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Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts

2 Years Ago When Obasanjo Predicted This RECESSION As Jonathan Was RECKLESS With The Economy

2 Years Ago When Obasanjo Predicted This RECESSION As Jonathan Was RECKLESS With The Economy

Published  By The Nation Newspaper On November 27, 2014  Headlined: Obasanjo warns Jonathan: economy is in big trouble

2 Years Ago When Obasanjo Predicted This RECESSION As Jonathan Was RECKLESS With The Economy
Former President Olusegun Obasanjo delivered yesterday another blistering criticism of the President Goodluck Jonathan administration, saying the “economy is in the doldrums”.

The government has been celebrating the rebasing of the economy, saying it is Africa’s biggest.

But, to Obasanjo, the economy “is in the doldrums, if not in reverse”.

He said a drastic devaluation of the Naira – a step which will hurt Nigerians —was likely. The naira was devalued on Tuesday, exchanging at N168 to the dollar. Interest rate went up to 3% from 12%.

Obasanjo challenged the government to release records of crude oil proceeds to the public.


“The fourth issue I will briefly like to comment on is the economy. What the public know or see of the economy is not what the economy truly is.

“For quite some time, the covered and the hushed up corruption has had its toll on the economy. The non-investment and disinvestment in the oil and gas sector by the major international oil companies has added its own deleterious impact.

“Our continued heavy dependence on one commodity had not adequately prepared us against any shock in that one commodity on the international plane.

The former President’s stunning verdict on the economy – that it is in doldrums – drew a thunderous ovation from the full capacity Ladi Kwali Hall of the Sheraton Hotel and Towers.

Obasanjo added: “Our inadequate protection of almost all local industries with heavy cost of energy has dealt a hard blow on most indigenous industries. The economy is in doldrums if not in reverse.

“The often-quoted GDP growth neither reflects on the living condition of most of our people nor on most of the indigenous industries and services where capacity utilization is about 50 per cent.

“We had not adequately prepared for the rainy days in the management of proceeds from oil and gas resources.

“And with crude oil purchase by the US from Nigeria going down by some 30 per cent in the last three years as a result of shale revolution, things are not looking up in the oil and gas sector and hence, in the economy.

“The International Energy Agency (IEA) has predicted that the price of oil has not bottomed yet and that the price will continue to go down through the first half of 2015, if not for the whole year.

“With shale revolution and America’s self-sufficiency in energy and possibly becoming a net exporter as well as with the prediction of IEA, we must re-strategise.

“The position may be that, in future, we will have a budget that cannot be funded. We may have to borrow to pay the salaries and allowances. Revenue allocation to states and local governments has already drastically reduced. Capital projects at all levels of government may have to be drastically cut or stopped.”

On the devaluation of the Naira, Obasanjo said it will lead to horrendous disadvantage for poor Nigerians

He said: “Sooner or later, the Naira will have to be drastically devalued without any advantage to our one commodity economy but with horrendous disadvantage to already impoverished Nigerians.

“We will all sink deeper in poverty except for those who have corruptly stashed money abroad and who will start to bring such illegal and illegitimate funds back home to harvest more Naira. All the economic gains of recent years and the rebuild of the middle class may be lost.”

To the former President, “the political will, the discipline, the ability to take the hard measures to reverse the trend will appear not to be there at the leadership level, if the understanding is not there”.

He painted a gloomy picture of the future, saying: “In the end, more businesses will close down, business men and women, entrepreneurs and investors will incur more debts. Foreign investors may temporarily stop investing in a downturn economy.

“Because of the Naira depreciation, workers, particularly in the public sector, will ask for pay increase, which may be justified but will sink us deeper in the swamp.

“The scenario, which may sound alarmist, is hard to imagine but the signs are there and it would appear that those who should act are dancing slow foxtrot while their trousers are catching fire.”

Obasanjo described the National Assembly as corrupt especially the execution of constituency projects.

He said: “Today, every aspect of our national life is riven and riddled with corruption-the Executive, the Legislature, the Judiciary, the military, the civil service, the media and the private sector.

“The legislature which shrouded its corruption in the opaque nature of its budget had been encouraged through direct payment of money to the legislature to cover up wrongs done by the Executive thereby making the Legislature fail in its oversight responsibility.

“Apart from shrouding the remunerations of the National Assembly in opaqueness and without transparency, they indulge in extorting money from departments, contractors, ministries in two ways, on the so-called oversight responsibility.

“They do similar things in their so-called enquiries. But the Executive make it worsens when they pay members of the National Assembly slush money not to investigate or to cover up misdeeds of corruption and misconduct.

“Corruption in the National Assembly also includes what they call constituency projects which they give to their agents to execute but invariably, full payment us made either little or no job done.

“Most members of the National Assembly live above the law in their misconduct and corruption.”
Published  By The Nation Newspaper On November 27, 2014  Headlined: Obasanjo warns Jonathan: economy is in big trouble

2 Years Ago When Obasanjo Predicted This RECESSION As Jonathan Was RECKLESS With The Economy
Former President Olusegun Obasanjo delivered yesterday another blistering criticism of the President Goodluck Jonathan administration, saying the “economy is in the doldrums”.

The government has been celebrating the rebasing of the economy, saying it is Africa’s biggest.

But, to Obasanjo, the economy “is in the doldrums, if not in reverse”.

He said a drastic devaluation of the Naira – a step which will hurt Nigerians —was likely. The naira was devalued on Tuesday, exchanging at N168 to the dollar. Interest rate went up to 3% from 12%.

Obasanjo challenged the government to release records of crude oil proceeds to the public.


“The fourth issue I will briefly like to comment on is the economy. What the public know or see of the economy is not what the economy truly is.

“For quite some time, the covered and the hushed up corruption has had its toll on the economy. The non-investment and disinvestment in the oil and gas sector by the major international oil companies has added its own deleterious impact.

“Our continued heavy dependence on one commodity had not adequately prepared us against any shock in that one commodity on the international plane.

The former President’s stunning verdict on the economy – that it is in doldrums – drew a thunderous ovation from the full capacity Ladi Kwali Hall of the Sheraton Hotel and Towers.

Obasanjo added: “Our inadequate protection of almost all local industries with heavy cost of energy has dealt a hard blow on most indigenous industries. The economy is in doldrums if not in reverse.

“The often-quoted GDP growth neither reflects on the living condition of most of our people nor on most of the indigenous industries and services where capacity utilization is about 50 per cent.

“We had not adequately prepared for the rainy days in the management of proceeds from oil and gas resources.

