₦airaland Forum

SamMilla1:
Which Dollar traded at 330?
US dollar or Hong Kong Dollar?

Because I bought dollars 375 naira yesterday.

This is at interbank window, not parallel market.

SmartMugu:
It may have nothing to do with either GEJ or Buhari or anyone else. When pushed to the wall, everyone knows when to react. The cost of everything is way higher than it was during GEJ era. For communities that relied on fishing, amnesty funds etc, all that halted for some reasons. I think that may be one reason the militants sprung up.

Do you know their activities is what pushed our consumer prices up? By now we expect our FDI/capital importation to be up but it is not because investors are scared.

Just yesterday, India ordered oil from Malaysia saying Nigeria is too risky because of militant. We need capital importation to ease forex pressure, their are activities is jeopardizing the economy.

SmartMugu:
The madness started before the militants. They sprung up because governance was screwed up from decades ago.

and why now, why not during GEJ?

First, the militants need to stop their madness.

Previously the central bank used to intervene to prop up Naira value, but now that crude oil buyers are scared to lift Nigerian oil due to fear of been attacked.

Our foreign revenue that is not enough has dropped even more.

The Nigerian Naira on Thursday weaken to an all-time low of N330.50 against the US dollar, following the Central Bank decision to abandon fix exchange rate.

The local currency dropped as much as 5.4 percent to N309 against the US dollar as of 12:24 GMT on Thursday before retreating to N292.40 on the interbank market.

A total of $7.27 million was traded at the interbank market, where traders were expecting the Central Bank to intervene as usual to ease dollar shortages, but up till now central bank is yet to intervene.

“Instead it was mopping up naira liquidity to support the currency. After market closed, a total of $7.10 million trades were done as low as 330.50 naira to the dollar,” a trader said.

“Now that the market has adjusted upwards it seems people are comfortable and that’s why we are seeing some trades,” he added.

Commercial Banks had been selling the dollar at 280 to 285 Naira after the central bank removed its 16-month-old peg of 197 Naira to a US dollar in June.

“But the lack of liquidity at those levels has curbed activity, leaving the central bank as the main supplier of dollars,” traders say.

http://investorsking.com/naira-hits-all-time-low-at-interbank-market/

TonyeBarcanista:
This is where we keep deceiving ourselves.

Bro, a stricture cannot accommodate everyone at a time but it is meant to give everyone the desired tool to effectively perform the role.

If you say one can sell party ideals without being recognised, please may I ask you to tell ALL APC Chieftains to resign because they have no business occupying offices since they could do so outside?

Please can we tell Buhari, Ambode etc to resign because they could contribute to nation building without being in office? what about Obama?

it is a common knowledge that the essence of recognition goes beyond selling ideals, but also being part of decision makers and properly represent the teeming population.

Again you keep harping on individuals. Are we fighting for them? Are they the only people in PDP? We want a structure not to promote persons.



Understood now my boss?

You are missing the point, you can actually sell your party without any form of recognition but consensus and a structure is necessary so that some won't be building while some are unknowingly bringing it down.

Social media transcends conventional limitation and afford you the opportunity to build a brand independently like you've done on here Tonye. I think you can do a better job.

Here are excerpts from BILL GATES lecture at Nelson Mandela Annual Lecture at University of Pretoria, South Africa on July 17, 2016. A must read for every aspiring African Youth.

It is important to recall Nelson Mandela’s legacy, and I’m grateful for the opportunity to do so.

But Nelson Mandela was concerned about the future. He believed people could make the future better than the past. And so that’s what I want to focus on for the remainder of my talk.

What can South Africa become? What can Africa become? What can the world become? And what must we do to make it that way?

The Millennium Development Goals adopted by the United Nations in 2000 laid a foundation that enabled the world, including Africa, to achieve extraordinary progress over the last 15 years.

And the Sustainable Development Goals that recently replaced them set even more ambitious targets for creating the better world we all want.

When I talk about progress, I always start with child survival because whether children are living or dying is such a basic indicator of a society’s values.

Since 1990, child mortality in sub-Saharan Africa has been reduced by 54 percent. That means one million fewer children dying each year compared to 25 years ago.

Ten African countries achieved the very ambitious MDG target of reducing child mortality by over two-thirds.

At the same time, the incidence of poverty and malnutrition is down. And though economic growth has slowed in the past few years, it’s been very robust in many African countries for more than a decade.

