₦airaland Forum

shadeyinka:
Could it be that the Naira didn't appreciate but the apparent appreciation is due to depreciation of the Dollar?

The Dollar may just be reacting to the election going on in USA.

Nigeria has done nothing different to make her NIRA appreciate in value!

Adesiji77:
@Truth234

Even at N350, the FX market is not liquid yet

Interesting15:
OK.

But what do the partnership entails?

Like, they pay you to use their platform?

Interesting15:
Did they contact you via nairaland?

tosyne2much:
You been dey fear shey?

tosyne2much:
E don carry me enter Palmchat

Governor Willie Obiano of Anambra State on Friday said the state had secured a N3bn grant from the Central bank of Nigeria to invest in SMEs and agriculture.

Obiano made the disclosure at the flag-off of training for the first batch of 150 youths at the Federal Youths Training Centre, Mgbakwu near Awka.

He said the grant would be shared to medium and small scale entrepreneurs and farmers in the state.

According to the governor, the amount was approved due to the effective use of a similar grant of N1.5bn to agriculture in 2015.

He said that the new grant would be used to finance small businesses and entrepreneurship development in the state.

Obiano said this was in view of the fact that increase spending by federal and state governments in strategic sectors was the most viable option to pull the economy out of the current recession.

The governor urged individuals to acquire marketable skills and engage in agriculture as these were the best options that could put the economy on the path to prosperity at this moment of recession and inflation.

Obiano said that Anambra was doing well in agriculture, adding that 30 trailers of rice and 100 trucks of vegetables were being moved out of the state daily.

He said the training scheme was wholly free with a take-off package of maximum of N500, 000 for successful youths who were found worthy after the three months training.

He said, “We have to pump money into the economy and not the other way round; that is what we are doing through our investment in agriculture and empowerment off these youths in contemporary skills.

“This Federal Youth Centre will continue to get our attention, it had been abandoned since 2008, but we have revived it and are determined to make it effective.

“Every year, we shall have over 1,000 youths trained and empowered here.”

NAN

IAMTHEHERO:
They should hold it.They should not remit it because l have not seen what PMB has done with the previous ones they remitted.

Prof. Bola Okuneye, an International Consultant, FADAMA III Additional Financing (AF), has said that Nigeria would begin exportation of rice in the next five years.

Okuneye spoke on Wednesday at Amanuke, Awka North Local Government Area of Anambra, when the FADAMA III AF team visited its rice farmland to ascertain level of progress at the site.

“I have carefully studied the development and I am convinced that with what I have seen, Nigeria will compete among other nations of the world in rice production.

“If only this community can produce 4.5 metric tonnes per hectare, compared to other assessment we have carried out in other states, then there is a lot of development in rice production in our country.

“I could see that with more encouragement, they can expand from the present stage and when they continually used the improved practices as they are taught, it will increase their yield.

Mr Okafor Hyacinth, the Ogboududu Cluster President said they were currently cultivating 90 hectares with 10 members in each hectare.

“Our last harvest was 2 to 3metric tonnes per hectare, but with the kind of training we are receiving, our productivity is going higher.

“According to the analysis of facilitators, we will produce 4.5metric tonnes in our next harvest.’’

Dr Ben Albert, the team leader, commended the farmers for their commitment, and assured them of addressing challenges they might face in the course of production.

He explained that the supervision mission was aimed at evaluating and ascertaining their progress and other challenges.

NAN

bigtt76:
I understand this but remember that the bomb-blasted pipelines do not take a day to repair. At a time we were told the output was like 800,000 bpd with severe warnings from the militants against effecting repairs. The question now is how were they able to effect repairs for output to have increased exponentially within so short a period? Also why has CBN not relaxed the many restrictions affecting SMEs via Master Card Naira use for foreign transactions since production and oil price has increased considerably?

bigtt76:
We don't even know what to believe any more! Today, the militants are to blame for dwindling income and power generation, tomorrow ....we're in full production capacity and peak power generation ...Haba! What are we to believe kwanu

Mattex001:
As far as I'm concerned to some extent CBN is still pegging the exchange rate, it hasn't been entirely floated as we think, Dollars is sold to Oil Marketer's at 300+ just because they want to continuously regulate the price of Oil at 145, and the secondary demands are met by travellex and first bank.

If they had really floated the exchange rate we won't be having two rates in the market (parallel and interbank rate) we would have a uniformed rate and the forces of demand and supply would determine the exchange rates.

How can you deliberately ristrict the use of naira debit and credit cards outside the country! That's the most ridiculous move by CBN, people are stranded all in the name of we are short on dollar.

