Truth234's Posts
Nairaland Forum › Truth234's Profile › Truth234's Posts
1 2 3 4 5 6 7 8 ... 36 37 38 39 40 41 42 43 44 (of 79 pages)
 Politics › N1.15tn Revenue Shortfall Recorded In 2016 by Truth234(op): 7:11am On Mar 03, 2017 |
The National Assembly, on Thursday, scored the Federal Government low on the performance of the capital expenditure in the 2016 budget. The Federal Government, however, blamed the low performance on revenue shortfall, adding that while the total revenue target was N1.506tn, only N398bn was generated in the 2016 fiscal year, with a revenue shortfall of about N1.15tn. The government also said it had achieved 55 per cent performance on the N870bn capital expenditure. These were made known at a forum jointly organised by the Senate and House of Representatives Committees on Appropriations. The Chairman of the Senate Committee, Senator Danjuma Goje, had asked the Federal Government officials how much had been released and cash-backed, the percentage of releases and percentage of cash backs out of the total budget. In her presentation, the Minister of State for Budget, Mrs. Zainab Ahmed, recalled that the 2016 budget was predicated on an oil benchmark price of $38 per barrel, with an average oil output of 2.2 million barrels per day, and official exchange rate of N197 to a United States dollar. She added that based on the aggregate revenue of N3.86tn, the size of the 2016 budget was N6.06tn, with a deficit of N2.2tn or 2.14 per cent of the Gross Domestic Product, which was supposed to be financed with local and foreign borrowings as well as recoveries. Ahmed said, “We had last year prepared a Strategic Implementation Plan for the 2016 budget and this plan was principally prepared to guide the implementation of the budget. To this end, we identified 34 key priority areas and with very clear and verifiable targets. “However, challenges in the economy have undermined the full realisation of the objectives set out in the SIP. Notwithstanding, for most of 2016, crude oil prices exceeded the benchmark of $38 per barrel. There had been a significant shortfall of projected revenue, which was caused largely by the disruption of crude oil production by militant activities.” Others factors that affected the 2016 revenue target, she said, were fuel supply shortages, significant challenges with power supply and foreign exchange supply scarcity. The minister stated, “The shortfall in the level of crude oil exports resulted in significant reduction in government revenues and foreign exchange shortages, which caused the economy to slip into recession. Since 95 per cent of our foreign exchange earnings come from the petroleum sector, this has impacted adversely on the level of non-oil revenues as well. The non-oil revenues were significantly impacted, as a lot of activities, even in the non-oil sector, depend largely on foreign exchange. “On the expenditure side of the budget, the personnel costs were met completely; debt service obligations were fully met, but capital expenditure was behind targeted estimates. It is, however, important for us to note that by the close of the year, about N834bn was already released as capital expenditure. Let me also say that this is the highest release in the history of our country for a very long time. In fact, it exceeds the aggregate capital expenditure of the 2015 budget.” The Accountant General of the Federation, Ahmed Idris, in his presentation, stated that one critical aspect of budget implementation that concerned his office was that of funds release “as appropriated and as approved.” According to Idris, the total capital payment or releases for 2016 as of Thursday was N870,055,792,283. He put the amount of Internally Generated Revenue at N398,335,850,749.45, adding, “There was also receipt or approval from FAAC of N4.058tn during the year.” He said, “In doing that, we have invited the Minister of Finance (Kemi Adeosun) and other officials of the ministry; Minister of Budget (Senator Udo Udoma); Minister of State for Budget (Zainab Ahmed); Director General, Budget Office (Ben Akabueze); the Accountant General of the Federation (Ahmed Idris); Director General, Debt Management Office (Abraham Nwankwo); and the Governor of Central Bank of Nigeria (Godwin Emefiele). The session started on a dramatic note when a member of the committee, Senator Jibrin Barau, called the attention of the lawmakers to the absence of some officials from the meeting. “Chairman, I can see that the Minister of Finance is not here and this is a very important session that the minister needs to be here. I don’t know why she is not here,” he said. Adeosun later joined the session. Goje also announced the absence of the Governor of the Central Bank of Nigeria, Godwin Emefiele, and asked to know his representative. An Acting Director of the CBN, Mr. Mohammed el-Yakubu, indicated that he was representing Emefiele and expressed the “sincere apologies” of the governor to the lawmakers. But the announcement angered the lawmakers. Members of the committee asked that Emefiele’s representative to leave the meeting, insisting that the CBN governor or one of his deputies should be at the meeting. http://investorsking.com/n1-15tn-revenue-shortfall-recorded-2016-fg/ |