This is real progress, but the Africa Rising narrative doesn’t tell the whole story about the life on the continent.

First, the progress have been uneven. You know this very well here in South Africa.

In last year’s Nelson Mandela Annual Lecture, the French economist, Thomas Piketty, pointed out that income inequality in South Africa is, quote, “--higher than pretty much anywhere else in the world.”

In general, African countries tend to have higher rates of inequality than countries on other continents. And despite healthy average GDP growth in the region, many countries have not yet shared in it. Inequalities exist within countries and between countries.

So until progress belongs to all people everywhere, the real promise of living together will remain elusive.

Second, even with the great progress Africa has made, it still lags behind the rest of the world in most indicators. In sub-Saharan Africa, one in 12 children still die before they turn five. Now, that’s a vast improvement compared to 25 years ago, but African children are still 12 times more likely to die than the average child in the world.

And because rates of poverty and malnutrition aren’t shrinking as fast as the population is growing, the number of people who are poor or malnourished has actually gone up since 1990.

Finally, the progress is fragile. The continent’s two largest economies, here in South Africa and in Nigeria, are facing serious economic challenges. And new threats require attention. The Ebola crisis pointed out weaknesses in many national health systems. The effects of climate change are already being felt among farmers in many countries.

In short, to meet the ambitious goals of the Sustainable Development Goals, Africa needs to do more, do it faster, and make sure everybody benefits. It won’t be easy, but I believe it can be done.

One topic that Nelson Mandela came back to over and over again was the power of youth. He knew what he was talking about because he started his career as a member of the African National Congress Youth League when he was still in his 20s.

I agree with Mandela about young people, and that is one reason I am optimistic about the future of this continent. Demographically, Africa is the world’s youngest continent. And its youth can be the source of a special dynamism.

In the next 35 years, two billion babies will be born in Africa. By 2050, 40 percent of the entire world’s children will live on this continent.

Economists talk about a demographic dividend. When you have more people of working age and fewer dependents for them to take care of, you can generate phenomenal economic growth. Rapid economic growth in East Asia in the 1970s and 1980s was partly driven by the large number of young people moving into their workforce.

But, for me, the most important thing about young people is the way their minds work. Young people are better than old people at driving innovation because they’re not locked in by the limits of the past.

When I started Microsoft at the age of 19, computer science was a young field. We didn’t feel beholden to old notions about what computers could or should do. We dreamed about the next big thing and we scoured the world around us for the ideas and tools that would help us create it.

But it wasn’t just Microsoft. Steve Jobs was 21 when he started Apple. Mark Zuckerberg was only 19 when he started Facebook.

The African entrepreneurs driving startup booms in the Silicon Savannahs from Johannesburg and Cape Town to Lagos and Nairobi are just as young in chronological age, but also in their outlook. The thousands of businesses they’re creating are already changing daily life across the continent.

Nelson Mandela said, “Poverty is not natural, it is man made and it can be overcome and eradicated by the actions of human beings.”

We are the human beings that must take action. And we have to decide now because this unique moment won’t last. We must clear away the obstacles that are standing in young people’s way so that they can seize all of their potential.

If young people are sick and malnourished, their bodies and brains will never fully develop. If they are not educated well, their minds will lie dormant. If they do not have access to economic opportunities, they will not be able to achieve their goals.

But if we invest in the right things, if we make sure the basic needs of Africa’s young people are taken care of, then they will have the physical, cognitive, and emotional resources they need to change the future. Life on this continent will improve faster than it ever has. And the inequities that have kept people apart will be erased by broad-based progress that is the very meaning of the words “living together.”

Recent estimates done in Nigeria and Uganda indicate that every dollar invested to reduce stunting returns $17 in greater earning capacity in the workplace.

When children’s bodies and brains are healthy, the next step is an education that helps them develop the knowledge and skills to become productive contributors to society.

Improving education is hard work. I’ve learned this first hand through our foundation’s efforts to create better learning outcomes for primary, secondary, and university students in the United States.

But this hard work is incredibly important. A good education is the best lever we have for giving every young person a chance to make the most of their lives.

In Africa, as in the United States, we need new thinking and new educational tools to make sure that a high-quality education is available to every child.

