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Tag: Economy

  • Niger Delta Avengers return, vow to cripple Nigerian economy

    Niger Delta Avengers return, vow to cripple Nigerian economy

    A militant group, Niger Delta Avengers, which wreaked havoc on the Niger Delta during President Muhammadu Buhari’s first tenure has announced its return.

    Recall that the group relatively crippled Nigeria’s economy between 2016 and 2018 by attacking oil facilities in the region which plunged the nation into recession.

    In a statement made available to reporters on Saturday, the militant group said it had launched ‘Operation Humble’ aiming at crippling the economy as it did in previous times.

    According to the statement, the group also vowed to clamp down on politicians who are working with the Federal Government “to undermine the Niger Delta region”.

    “It is disheartening that despite being the economic backbone and having resolved to maintain the peaceful environment for the smooth operations of the oil multinationals whose proceeds the country cling unto for economic survival, the Niger Delta and the South-South remain the most underdeveloped, with our needs and interests undermined by the failed Nigerian State”, the statement added.

  • Gas holds key potential for Nigerian economy, Gbajabiamila says

    Gas holds key potential for Nigerian economy, Gbajabiamila says

    The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has said that the gas sector holds key potential for the Nigerian economy as the world looks outside the box from dependence on crude oil.

    Gbajabiamila said, for this reason, experts in the gas sector should partner those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximize its natural gas resource.

    Speaking while receiving a delegation of the Nigerian Liquified Natural Gas (NLNG) in his office on Wednesday, Gbajabiamila said the on-going process of passing the Petroleum Industry Bill (PIB) had provided an opportunity for the experts to collaborate with the House to incorporate a futuristic gas legislation that would be beneficial to Nigeria and Nigerians.

    “Definitely, it’s now all about gas. Crude oil, as we know and which we all rely on, is not so infinite; its end is almost around the corner, and we don’t want to be caught unawares. We have to be prepared for that day.

    “That is why I agreed on the issue of the PIB and why, from the ground floor, the gas sector needs to key in and lock in its role in the piece of legislation that would come out in PIB.

    “This is very important because the PIB is going to be there for ages and this is the time we need to key in the gas sector in framing that piece of legislation together.

    “With our proven reserve and potential that will propel us from the 9th largest producer in the world to the 4th, that’s a blessing we can’t overemphasize as gas touches on every aspect of the economy.

    “We are on the same page with you on the need to unlock the potential for the good of Nigeria,” he said.

    In a statement by his Special Adviser on Media and Publicity Lanre Lasisi, the Speaker was quoted as saying, “We look forward to sittings like this where we can collaborate and work together for one and one purpose only- to move this country forward and develop our economy, infrastructure and put this country on the line of economic growth.

    Earlier, the leader of the delegation and the Managing Director of NLNG Limited, Tony Attah, said as a result of the ongoing works on PIB, it was necessary to inform the Speaker of Nigeria’s 200 tcf reserved proven and another 600 tcf potential that needed to be proven.

    According to him, combining the proven and potential (800tcf) would place Nigeria in a vantage position of being number 4 from 9th world largest producer of gas.

    “Being number 4 is a game-changer that will continue to help Nigeria well into the future, irrespective of the energy transition and changing energy needs.

    “We believe that the PIB is a major opportunity, and before it’s signed, we thought we would bring this to your attention,” he added.

    Gbajabiamila said, for this reason, experts in the gas sector should partner those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximize its natural gas resource.

    Speaking while receiving a delegation of the Nigerian Liquified Natural Gas (NLNG) in his office on Wednesday, Gbajabiamila said the on-going process of passing the Petroleum Industry Bill (PIB) had provided an opportunity for the experts to collaborate with the House to incorporate a futuristic gas legislation that would be beneficial to Nigeria and Nigerians.

    “Definitely, it’s now all about gas. Crude oil, as we know and which we all rely on, is not so infinite; its end is almost around the corner, and we don’t want to be caught unawares. We have to be prepared for that day.