| Business › Re: Can CBN Sustain The Black Market Onslaught? by Truth234(m): 7:07am On Mar 03, 2017*. Modified: 7:45am On Mar 05, 2017 |
Amoto94 can you space it? sholatech:This is a general misconception, the CBN do not withdraw from the Foreign Reserves and in fact has added about $500 million in the last two weeks -- $75 million this week alone. For the record, the money the CBN is auctioning is in accordance with 2017 budget provision -- official exchange rate of N305 with the oil benchmark pegged at $44 a barrel. Therefore, it is part of N2.2 trillion stipulated in the 2017 budget to come from oil revenue. The subsidised rate is still above N305/$ official rate, commercial banks are directed not to sell more than 20% above the official rate, which is about N375/$. This fund is needed to fund capital projects in Naira and not dollars. Hence, the exchange. So whether we can sustain it or not, 2017 budget must be funded, either through loan or revenue generation. Let just pray militants continued to yield to the agreement. 56 Likes 5 Shares |
| Business › Nigeria’s Manufacturing Activities Declined In February by Truth234(op): 8:12am On Mar 02, 2017 |
The Nigerian manufacturing sector declined in February for the second consecutive months, after expanding 52.0 in December 2016. The Manufacturing Purchasing Managers’ Index (PMI), which measures the economic health of the manufacturing sector contracted to 44.6 in February from 48.2 recorded in January, according to the Central Bank of Nigeria report released on Wednesday. Reading above 50 indicates economic expansion and below 50 signifies contraction. The CBN’s report showed production level plunged in the month under review, while both the new orders and employment level declined faster. The report also indicated that material inventories across the sector are declining at a faster pace. According to the PMI report, 14 of the 16 sub-sectors reported decline, only the appliances & components and food, beverage & tobacco products subsectors expanded in February. Similarly, 12 of the manufacturing sub-sectors recorded decline in production level in February, shrinking the production level index of the sector to 45.2 from 51.3 recorded in January. Also, employment index of the manufacturing sector revealed job creation has been on the decline for the past 2 years, but the rate of job creation has worsened in recent months when compared with the preceding months. The low activities has further reduced capacity utilisation to 45.6 from 50 in January. Overall, the manufacturing sector of the nation remained weak and requires urgent attention. However, few experts have said if the CBN can sustain its new forex policy of reducing scarcity by increasing forex liquidity that the manufacturing sector will revamp as the main issue of the manufacturers is their inability to access forex at a moderate rate for raw materials. http://investorsking.com/nigerias-manufacturing-activities-declined-in-february/ Lalasticlala Mynd44 seun Dominique |
| Autos › Re: 'limousine' Keke Napep Spotted In Festac, Lagos (photos) by Truth234(m): 2:12pm On Mar 01, 2017*. Modified: 2:45pm On Mar 01, 2017 |
| Business › Re: Nigeria’s Economy Contracts 1.51% In 2016 by Truth234(op): 11:10am On Mar 01, 2017 |
Nigeria on track for economic recovery. FG and CBN efforts are beginning to crystallize. The graph showed rate of contraction is gradually reducing but I will expect new forex policy to further boost economic activities and wane consumer prices going forward. |
| Business › Nigeria’s Economy Contracts 1.51% In 2016 by Truth234(op): 9:55am On Mar 01, 2017 |