At the university level, we need not only to broaden access, we have to also ensure that we have high-quality public universities that will launch the next generation of scientists, entrepreneurs, educators, and government leaders.

I recently met with a group of young crop breeders, one from Ethiopia, one from Kenya, one from Nigeria, one from Uganda. I really love talking about the science of plant productivity. And in this case, I was amazed at the expertise all of these scientists brought to their work on cassava, a staple crop that provides more than one-third of the calories in many African diets.

Our foundation is also working with a young computer scientist from Makerere University who designed a mobile phone app that lets farmers upload a picture of their cassava plants to find out whether it’s infected or not.

These are examples of the kind of innovators who can drive an agricultural transformation across the continent if they have the support they need. For many decades, agriculture has suffered from dramatic underinvestment. Many governments didn’t see the link between their farmers and economic growth.

With Africa’s farms as a base, the next step in economic growth is to promote job creation in other sectors. Doing this will require investment in infrastructure including energy.

Seven in 10 Africans lack access to power, which makes it harder to do everything. Harder to get healthcare in a dark clinic. Harder to learn in school when it’s boiling hot. Harder to be productive when you can’t use labor-saving machinery.

Ultimately, a shortage of power, like many African countries -- including South Africa -- have experienced, is also a drag on economic growth.
Businesses will not invest fully in places where they can’t operate efficiently.

A recent report projected that 500 million Africans won’t have electricity even in 2040. We need to change that.

What Africa needs is what the whole world needs: An energy advance that provides cheap, clean energy for everyone.

The International Budget Partnership, an independent monitoring organization, also ranks South Africa highly for its oversight of government spending.

In some countries, individual citizens are leading the way. In Nigeria, 30-year-old Oluseun Onigbinde gave up a career in banking years ago to devote himself full time to pulling back the curtain on the Nigerian federal expenditure.

With savvy use of data and social media, he founded BudgetIT Nigeria, which provides facts and figures the average Nigerian can understand. No doubt, he’s a thorn in the side of some of Nigeria’s elite, but to me he’s an example of what one person can do to make a difference.

For example, recent research in Uganda showed that providing people with digital cash transfers rather than direct food subsidies not only saved the cost of delivery, it also improved nutrition because recipients used the money to purchase a greater diversity of foods and to space out meals as needed.

Countries like Kenya, Tanzania, and Nigeria are already investing in the building blocks of this new digital financial platform. And I believe they’ll see substantial positive returns.

If there’s one thing I’m sure of, it’s this: Africa can achieve the future it aspires to.

That future depends on the people of Africa working together across economic and social strata and across national borders to lay a foundation so that Africa’s young people have the opportunities they deserve.

Complete lecture here:

https://www.gatesnotes.com/Development/Nelson-Mandela-Annual-Lecture?WT.mc_id=07_18_2016_09_MandelaLecture_BG-LI_&WT.tsrc=BGLI

The International Monetary Fund on Tuesday cut its growth forecast for the Nigerian economy this year, citing the continuous fall in oil revenues and weakened investor confidence.

The organization revised down its April forecast of 2.3 percent growth rate for 2016, saying it expects Africa’s largest economy to contract by 1.8 percent this year.

According to the IMF, Nigeria’s lackluster, and South Africa’s sluggish economic activity is expected to weigh on economic growth across sub-Saharan Africa.

“In 2016, regional output growth will fall short of population growth, implying declining per capita incomes,” it said.

Also, the dramatic turn of events in Nigeria has impeded growth as much as the plunge in oil prices, the main source of foreign revenue.

For instance, the activities of the militants in the southern oil region have forced production cutbacks by about 600,000 barrels per day, amid other internal unrest across the country, like the Boko Haram activities in the North.

Inflation rose to 11-year high in June as the cost of living jumped to 16.5 percent year-on-year after the central bank abandon its fix foreign exchange rate for a more flexible policy, allowing it to be battered by the scarce US dollar.

But with the central bank unable to effectively prop up the Naira value using its intermittent sales of forex at the interbank market, it is unclear how Africa’s largest economy intends to manage its surging inflation in the second half of the year.

The IMF, also cut its global growth forecast by 0.1 percent to 3.1 percent in 2016, while the U.K. growth forecast was lowered by 0.9 percent to 1.3 percent.