“And with crude oil purchase by the US from Nigeria going down by some 30 per cent in the last three years as a result of shale revolution, things are not looking up in the oil and gas sector and hence, in the economy.

“The International Energy Agency (IEA) has predicted that the price of oil has not bottomed yet and that the price will continue to go down through the first half of 2015, if not for the whole year.

“With shale revolution and America’s self-sufficiency in energy and possibly becoming a net exporter as well as with the prediction of IEA, we must re-strategise.

“The position may be that, in future, we will have a budget that cannot be funded. We may have to borrow to pay the salaries and allowances. Revenue allocation to states and local governments has already drastically reduced. Capital projects at all levels of government may have to be drastically cut or stopped.”

On the devaluation of the Naira, Obasanjo said it will lead to horrendous disadvantage for poor Nigerians

He said: “Sooner or later, the Naira will have to be drastically devalued without any advantage to our one commodity economy but with horrendous disadvantage to already impoverished Nigerians.

“We will all sink deeper in poverty except for those who have corruptly stashed money abroad and who will start to bring such illegal and illegitimate funds back home to harvest more Naira. All the economic gains of recent years and the rebuild of the middle class may be lost.”

To the former President, “the political will, the discipline, the ability to take the hard measures to reverse the trend will appear not to be there at the leadership level, if the understanding is not there”.

He painted a gloomy picture of the future, saying: “In the end, more businesses will close down, business men and women, entrepreneurs and investors will incur more debts. Foreign investors may temporarily stop investing in a downturn economy.

“Because of the Naira depreciation, workers, particularly in the public sector, will ask for pay increase, which may be justified but will sink us deeper in the swamp.

“The scenario, which may sound alarmist, is hard to imagine but the signs are there and it would appear that those who should act are dancing slow foxtrot while their trousers are catching fire.”

Obasanjo described the National Assembly as corrupt especially the execution of constituency projects.

He said: “Today, every aspect of our national life is riven and riddled with corruption-the Executive, the Legislature, the Judiciary, the military, the civil service, the media and the private sector.

“The legislature which shrouded its corruption in the opaque nature of its budget had been encouraged through direct payment of money to the legislature to cover up wrongs done by the Executive thereby making the Legislature fail in its oversight responsibility.

“Apart from shrouding the remunerations of the National Assembly in opaqueness and without transparency, they indulge in extorting money from departments, contractors, ministries in two ways, on the so-called oversight responsibility.

“They do similar things in their so-called enquiries. But the Executive make it worsens when they pay members of the National Assembly slush money not to investigate or to cover up misdeeds of corruption and misconduct.

“Corruption in the National Assembly also includes what they call constituency projects which they give to their agents to execute but invariably, full payment us made either little or no job done.

“Most members of the National Assembly live above the law in their misconduct and corruption.”

Quality Of Nickel Discovered In Nigeria Is “extraordinary” – Comet, An Australian Mining Firm

Quality Of Nickel Discovered In Nigeria Is “extraordinary” – Comet, An Australian Mining Firm

Quality Of Nickel Discovered In Nigeria Is  “extraordinary” – Comet, An Australian Mining Firm
Premium Times - The abundance of native nickel balls recently discovered in Nigeria is “an extraordinary occurrence in a style not known to have been previously documented”, Comet, a private mining syndicate headed by veteran Australian miner, Hugh Morgan, has said.

In a paper distributed at the Africa Down Under Conference which held September 7 – 9 in Perth, Australia, the company said the discovery had “important implications” for nickel exploration worldwide.

The paper was delivered by the Comet team comprising Mr. Morgan, Professor Louisa Lawrence, Stephen Davis, and Steven Pragnell.

The metal named “Titan”, measuring 0.1-5.0 millimetres in diameter and weighing an estimated three weight percent, was found on the southern margin of the Jos Plateau, near the rural villages of Dangoma and Bakin Kogi, Kaduna State.

“Although the bedrock has not been tested at depth, the wide distribution of abundant nickel metal balls and their secondary ferruginous alteration product within residual weathered bedrock at Titan, indicates a highly endowed primary mineralised system,” Comet said.
“To our knowledge, this style of high-grade native nickel metal deposit has not been previously documented.”

Nigeria’s Minister for Solid Minerals, Kayode Fayemi, was among the speakers at the three-day event held at the Pan Pacific Hotel in Australia.

Mohammed Abbas, the permanent secretary at the ministry, said the discovery was made “many months ago” and urged the public to allow the government produce a detailed report.

The Comet team said the metal was identified and exploration commenced in early 2015.

“Pits dug up to six metres deep, at roughly 200 metre centres, show the nickel occurs in a coarse-grained micaceous felsic unit, associated with localised zones of mafic and olivine-rich ultramafic bedrocks”, the team said.

Traces of other metals such as zinc, copper, lead, and cobalt were also detected in the core and rims of the nickel.

The team said ongoing activation of major bedrock structures in the area had resulted in recent tectonic shift and exposure of fresh nickel metal at the surface in an erosional drainage basin at Titan.

“However, the nickel balls are not physically (concentrated) into a heavy mineral fraction within the soil cover sequence due to the low erosional gradient in the catchment and the freshness of the bedrock.

“Furthermore, the exposed metal balls are prevented from significant oxidation due to good drainage and the formation of a protective stable secondary oxide layer on the metal surface.”

The project area spans 20 square kilometres where high concentrations of ferruginous brown balls extend over a half a kilometre to the north and west of the nickel metal occurrence.

“Although the bedrock has not yet been tested at depth, the wide distribution of abundant nickel metal balls and their secondary ferruginous alteration product within residual weathered bedrock at Titan, indicates a large highly endowed primary mineralized system,” Comet said.
“To our knowledge, this style of high-grade native nickel metal has not been previously documented.”

It was gathered that Comet is currently focusing its exploration on developing a nickel project that targets the native nickel balls in the shallow weathered bedrock over an area of a half square kilometre.

The company is reportedly seeking funding to continue exploration and has approached a few interested parties.

Nickel is primarily sold for first use as a refined metal. About 65 percent of it, consumed in the West, is used to produce stainless steel.
The world’s largest producers of the metal include The Philippines, Indonesia, Russia, Canada, and Australia, according to the US Geological Survey.

Last month, Mr. Fayemi told Bloomberg that one of the Nigerian government’s priorities is to meet its annual steel demand of 6.8 metric tons, from a current output of less than 2.5 metric tons, produced mainly from scrap iron.
“In two to five years, we want to have started production of iron ore, lead, zinc, bitumen, nickel, coal, and gold at a serious scale,” Mr. Fayemi had said.
Quality Of Nickel Discovered In Nigeria Is  “extraordinary” – Comet, An Australian Mining Firm
Premium Times - The abundance of native nickel balls recently discovered in Nigeria is “an extraordinary occurrence in a style not known to have been previously documented”, Comet, a private mining syndicate headed by veteran Australian miner, Hugh Morgan, has said.