The Nigerian economy contracted in the fourth quarter of 2016 for the fourth consecutive quarters. However, the rate of contraction has started reducing following the Federal Government efforts at bolstering economic activities. The economy contracted 1.30 percent in the fourth quarter of 2016 to N18,292.95 billion, from N18,533.75 billion recorded in the fourth quarter (Q4) of 2015, according to the National Bureau of Statistics (NBS) report released on Tuesday. This was -2.24 percent less than the decline recorded in the previous quarter but lower than the 2.11 percent growth rate recorded in the final quarter of 2015. On a quarterly basis, real GDP rose 4.09 percent following rise in the general price level. However, on a yearly basis, the economy contracted 1.51 percent, indicating real GDP of N67,984.20 billion for 2016. This reduction in the economic activities reflects weaker inflation-induced consumption demand, an increase in pipeline vandalism, significantly reduced foreign reserves and a weaker currency. Also, it showed series of problems in the energy sector – lower electricity generation and struggling banking sector. Oil Sector According to the NBS, Oil output was estimated at 1.9 million barrels per day (mbpd) in the fourth quarter of 2016. Which was about 0.27 million barrels per day higher than output in the previous quarter, but lower than production in the same quarter of 2015 by 0.25 million barrels per day, when output was recorded at 2.16 mbpd. “For the full year 2016, oil production was estimated to be 1.833 mbpd, compared to 2.13 mbpd in 2015. This reduction has largely been attributed to vandalism in the Niger Delta region. As a result, the sector contracted by -13.65 percent; a more significant decline than that in 2015 of -5.45 percent. This reduced the oil sectors share of real GDP to 8.42 percent in 2016, compared to 9.61% in 2015. “In the fourth quarter of 2016 this sector declined by -12.38 percent in real term (year-on-year). This was an improvement relative to the previous quarter, when the sector declined by -22.01 percent, but nevertheless was a more severe decline than in the fourth quarter of 2015, when a contraction of -8.23 percent was recorded. “Quarter-on-Quarter, real oil GDP grew 8.07 percent. As a share of the economy, the Oil sector represented 7.15% of total real GDP, compared to 8.06 percent in Q4 2015 and 8.19 percent in Q3 2016.” Non-oil Sector “The non-oil sector declined by -0.33 percent in real terms in the fourth quarter of 2016. This was 0.36 percent points lower than growth of 0.03 percent recorded in Q3 2016, and 3.46 percent points lower than the 3.14 percent growth recorded in Q4 2015. Given that the growth rate was stronger than in the oil sector, the non-oil sector increased its share of GDP to 92.85 percent, from 91.94 percent in the fourth quarter of 2015. “The sector to weigh on non-oil growth the most was Real Estate, which declined by -9.27 percent and contributed to –0.77 percent points to year on year growth in total real GDP. However, Manufacturing, Construction and Trade also made significant downwards contributions, ameliorated slightly by continuing strong growth in Agriculture (especially Crop Production). “For full year 2016, the non-oil sector declined by -0.22 percent in real terms, compared to a growth rate of 3.75 percent in 2015, a difference of 3.97 percent points.” The figures showed the pace of contraction has started cooling from the third quarter of 2016 and on track for economic recovery by the second quarter of 2017. Similarly, for the past 4 months, the pace of increase of inflation rate has been reducing, indicating consumer prices are beginning to adjust to a series of policy been implemented by the Central Bank of Nigeria. This further validated CBN projection that economic recovery plan would start manifesting by the second quarter of 2017 following successful OPEC consensus in November 2016. The Naira has gained N95 against the US dollar since the CBN introduced new forex policy last week and continued to do so as importers can now access dollar at a moderate exchange rate. Experts have said the continuous gain in the Naira value will curb surge in consumer prices and boost activities in the manufacturing sector. http://investorsking.com/nigerias-economy-contracts-1-51-2016/ Lalasticlala Mynd44 seun Dominique 1 Share
|
| Business › Dollar Free Fall Continues, Sells At N425/dollar by Truth234(op): 5:46am On Mar 01, 2017 |
The dollar free fall continued as the Naira strengthened across all segments. The Nigerian Naira gained N20 against the US dollar on Tuesday to close at N425, from N445 it traded on Monday. At the Bureau De Change segment, the local currency was sold at N425 to a dollar and bought at N415. While the Pound Sterling was bought at N500 and sold at N510, the Euro was sold for N425 and bought for N420. Some of the BDC operators said that the provision of forex by the CBN to the commercial banks was responsible for the appreciation of the naira in the market. Mr Sani Ahmed, one of the operators said that the best way to crash the high rate in the market was the continuous injection of liquidity into the market. According to him, the appreciation of the naira is a good development for the BDC operators and other investors who require forex for their businesses. He said, “Now that the naira is appreciating, we