    “That is why I agreed on the issue of the PIB and why, from the ground floor, the gas sector needs to key in and lock in its role in the piece of legislation that would come out in PIB.

    “This is very important because the PIB is going to be there for ages and this is the time we need to key in the gas sector in framing that piece of legislation together.

    “With our proven reserve and potential that will propel us from the 9th largest producer in the world to the 4th, that’s a blessing we can’t overemphasize as gas touches on every aspect of the economy.

    “We are on the same page with you on the need to unlock the potential for the good of Nigeria,” he said.

    In a statement by his Special Adviser on Media and Publicity Lanre Lasisi, the Speaker was quoted as saying, “We look forward to sittings like this where we can collaborate and work together for one and one purpose only- to move this country forward and develop our economy, infrastructure and put this country on the line of economic growth.

    Earlier, the leader of the delegation and the Managing Director of NLNG Limited, Tony Attah, said as a result of the ongoing works on PIB, it was necessary to inform the Speaker of Nigeria’s 200 tcf reserved proven and another 600 tcf potential that needed to be proven.

    According to him, combining the proven and potential (800tcf) would place Nigeria in a vantage position of being number 4 from 9th world largest producer of gas.

    “Being number 4 is a game-changer that will continue to help Nigeria well into the future, irrespective of the energy transition and changing energy needs.

    “We believe that the PIB is a major opportunity, and before it’s signed, we thought we would bring this to your attention,” he added.

  • Sale Of Govt Assets Will Benefit Nigerians, Boost Economy – Finance Minister

    Sale Of Govt Assets Will Benefit Nigerians, Boost Economy – Finance Minister

    The Minister of Finance, Zainab Ahmed, on Friday, said the Federal Government’s planned sale of public assets will benefit Nigerians and help to boost the economy.

    In an appearance on Channels Television’s Sunrise Daily, Mrs Ahmed, who is also the Minister of Budget and National Planning, said some government assets are currently moribund and provide little or no value to Nigerians in their current state.

    “There are some government assets that are dead that can be sold to the private sector to be reactivated and put to use for the benefit of Nigerians,” the Minister said.

    “So we are looking at different – and I am a member of the National Council on Privatisation – we are looking at different categories of government assets that government has not been able to manage, that are lying down and in some cases even completely rundown, to cede them off to the private sector.

    On January 12, Mrs Ahmed had revealed the government’s plan to sell public assets to partly finance the N13.58 trillion 2021 budget.

    On Friday, Ms Ahmed stressed that the “intention is not just funding the budget, it is to reactivate these assets and hand it over and have them bring contributions to the growth in the economy.”

    She added that the Bureau of Public Enterprises will begin to coordinate with other arms of government on the asset sales in the first quarter of the year.

    ” . . . in the last week of December, we had a meeting of the National Council on Privatisation where we approved the annual work plan, the 2021 work plan, for that Bureau of Public Enterprises,” she said.

    “And I guess it is in this first quarter that the BPE will now be engaging the Senate committee and other committees they work with to say this is our work plan for the year.”

    In a statement on Sunday, civil society group SERAP had asked the National Assembly to stop the federal government from selling public assets to fund the 2021 budget.

    The group said the government should, instead, look to identify areas in the budget to cut, such as salaries and allowances for public officials.

  • China revitalizes world’s confidence to recover economy

    By He Yin

    China’s economic performance over the past year triggered broad discussion and commendation across the world. The country was the only major economy that secured positive growth in 2020, whose GDP for the first time crossed the 100 trillion yuan mark, rising 2.3 percent from a year ago.

    International observers commented that China has consolidated its position as a key driver of global growth, and the country’s economy is likely to keep acting as a “locomotive” that fuels the recovery of global economy this year.

    As the Davos Agenda of the World Economic Forum (WEF) is about to kick off and the world is seeking cooperation to fight COVID-19 and recover economy, China’s economy is injecting positive energy into the world, revitalizing the confidence of the global community to recover economy.

