2016-12-20

Dogara charges Nigerians on attitudinal change

Speaker of the House of Representatives, Yakubu Dogara, has called on Nigerians to have a change in approach and orientation for the country to make progress even as the nation is passing through challenging times.

Dogara said if latest naija gossip news today will be to see significant improvement in quality of leadership and governing, the citizens must alter their ways of life as leaders are recruited from among them.

The Speaker, who made the call at the weekend during a thanksgiving service organised by a part of the parliament, Jagaba Adams Jagaba at ECWA Church, Chigwa, Kaduna State, according to a statement issued by his spokesman, Turaki Hassan, said that while Nigerians expect leaders to live higher standards of life as role models, the followers must also understand that leaders are recruited from among them.

He, consequently, charged Nigerians to, as a matter of necessity, reveal higher standards of runs even as they expect same from their leaders.

There's constantly expectations from citizens for leaders to demonstrate a higher standard of conduct. Obviously, it's great that those that call themselves leaders must always aspire to maintain higher standards.

But what's wrong with the narrative, especially in Naija, is that in many cases, citizens expect that only leaders must live above board. This nation can only just make progress if all the citizens and leaders conclude that in their daily undertakings, they are going to preserve the finest of standards.

Because if you anticipate only leaders to do the right thing, the direction recruitment procedure is such that leaders constantly emerge from the people.

Dogara admonished politicians to put their faith in God because power comes from God, success comes from God, no one, regardless of how strong he or she's, can give you power.

But in his testimony, Jagaba urged Nigerians to eschew religious and ethnic sentiments, which he said, have split the state for decades.

He said the electorate should rather lay emphasis on individual character and not political party association, saying that he's forgiven all those who plotted evil against him in the 2015 general elections.

In his sermon, ECWA President, Revd (Dr.) Jeremiah Gado, said by design, God created and saved humankind to live a life of gratitude, service, praise and worship.
Increases, pitfalls of Nigerias currency swap deal with China

Separated stakeholders say policy may ease business, stifle local businesses

For varied stakeholders in the economy, the Federal Governments recent currency swap deal with China holds both bright prospects and grave consequences for Nigeria even as the naira inched up against the dollar at the weekend at the parallel market.

During his official trip to the worlds second largest economy, President Muhammadu Buhari struck a naira and yuan swap deal, scripted to facilitate trade trades between both nations, devoid of current exchange challenges with the United State dollar.

Moreover, the deal, according to Presidency sources, has the potenrial of shoring up the worth of the countries money, in the foreign currency market, through a concomitant emergent bidding scheme, with strategic reduced interest in dollar and other major currencies, apart from the yuan.

The currency swap deal is composed of an agreement between two central banks, one or more of which must be an international money issuer, to swap their currencies. The central banks party to the swap trade can lend the proceeds of the swap, against collaterals they deem sufficient, to the commercial banks within their authority, to give them temporary liquidity in a foreign currency.

But pessimists pointed out the swap deal wasn't consummated between both nations apex banks but between Central Bank of Nigeria (CBN) and Chinas ICBC- the worlds biggest lender by total assets and market capitalisation. While this may not impact the objects of the swap deal at all, it raises some fundamental sovereign problems, according to an analyst who spoke on condition of anonymity.

The Managing Director/Chief Executive Officer of Cowrie Investment Limited, Johnson Chukwu described that the currency swap scheme would address , on a short term basis, the current liquidity challenge in the nations foreign exchange market.

He said: I think that Nigerias overriding aim for the currency swap would be to address short term foreign currency liquidity challenges that has led to CBNs inability to match foreign currency demands. With the currency swap, based on the value, a significant portion of Nigerias import invoices from China would now be denominated and settled in yuan, therefore reducing the demand for dollar by Nigerias importers.

Nevertheless, he pointed out the major draw back to the currency swap policy is an unrestricted access to yuan, at an overvalued naira exchange rate, if the N30/RMB is the agreed exchange rate, will surely support importation and stifle local production of goods.

I suggest that the Federal Government should attempt to incorporate a strategy just like that of the cement industry policy, which would need some of the imports from China to be produced locally after a defined timeline, particularly if Nigeria has relative making edge for such products. Examples that can readily come to mind include fabrics, plastics, ceramics, among others.