In a paper distributed at the Africa Down Under Conference which held September 7 – 9 in Perth, Australia, the company said the discovery had “important implications” for nickel exploration worldwide.

The paper was delivered by the Comet team comprising Mr. Morgan, Professor Louisa Lawrence, Stephen Davis, and Steven Pragnell.

The metal named “Titan”, measuring 0.1-5.0 millimetres in diameter and weighing an estimated three weight percent, was found on the southern margin of the Jos Plateau, near the rural villages of Dangoma and Bakin Kogi, Kaduna State.

“Although the bedrock has not been tested at depth, the wide distribution of abundant nickel metal balls and their secondary ferruginous alteration product within residual weathered bedrock at Titan, indicates a highly endowed primary mineralised system,” Comet said.
“To our knowledge, this style of high-grade native nickel metal deposit has not been previously documented.”

Nigeria’s Minister for Solid Minerals, Kayode Fayemi, was among the speakers at the three-day event held at the Pan Pacific Hotel in Australia.

Mohammed Abbas, the permanent secretary at the ministry, said the discovery was made “many months ago” and urged the public to allow the government produce a detailed report.

The Comet team said the metal was identified and exploration commenced in early 2015.

“Pits dug up to six metres deep, at roughly 200 metre centres, show the nickel occurs in a coarse-grained micaceous felsic unit, associated with localised zones of mafic and olivine-rich ultramafic bedrocks”, the team said.

Traces of other metals such as zinc, copper, lead, and cobalt were also detected in the core and rims of the nickel.

The team said ongoing activation of major bedrock structures in the area had resulted in recent tectonic shift and exposure of fresh nickel metal at the surface in an erosional drainage basin at Titan.

“However, the nickel balls are not physically (concentrated) into a heavy mineral fraction within the soil cover sequence due to the low erosional gradient in the catchment and the freshness of the bedrock.

“Furthermore, the exposed metal balls are prevented from significant oxidation due to good drainage and the formation of a protective stable secondary oxide layer on the metal surface.”

The project area spans 20 square kilometres where high concentrations of ferruginous brown balls extend over a half a kilometre to the north and west of the nickel metal occurrence.

“Although the bedrock has not yet been tested at depth, the wide distribution of abundant nickel metal balls and their secondary ferruginous alteration product within residual weathered bedrock at Titan, indicates a large highly endowed primary mineralized system,” Comet said.
“To our knowledge, this style of high-grade native nickel metal has not been previously documented.”

It was gathered that Comet is currently focusing its exploration on developing a nickel project that targets the native nickel balls in the shallow weathered bedrock over an area of a half square kilometre.

The company is reportedly seeking funding to continue exploration and has approached a few interested parties.

Nickel is primarily sold for first use as a refined metal. About 65 percent of it, consumed in the West, is used to produce stainless steel.
The world’s largest producers of the metal include The Philippines, Indonesia, Russia, Canada, and Australia, according to the US Geological Survey.

Last month, Mr. Fayemi told Bloomberg that one of the Nigerian government’s priorities is to meet its annual steel demand of 6.8 metric tons, from a current output of less than 2.5 metric tons, produced mainly from scrap iron.
“In two to five years, we want to have started production of iron ore, lead, zinc, bitumen, nickel, coal, and gold at a serious scale,” Mr. Fayemi had said.

Rice May Sell At N40,000 Per Bag In December Unless ... - Agric Minister Predicts

Rice May Sell At N40,000 Per Bag In December Unless ... - Agric Minister Predicts

Rice May Sell At N40,000 Per Bag In December Unles ... - Agric Minister Presdicts
Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, has warned that Nigeria must start producing rice by December 2016 or risk having the produce hit N40,000 per bag.

Lokpobiri said this at the weekend during a town hall meeting in Yenagoa, Bayelsa State.

He said, “For your information, we spend about $22bn a year importing food into Nigeria. We know how many more dollars they bought and that is why you see the price of rice going up.

“Price of rice was N12,000 some months ago, but it is now about N26,000 and if we don’t start producing, by December it could be N40,000.

“Rice matures in three months. So, this is a wake up call for Bayelsa people to take the four farms we have seriously. The federal government has four farms in the state in our records.

“The average land you see in Bayelsa can grow rice, so the colonial masters were not wrong in their assessment when they said Niger Delta could feed not only Nigerian but also the entire West Africa sub-region.

“Unfortunately, agriculture till today, is not a priority of the Niger Delta as far as the state governments are concerned because of oil.”

He lamented that states in the Niger Delta had yet to give priority to agriculture the way the North-West states such as Kebbi, Jigawa, Kano as well as other states like Lagos, Ebonyi, Anambra had done.
Rice May Sell At N40,000 Per Bag In December Unles ... - Agric Minister Presdicts
Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, has warned that Nigeria must start producing rice by December 2016 or risk having the produce hit N40,000 per bag.

Lokpobiri said this at the weekend during a town hall meeting in Yenagoa, Bayelsa State.

He said, “For your information, we spend about $22bn a year importing food into Nigeria. We know how many more dollars they bought and that is why you see the price of rice going up.

“Price of rice was N12,000 some months ago, but it is now about N26,000 and if we don’t start producing, by December it could be N40,000.

“Rice matures in three months. So, this is a wake up call for Bayelsa people to take the four farms we have seriously. The federal government has four farms in the state in our records.

“The average land you see in Bayelsa can grow rice, so the colonial masters were not wrong in their assessment when they said Niger Delta could feed not only Nigerian but also the entire West Africa sub-region.

“Unfortunately, agriculture till today, is not a priority of the Niger Delta as far as the state governments are concerned because of oil.”

He lamented that states in the Niger Delta had yet to give priority to agriculture the way the North-West states such as Kebbi, Jigawa, Kano as well as other states like Lagos, Ebonyi, Anambra had done.

CBN Counters VP Osinbajo, Says Recession Not 100 metres Race

CBN Counters VP Osinbajo, Says Recession Not 100 metres Race

CBN Counters VP Osinbajo, Says Recession Not 100 metres Race
In contrary to Vice President Yemi Osinbajo that the current Nigeria's recession will not last long, the Central Bank of Nigeria, CBN, has asked Nigerians to brace up for the current economic recession in the country, saying that it was not a 100 metre race but a marathon. 

