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 Politics › Re: The Sorry State Of Nigeria Under President Muhammadu Buhari by Truth234(m): 3:16pm On Feb 16, 2017 |
TonyeBarcanista:That is what your piece is missing, the industrialisation capacity of the administrations you are comparing and how those impact economic activities during their regime. 3 Likes |
| Politics › Re: The Sorry State Of Nigeria Under President Muhammadu Buhari by Truth234(m): 2:42pm On Feb 16, 2017 |
TonyeBarcanista:Can I ask you? What was the forex monthly demand during Obasanjo, Yara Dua and GEJ? 7 Likes 1 Share |
| Business › Re: Nigeria’s Crude Oil Export To India Plunges 54% by Truth234(op): 12:32pm On Feb 16, 2017 |
duni04:I am sorry you feel offended. Here is the link to the foreign exchange reserves https://www.cbn.gov.ng/IntOps/Reserve.asp?MoveDate=2/16/2017%203:12:59%20AM and here is the link to the video https://www.facebook.com/IbeKachikwu/ |
| Business › Re: Nigeria’s Crude Oil Export To India Plunges 54% by Truth234(op): 12:19pm On Feb 16, 2017 |
duni04:I am actually the OP and I will engage you if you are open minded. That Punch publication you posted is wrong and 100% fake, let me tell you, there is no way we would have attained 2mbpd without Trans Forcado pipeline working. If that is not enough, the figure I quoted was directly drawn from Ibe Kachikwu personal video released on Tuesday. And I don't see how those journalists that are not in the industry or even trade the market know better than the Minister himself. Again, the $30 billion foreign reserve quoted few days ago by ThisDay and shared on Monday was wrong, our foreign reserves is $28,970,098,850 as at today. Also, the analyst referenced by ThisDay, mess up by assuming liability (loan) would be added to equity to make up the $30 billion. No, it will only be used to cushion the economy (bolster market liquidity). By the way, nobody edited anything, current output stood at 1.6 mbpd |
| Business › Nigeria’s Crude Oil Export To India Plunges 54% by Truth234(op): 4:30am On Feb 16, 2017 |
The Nigerian oil export to India dropped by 54 percent in January from a year ago. According to a Reuters report, the militant attack on the Trans Forcados Pipeline forced key Indian clients, mostly state-run companies to turn to Angola for supplies, bolstering Angola exports by almost 70 percent. While India still remained the single largest buyer of Nigerian crude oil, production is well below NNPC’s 2.2 million barrels per day target and presently stood at 1.6mbpd, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu said on Tuesday. The Minister, further stated that after the Trans Forcados Pipeline was shut last year, production dropped by as much as one million barrels per day, giving the ministry little to no means to earn forex needed to service the economy. Since the pipeline was shut, Nigeria has lost about $100 billion in revenue to attacks by the militants in the oil-rich Niger Delta, “a cushion could see economic growth and gradual recovery,” said Samed Olukoya, a research analyst at Investors King Ltd. Mr. Austin Avuru, the Chief Executive Officer, Seplat Petroleum Development Company Plc, said the Trans Forcado Pipeline could be reopen towards the end of the second quarter. However, India’s imports from Iran rose slightly in January compared to previous months as Indian refiners received full volumes from Iraq and Saudi Arabia. http://investorsking.com/nigerias-crude-oil-export-to-india-plunges-54/ 1 Like |
| Career › Expert Foresees Demand Surge For Project Managers by Truth234(op): 10:59am On Feb 15, 2017 |
As the President Muhammadu Buhari administration makes efforts to diversify the economy away from crude oil following the slump in global oil prices, demand for project managers who will drive the Federal Government’s renewed focus on the non-oil sectors of the economy is likely to increase. The Director, Consulting and Systems Integration, Ericsson Nigeria, Oluwatosin Agbetusin, who stated this, observed that an increasingly diversified portfolio had created a wave of projects ranging from infrastructure to mining, and an increased demand for project talent. Agbetusin, the first programme management professional in Nigeria to bag a programme management certification from the renowned Project Management Institute in the United States, said the project management profession had become so popular over the past five years, such that a huge number of professionals from other areas were switching careers to join the fold. “More projects in the pipeline mean more hiring of project talent,” he said. According to Agbetusin, whose outlook for project management in Nigeria was featured in the January edition of PM Network, a monthly magazine offering insights from the profession’s most experienced leaders globally, there are currently more project management jobs available than experienced professionals to handle them. On that basis, he stated, “I see 2017 bringing more push for additional project management skills and certifications. Beyond the Project Management Professional credential, I expect that more organisations in Nigeria will seek out practitioners with specific skills and certifications in risk, scheduling, agile, programme management and portfolio management.” The National Bureau of Statistics forecasts that the Federal Government’s renewed spending on projects and cuts on wasteful spending will spark an annual average of 5.4 per cent expansion of the economy between 2017 and 2020. http://investorsking.com/expert-foresees-demand-surge-for-project-managers/ |