He explained the increase of inclusion of Chinese Yuan as part of Nigerian reserve currency was done about five years ago by the immediate past CBN governor, mostly to diversify the reservation and reduce the currency risk connected with the U.S. dollar.

That action was taken at a time when the U.S. economy was especially vulnerable due to the weakness of their market after the global financial crises triggered by sub-prime mortgage.

In his reaction, the National President, National Palm Produce Association of Nigeria (NPPAN), Henry Olatujoye, welcomed the currency swap deal, describing it as a fantastic measure that would significantly reduce the increasing pressure on the U.S. dollar, which has gone haywire in the foreign exchange market.

In accordance with Olatujoye , the decision has the capacity of bringing double investment to the country from China on one hand and from the U.S. on the other.

The NPPAN president allayed any concern the decision could lead to the higher importation of Chinese goods into Nigeria, citing the economic competition or money war between China and America.

He, however, expressed the concern that European states may not be well disposed to it because it is with the capacity of adversely affecting their trade balance with naija breaking news .com, warning that their stakeholders could frustrate the move.

The Chairman, Mobile Software Option, Chris Uwaje, considered the naira to yuan swap agreement should reduce the pressure on the naira if correctly implemented.

According to him, the arrangement if it becomes a reality, means that the de facto currency, dollar , will no further hold on the import and export deals between Nigeria and China.

Uwaje continued: We dont have to use dollar to pay because its going to be costlier, we pay with yuan. By so doing we avoid every kind of round tripping.

Uwaje urged Buharis economic team to see news from naija.com how a country can really leverage on the technology prowess of China for Naija to achieve a sustainable market.

In accordance with Gbade Buraimoh, a Lagos-based financial expert, the pursuit for dollar through banks will undoubtedly reduce, as all transactions between naija news now 24/7 and China will maintain yuan instead of dollar.

He found that oil sales from Nigeria to China would be settled in Chinese currency, stressing that accessibility to yuan would also be simpler.

The swap will remove challenges originating from transactions with the dollar and boost business flexibility between Nigerian and Chinese, Buraimoh explained.

The Director-General of Lagos Chamber of Commerce and Industry, Muda Yusuf agreed that the swap deal would smoothen the payment system in the bilateral trade between both nations but stressed that it might not really reinforce the naira in the currency market, as the nation would have to improve its productive base to attain that.

An Abuja-based international affairs and diplomacy expert, Kadiri Abdulrahman, viewed the currency swap deal as an optimistic move towards enhancing the value of the naira, therefore improving accessibility to cheaper foreign exchange, in favour of members of the business community.

The Director- General of the African Affairs Department of Chinas Foreign Ministry, Lin Songtian told reporters in Beijing after the deal was signed by the Governors of Nigerias Central bank and the Industrial and Commercial Bank of China Ltd. (ICBC) that the Renminbi (yuan) is free to flow among different banks in Nigeria and has been included in the foreign exchange reserves of Nigeria.

Nigeria is not the first state that China would enter into this arrangement naija letest news with. The Asian power station has multiple year currency swap agreements of the Renminbi with Argentina, Belarus, Brazil, Hong Kong, Iceland, Indonesia, Malaysia,Singapore, South Korea, United Kingdom and Uzbekistan.

In accordance with the Peoples Bank of China (PBoC), those swap arrangements were intended not only to stabilise the international financial market, but also to ease bilateral trade and investment.

Meanwhile, the benefit of the currency swap deal and other agreements reached in Beijing during Buharis excursion to the Far East Asia nation has rubbed off on the aviation sector, as a Nigerian carrier, Air Peace declared that it would soon commence scheduled flight to China from Enugu.

Chairman of Air Peace, Allen Onyema shown at the Enugu Economic Summit the airline has been made Nigerias official flag carrier for the route.

According to him, with the likely ease on the pressure on the dollar, it would bring down the value of the dollar in regard to the naira, which he said would now help it become possible for American investors to put money into the Nigerian market again.

In his view, the present high rate of the dollar in Nigeria had in recent months discouraged American and Western investors in the Nigerian economy.

The authorities and the flying public created a yearning opening, all the agreements in this state are tilted to one side, the foreign airlines, but this government of Muhammadu Buhari has began to do things differently recognising the local airlines and seeing that in Air Peace there will be a lot of quality, so that they determined to give us when we applied it didnt take time before they gave it to us, said Onyema.
Diversification of Nigeria’s market urgent, says Buhari

President Muhammadu Buhari in Guangzhou, China said his government would take urgent steps to restructure Nigeria’s market by supporting new investments in agriculture, mining and manufacturing.