    Hans-Paul Burkner, chairman of the Boston Consulting Group remarked that China’s v-shaped bounceback was not by accident or luck, and it represented the arduous efforts made by the Chinese people, enterprises and government departments.

    The strong resilience and vitality of the Chinese economy came from the country’s efforts to coordinate pandemic prevention and control and economic and social development, which offered important experiences for the world to win the battle against the disease and secure economic performance.

    The V-shaped recovery was engineered by getting Covid-19 under control and deploying fiscal and monetary stimulus to boost investment, said Bloomberg in a recent article. Experts from the International Monetary Fund also noted that China’s practices proved effective control measures could promote economic recovery, which is a great example for other countries to follow.

    “Integration into the global economy is a historical trend. To grow its economy, China must have the courage to swim in the vast ocean of the global market.” The remarks made by Chinese President Xi Jinping when addressing the Opening Session of the WEF Annual Meeting four years ago in Davos, Switzerland, well explain why China secured outstanding economic performance last year.

    Protectionism was on a rise after the outbreak of the COVID-19 pandemic. China took a series of new measures to expand opening up, stabilize global industrial and supply chains and safeguard the open environment for international cooperation, which further improved its capability to achieve win-win results with the rest of the world.

    In 2020, China’s foreign trade of goods went up by 1.9 percent from a year ago, and the freight trains running between the country and Europe made 12,406 trips, 50 percent more than those in 2019. Behind these figures is the energy China has injected to the world for the latter’s recovery. Achim Steiner, Administrator of the United Nations Development Programme noted China not only achieved its own development, but also build a new vision of future international cooperation and economic development.

    In the new year, China has both the foundation and conditions to maintain economic recovery, and is bound to make greater contribution to global economic recovery and development. By further enhancing innovation, expanding domestic demand and comprehensively implementing reform and opening up measures, it is injecting confidence into the international society for economic development.

    The Organization for Economic Cooperation and Development forecasted that China will contribute to over 1/3 of global growth this year. Japanese news outlet Nikkei reported that thanks to China’s rapid economic recovery and thriving market demand, Japan’s manufacturers have constantly lifted their expectation for performance. Craig Allen, president of the U.S.-China Business Council (USCBC) said almost all members of the council saw China’s huge contribution to the world economy and were expanding their investment in the country.

    Embarking on a new journey, China is accelerating the building of a new development paradigm, releasing market potential and opening wider to the world. It will definitely create more opportunities to share development with the rest of the world and strive for win-win cooperation.

  • Nigeria@60: Education, Agriculture, Healthcare And Economy Needs More Supports-Kano Residents.

    Nigeria@60: Education, Agriculture, Healthcare And Economy Needs More Supports-Kano Residents.

    By Jabiru Hassan, Kano.
    Being tomorrow Thursday is becoming Nigeria’s Independence anniversary, Daybreak  News in Kano had a  chats with some Kano residents, where most of those who spoke to our correspondent disclosed that there is the needs to gives more consideration on agriculture, healthcare services, education and conducive business atmosphere that would develop the country’s economy.
    Alhaji Usman Dan Gwari, a large scale farmer from Bichi local government area stated that agriculture should be given special recognition in order to ensure that Nigeria remains dependent on food for domestic consumption and for exportation to other neighboring countries which would open more opportunities to self reliance as seen in the developed nations.
    Similarly, in his remark, a medical practitioner in Kano city Dr. Abdullahi Maikano said that ” in Nigeria today, we needs more progress in healthcare delivery services, and the Federal and states governments are trying their best in the provision of healthcare services at both rural and urban settlements, but the sector needs more supports because Health is very vital to all living things”. He stressed.
    Furthermore, a retired principal in Kano Malam Abbas Adamu told Daybreak news that if real development is really needed, Nigeria’s education sector should be given all the necessary recognition and financial supports because without good and quality education, nothing could be achieved especially when the globe is  gradually changing in the area of education.
    In conclusion, an economic analyst and current affairs commentator Alhaji Shehu Garba Mainasara lamented that ” The world is now struggling to be free from economic recession especially at this era when the Covid-19 pandemic  becomes a threat to our economy where everything remained backward, but we counsel our governments to use it’s organs in planning and implementation of economic reconstruction strategies that can restore national economy despite challenges.