The Vice-President, Prof. Yemi Osinbajo, has said the economic recession facing the country will not last until 2020 as predicted by a Senior Advocate of Nigeria, Olisa Agbakoba.

Osinbajo, who  said this in Ede, Osun State on Thursday in an interview with journalists after the eighth convocation  of the Redeemer’s University, stated that the recession would end very soon because the administration was focused on measures to revive the economy and make it strong.

He blamed the recession on destruction of oil pipelines which resulted in the reduction of crude oil being sold by the country and the drop in the price of crude oil in the international market.

Osinbajo said, “As far as we are concerned and so far as all of us who are working seriously hard are concerned, the recession must be short-lived.


But The CBN's Acting Director of Corporate Communications, Mr. Isaac Okorafor speaking in Enugu yesterday at the ongoing CBN Fair in Enugu, asked Nigerians to brace up for the current economic recession in the country, saying that it was not a 100 metre race but a marathon.

Okoroafor said that Nigerians must do this by patronising made-in Nigerian goods instead of spending hard currencies in importing items like tooth picks from China or chickens from South Africa. He however, blamed the elites for the problems pointing out that farmers eat what they produced” “We should stop importing chicken when we have them here.

Nigeria should brace up. This is not 100 metre marathon. Let us brace up and change our ways. “The most hit now are people who have refused to realise that we ought to eat what we produce, like the elite. Farmers eat what they produce,” he said.

Okoroafor stressed that the CBN had earmarked N220 billion for micro, small and medium enterprises, MSME, out of which 60 percent was meant for women and women-owned enterprises. According to him, some states have collected as much as between N2billion and N1 billion and registering corporative members in their states in bits.

“Some states elected to pay the interest which is not more than nine percent on behalf of the beneficiaries. That is a lot of guarantee and some are recording huge success.

“We also have the commercial Agricultural Credit Scheme, CACS, for larger commercial farmers. We are for everybody. One of the greatest highlights this time is the youth entrepreneurship programme and that programme is for corps members who are either in service or finished service in the last five years,” he added.
CBN Counters VP Osinbajo, Says Recession Not 100 metres Race
In contrary to Vice President Yemi Osinbajo that the current Nigeria's recession will not last long, the Central Bank of Nigeria, CBN, has asked Nigerians to brace up for the current economic recession in the country, saying that it was not a 100 metre race but a marathon. 

The Vice-President, Prof. Yemi Osinbajo, has said the economic recession facing the country will not last until 2020 as predicted by a Senior Advocate of Nigeria, Olisa Agbakoba.

Osinbajo, who  said this in Ede, Osun State on Thursday in an interview with journalists after the eighth convocation  of the Redeemer’s University, stated that the recession would end very soon because the administration was focused on measures to revive the economy and make it strong.

He blamed the recession on destruction of oil pipelines which resulted in the reduction of crude oil being sold by the country and the drop in the price of crude oil in the international market.

Osinbajo said, “As far as we are concerned and so far as all of us who are working seriously hard are concerned, the recession must be short-lived.


But The CBN's Acting Director of Corporate Communications, Mr. Isaac Okorafor speaking in Enugu yesterday at the ongoing CBN Fair in Enugu, asked Nigerians to brace up for the current economic recession in the country, saying that it was not a 100 metre race but a marathon.

Okoroafor said that Nigerians must do this by patronising made-in Nigerian goods instead of spending hard currencies in importing items like tooth picks from China or chickens from South Africa. He however, blamed the elites for the problems pointing out that farmers eat what they produced” “We should stop importing chicken when we have them here.

Nigeria should brace up. This is not 100 metre marathon. Let us brace up and change our ways. “The most hit now are people who have refused to realise that we ought to eat what we produce, like the elite. Farmers eat what they produce,” he said.

Okoroafor stressed that the CBN had earmarked N220 billion for micro, small and medium enterprises, MSME, out of which 60 percent was meant for women and women-owned enterprises. According to him, some states have collected as much as between N2billion and N1 billion and registering corporative members in their states in bits.

“Some states elected to pay the interest which is not more than nine percent on behalf of the beneficiaries. That is a lot of guarantee and some are recording huge success.

“We also have the commercial Agricultural Credit Scheme, CACS, for larger commercial farmers. We are for everybody. One of the greatest highlights this time is the youth entrepreneurship programme and that programme is for corps members who are either in service or finished service in the last five years,” he added.

The True Meaning of RECESSION, By Reuben Abati

The True Meaning of RECESSION, By Reuben Abati

The True Meaning of RECESSION, By Reuben Abati
There have been interesting arguments over Minister of Finance, Kemi Adeosun’s observation that “recession is just a word,” and NAN MD, Bayo Onanuga claiming that reports of hardship in the land is exaggerated propaganda. I think we need to break down the subject further from a layman’s perspective. Recession is a word, no doubt, but it is more than a word, it is an experience: the experience that the majority of Nigerians is going through. If you are at a significant remove from that experience, it may be difficult to know how it feels, and if you are an economist, you are likely to be conveniently obsessed with textbook ideas.

Recession is when Nigerians begin to shift the traditional dates for social parties. You know we love parties a lot. Virtually every weekend, there is one party or the other, very loud celebrations where people wear the famous aso ebi, and the Naira becomes a flying object, being thrown all over the place, at the musician, the celebrant, and her friends and family, with so much joy floating in the air, and plates of jolloff rice, eaten half way and left to waste, area boys having their own share of the fun, and Nigerians showing the world that life is indeed for the living.

Sometimes, these parties make no sense: imagine a man throwing a big party to “turn the back” of his great grandfather who died 50 years ago (!) – a great grandfather he never knew, or a lavish party to celebrate the purchase of a second-hand car. Those things are very rare these days. And when some parties are held, the date on the invitation card is during the week: can you imagine being invited to a wedding on a Monday? I have seen that happen. The event was over and done with before 5 p.m. Smart way to save money in a season of recession. There were guests of course, but not the kind of crowd you’d get at a typical Nigerian party on a Friday or Saturday. The celebrants actually confessed they didn’t have the means to feed too many people. That is what recession has done. Nobody boasts anymore about “declaring surplus” – a once-upon-a-time very famous phrase in this country!