| Politics › Militancy Deprived Nigeria Of $100bn In 2016 –kachikwu by Truth234(op): 4:28am On Feb 15, 2017 |
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the country lost as much as $100bn in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. Kachikwu, who stated this on Tuesday in his monthly broadcast posted on his Facebook page with the title: ‘Oil sector militancy challenges: Road map to closure’, said the nation’s oil production fell by as high as one million barrels per day sometimes last year. He said as part of ongoing efforts to end the militancy challenges in the oil sector, the ministry had come up with a 20-point agenda. According to the minister, one of the critical challenges the country has is the militancy that has plagued the Niger Delta environment and disturbed oil operations. He said, “At the highest point of this last year, we were producing 1.2 million barrels, which means we were losing literally a million barrels of oil per day. At that time also, we were basically losing an average, if you look at 2016, of over $50bn to $100bn of unearned income as a result of this disruption. “Jobs were out; pipelines were strewn all over the place; refineries couldn’t work to capacity, and we couldn’t meet our contractual international obligations. And the economy basically suffered.” Noting that oil price also declined by 60 percent over the last one and half years, Kachikwu said, “You see the massive problem that President Muhammadu Buhari has faced and had to deal with over this period. It is a massive problem. “This is a problem that has consistently been there even before the government of President Obasanjo, and it went on into other governments. It is a problem that seems to be intractable. So, it is a difficult undertaking to try to embark on trying to resolve it once and for all, but we are very bullish about this.” According to the minister, the 20-point agenda include engagement town hall meetings; inter-agency collaboration; ring-fenced state approach; security hold hands; peace and investment on state basis; focused investments in gas-to-power; incentive for peace scheme; massive civil infrastructure revamp; and Niger Delta Development Fund Initiative. “All our pipelines are old; all our gas distribution systems are old; all our depots are hardly functioning. Working with the Nigerian National Petroleum Corporation, we are going to embark on looking for third-party funds to massively begin infrastructure revamp of the assets that are required in the industry. If we do that, a lot of jobs will be created. In addition to that, we want to target specific investments in this area,” Kachikwu added. http://investorsking.com/militancy-deprived-nigeria-of-100bn-in-2016-kachikwu/ 5 Likes
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| Politics › Re: Nigeria To Generate $16.4 Billion From Asset Sales by Truth234(m): 7:16am On Feb 14, 2017 |
Lalasticlala Mynd44 seun Dominique |
| Politics › Re: Foreign Reserves Rise To $30.5B As CBN Targets $40B Before Year End by Truth234(m): 3:24pm On Feb 13, 2017 |
michoim:This news is not true o. Believe am at your own risk. |
| Business › Re: Nigeria To Service $1b Eurobond With N361b by Truth234(op): 10:00am On Feb 13, 2017 |
PassingShot:We can borrow locally, while waiting to see if crude oil will sustain the current surge in prices. Instead of the FG to add to our recurrent expenditures and worsen debt to revenue ratio. Since they are trying to reduce recurrent expenditures and block leakages. |
| Politics › Re: Senate President Saraki Pocketed Billions Of Naira From Paris Loan Refund by Truth234(op): 8:29am On Feb 13, 2017 |
Lalasticlala Mynd44 seun Dominique |
| Celebrities › Re: That Andrew Yakubu By Charly Boy (areafada) by Truth234(m): 7:16am On Feb 13, 2017 |
If Nigeria does not kill corruption, corruption will one day kill Nigeria. 31 Likes 2 Shares |
| Business › Re: Nigeria To Service $1b Eurobond With N361b by Truth234(op): 6:30am On Feb 13, 2017*. Modified: 7:20am On Feb 13, 2017 |
This what I was trying to tell you, PassingShot, the premium offered is way too high and we will be serving the debt with more money than we got. Oga, it is borrowing and the difference between bond sales and conventional borrowing is actually our disadvantage. For instance, the government is issuing this bond at a premium high (interest rate) to attract investors. While in conventional borrowing interest are way lower (foreign institution) and costs of servicing debt are cheaper but when there is no foreign institution that wants to borrow us due to the current headwings in the country and the downgrading by credit ratings in recent time. The government result to borrowing (bond sale) at a very 'High Cost'. Don't forget this is money we really do not have.It simple, we are offering more than they can ignore. 4 Likes |