  • NEC, PTF to have further discussions on reopening of economy, schools

    NEC, PTF to have further discussions on reopening of economy, schools

    The National Economic Council(NEC) says it will hold further discussions with the Presidential Taskforce on COVID-19 (PTF) on reopening of the economy and schools.

    Gov. Ifeanyi Okowa of Delta made this known while briefing State House correspondents after the virtual NEC meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.

    Okowa said the council took the report on the interface between NEC’s Adhoc Committee and the Presidential Taskforce on COVID-19 on the ease of the lockdown and reopening of the economy.

    “A lot has been done because we have had several meetings with the PTF and our inputs have been taken in the briefings to the president and the guidelines have been released.

    “Since we started the meeting on May 28, lots of decisions have been taken and these decisions have already started to impact on the economy.

    “Currently, both the formal and informal sectors of the economy have gradually been reopened apart from a few segments that still need to be discussed and we have also realised that the rural areas have also been opened to farming activities.

    “And we have also in the course of our discussion agreed on the need to open the interstate borders to travels which also means travels by both road and train services is now possible and domestic flights are suppose to have resumed from yesterday July 8.’’

    According to him, there are still other sectors of the economy that may not be open until further discussions are held.

    He said the interface also discussed the issue concerning the reopening of worship centres and in many states of the federation, including FCT.

    “Worship centres have been reopened with good protocols to be put in place which ought to be monitored by the various states and the FCT.

    “So, a lot is actually been done; we talked about the issue of opening up schools but this will be further be discussed later today following the press briefing that was given by the Minister of Education.

    “So, we will be meeting with the PTF on COVID-19 this evening at 8pm to further discuss issues surrounding the opening of schools but the economy is open now apart from restrictions to international travels and restrictions to sporting activities.

    “The other course that had to be stood down is the resumption of higher institutions and other classes aside the graduating classes and also in the work place.

    “In the work place, there are still some restrictions; not all civil servants are allowed to come to work because of the likelihood of crowding; so that is being further discussed in various states.

    “I do know that civil servants in various categories are allowed to come but not the totality of the workforce.’’

    He said that the reopening of bars, night clubs and other entertainment centres was still on hold until further discussions were taken.

    Okowa said that advice was being taken from consultants who were ac monitoring the rate of transmission in the country.

    “We have already entered community transmission and we are careful to ensure that as we open up the economy, we do not create a danger to the lives of Nigerians.

    “So, generally, we think the best we can do as a country is to open up the economy; the economy is actually opening and we have to do it in a manner that we do not cause further health hazards,’’ he said.(NAN)

  • Buhari govt faults Atiku’s claims on Nigeria’s debt profile, economy

    Buhari govt faults Atiku’s claims on Nigeria’s debt profile, economy

    The Nigerian government, on Wednesday, faulted the alarm raised by Atiku Abubakar, a former Peoples Democratic Party, PDP, presidential aspirant, on Nigeria’s debt profile.

    Lai Mohammed, Minister of Information and Culture, said the apocalyptic scenarios on Nigeria’s debt profile, as painted by Atiku was nothing but scaremongering anchored on a false premise.

    Atiku had on Tuesday claimed that Nigeria was in a financial crisis.

    The former Vice President also urged the Federal Government to stop indiscriminate borrowing.

    Reacting, Mohammed said though the Federal Government welcomes constructive criticism, such must be based on verifiable facts rather than conjectures and innuendos.

    Mohammed’s reaction was contained in a press release signed and forwarded to Daybreak by his Media Aide, Segun Adeyemi.