When I was much younger, my friends and I used to gate-crash parties. Bored, with not much to do, we would dress up and go from one party to the other. It was called “mo gbo mo ya” – I heard and I came. In those days, all you needed was to go to a party to which you had not been invited, and without knowing anybody, you took a seat and before long, someone would come along and ask if you had eaten. In a matter of minutes, whatever you wanted would be placed before you. Drinks? Some friends used to boast about “finishing” a carton of beer, and they would have their fill and quietly sneak away. Try that these days and you would know that recession is more than a word. Virtually every party is now strictly by invitation. Even when it is not boldly stated on the invitation card, you’d get to know the truth when you attempt to gate-crash.

Parties are now organised with such strict protocols, it is like trying to access Aso Villa. You would be screened, your bag will be checked, and don’t think it is Boko Haram attack they are afraid of, they just want to be sure you are not gate-crashing, and if you don’t have an invitation card, you would of course be turned back. There are some exceptions of course, where the protocol is a matter of security: particularly at those parties where there would be many VIPs. Nigerian VIPs don’t like to mix with just anybody.

Even if you manage to gatecrash, nobody will attend to you. What operates at parties these days, is a KYG (Know-Your-Guest) system. After sitting down, someone has to identify you as his or her guest. You don’t get served food, unless your host or hostess gives specific instructions. And you can’t drink a carton of beer anymore at your host’s expense! I certainly can’t remember when last I saw anyone getting drunk at other people’s expense at a party. Even close friends of celebrants, the ones who are a bit comfortable, go to parties these days with their own small cooler of drinks. The celebrant will offer you one or two bottles. If you want more than that, the ushers could become hostile or they could tell you pointedly: “drinks have finished.” I have had on one occasion to give the ushers, money to go and get me the drink of my choice. But once upon a time in this country, drinks don’t stop flowing at parties. The host will be so ashamed he or she would order more drinks and apologize to no end.


Where I come from, local women used to go to parties with cellophane bags, hidden away somewhere, and when they are served food, they would pull out the cellophane bag and pour food into it, all of that is done under the table. Next thing: they will start harassing the ushers: “we have not eaten here oh. Nobody has given us drinks: drinks they have moved to their collection cellophane bags! But party organisers have also learnt to be vigilant: they serve table to table; map out the space carefully and monitor the tables. Before 2019, perhaps a time will come when ushers will take your photograph, or there will be CCTV monitors at social events, just so you don’t come back and say you have not been served. That is change. That is recession. If you are a man-about-town, you can’t fail to notice this: that something has indeed changed in the social circuit. But there is that one per cent crowd, whose pockets are still so deep, if you get invited to their parties, it is like going to a surplus declaration event, what Nigerians call “too much money.” Even that is changing though, people are learning to be careful, so they don’t get invited to come and explain how they came about so much money.

Recession is when you now read in the newspapers virtually every week about people committing suicide. Nigerians are so fun-loving we were once described as the happiest people on earth. Right now, we will fail the test. Suicide used to be so rare in this country. It was considered impossible. Why would anyone want to kill himself? I used to hear people say: “eba is sweet oh, I can’t come and die” or “life is for the living” or “e go better.” People are not so sure anymore. In the past month, there have been reports about two foreigners doing business in Nigeria who have also committed suicide. Every reported suicide in recent times, has been tied, one way or the other, to the recession in the country. One man had an argument with his wife over school fees and housekeeping money and he went and ended it all. Another man actually left a note saying he had to kill himself because there is too much hardship in the country. Marriages are collapsing. Domestic violence is on the rise.


Husbands that are out of work can no longer maintain their families, they can’t pay school fees, they have become useless in their own homes, they are helpless. Their wives want to leave, even when they are not too sure of the next destination. There are at least two celebrated cases of women who have either slain their husbands or wounded them badly. In both cases, there was that notorious thing about a second woman in the background. Sharing what is not enough for one person with another woman, in a season of recession, could be a crime, but the biggest dysfunction is that of the pocket. One woman, a lawyer oh (!) stabbed her husband in the neck. Another after having sex with her husband, and putting him to sleep, got a machete and butchered him. The man is presently in what Yorubas call, “boya o ma ku, boya o maa ye” condition. Whether he would live or die is uncertain.

Recession is when companies are retrenching everyday or closing shop and SMEs are dying. In the last one year, high unemployment figures have been announced. Banks have had to shed weight; the foreign exchange crisis has forced many companies to downsize or abandon Nigeria, investors are taking their funds out of the country, many states of the Federation are so much in distress, they have stopped paying salaries. Civil servants cannot even afford a bag of rice, because their minimum wage is N18, 000 and a bag of rice is N22, 000 or higher in some places. Recession is when Nigerians now steal pots of soup and basic food items, and they can’t buy rams for Sallah, and they are told “don’t worry, change begins with you!” Every worker who has lost his or her job in the last one year is not the only one affected, the knock-on effect has brought anguish to other dependants, who now have a bread-winner behaving like a bread seeker. That is recession. That is hardship.

Recession is when enjoyment spots that used to be filled up every Friday evening are now empty. Nigerians used to celebrate what they call “Thank God it is Friday.” In Lagos, Friday evenings used to be the boys’ night. Husbands didn’t go home early. These days, husbands go home early and Fridays have become slightly boring. Recession is when prostitutes reduce their charges. I have it on good authority, from those who know, that even prostitutes have had to embrace change. And old girlfriends now demand pension benefits. Recession is when families which used to run the generator 24 hours and boast that their children can’t stand heat, have had to adjust, and run the generator only from 12 midnight, or before. Recession is when men come out and complain that their wives no longer allow them to touch them: “Are you mad? With the way things are, all you think of is sex?” Kama Sutra rites are best enjoyed only in happy lands. Recession is when in spite of all this, the breweries in Nigeria are posting unbelievable record profits and smiling to the banks. The men go home and privately drown their sorrow in bottles. Mrs. Adeosun, this is the true meaning of recession.
The True Meaning of RECESSION, By Reuben Abati
There have been interesting arguments over Minister of Finance, Kemi Adeosun’s observation that “recession is just a word,” and NAN MD, Bayo Onanuga claiming that reports of hardship in the land is exaggerated propaganda. I think we need to break down the subject further from a layman’s perspective. Recession is a word, no doubt, but it is more than a word, it is an experience: the experience that the majority of Nigerians is going through. If you are at a significant remove from that experience, it may be difficult to know how it feels, and if you are an economist, you are likely to be conveniently obsessed with textbook ideas.

Recession is when Nigerians begin to shift the traditional dates for social parties. You know we love parties a lot. Virtually every weekend, there is one party or the other, very loud celebrations where people wear the famous aso ebi, and the Naira becomes a flying object, being thrown all over the place, at the musician, the celebrant, and her friends and family, with so much joy floating in the air, and plates of jolloff rice, eaten half way and left to waste, area boys having their own share of the fun, and Nigerians showing the world that life is indeed for the living.