make more profit because if you buy at the lower rate, you sell and make gain. “When the cost of dollar is high, we make little profit; but when it is low, we make more profit because we buy more to sell.” He, however, said that there was the challenge of accessing the forex from the commercial banks because of the stringent measures stipulated by the deposit money banks to obtain the forex. “If someone applies for forex from the banks, it takes time and the process is frustrating; sometimes, they make additional demands before they issue forex to you,” Ahmed said. Experts have, however, expressed concern about the sustainability of the measures by the apex bank. An economic expert, Prof. Uche Uwaleke, admitted that a complete currency float was capable of unifying rates and reducing round tripping and speculative activities in the market. He, however, said that such a measure could be suicidal for an import-dependent economy that derived much of its forex inflow from a single commodity. He, therefore, recommended coordinated fiscal policies designed to encourage import substitution and enhance competitiveness of local production to help reverse the downward trend in the value of naira. http://investorsking.com/dollar-free-fall-continues-sells-n425dollar/ 5 Likes 1 Share |
| Business › Re: N350 To $1 If I Were The CBN Governor. by Truth234(m): 8:25pm On Feb 26, 2017 |
989900:Op your numbers are wrong and so is your assertion simple. Here are links am tired of typing. http://investorsking.com/nigerians-in-diaspora-remit-n23-5tr-to-economy-in-five-years/ http://www.premiumtimesng.com/oilgas-reports/162709-nigeria-realises-n2-432-trillion-oil-revenue-january-april.html http://businessnews.com.ng/2015/04/03/nigeria-earned-77bn-from-oil-export-in-2014/ |
| Business › Re: N350 To $1 If I Were The CBN Governor. by Truth234(m): 8:05pm On Feb 26, 2017 |
989900 Your numbers are not correct. In 5 years, Nigerians in diaspora remitted about $77 billion, while Nigeria earned the exact amount in 2014 alone from crude oil, mind you that was the lowest forex from crude oil since 2011 when we generated $99 billion, in 2012, $94 billion was generated and 2013, $84 billion. Also, you should know most of the money remitted go through the parallel/black market and not the right channel. That is one of the reasons the parallel market thrive. The oil contributed the most to our foreign reserves and not the meagre remittance. Even 3 years remittance can not cover our forex demand in a year, going by $4.8 billion monthly forex demand. Most of the questions should be directed to past administration. What happened to the money generated? modath 3 Likes 3 Shares |
| Business › Re: What Does Harvard Teach Nigerians About Business? by Truth234(m): 8:54am On Feb 26, 2017 |
You don't have to go to Harvard to be successful or make a reasonable impact. I have never been to Harvard but I have been cited in Harvard business journal by a patent right owner,Ndubuisi Ekekwe. It's about how much you want it and how far you are willing to go to get it. By the way not all Harvard graduates are successful, the guys that crashed Long Term Capital Management are Harvard and MIT graduates, and so is our very own Alison-Madueke. 5 Likes 2 Shares |
| Business › Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Truth234(op): 10:42am On Feb 25, 2017 |
BizBayo:Replied. |
| Business › Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Truth234(op): 9:04am On Feb 25, 2017 |
Bevista:You still do not understand how this works. We are talking about forex generation here, not the total revenue generated. Taxes, commissions, etc are used for fiscal spending since they are generated in Naira, whereas foreign loans are used to cushion the economy and finance capital projects via interbank forex market which exchange it at 305/$ for contractors. Also, when you calculate expenditure always remember to exclude 'amount exchanged/auctioned' by the CBN. Except when it is used to clear backlogs. Please note that oil revenue is just 10 percent of the GDP. Another thing is that the CBN has been adding about $100 million to reserves on a daily basis for the past one week. So they have plans and clearly know what they are doing. |
| Business › Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Truth234(op): 8:12am On Feb 25, 2017 |
ToriBlue:Foreign exchange research analyst |
| Politics › Re: Strict Warning For Nigerians In SA... by Truth234(m): 10:10am On Feb 24, 2017 |
Jb10:Nigeria is the most populous black nation, 200 million powerful people, and we are everywhere. Let South Africans start what they can't finish. We will take the fight across the world, US, UK, Asia etc where ever South Africans are. I trust Nigerians. 1 Like |