| Business › Nigeria To Service $1b Eurobond With N361b by Truth234(op): 6:29am On Feb 13, 2017 |
Nigeria is considering a new debt service provisioning of N361 billion ($1.2 billion) for the $1 billion (N305.1 billion) Eurobond which was acclaimed to have been over-subscribed. When consummated, the development will not only add to the country’s debt stock, its current debt service provision at over N1.4 trillion will rise, and it will deepen the troubled debt-to-revenue ratio which has been impeding the country’s ability to freely finance growth projects. Government had said its 15-year Eurobond offer was priced at 7.875 per cent, with a lump sum repayment of the principal ($1 billion) at the due date – February 2032. The investors had opted for a higher yield to cover their assessed risks or devaluation in early negotiations, asking for a 7.5 per cent for a 10-year period or eight per cent and above for a 15-year period, due to foreign exchange crisis and other macroeconomic issues. However, the aggregate cost for the deal at the offering rate may not be less than N361 billion at the prevailing official exchange rate, considering that investors would be paid in dollar, representing a yearly average cost of about N24.1 billion ($79 million). A popular economist who would not want his name in print said the net proceeds of the Eurobond would naturally be less than the amount quoted due to service charges incurred in the process, “but we would be debited with $1 billion.” “If you factor in these costs, you begin to ask whether we should have been here. It is irritating that in the midst of these challenges, misappropriation, huge governance cost and outright embezzlement of public fund still persist. “The budget items of some ministries are clear fraud and these have put the country on an unsustainable path. What is there to celebrate about the Eurobond? Is it that we are now committing our young generations, even the unborn, to poverty and immediate struggle?” the economist queried. But the Minister of Finance, Mrs. Kemi Adeosun, in a statement, said: “Nigeria is implementing an ambitious economic reform agenda designed to deliver long-term sustainable growth and reduce reliance on oil and gas revenues while reducing waste and improving the efficiency of government expenditure. “We are establishing the building blocks for long-term growth and making the hard decisions that must be made to reset our economy appropriately.” The Director-General of Debt Management Office, Dr. Abraham Nwankwo, also said: “Nigeria is delighted to have successfully priced its third Eurobond issue…The Eurobond is the latest step in a broader debt strategy designed to significantly re-balance our debt profile towards longer term financing and reduce the burden of interest on our annual budget.” A director at Union Capital Markets Limited, Egie Akpata, said he was sure that the country would raise the amount and predicted an oversubscription earlier, but expressed worry on the pricing, which he said would have been a lot lower if the fundamentals did not get this bad. “Eurobond is the easiest platform for international fund raising for the country now, because there is no string attached, unlike the International Monetary Fund and the World Bank. “With the assurance that our daily oil earnings may be more or less this amount, it is not a ‘back breaking’ deal. But considering the exchange rate, local debts would be better off, as the total cost incurred would be less,” he said. http://investorsking.com/nigeria-to-service-1b-eurobond-with-n361b/ |
| Car Talk › FG To Introduce Speed Cameras On Nigeria’s Roads by Truth234(op): 5:49am On Feb 13, 2017 |
The federal government has disclosed it will introduce speed cameras on Nigeria’s roads to help the Federal Road Safety Commission (FRSC) curtail excessive speeding by motorists and improve safe use of the roads. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, said this yesterday after he inspected ongoing repair works on the different sections of the Abuja-Kaduna Expressway ahead of the planned closure of the Nnamdi Azikiwe International Airport, Abuja and diversion of air traffic to the Kaduna Airport. Fashola also explained that repair works on the road has recorded some impressive progress with 130 out of its 160 kilometres already covered. Fashola said in a statement from his senior special adviser on communications, Mr. Hakeem Bello in Abuja, that he saw an accident that occurred a day before his visit, and that most accidents on Nigerian roads were not necessarily from failed road networks but from irresponsible use of the roads by drivers who he alleged were less qualified to drive on the roads. He noted that his ministry would support the FRSC to improve safe use of Nigerian roads, and advocated for the retraining for drivers. The FRSC, he