The President, who stated this at a reception in his honour by the Communist Party of China, said Nigeria would welcome the support of the Chinese government, foreign investors and local companies for efforts to diversify the nation’s economy.

A statement issued in Abuja by his Senior Special Assistant on Media and Marketing, Mallam Garba Shehu, quoted the President as saying that the diversification of the Nigerian economy was long overdue, as continued reliance on crude oil exports had consistently made the economy vulnerable to shocks.

"This time we will be more deliberate. Companies and the authorities will be entailed," Buhari said. In his remarks, the Secretary of the Communist Party, who is also the Governor of the Guangdong Province, Mr. Hu Chinhua, vowed that the region would support the execution of all the bilateral agreements reached with the Chinese government during Buhari’s visit.

The statement added that Buhari also seen the Sino-Singapore Knowledge City in Guangzhou, "which showcases advancements by China in medical, science and technological inventions."

Buhari said the several arrangements concluded with the Chinese would have a positive and tremendous impact on vital sectors of the Nigerian economy, including housing, solid minerals, agriculture, power and rail transportation.

In the solid minerals sector, Marble and Granite Nigeria Limited and Shanghai Shibang signed an agreement valued at 55 million dollars for the construction and equipping of granite mining plant in Nigeria."

In accordance with the statement, a total of $1billion would be to be invested under an agreement reached Sinohydro Corporation Limited and by the Infrastructure Bank in the development of a greenfield expressway for Abuja-Ibadan-Lagos.

Other arrangements signed and announced during the visit, based on the statement, comprise a $1billion facility for the establishment of a Hi tech industrial park in Ogun-Guangdong Free Trade Zone in Igbesa, Ogun State.

The statement said that the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at 200million dollars for the building of two 500MT/day float gas facilities.

It further said that an agreement, valued at downstream industrial park in Kogi State and $363 million for the establishment of an extensive farm was also declared at the Nigeria-China business forum.

Additionally, arrangements undergoing dialogues comprise a $500 million project for the provision of television broadcast equipment and a $25 million facility for generation of pre paid smart meters between Mojec International Limited and Microstar Company Limited.

According to the statement, about 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum, which took place after Buhari started his v isit .
ICPC charges Nigerians to fight with corruption

Mr Ekpo Nta, Chairman Independent Corrupt Practices and other Related Offences Commission (ICPC), has said that Nigerians must resolve to reduce corruption to the barest minimum by eschewing and acting against it.

He said this on Friday while speaking to participants of 21st session of Policy, Strategy and Direction lessons of the National Institute of Policy and Strategic Studeis (NIPSS), Kuru, Jos, at the commission's headquarters in Abuja.

The class which was initiated eight years ago by NIPSS is targeted at creating a crucial means of getting technocrats associated with policy making for national growth.

He said that the menace was a worldwide phenomenon which wasn't restricted to Nigeria.

According to him, corruption is more common where there is bad governance, systemic failure and poor value orientation.

He stressed that it was regrettable as the legislations seemed to not be helping the dilemmas, that it persisted.

The ICPC leader, consequently, called to review corruption laws in the state to ensure greater operation, efficiency and deterrence.

He said that though public perception was that the commission was merely participated in prosecuting corrupt government officials because of the opinions attached to it, it was focusing on other corrupt practices.

These, he said, comprised land management in the Federal Capital Territory (FCT) and the observation and execution of particular government policies.

He said that ICPC was collaborating with the Nigeria Labour Congress (NLC) and Economic and Financial Crimes Commission (EFCC) in some of the duties.

Nta said that the commission was at present investigation a state where public capital were transferred into three different bank accounts, including that the details would be made public in due time.

He further said the commission had so far regained billions of naira in forfeited and cash assets, stressing that it was also conducting systemic study in some conditions in some universities.

He said the measure followed reported instances of pupil harassment in some universities in the nation.

Nta included that ICPC was also reviewing the nation’s primary health care process in collaboration to address its decay over time.

He also said that insufficient protection of whistleblowers and threats to officials were some other challenges confronting the commission.

The latest news in naija Agency of Nigeria (NAN) reports that the course participants were drawn from the military, the Police and other government agencies.

The 21st session of the course focused on corruption in the country and the indices driving it.

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