Sometimes, these parties make no sense: imagine a man throwing a big party to “turn the back” of his great grandfather who died 50 years ago (!) – a great grandfather he never knew, or a lavish party to celebrate the purchase of a second-hand car. Those things are very rare these days. And when some parties are held, the date on the invitation card is during the week: can you imagine being invited to a wedding on a Monday? I have seen that happen. The event was over and done with before 5 p.m. Smart way to save money in a season of recession. There were guests of course, but not the kind of crowd you’d get at a typical Nigerian party on a Friday or Saturday. The celebrants actually confessed they didn’t have the means to feed too many people. That is what recession has done. Nobody boasts anymore about “declaring surplus” – a once-upon-a-time very famous phrase in this country!

When I was much younger, my friends and I used to gate-crash parties. Bored, with not much to do, we would dress up and go from one party to the other. It was called “mo gbo mo ya” – I heard and I came. In those days, all you needed was to go to a party to which you had not been invited, and without knowing anybody, you took a seat and before long, someone would come along and ask if you had eaten. In a matter of minutes, whatever you wanted would be placed before you. Drinks? Some friends used to boast about “finishing” a carton of beer, and they would have their fill and quietly sneak away. Try that these days and you would know that recession is more than a word. Virtually every party is now strictly by invitation. Even when it is not boldly stated on the invitation card, you’d get to know the truth when you attempt to gate-crash.

Parties are now organised with such strict protocols, it is like trying to access Aso Villa. You would be screened, your bag will be checked, and don’t think it is Boko Haram attack they are afraid of, they just want to be sure you are not gate-crashing, and if you don’t have an invitation card, you would of course be turned back. There are some exceptions of course, where the protocol is a matter of security: particularly at those parties where there would be many VIPs. Nigerian VIPs don’t like to mix with just anybody.

Even if you manage to gatecrash, nobody will attend to you. What operates at parties these days, is a KYG (Know-Your-Guest) system. After sitting down, someone has to identify you as his or her guest. You don’t get served food, unless your host or hostess gives specific instructions. And you can’t drink a carton of beer anymore at your host’s expense! I certainly can’t remember when last I saw anyone getting drunk at other people’s expense at a party. Even close friends of celebrants, the ones who are a bit comfortable, go to parties these days with their own small cooler of drinks. The celebrant will offer you one or two bottles. If you want more than that, the ushers could become hostile or they could tell you pointedly: “drinks have finished.” I have had on one occasion to give the ushers, money to go and get me the drink of my choice. But once upon a time in this country, drinks don’t stop flowing at parties. The host will be so ashamed he or she would order more drinks and apologize to no end.


Where I come from, local women used to go to parties with cellophane bags, hidden away somewhere, and when they are served food, they would pull out the cellophane bag and pour food into it, all of that is done under the table. Next thing: they will start harassing the ushers: “we have not eaten here oh. Nobody has given us drinks: drinks they have moved to their collection cellophane bags! But party organisers have also learnt to be vigilant: they serve table to table; map out the space carefully and monitor the tables. Before 2019, perhaps a time will come when ushers will take your photograph, or there will be CCTV monitors at social events, just so you don’t come back and say you have not been served. That is change. That is recession. If you are a man-about-town, you can’t fail to notice this: that something has indeed changed in the social circuit. But there is that one per cent crowd, whose pockets are still so deep, if you get invited to their parties, it is like going to a surplus declaration event, what Nigerians call “too much money.” Even that is changing though, people are learning to be careful, so they don’t get invited to come and explain how they came about so much money.

Recession is when you now read in the newspapers virtually every week about people committing suicide. Nigerians are so fun-loving we were once described as the happiest people on earth. Right now, we will fail the test. Suicide used to be so rare in this country. It was considered impossible. Why would anyone want to kill himself? I used to hear people say: “eba is sweet oh, I can’t come and die” or “life is for the living” or “e go better.” People are not so sure anymore. In the past month, there have been reports about two foreigners doing business in Nigeria who have also committed suicide. Every reported suicide in recent times, has been tied, one way or the other, to the recession in the country. One man had an argument with his wife over school fees and housekeeping money and he went and ended it all. Another man actually left a note saying he had to kill himself because there is too much hardship in the country. Marriages are collapsing. Domestic violence is on the rise.


Husbands that are out of work can no longer maintain their families, they can’t pay school fees, they have become useless in their own homes, they are helpless. Their wives want to leave, even when they are not too sure of the next destination. There are at least two celebrated cases of women who have either slain their husbands or wounded them badly. In both cases, there was that notorious thing about a second woman in the background. Sharing what is not enough for one person with another woman, in a season of recession, could be a crime, but the biggest dysfunction is that of the pocket. One woman, a lawyer oh (!) stabbed her husband in the neck. Another after having sex with her husband, and putting him to sleep, got a machete and butchered him. The man is presently in what Yorubas call, “boya o ma ku, boya o maa ye” condition. Whether he would live or die is uncertain.

Recession is when companies are retrenching everyday or closing shop and SMEs are dying. In the last one year, high unemployment figures have been announced. Banks have had to shed weight; the foreign exchange crisis has forced many companies to downsize or abandon Nigeria, investors are taking their funds out of the country, many states of the Federation are so much in distress, they have stopped paying salaries. Civil servants cannot even afford a bag of rice, because their minimum wage is N18, 000 and a bag of rice is N22, 000 or higher in some places. Recession is when Nigerians now steal pots of soup and basic food items, and they can’t buy rams for Sallah, and they are told “don’t worry, change begins with you!” Every worker who has lost his or her job in the last one year is not the only one affected, the knock-on effect has brought anguish to other dependants, who now have a bread-winner behaving like a bread seeker. That is recession. That is hardship.

Recession is when enjoyment spots that used to be filled up every Friday evening are now empty. Nigerians used to celebrate what they call “Thank God it is Friday.” In Lagos, Friday evenings used to be the boys’ night. Husbands didn’t go home early. These days, husbands go home early and Fridays have become slightly boring. Recession is when prostitutes reduce their charges. I have it on good authority, from those who know, that even prostitutes have had to embrace change. And old girlfriends now demand pension benefits. Recession is when families which used to run the generator 24 hours and boast that their children can’t stand heat, have had to adjust, and run the generator only from 12 midnight, or before. Recession is when men come out and complain that their wives no longer allow them to touch them: “Are you mad? With the way things are, all you think of is sex?” Kama Sutra rites are best enjoyed only in happy lands. Recession is when in spite of all this, the breweries in Nigeria are posting unbelievable record profits and smiling to the banks. The men go home and privately drown their sorrow in bottles. Mrs. Adeosun, this is the true meaning of recession.