I just pray for the best for Naija.
These guys are just regular folks with prerogatives they aren't doing so much to salvage the economy from this endless downturn

Adesiji77:
Watching...@Truth234, I hail o

seunmsg:
A month ago, it was N500 and today, it's N465. With the right policies and strict enforcement by CBN, it can still come down to below N400.

seunmsg:
The parallel market rate of N465 is still very high and unacceptable. They need to bring it down to under N400 before we can heave a sigh of relief.

pointstores:
nonsense

Scholes007:
To exceed, To borrow, To borrow,To fight corruption

In five years, Nigerians in the diaspora remitted to the Nigerian economy S77.06 billion (about N23.5 trillion), according to the National Migration Policy report of 2015.

The remittances were made in bits for the five years of 2005, 2007, 2008, 2012 and 2013.

The report was published for the Nigerian government by the International Organisation for Migration (IOM) with funding provided by the European Union (EU) under the 10th European Development Fund programme on “Promoting Better Management of Migration in Nigeria.”

The document which was made available further stated: “The total volume of remittances transferred globally to developing countries far exceeds Overseas Development Assistance [ODA]. Nigeria is the largest recipient of remittances in Sub-Saharan Africa with receipts of approximately 65 per cent of officially recorded remittances into the region and two per cent of global flows, quoting statistics from the Central Bank of Nigeria (CBN).”

The report noted that while remittances are private funds used by migrants’ families to meet daily needs such as health, education and food, they are also invested in improvement to homes, purchase of landed property and entrepreneurial pursuits.

‘‘Strategies should be developed to encourage Nigerians in the diaspora to invest remittances through efficient formal channels at low transfer cost, as well as to encourage senders and recipients to invest part of their savings.

“Preferential interest rates on savings and opportunities for direct foreign investments for commercial entrepreneurial and other productive activities by the diaspora and the recipients of remittances should be encouraged,’’ the report stated.

According to the document, the development only showed that Nigerians in the diaspora are active and resourceful population, an indication that the country has an active working population out there.

Meanwhile, the Commissioner for Refugees, Migrants and Internally Displaced Persons (IDPs), Sadiya Umar Farouq has expressed gratitude to the Swiss government for supporting the second in a series of the national migration dialogue with $450 million. The event is scheduled to hold in December 2016.

Represented by Amina Ibrahim at a two-day workshop held in Saminaka, Kaduna State, Farouq said that the Swiss government had demonstrated concrete commitment to issues of migration management in Nigeria.

‘‘There are two issues that are immediate priorities and we intend to take them concurrently. One is to design a very practical and durable solution programme that may have a life span of three years to provide the various reintegration options for the IDPs in Nigeria. And the other is to facilitate the domestication of the Kampala Convention through the NCFRMI Enabling Act as well as pursue the approval of the National IDPs Policy which will provide a framework for sharing responsibilities among other various actions,’’ she said.

ovadozes:
I sincerely pray he succeeds but am not seeing any light at the end of the tunnel.
But as yourself critically what else do we have to offer apart from oil

Globacom Chairman, Dr. Mike Adenuga has been conferred with Ghana’s highest honour.

The conferment of “The Companion of the Star of Ghana (CSG)” on the man fondly called The Guru, was held at the Accra International Conference Centre on Saturday, 29 October.

President of Ghana, Mr. John Dramani Mahama said the Award “is in recognition of your unique and outstanding contribution to business enterprise both in Ghana and the continent of Africa at large”.

President Mahama said “through your creative business exertions, you have touched many lives in Ghana. You have provided employment for our teeming youth, artists, footballers and many more. I am particularly proud of you. This award is our way of saying a simple THANK YOU”.

In a citation that set the stage for the award, Adenuga was commended for his “transformational achievements in the telecommunications industry”, which included the laying of the historic Glo 1 optic fibre cable linking several African countries including Ghana with Europe and America.

President Mahama applauded Adenuga’s association with telecommunications in Ghana since Glo Mobile’s launch and praised the massive capital investment he has injected into the project.

He also noted that Adenuga’s investment forays and strong support for sports have drawn honours from far and near to him. He admitted that such outstanding contributions similarly recommended Adenuga for Ghana’s highest civilian honour.

Adenuga thanked Mahama for the honour and noted that the President’s “recognition and support of my modest contributions to the development of Ghana’s economy have come as a great source of pride and encouragement to me. This is more so as it is coming from Your Excellency, whose sterling qualities of leadership I admire greatly”.

Adenuga also holds the highest civilian national award in Nigeria, the Grand Commander of the Order of the Niger (GCON) awarded by former president Goodluck Jonathan in 2012.

ovadozes:
The only they buy from us is crude oil and then we buy every other thing from them including refined oil and maybe cucumber, so while we re getting around $100m they will be pocketing about $900m

Turkish Ambassador to Nigeria, Mr Hakan Çakil, says the trade value between Nigeria and Turkey is expected to exceed one billion dollars by the end of the year.

Çakil said this in Abuja at the occassion to mark the 93rd anniversary of the founding of Turkey.

He said that at present the trade value in the first seven months of 2016 stood at 600 million dollars.

