice.com/Latest-Energy-News/World-News/Russia-Plans-2017-2019-Budget-Based-On-40-Barrel.html


Cc wristbangle

I am one of those that will call him enemy of progress because of his bogus claims. One, according to the picture you posted, you can see for yourself that Trump is favouring defence over energy. That is one of the reasons Shale production surged since he became the president against general view of renewable energy becoming the order of the day, hence, the reason global oil prices plunged below $50/barrel for the first time in 3 months this March. Trump doesn't believe in climate change and their predictions.

Two, OPEC is not struggling to stick to production quota, in fact, this is the first time they've recorded over 90 percent compliance. So all member states are devising new modus operandi to factor in renewed shale's production. Therefore, OPEC and non-OPEC member states are meeting this Sunday in Kuwait to discuss US crude stockpile and its impact on global oil glut.

Third, the issue of Russia is not different from Nigeria. Our 2017 budget was initially pegged at $44/barrel before it was increased to $45/barrel after OPEC consensus was reached on November 30th. Even if oil will plunge below that benchmark it would be around September when OPEC second production cut may not have materialized and we would have gained enough from the current increase to offset whatever little deficit we sustain in the 4th quarter of the year.

amoto94

My concern is sustainability of foreign exchange supply. The Shale has upped production following Donald Trump wins, disrupting OPEC successful consensus, hence, plunging oil below $50/barrel for the first time in three months.

Even though, oil was pegged at $45 a barrel in the 2017 budget, there is possibility of price slipping below that benchmark if OPEC failed to take into consideration US Shale production during September cut. However, our oil revenue will take a slight hit for now but I don't think it will have a significant impact on current progress considering the fact that just about $2.6 billion has been sold so far by the CBN, which is below what we generate in a single month. Therefore, the CBN still has enough arsenal to hurt speculators and close forex gap.

The nation’s foreign exchange reserves, which had increased significantly in recent months to hit the $30bn mark, fell for the first time this year on Tuesday.

Latest data from the Central Bank of Nigeria showed on Wednesday that the external reserves dropped to $30.349bn on Tuesday from $30.352bn on Monday.

The reserves, which rose 17.4 per cent from last year when they closed at $25.843bn, hit a low of $23.89bn on October 19, 2016.

The foreign exchange reserves had on December 14 dropped to $25.041bn from $25.048bn the previous day but it increased to $25.043bn the next day.

Continuing their upward trend since then, the reserves crossed the $30bn mark on March 8, 2017 when it closed at $30.014bn from $29.967bn on March 7, the CBN data showed.

Meanwhile, industry experts have described the Tuesday’s decision of the Monetary Policy Committee of the CBN to leave key rates including the benchmark interest rate unchanged as a step in the right direction.

The Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said, “It is in line with our expectations. They couldn’t have afforded to loosen because of the pressure that will bring on foreign exchange market. Likewise, they couldn’t have afforded to tighten because the economy is in a recession, and we have not come out of recession. So, you cannot tighten further.”

“I think what they did was the first thing they could have done given the current situation of things.”

The Director-General, West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, said, ‘’It is the right decision because we are not yet out of recession; so let the fiscal side do its work. The MPC decision is perfect; that was what I expected. They need fiscal and structural policies to get us out of recession.”

http://investorsking.com/external-reserves-drop-for-first-time-since-december/

Germany has said it will deport two men born in the country but whose parents are foreign – the first such case in German history.

The men, a 27-year-old Algerian and a 22-year-old Nigerian, were arrested last month on suspicion of planning a terror attack.

A gun and a flag of the so-called Islamic State were found at their homes during police raids in the central city of Gottingen.

But the men have never been charged.

The criminal proceedings were dropped because police never established whether the suspects had planned to carry out an attack. Police say the two men are “dangerous”.

Lower Saxony Interior Minister Boris Pistorius, according to the BBC, said the deportations would take place as soon as possible, and certainly before mid-April.

He said discussions were already under way with Algeria and Nigeria to facilitate this, and the two men would be subject to a “life-long re-entry ban,” preventing their return to Germany.

It was not immediately clear if the two men would appeal against the decision.

Germany determines citizenship by the nationalities of one or both parents and also a person’s place of birth.

The country has been on high alert since the Berlin Christmas market attack on December 19, that left 12 people dead and dozens injured.

http://investorsking.com/germany-to-deport-nigerian-algerian-for-planning-terror-attack/ seun, mynd44