    Mohammed maintained that the figures portrayed by the former Vice President were wrong and misleading.

    He, however, believes that Atiku’s love for Nigeria may be responsible for his comments on the country’s economy.

    According to Mohammed: “There is no doubt that former Vice President Atiku Abubakar loves our country and wishes it well, otherwise he would not have sustained his serial quest for the country’s highest position. One can only hope that his resort to the use of such words as ‘precipice’, ‘foreclosure’ and ‘economic ruin’ does not reflect anything but best wishes for the country at this time.”

    The Minister stated that the figure of the country’s debt to revenue ratio of 99% in the first quarter of 2020 quoted by Atiku was not in the Medium-Term Expenditure framework and Fiscal Strategy Paper, where he claimed he got it from.

    “We are also not able to ascertain the source of the first quarter figures of N943.12 billion for debt servicing and N950.56 billion for retained revenue, which he also quoted.

    “Therefore, the statement that debt servicing does not equate debt repayment is not only wrong, but ill-informed.”

  • COVID-19: Kebbi Govt seeks way out of dwindling revenue

    COVID-19: Kebbi Govt seeks way out of dwindling revenue

    Kebbi Government on Monday convened a stakeholders meeting to proper a way out, as future federal allocations seem bleak following the crash of oil prices in the international market.
    The meeting involved government officials, labour unions
    traditional rulers, 21 local chairmen and members of Kebbi House of Assembly.
    The meeting was to come up with suggestions on what the state would do to shore up its internally generated revenue and collections in the midst of present financials uncertainties.
    According to Gov. Abubakar Bagudu the state is exploring opportunities in other sectors to remain buoyant.
    “We are coming together to think of a future without oil as we don’t want to copy other states, rather we want to lead the way for others to follow,” he said
    Bagudu told newsmen after the meeting in Birnin Kebbi that they discussed the adverse effects of the crash in oil revenues and a way out.
    “We want to be less dependent on oil revenue, and we have accepted a proposal that a committee be set up to spearhead the development and come up with suggestions that will help us to address the current economic realities because of the Coronavirus.”
    Earlier, the Permanent Secretary, Budget and Economic Planning, Hajiya Aisha Usman, revealed that the current economic realities had impacted negatively on the state’s 2020 budget.
    “Crude oil prices were estimated at $57 per barrel as per the federal government 2020 budget critical assumptions, with crude oil prices falling below cost of production averaging $17 and $30 respectively, accrued revenues and future federal allocations seem bleak,” she said.
    She said that the state 2020 budget was also prepared on certain critical assumptions based on the crude oil price of $57 per barrel.
    “Statutory allocation was to contribute about N49.6 billion which is 36 per cent of the budget based on the benchmark oil price of $57 per barrel.”
    The permanent secretary, however, lamented that the current and forecasted events clearly indicated that the state government finances would be badly affected.
    She therefore urged the meeting to come up with strong and workable recommendations to ease out of the present circumstances. (NAN)

  • COVID-19: impact on economy becoming severe, investment in agriculture key — CBN

    COVID-19: impact on economy becoming severe, investment in agriculture key — CBN

    The Central Bank of Nigeria (CBN), says the impact of COVID-19 on economy is becoming severe, especially the declining global oil price and called for massive investment in agriculture.

    The CBN Governor, Mr Godwin Emefiele made this known at the African Economic Research Consortium (AERC) Senior Policy Seminar XXII in partnership with CBN in Abuja on Monday.

    The seminar has as its theme: “Agriculture and Food Policies for Better Nutrition Outcomes in Africa’’.

    Represented by Mr Isaac Okorafor, the Director, Corporate Communications Department, Emefiele said the outbreak of the coronavirus had dampened consumer confidence resulting to decline in private consumption and global demand slowdown.

    He said the sad development had posed great threat to the economic gains achieved across Africa in the recent past.

    Emefiele said the seminar could not have come at a better time than now when economies within the region were inundated with challenges resulting from the impact of the global economic slowdown, and currently facing further deterioration in global activity owing to COVID-19.