“In the first seven months of this year, we have exceeded 600 million dollar of total trade volume; this means that by the end of this year we will exceed one billion dollars.

“We have the trade figure up till July for the time being.

“Compared with 2014, the trade value is less and the reason is not the decrease in quantity but the decrease in oil and gas prices.

“In 2014 the total trade volume was 2.5 billion dollars, while in 2015 it was 1.2 billion dollars.

“This does not mean that trade is decreasing, the volume is still the same but because of the decrease in oil and gas prices, we pay less, “ he said.

He added that approximately 70 Turkish companies operated in Nigeria and that other imports from Nigeria to Turkey included crude oil, palm oil and sesame oil.

He said Nigeria was one of Turkey’s most important providers of natural gas adding that they import lots of LNG from Nigeria. “

The envoy also said that the forthcoming Turkey-Africa Economic and Business Forum (TABEF 2016) would explore various economic opportunities and promote economic relations between Turkey and African nations.

The forum would be held in Istanbul from Nov. 2 to 3.

“Between Nov. 2 and 3, there will be a Turkey-Africa Business Economic Forum in Turkey and the Nigerian delegation will be one of the largest.

“Approximately 90 participants from Nigeria will be in attendance, every sub-Saharan country is attending with official and private committees.

“We talked with the Nigerian authorities, I personally requested and we are expecting two official delegations from Nigeria.

“One from the Ministry of Trade and Investment and the second from Nigeria Investment Promotion Commission (NIPC).

“NIPC will promote the direct foreign investment opportunities of Nigeria to Turkish businessmen and the delegation of the ministry will promote the economic facilities of Nigeria,” he said.

TABEF 2016 is organised to foster trade relations between Turkey and African countries, by providing unique occasions to delegates in building networks and creating new business opportunities.

The forum would have more than 5,000 African and Turkish business people in participation.

The Theme of the Forum is “Financing African Investment Projects: Infrastructure, Transportation and Energy. “

NAN

Mynd44:
https://www.nairaland.com/3435043/another-batch-876-boko-haram

The UN has negotiated the release of nearly 900 children detained by Nigeria’s army and security forces after they have retaken land from Boko Haram militants, a senior official said.

The 876 children had been held in the barracks in Maiduguri, UNICEF’S Regional Director for Western and Central Africa, Manuel Fontaine, said after visiting the north-eastern city.

It was not immediately clear how long they had been held.

However, the army routinely detains civilians who have been living in areas that had been ruled by the insurgents on suspicion that they too might be linked to militant activities.

Nonetheless, rights groups said there was no proper legal process for such civilians, including the children.

They said that they were not formally charged and some ended up in so-called rehabilitation centres or Internally Displaced Persons (IDPs) camps.

The United Nations says children should not be detained.

“We fear that there are still kids who are being at least temporarily detained because they are being released from Boko Haram areas by the army but then kept for a while,” Fontaine said.

He give no details of the ages of the children or how long they had been at the barracks .

It would be recalled that after President Muhammadu Buhari came to power in May 2015, security forces began an offensive.

The security force were backed by neighbouring countries, to retake territory from Boko Haram, meaning at least some of the children could have been held for a year or more.

There was no immediate comment from the army.

Army officials say they need to question civilians to establish whether they have any ties with the militant group, which has been trying for seven years to set up an Islamic state.

The security situation remains volatile in Borno and its capital Maiduguri because Boko Haram still stages suicide bombings, often using women or teenagers.

Fontaine also said the conflict, which had killed thousands and displaced more than two million, had separated around 20,000 children from their parents, of which 5,000 had since been reunited with families.

“Once we get children out, there is a major issue of stigmatisation in the communities.

“There is a sense that children who have been associated with Boko Haram for a while, could be, and in some cases we have some evidence, are rejected by community and people around them,” Fontaine said.

This was also a problem for the girls freed from the town of Chibok, he said.

Nigeria this month negotiated, with the help of Switzerland, the release of 21 of more than 200 girls Boko Haram kidnapped in April 2014.

NAN

The Nigeria Custom Service on Thursday said it would begin the export of farm produce to Europe from some northern states.

The Comptroller in charge of Kano and Jigawa states, Mr. Abutu Mathias made this known during the quarterly stakeholders’ forum in Kano.

Mathias said that the aim was to complement the efforts of the Federal Government towards boosting the non-oil sector to revive the nation’s economy.

He said that the process was set to begin during the November and December harvest of 2016.

He revealed that some of the produce to be exported are sesame and gum arabic grains among other types of exportable grains.

The comptroller appealed to all agencies involved to give the effort a maximum cooperation to achieve the desired goals.

On the achievements recorded by the command this year, Mathias noted that the revenues collected so far in every month of this year exceeded the revenues generated in the corresponding months of the year 2015.

He expressed optimism that the command would maintain the tempo in order to meet up with the 2016 target.

NAN