| Politics › Re: Strict Warning For Nigerians In SA... by Truth234(m): 9:35am On Feb 24, 2017 |
Jb10:Where are you from? Give more details, a lot of people visit this forum. |
| Business › Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Truth234(op): 6:50am On Feb 24, 2017 |
seunmsg:There is nothing like flooding the market with dollars, you just need to understand how the CBN works. Currently, the institution is generating about $2.4 billion-$2.8 billion in forex a month, and since this new policy was introduced a total of $610 million ($370+$240) has been auctioned. Meaning, the CBN is saving more than its spending, and don't forget our output is near all time low 1.6mbpd but once the trans forcado pipeline is open by the second quarter, we should be able to up our production to about 1.8mbpd-1.9mbpd and increase our revenue generation even more. Once the manufacturers can access forex at a moderate rate, the consumer prices (inflation rate) will cool and job creation will increase. So will consumer spending and gradually the economy will once again come alive. There is no point saving all the money while the economy dies of scarcity. 60 Likes 6 Shares |
| Business › Re: Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Truth234(op): 5:54am On Feb 24, 2017 |
unclezuma:Thanks for that, @InvestorsKing, we simplify your financial details. |
| Business › Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ by Truth234(op): 5:32am On Feb 24, 2017*. Modified: 9:32am On Feb 24, 2017 |
The Naira extends its gain against the US dollar on Thursday for the fourth consecutive day. The local currency gained N21 from N501 it traded on Wednesday to close at N480 to a dollar. Bringing its total gain in a week to N40 after reaching all-time low of N520 on Monday. On Monday, the CBN had announced a new forex policy actions to cater for categories previously excluded from the official forex rate and increase forex liquidity in the market. The apex bank has since sold $370 million in an auction, forward contracts, and also appropriated a weekly $20 million to commercial banks at N375 to a dollar for school fees payment, medical bills and personal travel allowance. According to the traders, the buy rate strengthened to N470 per dollar, from N490/$ it closed on Wednesday. This was after the CBN reportedly auctioned another $230 million through forward contracts on the interbank market. Experts have said the continuous rise of the foreign reserves has strengthened CBN position but insisted sustainability is the key to economic recovery. “The effectiveness of the new policy depend on sustenance, while sustenance depends on continuous foreign exchange generation through the sales of crude oil,” said Samed Olukoya, a foreign exchange research analyst at Investors King Limited. “Another attack on any of the pipelines could disrupt the whole policy and hinder the nation from a progressive economic recovery,” he added. http://investorsking.com/naira-gains-on-parallel-market-for-four-consecutive-day-now-n480/ mynd44 11 Likes 3 Shares |
| Business › Re: Understanding CBN New Policy Actions In Forex Market by Truth234(op): 2:14pm On Feb 23, 2017 |
Owoloku1:It's a gradual process, this was introduced on Monday, as soon as it filtered through fx segments, commercial banks will once again unblock naira denominated cards. 3 Likes |
| Business › Re: Understanding CBN New Policy Actions In Forex Market by Truth234(op): 1:43pm On Feb 23, 2017 |
Every day we come on here to disagree to agree and suggest ways our leaders can move the nation forward in order to revamp the economy, but it's imperative we understand the CBN intent and methodology. Here is a detailed summary of the new CBN forex policy. Lalasticlala Mynd44 seun Dominique 2 Likes 2 Shares |
| Business › Understanding CBN New Policy Actions In Forex Market by Truth234(op): 1:41pm On Feb 23, 2017 |
In an effort to further ease economic gridlock, the Central Bank of Nigeria on Monday released new foreign exchange policy actions. 9 Likes 5 Shares |
| Business › Re: Naira Improves On Parallel Market, Sells At N501/$ by Truth234(op): 7:59am On Feb 23, 2017 |
PassingShot:This will work, foreign reserves is rising by about $100m daily. Never happened before now, new forex policy announced to further increased market liquidity. These guys are up to something, and that thing is good. 1 Like 2 Shares |
| Business › Naira Improves On Parallel Market, Sells At N501/$ by Truth234(op): 5:25am On Feb 23, 2017 |