stated, has continued to address the problem in terms of education, enlightenment and the introduction of speed limiting devices but that his ministry would further their efforts in the short to medium terms by introducing some speed cameras to deter people from excessive speeding. “I think that it is fair to say that not many people who manage vehicles on our roads are actually trained to manage vehicles on the roads; many people are auxiliary drivers for want of something better to do. There are rules in the operation and utilisation of automobiles,” said Fashola. The minister also said that it was the job of the government to ensure safe use of roads and that it was not going to give it up. On the outcome of his inspection, Fashola said the work on the road was an emergency repair and not a reconstruction which he said would come later after an ongoing procurement exercise on it is concluded. According to him, the repair works would essentially remove the potholes and reduce the risk of accidents. “The work that is being done here, you must understand this is a road of more than 160 kilometres. We are at kilometre 130 from Abuja. So, the work that is being done as I said is an emergency intervention essentially to remove the dangerous potholes and eliminate potential hazards that could cause accidents for motorists on this road. “So, the road needs to be rebuilt because it has been subjected to a lot of axle load. But what we are doing right now is emergency repairs to remove the potholes to make the road safe for commuters ahead of the planned reconstruction and repair of the Abuja Airport runway which will lead to a diversion of air traffic and passengers from Abuja to Kaduna which will start on the 8th of March,” he said. He added that the role of his ministry was to make the road motorable and safe for commuters, and that it would be delivered on time for use. “You can see that some sections have been resurfaced completely but that is not the main reconstruction of the road; let us be clear about what is happening here. “The whole purpose of this contract is to cover the potholes on the 160 kilometres road two lanes on one side and two lanes on the other side; so that is really to cover 620 kilometres of potholes; that is a contract for N1 billion. “So, let’s be clear about that. This is emergency short term. When the Bureau for Public Procurement (BPP) gives the no objection contract, we will start when the airport runway would have been completed,” he stated. http://investorsking.com/fg-to-introduce-speed-cameras-on-nigerias-roads/ 1 Like |
| Politics › Senate President Saraki Pocketed Billions Of Naira From Paris Loan Refund by Truth234(op): 5:20pm On Feb 12, 2017 |
In one of the largest financial scandals in recent years, Nigeria’s 36 state governors and Senate President Bukola Saraki pocketed large slices of funds approved by the Federal Government to reimburse states for the excessive deductions charged to them on account of the Paris Club and other international loans.http://investorsking.com/senate-president-saraki-pocketed-billions-of-naira-from-paris-loan-refund/ Lalasticlala Mynd44 seun Dominique |
| Business › Gas Production Rises By 31% In Three Months by Truth234(op): 8:33am On Feb 12, 2017 |
The national production of gas in Nigeria has witnessed a consistent monthly rise following the gradual decline in the spate of vandalism of oil and gas facilities across the country. Specifically, the latest report from the Nigerian National Petroleum Corporation showed that the gas production rose by 55.1 billion standard cubic feet between September and November last year, representing 31.68 per cent increase. An analysis of the figures from the national oil firm revealed that during the peak period of pipeline vandalism between April and early August 2016, Nigeria’s gas production fell by 54.5BCF. This, however, started picking up in August when the country posted a total gas production of 173.9BCF. In September, October and November of last year, the production figures appreciated to 204.9BCF, 219.6BCF and 229BCF, respectively. The NNPC said, “Pipeline sabotage in the country continues to reduce due to the Federal Government and the NNPC’s sustained engagements with stakeholders. Only 43 downstream pipeline vandalised points were recorded in the month of November as against 101 in October 2016. This also represents 78.92 per cent reduction relative to November, 2015 (that is 204 vandalised points).” The NNPC also said, “In October, 2016, there was 56 per cent drop in the number of pipeline vandalised points relative to September, 2016 (from 179 vandalised points in September to 101 in October).” Similarly, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, confirmed recently at an event in Abuja that the decline in vandalism had prompted a rise in electricity generation and noted that this would be much better if vandals desisted from pipeline vandalism. Fashola had said, “As the gas lines are back, we can immediately recover 3,000MW of power in addition to the 3,500MW that we have now. So, we will