"With Brexit still very much unfolding, the extent of economic and political uncertainty has risen, and the likelihood of outcomes more negative than the one in the baseline has increased," the IMF said.

http://investorsking.com/nigerian-economy-to-contract-by-1-8-in-2016-imf/

yomifowe:
I have filled the EOI form and I got the score of 65 shows complete, pending submission. I want to proceed to do PAR for myself and wife, we both have b.sc. can we still make 140 after the PAR? How much is EOI fees?

You actually need minimum of 100 points to file EOI

On monthly basis, inflation actually improved from 2.8 percent in May to 1.7 percent in June. But rose on yearly basis because of forex scarcity that prop up foreign exchange rate. I don't know why vanguard copied all the bad and refused to be objective.

jomoh:
There is no bank with 25b capitalisation in Nigeria. They have all been recapitalised many times.

No Nigerian bank has less than 80b capital base.

Of course, no one said otherwise but you need at least 25bn to float a commercial bank.

WinningSun:
profit of #99bn while market capitalisation of some banks is 12bn

There is no commercial bank with 12bn market capitalization. After bank consolidation you need at least 25bn.

GTB fintech integration is the key, one of the reasons their profit surged N99 billion in 2015.

The Nigerian Naira plunged to N360 against the US dollar at the parallel market on Wednesday, following a supply shortage of the greenback in the interbank market.

The local currency was traded at N354 against the US dollar on Tuesday, before supply gap in the interbank market widens the difference between the parallel market and interbank rates.

Foreign exchange dealers attributed the development to inadequate liquidity in the forex market.

While currency analysts have said until the Central Bank of Nigeria address the current shortage and devise a better solution to liquidity issue at the interbank level, this will continue.

“This is a liquidity problem, any shortage or additional supply of the greenback will definitely impact the Naira,” said Samed Olukoya, a foreign exchange analyst at Investors King Ltd. “Once addressed, the forex market should return to normalcy.”

The central bank has used intermittent intervention to prop up the Naira exchange rate at the interbank level, but with crude oil prices below $50 a barrel and militant resumed attack that has reduced production by 600,000 barrels a day. It is not clear how the Central Bank of Nigeria plan to sustain the forex market or contain parallel market from reaching N400 a dollar this year.

Currency experts had earlier predicted that the abandonment of Naira’s fix rate would attract foreign investors to offset the anticipated forex deficit, but the global uncertainties caused by the exit of the U.K from the European Union continue to cast doubt on that assumption.

“Nothing much is really happening on the supply side of the market. Liquidity issue is still there. We actually felt that foreign investors should have been coming in by now,” said Kunle Ezun, a currency analyst at Ecobank Nigeria.

http://investorsking.com/nigerian-naira-slides-to-n360-a-dollar/

Fitch Ratings has downgraded two of Nigeria’s biggest banks, citing the recent drawdown of the nation’s sovereign credit rating.

The global credit rating downgraded the United Ban of Africa (UBA) and First Bank of Nigeria.

In the report announcing the current ratings of Nigerian banks, Fitch Ratings said “it has downgraded First Bank of Nigeria Ltd’s (FBN) and United Bank for Africa’s (UBA) Long-Term Foreign Currency Issuer Default Ratings (IDRs) to ‘B’ from ‘B+’.”

Also, the agency downgraded the National Long-Term Rating of FBN Holdings Plc (FBNH), the parent holding company of FBN, to ‘BBB+ (nga)’ from ‘A (nga).”

The agency said while the economic outlook for Nigerian banks remain stable, the recent forex flexibility policy, rising non-performing loans and sustained low crude oil prices remain threats to the financial system.

“The Outlook on the Long-Term Foreign Currency IDR of one of the banks, Guaranty Trust Bank (GTB), has been revised to Stable from Negative due to continuing strong earnings and stronger-than-expected liquidity. Our rating actions follow the downgrade of Nigeria’s sovereign ratings on 23 June 2016.

“The IDRs of UBA, Access Bank (Access) and Wema Bank (Wema) are driven by both their standalone strengths, reflected in their VRs, and by the likelihood of sovereign support, reflected in their SRFs.” Their VRs and SRFs are at the same level. The IDRs of FBN, Diamond Bank (Diamond), Fidelity Bank (Fidelity), Union Bank (Union) and First City Monument Bank (FCMB) are driven by their SRFs.