The new foreign exchange policy introduced by the Central Bank of Nigeria strengthens the Naira on the parallel market on Wednesday. The local currency which traded N512 to a Dollar on Tuesday, gained N11 to close at N501 against the US dollar, and stronger than N520 it traded on Monday. Traders also noted that the buy rate of the greenback improved below N490 to the dollar as currency hoarders who had held on to the dollar for several weeks rushed to sell off the currency following the renewed confidence in the CBN’s ability to meet forex demand. Also, global ratings agency, Fitch Ratings said on Wednesday that the new forex policy announced by the CBN would ease forex scarcity and banks’ pressure. According to the statement released by Fitch Ratings, the most important part of the CBN’s announcement was the normalisation of the interbank market. The intention of the CBN to clear forex backlog of overdue foreign currency obligations owe by banks to international creditors, and the fact that the apex bank will no longer have a say on how banks on-lend the foreign currency they access from it, will strengthen banks and allow them to focus on what really matter. The CBN had on Monday removed the preferential treatment for certain sectors of the economy, explaining that although providing forex for the manufacturing sector remain a priority, banks can now lend foreign currency they procure from it as they deem fit. The apex bank also reaffirmed its intention to increase forex supplies at the interbank market and reduce banks’ waiting time for delivery of foreign currency to 60 days from 180 days via its forward sales contracts. “This should help banks make more timely payments to creditors, speeding up the flow of currency to importers and helping the economy. “The CBN’s initiatives are an important boost for banks as access to foreign currency liquidity is tight and banks have struggled to meet their foreign currency obligations. “Nigeria is highly dependent on imports and Nigerian banks have long provided trade finance facilities to importers. “Currency scarcity and exchange rate weakness have made it harder for importers reliant on naira-denominated cash flows to service US dollar-denominated trade finance lines, forcing some banks to restructure their obligations with international correspondent banks last year. “Correspondent creditor banks agreed to maturity extensions and were duly compensated for this,” Fitch explained. http://investorsking.com/naira-improves-parallel-market-sells-n501/ 3 Likes 1 Share |
| Politics › FG, States, Lgs Share N465bn As Allocation Increases by Truth234(op): 7:55am On Feb 22, 2017 |
The three tiers of government got a total of N465.149 billion as January 2017 allocation from the Federation Account Allocation Committee (FAAC), a N65.149 billion increase over what they shared in December 2016. They had shared a total of N400 billion in the preceding month. Briefing journalists at the end of the FAAC meeting in Abuja Tuesday, the Permanent Secretary, Ministry of Finance Alhaji Mahmoud Isa-Dutse, who stood in for the Finance Minister, Mrs. Kemi Adeosun said revenue recorded an increase despite the Force Majeure and shut-down of pipelines for repairs and maintenance occasioned by leakages and sabotage. Petroleum Profit Tax (PPT) recorded a significant increase while accruals from Company Income Tax (CIT), Value Added Tax (VAT), import duties and royalty slided marginally. A total of N273.452 billion was shared as statutory allocation for January. The federal government got N133.192 billion; states N67.557 billion; local governments, N52.083 billion and N20.620 was shared as 13 per cent derivation to oil mineral producing states. The federal government also received N10.587 billion as Value Added Tax (VAT), states N35.291 billion and local governments N24.703 billion. The Excess Crude Account (ECA) currently has a balance of $2.458 billion. http://investorsking.com/fg-states-lgs-share-n465bn-as-allocation-increases/ |
| Business › Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Truth234(op): 5:53am On Feb 21, 2017 |
The Naira plunged to N520 against the U.S. dollar at the parallel market on Monday, after the CBN announced its readiness to sell dollar at N375 for school fees payment and personal travel allowance on Friday. The Naira which had closed at N516 to a dollar on Friday, following a record low of N510 on Thursday remained weak despite the rising oil prices and national foreign reserves. A Reuters report, attributed the fall in Naira value to retail currency trader’s reservation on the new forex policy as they tried to price in its possible impact on the market current rate and commercial banks approach to the announced policy. Experts have said the announcement has increased the demand for dollar for school fees payment as well as personal travel allowance by intending travelers, leading to forex scarcity as demand currently outweighs supply. "The CBN needs to do more on the intervention side to manage the