automatically be going to over 6,500MW. Therefore, we will continue to appeal to them in the way that the President and the Vice-President are appealing.” Meanwhile, the NNPC noted that a total of 229BCF of natural gas was produced in the month of November, 2016, translating to an average daily production of 7,629.90 million standard cubic feet per day. It stated that for the period of December 2015 to November 2016, a total of 2,628.41BCF of gas was produced, representing an average daily production of 7,184.14mmscfd during the review period. It added that production from the JVs, PSCs and NPDC contributed about 67.82 per cent, 24.31 per cent and 7.87 per cent, respectively, to the total national gas production in November. “Total gas supply for the period December 2015 to November 2016 stood at 316.89BCF and 1,131.61BCF for the domestic and export market, respectively,” the corporation said. It went on to explain that from the 849.8mmscfd of gas supplied to the domestic market in November 2016, about 528mmscfd of gas, representing 62.13 per cent, was used for gas-fired power plants while the balance of 321.8mmscfd or 37.87 per cent was supplied to other industries. “Similarly, for the period of December 2015 to November 2016, an average of 865.89mscfd of gas was supplied to the domestic market, comprising of an average of 538.04mmscfd or 62.14 per cent as gas supply to the power plants and 327.85mmscfd or 37.86 per cent as gas supply to industries,” it added. http://investorsking.com/gas-production-rises-31-three-months/ 1 Like 1 Share |
| Politics › Naira Slides To N506 Against Dollar On Parallel Market by Truth234(op): 6:46am On Feb 11, 2017 |
The Nigerian Naira slid to a new record low against the US dollar on the Parallel market on Friday. The local currency plunged to N506 against the greenback, as traders reportedly try to tempt dollar holders to sell. On the interbank market, lenders had traded only $1.30m at 315 per dollar by 11:30 GMT, traders said, as the Central Bank of Nigeria continued to ration dollar supplies. The traders explained that the $660m sold by the CBN last week at auction was not enough to meet market demands. “Despite rising FX reserves, it’s the amount of the FX that is supplied that matters. The parallel market, by its nature, is particularly sensitive to demand-supply imbalances, and has a tendency to overshoot,” Reuters reported, quoting the Head of Africa Research at Standard Chartered Bank, Razia Khan. “Supply of FX matters more than any other factor,” she added. Economic and financial experts remain divided over the naira outlook in 2017 but few have said the local currency may depreciate further this year, while others like analysts at Investors King Ltd. have said the rising oil prices and external reserves will help contained further depreciation of the Naira value against the US dollar. The external reserves rose to $28.6 billion on February 8, according to a CBN report. While Brent crude oil surged to $56 dollar a barrel, from about $40 recorded in October, before OPEC members reached consensus on production cut in November 2016. The Naira remained at 305.25 a dollar on the Official trading window, where it has been since last August. http://investorsking.com/naira-slides-to-n506-against-dollar-on-parallel-market/ |
| Business › Re: Naira Tumbles To 503 On Parallel Market by Truth234(op): 5:27am On Feb 11, 2017 |
Closed 506/$ on Friday. 15 Likes |
| Business › Naira Tumbles To 503 On Parallel Market by Truth234(op): 1:59pm On Feb 10, 2017*. Modified: 5:44am On Feb 11, 2017 |
The naira tumbled against the United States dollar on the parallel market to 503 on Thursday, down from the 500 recorded on Wednesday. The local currency had closed at 499 and 498 on Tuesday and Monday, respectively. This came almost two weeks after the naira touched 500/dollar briefly and returned to 498/dollar. The local currency had been stable against the greenback for about three weeks. Economic and financial experts are divided over the outlook for the naira this year but many have said the local currency may depreciate further in the coming months. The external reserves also rose to $28.6bn on February 8, the Central Bank of Nigeria’s data showed on Thursday. The naira might fall to around 520/dollar, the Chief Executive Officer of Lagos-based research firm, Financial Derivatives Company, Mr. Bismarck Rewane, had said. On the official market, it remained at 305.25/dollar, where it has been trading since last August. The CBN last week sold $660m in three and five-month currency forwards at an auction aimed at clearing a backlog of dollar demand. But traders said it was not enough to satisfy the market. “Despite rising FX reserves, it’s the amount of the FX that is supplied that matters. The parallel market, by its nature, is particularly sensitive to demand-supply imbalances, and has a tendency to overshoot,” Reuters reported, quoting the Head of Africa Research at Standard Chartered Bank, Razia Khan. “Supply of FX matters more than any other factor,” she added. Traders said the CBN had been selling dollars on