“Fitch has revised the SRFs to ‘B’ from ‘B+’ for the systemically important banks, FBN, UBA, Zenith and GTB following the downgrade of Nigeria’s sovereign ratings. As a result, both FBN’s and UBA’s IDRs have been downgraded to ‘B’ from ‘B+’. The IDRs of both Zenith and GTB are affirmed at ‘B+’ and are now driven by their respective VRs of ‘b+’.

“The systemically important banks’ SRFs remain a notch below the sovereign rating, reflecting the sovereign’s weak foreign currency position,” the report says.

http://investorsking.com/fitch-downgraded-two-of-nigerias-biggest-banks/

rotimileke:
China Signs $23 Billion Oil Deal With China State Construction Engineering Corporation (CSCEC) to construct three oil refineries and a petrochemical plant.

FG, Chinese Firms Sign N300 Billion Agreement for Extension of Makurdi-Enugu, Other Roads

In July 2013, President Goodluck Jonathan arrived in Beijing to sign off on that $3 billion loan.
The loan was aimed at building four new airport terminals, $500 million; the Abuja light rail project, $500 million; agriculture, $500 million; completion of Bauchi Independent Power project, $171 million; completion of the Galaxy backbone project, $100 million; and Niger Delta infrastructure, $1.4 billion.

There's nothing to be excited about, it's just the way for every government.

You are very right, especially knowing that it took GEJ 6 years without implementation or fruition. This administration is just a year and here we are, also don't forget Chinese delegates are in the country to start implementation.

I have said it before, this administration is unto something that will change Nigerian story.

The Nigerian State Minister for Petroleum Resources, Emmanuel Kachikwu said on Tuesday that Nigeria has signed a memorandum of understanding (MOU) worth over $80 billion with Chinese companies.

The minister who led a team of Nigerian National Petroleum Corporation ‘Top Management’ and Key Industry Stakeholders to the NNPC-China Investors’ Roadshow in Beijing, China said “it was an outstanding success as the corporation achieved its bid to bridge the infrastructure funding gaps in the Nigerian oil and gas sector.”

The fund is to be spent on investments in oil and gas infrastructure, refineries, power, pipelines, and facility refurbishments and upstream.

According to the minister, this will help enhance the economy and foster a new growth pattern through job creation, jumpstart weak oil sector, support businesses, aid diversification of the economy and open up the country for more foreign investments.

This is a follow up to President Muhammadu Buhari’s working visit in April 2016, were the new Nigeria-China bilateral trade relation was solidified — including a deal on yuan transactions with the Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender and the Central Bank of Nigeria.

It should also be recalled that a Chinese delegation visited the president last week and said they were in the country “to implement the outcome of the last meetings between the presidents of Nigeria and China and to enhance existing cordial friendship and bilateral trade relations between the two countries,” said Mr. Qiam Keming, China’s Vice Minister of Commerce.

It is widely believed that the deal will boost capital importation and ease the pressure on the dollar as Chinese companies can now transact in Renminbi (yuan) without constraint, under the ‘free to flow’ agreement.

“It means that the Renminbi (yuan) is free to flow among different banks in Nigeria, and the Renminbi has been included in the foreign exchange reserves of Nigeria,” said Lin Songtian, Director General of the African Affairs Department of China’s foreign ministry.

http://investorsking.com/nigeria-signs-mou-worth-80bn-with-chinese-firms/

LuveU2:
I am already seeing beyond politics.
Will mention Truth234 in another thread. Hope you dont take offence dear.

Not at all dear

modelmike7:
This will be highly encouraged.

Yea, the administration is making some really bold moves. Just hope we can see beyond political boundaries.

The Federal Government of Nigeria on Monday appeal to the world most populous nation China to cut the current tariffs levied on Nigeria’s products exported to China.

While speaking to a Chinese delegation in Abuja, the Vice-President Yemi Osibanjo said the reduction was important to foster mutual economic interests of both nations as currently being done by China for its neighbours.

”This is why your offer of agricultural modernisation plan is very important to us and we will follow them up as quickly as possible.

“Our government is investing a great deal in agriculture, not only for increasing job opportunities for our people, but also in feeding our people and for exports.”

The Vice-President also lauds China’s willingness to work with Nigeria in building industrial parks/free trade zones and the development of infrastructure, and sought support for the present administration’s economic diversification agenda.