Health Minister Inaugurates Ebonyi’s N350m Lassa Fever Centre

Health Minister Inaugurates Ebonyi’s N350m Lassa Fever Centre

Health Minister  Inaugurates Ebonyi’s N350m Lassa Fever Centre
The  N350 million Lassa Fever Virology Diagnostic and Treatment Centre built by  the Ebonyi State Government has been inaugurated by the Minister of Health, Prof. Isaac Adewole.

Adewole, who was in company with his Agriculture counterpart, Chief Audu, Ogbeh and Ebonyi State Governor David Umahi,  during the ceremony, said he was excited that a state government could embark on such a life-saving centre without any prompting by the Federal Government.

He said the Federal Government would run the facility in partnership with the state to ensure its success,  adding that the centre would be  converted to South- East Diagnostic and Treatment centre.

He said, ‘’I am actually short of words; I am yet to recover from shock over this giant stride. This actually surpasses my expectations and I must say clearly that we should see this as a partnership. 

‘’Let me say clearly, Your Excellency that we will make this hospital functional. We stated in January that we want to build six virology centres in the country and the budget processes were made and was signed by Mr. President in May.


‘’This will be the centre for South-East. We need to partner with the CMD of FETHA  and your state Ministry of Health . We should use the N350m you ask us to refund for the  procurement of more equipment for the centre."

The minister  hailed  Governor Umahi's commitment to the health sector, saying he is star model in the country.

‘’This centre will actually turn things around. Your Excellency, you have shown great interest in health and we are proud of you. In terms  of commitment to health, you are one of our stars examples in the country. We will continue to partner with you,’’  he said.

Earlier,  Umahi, in a statement by his Chief Press Secretary, Emma Anya  said he was moved to build the centre when he started seeing  people die  of lassa fever virus.

He said, ‘’ The health of our people is very paramount to our administration.
We watched helplessly our people dying of this deadly disease and so the CMD told us that for over 10 years, they have been begging that this centre be built and we have to swing into action.

‘’What we request of you is to make this place South-East diagnosis and treatment. In doing that sir, you will make the hospital to run on its own.

‘’We spent about N350 million with all the equipment together. With this N350m, we can treat other people  from outside Ebonyi but if you don’t refund us the money, when people come we charge them. ’’
Health Minister  Inaugurates Ebonyi’s N350m Lassa Fever Centre
The  N350 million Lassa Fever Virology Diagnostic and Treatment Centre built by  the Ebonyi State Government has been inaugurated by the Minister of Health, Prof. Isaac Adewole.

Adewole, who was in company with his Agriculture counterpart, Chief Audu, Ogbeh and Ebonyi State Governor David Umahi,  during the ceremony, said he was excited that a state government could embark on such a life-saving centre without any prompting by the Federal Government.

He said the Federal Government would run the facility in partnership with the state to ensure its success,  adding that the centre would be  converted to South- East Diagnostic and Treatment centre.

He said, ‘’I am actually short of words; I am yet to recover from shock over this giant stride. This actually surpasses my expectations and I must say clearly that we should see this as a partnership. 

‘’Let me say clearly, Your Excellency that we will make this hospital functional. We stated in January that we want to build six virology centres in the country and the budget processes were made and was signed by Mr. President in May.


‘’This will be the centre for South-East. We need to partner with the CMD of FETHA  and your state Ministry of Health . We should use the N350m you ask us to refund for the  procurement of more equipment for the centre."

The minister  hailed  Governor Umahi's commitment to the health sector, saying he is star model in the country.

‘’This centre will actually turn things around. Your Excellency, you have shown great interest in health and we are proud of you. In terms  of commitment to health, you are one of our stars examples in the country. We will continue to partner with you,’’  he said.

Earlier,  Umahi, in a statement by his Chief Press Secretary, Emma Anya  said he was moved to build the centre when he started seeing  people die  of lassa fever virus.

He said, ‘’ The health of our people is very paramount to our administration.
We watched helplessly our people dying of this deadly disease and so the CMD told us that for over 10 years, they have been begging that this centre be built and we have to swing into action.

‘’What we request of you is to make this place South-East diagnosis and treatment. In doing that sir, you will make the hospital to run on its own.

‘’We spent about N350 million with all the equipment together. With this N350m, we can treat other people  from outside Ebonyi but if you don’t refund us the money, when people come we charge them. ’’

BAD ECONOMY: FG Rolls Out 10 Emergency Measures

BAD ECONOMY: FG Rolls Out 10 Emergency Measures

Hard In Nigeria: FG Rolls Out 10 Emergency Economic Measures
The Federal Government has rolled out what it calls “immediate tasks” to reflate the economy and reduce the current hardship in the country. 

Vice President Yemi Osinbajo unveiled the measures in Lagos yesterday at the Presidential Policy Dialogue organised by the Lagos Chamber of Commerce and Industry.

Such measures include: 

  1. reducing fiscal and forex imbalances; 
  2. boosting dollar liquidity; 
  3. curbing inflation; 
  4. lowering interest rate, 
  5. ensuring lending to the real sector,
  6. increasing Foreign Direct Investments (FDI),
  7. encouraging Public Private Partnerships (PPP); 
  8. deepening diversification; 
  9. creating jobs directly and indirectly,
  10. reducing poverty. 


The vice president said these measures would put Nigeria on the path of sustained growth and transformation. 

The vice president disclosed that the government would release another N100 billion in the next few days.   

He said the government had already released N332bn for power, works, housing, defence, transportation and agriculture sectors which are more than the entire amount released last year for capital expenditure. 

He said the government had scheduled a Quarterly Business Briefing as a means of institutionalising policy dialogue starting next quarter. 

He noted that the government had taken steps to boost household and social spending which, he said, were key steps to prevent the economy from falling into deep recession. 

The vice president also said the government’s recent interventions such as the bail-out funds and the latest loan of N90bn to states as well as deregulation of the downstream petroleum sector had made significant impact in the country.

“This action has led to reduced daily demand for premium motor spirit (PMS) for which the daily demand has reduced from 1,600 trucks per day to 850 trucks per day resulting in the savings of N1.4 trillion on subsidy payments 

Osinbajo added that the recent introduction of a flexible exchange rate regime had helped to ease the pressure on the external reserves. 