the official market to support the naira, but dollar shortages were causing the local currency to weaken on the black market. The naira lost a third of its official value against the dollar in 2016 after the CBN scrapped its peg for the currency, allowing the naira to float on the interbank market, in a bid to alleviate dollar shortages On the Bureau de Change segment, the naira closed at N399/dollar, while the pound sterling and euro closed at N617 and N527, respectively. Traders said that the scarcity of the greenback was far from being over. The forex exchange reserves have gained more than $2bn so far this year, rising from $25.8bn on December 30, 2016 to $28.2bn on February 2, 2017. Update: The Naira slid further on Friday against the US dollar to close at 506 on the parallel market. http://investorsking.com/naira-tumbles-503-parallel-market/ 1 Like |
| Politics › Nigeria Listed Among World’s Most Powerful Economies By 2030 by Truth234(op): 12:16pm On Feb 10, 2017 |
Nigeria has been listed among thirty two countries that will be world’s most powerful economies by the by 2030. The release by PricewaterhouseCoopers, one of the world’s largest professional-services firms, in its predictions for the most powerful economies in the world by 2030. The report, titled “The long view: how will the global economic order change by 2050?” ranked 32 countries by their projected global gross domestic product by purchasing power parity. PPP is used by macroeconomists to determine the economic productivity and standards of living among countries across a certain time period. While PwC’s findings show some of the same countries right near the top of the list in 13 years, they also have numerous economies slipping or rising massively by 2030. Check out which countries made the list. All numbers cited in the slides are in US dollars and at constant values (for reference, the US’s current PPP is $18.562 trillion): 32. Netherlands — $1.08 trillion 31. Colombia — $1.111 trillion 30. South Africa — $1.148 trillion 29. Vietnam — $1.303 trillion 28. Bangladesh — $1.324 trillion 27. Argentina — $1.342 trillion 26. Poland — $1.505 trillion 25. Malaysia — $1.506 trillion 24. Philippines — $1.615 trillion 23. Australia — $1.663 trillion 22. Thailand — $1.732 trillion 21. Nigeria — $1.794 trillion 20. Pakistan — $1.868 trillion 19. Egypt — $2.049 trillion 18. Canada — $2.141 trillion 17. Spain — $2.159 trillion 16. Iran — $2.354 trillion 15. Italy — $2.541 trillion 14. South Korea — $2.651 trillion 13. Saudi Arabia — $2.755 trillion 12. Turkey — $2.996 trillion 11. France — $3.377 trillion 10. United Kingdom — $3.638 trillion 9. Mexico — $3.661 trillion 8. Brazil — $4.439 trillion 7. Germany — $4.707 trillion 6. Russia — $4.736 trillion 5. Indonesia — $5.424 trillion 4. Japan — $5.606 trillion 3. India — $19.511 trillion 2. United States — $23.475 trillion 1. China — $38.008 trillion http://investorsking.com/nigeria-listed-among-worlds-most-powerful-economies-by-2030/ 2 Likes 1 Share |
| Business › Banks Set Aside 5% Of Profit For Agriculture, Exports by Truth234(op): 5:08am On Feb 10, 2017 |
The Bankers’ Committee of the Central Bank of Nigeria on Thursday agreed to set aside five per cent of the profit after tax of the banking sector to finance the agricultural sector as well as non-oil exports. The committee, at its meeting held at the headquarters of the CBN in Abuja, said that based on the balance sheet size of the banking sector for the 2016 financial year, about N25bn was expected to be pooled into the fund annually. The Director, Banking Supervision Department, CBN, Mr. Ahmed Abdulahi, who addressed journalists shortly after the meeting, said that the decision to set aside the fund was to support the agricultural sector and import substitution policy of the Federal Government. Abdulahi was joined at the briefing by the Managing Director, First Security Discount House, Mr. Hamda Amban; Managing Director, Guaranty Trust Bank Plc, Mr. Segun Agbaje; Director, Shared Services, CBN, Mr. Chidi Umeano; and Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor. Apart from the new funding initiative for the agricultural sector, others issues discussed at the meeting, according to Abdulahi, are the reactivation of the cashless policy as well as its extension to the remaining 30 states, Ponzi schemes and the emerging threat of virtual currencies. Providing more insight into the new funding mechanism for the agricultural sector, Abdulahi said the fund would be used to finance eligible bankable projects meant to support the export drive of all import substitution products. He explained that the move was borne out of the conviction that the agricultural sector as well as the promotion of non-oil exports held the key to the diversification of the economy. He said the money would not be given out to businesses in the sectors as loans, but would be provided by banks as equity contribution to such companies. This, he noted, would allow the banks to have equity stake in such businesses for a maximum of 10 years, adding that rather than charging interest, the