“President Muhammadu Buhari considers our relationship with China a priority and I am sure in your discussions with the Minister of Budget and National Planning, he would have told you the importance the President attaches to our relationship,” said the Vice-President.

China’s Vice Minister of Commerce, Mr. Qiam Keming that led the Chinese delegates said they are in the country “to implement the outcome of the last meetings between the presidents of Nigeria and China and to enhance existing cordial friendship and bilateral trade relations between the two countries.”

http://investorsking.com/nigeria-to-china-reduce-tariffs-on-nigerias-products/

The Federal Government of Nigeria reportedly earned N724.63 billion ($345 million) in oil revenue in the first quarter of the year, the Federal Ministry of Finance reported.

A total of N252.10 billion ($120 million) was generated in January, while N251.17 billion ($119 million) and N221.35 billion ($105 million) were recorded in February and March respectively.

The 2016 fiscal account showed N511.28 billion ($ 243 million) was generated through oil proceeds from the Nigerian National Petroleum Corporation, while the remaining N213.35 billion ($101 million) was from taxes paid by oil firms to the Federal Inland Revenue Service.

According to the report, the daily production output is still below the 2.2 million barrels projected by the government in the 2016 budget, whereas Brent crude oil price has risen above the budgeted $38 benchmark to $50.35 a barrel.

Though, it is not clear if the difference will be enough to cover the production deficit, and still contribute about N820 billion ($390 million) expected from the oil sector to the economy.

While speaking with reporters, the Minister of Budget and National Planning, Senator Udo Udoma said “It is too early to express concern on the impact of the militants’ attacks on oil prices on the budget. People should not raise fears because what is happening may just be a temporary thing.”

“But if it gets worse than that, there is already a plan to take care of that because the government was looking at 2.2 million barrel per day at $38 per barrel.

“But now, the price of oil has scaled up to between $50 and $51 per barrel. So, it’s too early to raise such fears because there is no cause for alarm,” Udoma added.

http://investorsking.com/nigeria-earns-n724-63-bn-in-oil-revenue/

jendy36:
I verified mine with my First bank MasterCard. I went to the branch then and they said they had no such agreement with PayPal.

Doing that will mean more customers to First bank na.....And besides, Nigerian IP is blocked for receiving fund... so first bank shouldn't be an exception.

I know First Bank don't have such agreement, but they can. You don't seems to understand how this works but I am in a system that is using this methodology and at a point had something similar to Nigerian situation before a commercial bank stepped forward, our commercial banks need to spend money on R&.

jendy36:
Nawa oo...They are just robbing us...spend and don't receive

It is for security reasons, we all know our people will abuse it. The only feasible method is if First Bank have an exclusive agreement with PayPal Inc. to allow it's customers withdraw via their First Bank account. Just like in Malaysia.

jendy36:
Have they lifted the ban on us not to accept payment into our PayPal account?

Not yet, but soon if this trend continues

PayPal Holding, Inc. ranked the most populous black nation and the largest African economy Nigeria as the 3rd highest mobile shopper worldwide.

The online payment giant is the most popular medium among Nigerian cross-border shoppers, and estimated 55 percent of all oversea online purchases in the past 12 months were done via PayPal.

Nigerian mobile shoppers reportedly spent N128.1 billion ($610 million) in 2015 using PayPal, and on target for N172 billion ($819 million) this year.

The General Manager of PayPal Africa and Israel, Efi Dahan, said Nigerian online shoppers have realized the world is their shopping mall and as such shop wherever and whenever using their mobile devices.

It should be recalled that Facebook Inc. in February also affirmed Nigeria as its biggest market in Africa, with 97 percent of its 16 million Nigerian users accessing the platform through their mobile devices.

“Nigerians are generally sophisticated mobile users and this sophistication is aiding small businesses,” said Nunu Ntshingila, head of Africa for Facebook.

While China still remains the global leader of mobile shopping nations, with 86 percent of all its online shoppers using smartphone. Nigeria’s 72 percent is third after India's 82 percent.

Since PayPal commenced business in Nigeria, Nigerians are no longer limited to what they can purchase locally, but they now search the globe for better deals.

The current mobile trend is predicted to continue to pave the way for entrepreneurs and boost their global business reach.