situation since the apex bank has insisted on forex flexibility policy," said Samed Olukoya, a foreign exchange research analyst at Investors King Limited. "Intermittent intervention and speedy disbursement of the $20 million announced on Friday and commercial banks adherence to the new policy are strong determinants to how well the new policy will alleviate parents and travelers suffering," he added. Currently, market illiquidity has forced Bureau De Change operators to source dollars from private sources and resell at a much higher price, pushing the black market rate even higher as retail currency traders depend on Bureau De Change for supplies. http://investorsking.com/naira-depreciates-to-n520-against-u-s-dollar-as-retailers-examine-cbn-action/ 2 Likes |
| Phones › Telecoms To Block Skype, Whatsapp Calls, To Boost Revenue by Truth234(op): 5:16am On Feb 20, 2017 |
As the economic crisis continued to weigh on businesses, telecommunication firms are planning to adopt drastic measures to boost revenue. Telecoms companies in the country are planning to curb losses from international calls and meet a revenue target of N20 trillion by blocking subscribers from using Skype and other internet call services, called Over-the-Top, the Punch reported on Sunday. According to the report, subscribers might also be prevented from voice and video calls on Facebook and Whatsapp, among other OTT services. A manager at one of the major telecommunication companies in the country, who preferred not to be named said, “It is an aggressive approach to stop further revenue loss to OTT players on international calls, having already lost about N100tn between 2012 and 2017.” The manager added that “If we fail to be pro-active by taking cogent steps now, then there are indications that we may lose between N20tn and N30tn, or so, by the end of 2018.” This further support Ovum report, a United Kingdom-based research and analytics company that about $386 billion would be lost over a period of six years, between 2012 and 2018, from Nigerian customers using the OTT voice applications. “Generally, the main fear of the telecoms operators here will be that customers will increasingly use Skype as a substitute for conventional international calls,” said Mattew Reed, the Principal Analyst at Informa Telecoms and Media. Whereas telecoms operators in the country have said international calls made up the bulk of their revenue due to Nigeria’s large diaspora population, but that the Nigerian Communications Commission is not doing enough to regulate the sector and keep them in business. However, the Director, Public Affairs, NCC, Mr. Tony Ojobo, said, “We don’t have any evidence that we do not regulate the Internet.” http://investorsking.com/telecoms-to-block-skype-whatsapp-calls-to-boost-revenue/ |
| Business › Re: Nigeria-china Trade Declines By 79% In 2016 by Truth234(op): 9:53am On Feb 19, 2017*. Modified: 10:10am On Feb 19, 2017 |
Bevista:Not at all, Nigeria has little to nothing to export to China. The reason Nigeria-China trade dropped is forex scarcity, importers are lamenting. Hence, the reason the CBN institutes new forex policy 60:40 for manufacturers. Hopefully, the surge in oil prices will help bolster foreign reserves and reduce economic gridlock. Note: the trade comprises mainly raw materials and not finished products. 2 Likes |
| Business › Nigeria-china Trade Declines By 79% In 2016 by Truth234(op): 9:27am On Feb 19, 2017 |
The trade relations between Nigeria and China declined in 2016 to a record low, according to the Chinese Ambassador to Nigeria, Zhou Pingjian. According to the Ambassador, Nigeria-China trade relations was $15 billion in 2015, but has since dropped to $3.1 billion in 2016. Pushing Nigeria down to fourth position from the second largest Africa-China trade partner. Pingjian, who visited the House of Representatives Committee on Nigeria-China Relations said “Nigeria-China trade is declining fast. Nigeria used to be China’s number two trade partner in Africa, but it’s now number four.” He however expressed confidence that the situation can be improved upon with focus and implementation of policy agreements reached by the two countries and commended Nigeria for supporting the ‘One China Policy’. “We need to follow up on the outcomes of the Forum of China-Africa Cooperation summit and President Muhammad Buhari’s state visit to China in April last year”, he said. The ambassador disclosed that one of the fall-outs of the president’s visit was the construction of the Agricultural Training Centre in Bwari, Abuja by CGCOC to assist Nigeria’s diversification efforts. Pingjian said with over $139 billion Foreign Direct Investment, China is interested and ready to expand investment in Nigeria and urged