banks would be entitled to dividend during the period of their investments. Umeano, who spoke on the cashless policy, said it would help drive financial inclusion, the Sustainable Development Goals of the country and improve security in bank transactions. He said the committee’s plan was to have a gradual reintroduction of the scheme to the 30 states starting from May this year The cashless policy, since it was introduced in 2012, according to him, has been implemented in six states. On Ponzi schemes and virtual currencies, Agbaje said that the CBN had warned Nigerians not to patronise them as they were not registered by any of the regulatory agencies in Nigeria. “Ponzi scheme is something that as an industry we are very concerned about. We are trying to make sure that majority of people do not fall into get-rich-quick schemes,” he added. http://investorsking.com/banks-set-aside-5-profit-agriculture-exports/ |
| Business › Re: Nigeria’s $1 Billion Eurobond Oversubscribed By 7 Folds by Truth234(m): 2:34am On Feb 10, 2017 |
PassingShot:Oga, it is borrowing and the difference between bond sales and conventional borrowing is actually our disadvantage. For instance, the government is issuing this bond at a premium high (interest rate) to attract investors. While in conventional borrowing interest are way lower (foreign institution) and costs of servicing debt are cheaper but when there is no foreign institution that wants to borrow us due to the current headwings in the country and the downgrading by credit ratings in recent time. The government result to borrowing (bond sale) at a very 'High Cost'. Don't forget this is money we really do not have. Let me ask you, why are investors rushing the bond giving the level of risk exposure and uncertainty? |
| Crime › Man Jailed For Investing Customer’s Money In MMM by Truth234(op): 3:33pm On Feb 09, 2017 |
A Karmo Grade 1 Area Court, Abuja, on Thursday sentenced one Hassan Joshua, 38, to two months’ imprisonment for criminal breach of trust and cheating, bordering on failure to pay back customer’s N430, 000.http://investorsking.com/man-jailed-for-investing-customers-money-in-mmm/ 2 Likes 1 Share |
| Politics › Re: How They Killed The Naira by Truth234(m): 1:35pm On Feb 09, 2017*. Modified: 2:05pm On Feb 09, 2017 |
razid:The thing is they tagged high consumer prices "inflation' without understanding what type of inflation it is. Whereas what we are experiencing is cost push inflation, persistent increase cost of production. CBN need to admit to the Nigerian people that the high interest rate is to attract investors to the economy, so the apex bank can generate enough forex to service the economy and not because of inflation rate. |
| Politics › Re: How They Killed The Naira by Truth234(m): 1:11pm On Feb 09, 2017 |
PassingShot:The truth is they will continue to have issues with borrowing for one obvious reason, the economy is not stable. Hence, the reason Fitch ratings downgraded Nigeria to B+ last week. The FG need to go on aggressive spending (fiscal stimulus). Knock off high interest rate to encourage borrowing to revamp manufacturing sector and reduce unemployment while increasing consumer spending. |
| Politics › Re: How They Killed The Naira by Truth234(m): 12:36pm On Feb 09, 2017*. Modified: 1:20pm On Feb 09, 2017 |
SalomonKane:You are right but borrowing is inevitable because of the nature of our economy. We are petrol-dollar economy and both are not readily available now. Another thing is this administration added to the woes through their monetary policy. For instance, they introduced Forex flexibility policy 3 days to Brexit, that was CBN first mistake. In a crude oil dependent economy, you can't formulate monetary policy without factoring in global occurrence. Hence, the reason the forex flexibility policy failed, because that was when global risk was at post recession high. No reasonable investor will ignore the obvious and jumped in an economy with high level of uncertainty. On realizing they couldn't lure investors with Forex flexibility policy, they were force to hike interest rate by 200 basis points to 14 percent in order to lure investors via bond sales. It is the same reason the FG is selling $1 billion eurobond soon, again they are doing it at a high premium. This is dangerous because it put the money in the hand of the greedy investors at the expense of the masses. 3 Likes |
| Politics › Re: How They Killed The Naira by Truth234(m): 12:04pm On Feb 09, 2017 |
Oil output has never been 400,000 bpd. The lowest since this administration came in was 1.4 mbpd. However, what sustained 170/$ exchange rate wasn't the reserve, it was the looting. Imagine in 2013 when oil prices was $107 a barrel and output was 2 mbpd, just $2 billion was added to the foreign reserve, bringing total reserve to $29 billion. That was when about $33 billion was generated in oil revenue, what happened to the rest? Looted, shared and find it way back into the economy through luxury consumer spending, investment in real estates, extravagance life styles and of course olosho enjoy too. I wrote an article called Nigeria: A nation that thrive on loots. It details everything. But under the current administration foreign reserve is $28.9 billion. A period when oil prices has been averaging $33 a barrel for the past 12 months and plunged to 25 year low in Feb 2016 to trade at 26 a barrel. All this was achieved with 1.4 mbpd output. 3 Likes 2 Shares |