PayPal (PYPL) shares rose 3 percent on Wednesday amid takeover speculation.

http://investorsking.com/paypal-ranks-nigeria-3rd-in-mobile-shopping/

obailala:
Too many children and adults with child brains on Nairaland these days. Even if Aisha wants to go to the US, she will go on a diplomatic passport and as such, even if she's the biggest fraudster in the world, she cannot be touched.

Good job

PhockPhockMan:
Close your mouth there, diplomatic passport my foot. You people should stop deceiving people with lies. President Omar Al basir of Sudan barely escaped arrest in South Africa, are you telling me he went there without diplomatic passport? Please accept the fact that APC is an assemblage of past Criminals.


#AISHAgoToAMERICA.

Omar Al Basir issue wasn't normal, it was an illegal coupe spearheaded by the US. Don't forget Sudan has no diplomatic tie with the US after 22 years of war linked to Omar. Aisha Buhari can never be touched, as long as she holds that diplomatic passport and the wife of sitting president. Do you think US don't want to pick up Mugabe? But yet they can't even after several visit to the US for UN meetings. That is what diplomatic passport does, same as Indian diplomat Devyani Khobragade case in 2014. She wasn't arrested but because she was invited for questioning alone, the US embassy in India was attacked and the UN have to stepped in, she didn't honor any invitation.

@Spass101 there is room for all real economic players in the Nigerian market, if only we know how to seize the moment. In the mid-term, Brexit will weigh on global growth while nations scramble to forge better alliance to strengthen whatever they have. Do we even have such strategy?

Early today, New Zealand Finance Minister, Bill English, said they are already making provision for possible post-brexit turmoil and pride themselves as one of the very small nations that have what it takes to weather further plunge in global market. Is Nigeria thinking ahead yet? New Zealand is already pricing in possibility of investors using its assets as safe haven to minimize risks and strategically advertising its advantages. Things like this is what will make the difference going forward.

The decision of the Britons to exit the European Union has thrown global economy in turmoil with uncertainties as to its impacts on the Nigerian economy and the world at large.

It is not new that Nigeria holds significant economic position globally, and her comparative advantage is well value in the western world and beyond. While the majority of economists has emphasized the effect of Brexit on the Nigerian economy, it’s imperative to underscore Nigeria new position post-Brexit.

In May, the European Union approached Nigeria to increase her exports, rubber, cocoa and palm oil to the region after sensing potential Brexit, a request most economists frown at and insisted Nigeria needs technology to process her raw materials if diversification agenda most be actualized.

“It is simply wrong to continue to import finished products of our agricultural produces at higher cost, and yet complain of capital flight, high unemployment rate, high inflation rate and weak exports.”

It could also be recalled that in early June the European Union has asked Nigeria to sign the Economic Partnership Agreement with attractive offers, including a €6.5 billion (about N1.4tn) Development Programme to provide funding for projects linked to trade, industry, energy and transport infrastructure in the region.

But the president of the Manufacturers Association of Nigeria, Dr. Frank Jacobs, had advised against the partnership fearing that it might eventually turn Nigeria into a dumping ground for superior products from more advanced nations in the partnership.

While in 2011, the U.K. and Nigeria agreed on a joint mandate to increase trade between the two countries from £4 billion to £8 billion by 2014. The target was archived and projected to reach £20 billion by 2020 if the government remains proactive and support businesses.

Presently, both the European Union and the U.K. are struggling to further their business reach and economic allies as their economies continue to shrink by the day. But with China closer in striking a better deal with Nigeria than any of the two Europe giants, Nigeria is once again a competitive business destination, if the Nigerian government seized the opportunity.

However, to evolve from imports dependent economy to a more diversify economy Nigeria needs to position itself as an investment destination. This is why China deals standout, but the government has a role to play by reducing interest rates to stimulate real economic growth and create jobs, providing loan facilities to encourage local participation and genuine small and medium enterprises, security of lives and properties to attract foreign investors and formulate effective business policies.

As long as businesses are paying between 25 – 30 percent on business loans, FIRS and AMCON will continue to add to the unemployment rate by shutting down businesses for defaulting on payments. While, consumer spending and new job creation nosedive. Creating a negative business environment and further daunting whatever prospect the nation holds going forward.

Regardless of investment opportunities in the nation, no businesses or investors will invest in an economy with weak economic outlook and uncertainties, rather they will continue to do business without long-term prospect while the economy plummet.

http://investorsking.com/nigerian-economic-position-post-brexit/