the government to create enabling environment for investors to come in. “As Chinese ambassador to Nigeria, I wish a small part of the $139 billion could come to Nigeria”, he said, adding that as an ambassador he was willing to facilitate it. Pingjian reiterated China’s commitment to Nigeria’s economic revival and as well as readiness to support the nation’s economic diversification efforts. Similarly, CGCOC Group Managing Director, Ye Shuijin who called for improved security in the country, noted that Chinese firms in Nigeria were ready to make greater contribution to the socio-economic development of the country. Shuijin, who also doubled as Chairman of the China Chamber of Commerce in Nigeria expressed the need for the establishment of a Strategic Master Plan by Nigeria and China to fast track industrialisation of the country. “We have more than 20 industrial zones in Nigeria, we have funds abroad that can be brought into Nigeria for investment but it has to be strategically done”, he said. The MD disclosed that in 2008 CGCOC ventured into mechanised farming in Wara, Kebbi State and today the company is one of the leading producers of rice accounting for about 50 per cent of rice production in Nigeria. http://investorsking.com/nigeria-china-trade-declines-79-2016/ |
| Politics › Re: Rejoinder: The Sorry State Of The Nation Under Buhari by Truth234(m): 9:03am On Feb 17, 2017*. Modified: 3:03pm On Feb 17, 2017 |
Looting is our major problem. Even though it is basic, it is complex. For instance, monthly forex demand under Obasanjo was below $1 billion, due to lack of broad industrialization and low commerce, when compared to recent time. However, Nigeria was generating $105/b on the average for about 5 years under GEJ, with a low forex demand when compared to what we are currently experiencing. The question is why was there no diversification plan, infrastructure to support growth and encourage foreign investments? Yet, there were no savings. In 2013, Nigeria generated about $33 billion (Q2) from crude oil, only $2 billion made it to the foreign reserves. Another hiding truth is the fact that GEJ administration actually used about $26 billion to support lower exchange rate in 2013, even though oil price was at a record high, there was no succinct policy for economic growth. That was one of the reasons we were able to deceive JPmorgan into listing Nigeria bond on emerging market Index. It was a bubble created by oil boom but burst when oil prices plunged. Presently, Nigeria's monthly forex demand stood at $4.8 billion and $1.2 billion on a weekly basis, whereas the nation is generating between $600 million-$700 million weekly. How do you meet such demand when past administration have no substantial savings or build vibrant non-oil sector to augment oil revenue? Lastly, an economy is like a 'blockchain.' Its impossible to fix just one block and expect a perfect value chain. It's a process. 36 Likes 5 Shares |
| Business › Re: Nigeria's Inflation Rises Moderately In January, Up 18.7% by Truth234(op): 7:40am On Feb 17, 2017 |
Lalasticlala Mynd44 seun Dominique |
| Business › Nigeria's Inflation Rises Moderately In January, Up 18.7% by Truth234(op): 6:42pm On Feb 16, 2017 |
The cost of living in Nigeria rose moderately in January, following low growth recorded in Communication sector and Restaurants and Hotels. The Consumer Price Index, which measures inflation rate increased by 18.72 percent (year-on-year) in January, up 0.17 percent points from 18.55 percent recorded in December 2016, the National Bureau of Statistic reported on Thursday. However, on a monthly basis, headline inflation rose less than projected in January, surging just 1.01 percent from 1.06 percent recorded in December. This represents a 0.05 percent points lower than preceding month. On a yearly basis, the faster pace of growth in headline inflation were bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories, electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road. The report showed the moderate increase recorded in the month was as a result of low growth recorded in Communication and Restaurants and Hotels, both grew at 5.1 percent and 8.4 percent respectively. In January, costs were mainly driven by air ticket, fuels and lubricants for transport equipment, liquid fuels, cooking gas, oils and fats, fruits, Miké cheese and eggs, fish, meat and bread and cereals. But, for the past 4 months, the pace of increase has been reducing, indicating consumer prices are beginning to adjust to a series of policy been implemented by the Central Bank of Nigeria and consumer resistance. http://investorsking.com/nigerias-inflation-moderately-in-january/ 2 Shares
|
1 2 3 4 5 6 7 8 ... 36 37 38 39 40 41 42 43 44 (of 79 pages)