| Travel › Germany To Deport 12,000 Nigerian Asylum Seekers by Truth234(op): 7:57am On Feb 09, 2017 |
Except something providential happens, over 12,000 Nigerians seeking asylum in Germany risk being deported next year. Germany’s Global Head of Programmes, Migration and Development, Dr. Ralf Sanftenberg, dropped the hint yesterday during a courtesy call on the Senior Special Assistant (SSA) to the President on Foreign Affairs and Diaspora, Mrs. Abike Dabiri-Erewa in Abuja. Sanftenberg, who led a delegation from Germany’s Federal Ministry of Economic Cooperation and Development, was on a site assessment mission for assisted-voluntary returnees of Nigeria’s irregular migrants in his country. The mission is saddled with the responsibility of coordinating the Centre for International Migration and Development (CIM), which offers returnees support service and knowledge transfer. “We have over 37,000 Nigerians in Germany and more than 12,000 of them are asylum seekers. There is a little chance for their applications to be moved and they may be forced to come back to Nigeria next year,” he stated. According to the envoy, about 99 per cent of them are likely to be denied asylum status since Nigeria is not considered one of the war-ravaged countries. Sanftenberg, however, noted that if they were willing to return home voluntarily, they would be assisted through a support programme organised by the German government. A member of the delegation, who is a consultant to the programme, Stephanie Alofokhia-Ghogomu, urged the Nigerian asylum seekers to return home. Alofokhia-Ghogomu, who was also a voluntary returnee, said she had spent half of her life in Germany, adding that she had to return home to contribute to the development of Nigeria. Dabiri-Erewa commended the German Chancellor, Angel Merkel for her professional handling of illegal migration in the country.“So, we will look forward to seeing what you want to do in terms of setting up German migrant services in Nigeria,” she added. The presidential aide urged the affected Nigerians to return home and take advantage of the assistance being provided by the German government.“For Nigerians in Germany, who may wish to return, there is a better place for them at home to help them live a better live. Germany has the Ministry of Internal Affairs and budget for the returnees. And there are services that would be provided through the German government which they can enjoy,” Dabiri-Erewa stated. http://investorsking.com/germany-deport-12000-nigerian-asylum-seekers/ Lalasticlala Mynd44 seun Dominique |
| Business › Re: Crude Oil Prices Plunge Further by Truth234(m): 7:49am On Feb 09, 2017 |
To be honest Nigerian Newspapers are messed up. Brent crude oil is the most appreciated crude and currently trading above $55 a barrel. WTI is $52. |
| Politics › Nigeria Struggles To Boost Oil Output - Bloomberg by Truth234(op): 8:09am On Feb 08, 2017 |
Nigeria’s progress in curbing militant attacks hasn’t much boosted its oil output. While that’s bad news for a country mired in its worst economic slump in 25 years, it’s making life easier for fellow OPEC members. Africa’s largest economy was pumping about 1.5 million barrels a day late last month, 30 percent below what it was hoping to achieve and only a modest recovery from an almost 30-year low of 1.4 million in August. While peace efforts have curbed the frequency of attacks in the oil-rich Niger River delta, the Forcados export terminal, the country’s third largest, remains closed and shipments are down at many others. If these disruptions persist they could have an unintended consequence: helping the Organization of Petroleum Exporting Countries boost oil prices. “Bringing the Forcados loading terminal back into action is key for Nigeria’s exports,” said Charles Swabey, an oil and gas analyst at BMI Research, in an e-mail. If the government follows through on the peace process, then Nigeria could become “a drag” on OPEC’s push to rebalance the market, he said, “and will likely slow the process down.” When OPEC and 11 other producers forged an accord in December to reduce their production to eliminate a global oversupply, conflict-prone Nigeria and Libya were exempt. So a significant production increase from either nation would make it harder for the group to fulfill its pledge to reduce output by almost 4 percent. Amid signs that U.S. output is recovering and prices stalled in the mid $50s, the group can ill afford to have its own members diluting its historic deal. Global benchmark Brent was trading $54.80 a barrel, down 0.5 percent, as of 6:37 a.m. London time on Wednesday. http://investorsking.com/nigeria-struggles-boost-oil-output-bloomberg/ |
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