    He emphasised the need for the countries on the continent to massively invest in agriculture.

    “Very much like we have seen in the past, food is often one of the immediate causalities of any catastrophe on the African continent. The reason is not far-fetched, a sizeable proportion of the population is food poor.

    “Africa is not winning the war against acute hunger and malnutrition. Food insecurity and malnutrition plague the lives of millions across the continent.’’

    According to the 2019 Global Report on Food Crises, Africa remains dis-proportionally affected by food insecurity with more than half of the global 113 million, 58 per cent to be precise acutely food-insecure people living in 33 countries in Africa.

    “Here is the irony, Africa holds 65 per cent of the world uncultivated arable land, particularly its vast 400 million-hectare savannas which are the world’s largest agriculture frontier.

    “The continent of Africa should have no business with food insecurity. Regrettably, its agriculture continues to be vulnerable to climate- related shocks, disease, weak input supply chains, conflicts and economic shocks.

    “Disturbingly, the Food and Agriculture Organisation (FAO) has predicted that Africa could add an additional 38 million hungry people to the world’s number of hungry people by 2050 due to climate change,” he said.

    Emefiele saidd that unlocking the huge potential of agriculture must therefore be at the heart of any meaningful engagement on economic and social development of the continent.

    He said the region had the capacity and must become the food basket for the world, rather than a net importer of food.

    He said importation of food by the continent was unacceptable, saying that Africa spent 35 billion dollars on importation of food annually according to report by the African Development Bank (AfDB).

    According to him, the continent must urgently develop policy measures around building what has been termed grey matter infrastructure in Africa in order to end the scourge of malnutrition.

    In his remarks, the Executive Director of AERC, Prof. Njuguna Ndung’u expressed delight for hosting the seminar in Nigeria as it had never been held in the country.

    Ndung’u urged participants to always adhere to full implementation of resolution of this kind of policy seminar. (NAN)

  • Foreign institutions optimistic on china’s economy, expect strong rebound in 5 months

    Foreign institutions optimistic on china’s economy, expect strong rebound in 5 months

    Foreign institutions have expressed optimism about China’s economic outlook and believe that some industries will be affected by the coronavirus only in the short term.

    The Chinese news agency said the institutions added that resilience of the country’s economy remained solid and a strong rebound would be expected in the second half of the year.

    The agency quoted Citibank as saying “China’s resumption of work and production is now underway. If the epidemic is effectively controlled, industrial activities will rebound in the second quarter’’.

    “With the support of more government policies, the Chinese economy is expected to see a strong rebound in the second half of the year.

    “Considering that China’s economy is still more resilient, we believe that A-share investment opportunities are greater,’’ said Wu Jingjing, head of investment strategy at Citibank, China.

    Citibank said it was optimistic about companies with Internet factors in the software, e-commerce and entertainment sectors.

    “Once the epidemic eases, given China’s high Internet penetration, recovery in these sectors may be faster,’’ according to Citibank.

    “The epidemic has not changed the overall recovery of China’s economy in 2020. China’s economic activity and related industries will be affected in the first quarter, and then it may have a V-shape recovery’’, said Ruan Weiguo, an investment director of Invesco.

    Charlie Thomas Munger, Warren Buffett’s long-term business partner, had also recently said publicly that he had not wavered in his long-term optimistic stance on Chinese enterprises and the Chinese economy.

    Meanwhile, the institutions are generally optimistic about the pharmaceutical and Internet technology sectors and companies in the A-share market.

    Fidelity International expressed the hope that although the epidemic might cause frustration in the short-term demand in the technology industry, the structural growth trend of the technology industry is irreversible, thanks to the booming data market. Companies in the cloud data industry chain will benefit.

    Given that China’s 5G development will enter a stage of promotion in an all-round manner, Fidelity International said that it was very optimistic about related companies in China’s 5G technology construction and application industry chain. (Xinhua/NAN)