He said though it was true that the immediate effect of the new forex regime was depreciation of the Naira and some of the consequences for inflation, the government expected that with the greater clarity being seen in the implementation of the policy by the CBN, the foreign exchange market would stabilise, and confidence would be restored. 

He revealed that Nigerian agricultural products are being exported to neighbouring countries in substantial quantities resulting in more foreign direct investments.   

Osinbajo said additional 700,000 companies had been added to the tax net as compared to the targeted 500,000 set at the beginning of the year.   

According to him, Non-oil revenue from both FIRS and Customs continues to lag behind projections partly due to seasonal factors and economic conditions but noted that the  FIRS has achieved 73.17% of its target for the first half of the year. 

He noted that the recent settlement on Ajaokuta holds out the promise for reviving our iron and steel industry.

On transportation he said while the Abuja-Kaduna standard gauge rail line has started operation, work is underway with regard to the first leg of the Lagos-Kano railway which will run from Lagos to Ibadan and the Calabar-Lagos line which will start at that end of the year. 

On road rehabilitation, he said the government had paid N70bn to contractors who had not been paid in over two years with over 70 construction firms benefiting, saying “This has resulted in the recall of not less than 5,000 workers.  Indeed, work has started on sections of Kano-Katsina; Kano-Maiduguri; Ilorin-Jebba; and Lagos-Ibadan roads amongst others.”  

He recalled that in addressing poverty and youth unemployment, the administration had established the most far reaching N500bn social investment programme with the current applications on the N-Power website for recruiting young graduates reaching 710,000.

Culled From Daily Trust



Hard In Nigeria: FG Rolls Out 10 Emergency Economic Measures
The Federal Government has rolled out what it calls “immediate tasks” to reflate the economy and reduce the current hardship in the country. 

Vice President Yemi Osinbajo unveiled the measures in Lagos yesterday at the Presidential Policy Dialogue organised by the Lagos Chamber of Commerce and Industry.

Such measures include: 

  1. reducing fiscal and forex imbalances; 
  2. boosting dollar liquidity; 
  3. curbing inflation; 
  4. lowering interest rate, 
  5. ensuring lending to the real sector,
  6. increasing Foreign Direct Investments (FDI),
  7. encouraging Public Private Partnerships (PPP); 
  8. deepening diversification; 
  9. creating jobs directly and indirectly,
  10. reducing poverty. 


The vice president said these measures would put Nigeria on the path of sustained growth and transformation. 

The vice president disclosed that the government would release another N100 billion in the next few days.   

He said the government had already released N332bn for power, works, housing, defence, transportation and agriculture sectors which are more than the entire amount released last year for capital expenditure. 

He said the government had scheduled a Quarterly Business Briefing as a means of institutionalising policy dialogue starting next quarter. 

He noted that the government had taken steps to boost household and social spending which, he said, were key steps to prevent the economy from falling into deep recession. 

The vice president also said the government’s recent interventions such as the bail-out funds and the latest loan of N90bn to states as well as deregulation of the downstream petroleum sector had made significant impact in the country.

“This action has led to reduced daily demand for premium motor spirit (PMS) for which the daily demand has reduced from 1,600 trucks per day to 850 trucks per day resulting in the savings of N1.4 trillion on subsidy payments 

Osinbajo added that the recent introduction of a flexible exchange rate regime had helped to ease the pressure on the external reserves. 

He said though it was true that the immediate effect of the new forex regime was depreciation of the Naira and some of the consequences for inflation, the government expected that with the greater clarity being seen in the implementation of the policy by the CBN, the foreign exchange market would stabilise, and confidence would be restored. 

He revealed that Nigerian agricultural products are being exported to neighbouring countries in substantial quantities resulting in more foreign direct investments.   

Osinbajo said additional 700,000 companies had been added to the tax net as compared to the targeted 500,000 set at the beginning of the year.   

According to him, Non-oil revenue from both FIRS and Customs continues to lag behind projections partly due to seasonal factors and economic conditions but noted that the  FIRS has achieved 73.17% of its target for the first half of the year. 

He noted that the recent settlement on Ajaokuta holds out the promise for reviving our iron and steel industry.

On transportation he said while the Abuja-Kaduna standard gauge rail line has started operation, work is underway with regard to the first leg of the Lagos-Kano railway which will run from Lagos to Ibadan and the Calabar-Lagos line which will start at that end of the year. 

On road rehabilitation, he said the government had paid N70bn to contractors who had not been paid in over two years with over 70 construction firms benefiting, saying “This has resulted in the recall of not less than 5,000 workers.  Indeed, work has started on sections of Kano-Katsina; Kano-Maiduguri; Ilorin-Jebba; and Lagos-Ibadan roads amongst others.”  

He recalled that in addressing poverty and youth unemployment, the administration had established the most far reaching N500bn social investment programme with the current applications on the N-Power website for recruiting young graduates reaching 710,000.

Culled From Daily Trust



Nigeria's Poor Economy Still Africa's Number One - Dangote

Nigeria's Poor Economy Still Africa's Number One - Dangote

Nigeria's Poor Economy Still Africa's Number One - Dangote
The continent’s richest man; Aliko Dangote has averred that Nigeria remains the number one economy in Africa despite the widely reported story yesterday that South Africa had overtaken Nigeria as Africa’s biggest economy.

Speaking today  at the Lagos Chamber of Commerce and Industry 2016 presidential policy dialogue session, the president of the Dangote Group spoke on Thursday argued that the problem with the economy did not start with the present administration.

After over two years in the position, Nigeria lost the enviable position to South Africa owing to the appreciation of the rand, South Africa’s currency, and the devaluation of the Nigerian naira following the introduction of a flexible foreign exchange rate regime. 

However, Dangote was resolute that Nigeria’s place in the African economy has not yet been overtaken.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details









Nigeria's Poor Economy Still Africa's Number One - Dangote
The continent’s richest man; Aliko Dangote has averred that Nigeria remains the number one economy in Africa despite the widely reported story yesterday that South Africa had overtaken Nigeria as Africa’s biggest economy.

Speaking today  at the Lagos Chamber of Commerce and Industry 2016 presidential policy dialogue session, the president of the Dangote Group spoke on Thursday argued that the problem with the economy did not start with the present administration.

After over two years in the position, Nigeria lost the enviable position to South Africa owing to the appreciation of the rand, South Africa’s currency, and the devaluation of the Nigerian naira following the introduction of a flexible foreign exchange rate regime. 

However, Dangote was resolute that Nigeria’s place in the African economy has not yet been overtaken.

How I Increase My Blokos Size & Stopped Premature Ejaculation Issues That Scattered My Relationship For 2years.. Click HERE for Details










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