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  #20261 (permalink)  
Old 21st November 2016, 08:18 AM
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Default Re: Economicwatch

NNPC, Shell, banks sign $2.2bn deal for contractors - Punch Newspapers

Quote:
The oil major, in a statement on Sunday, described the development as the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry.

It said under the MoUs signed in Lagos, Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard Chartered Bank, First City Monument Bank and Guaranty Trust Bank had set aside $2.2bn for contract execution by Nigerian firms.
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  #20262 (permalink)  
Old 21st November 2016, 08:21 AM
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Default Re: Economicwatch

CBN to provide N750bn for agric bank recapitalisation - Punch Newspapers

Quote:
As a ministry and the Federal Government, we are planning to recapitalise the Bank of Agriculture. So, we are to restructure the BoA and the CBN is committed to providing about N750bn. The BoA as an institution itself is going to attract hundreds of billions of naira. And we thinking that before the end of next year, we should be able to attract at least N1tn available credit to be lent to anybody who wants to do farming business.”
we are watching
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  #20263 (permalink)  
Old 21st November 2016, 08:45 AM
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Default Re: Economicwatch

Nigeria GDP could expand 2.5 pct next year if oil output rises: Moody's | Reuters


Quote:
Nigeria's economy can expand by 2.5 percent next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2 million barrels per day, a senior Moody's analyst said.

Africa's largest economy faces its worst crisis in 25 years, brought on by low oil prices which have slashed government revenue, hammered its currency and caused chronic dollar shortages frustrating businesses.

Third quarter gross domestic production data is expected on Monday.
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  #20264 (permalink)  
Old 21st November 2016, 09:02 AM
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Default Re: Economicwatch

Fool Nigeria Once, Shame on You. Fool Nigeria Twice … | Foreign Policy



The fact that the media didn’t hammer Buhari’s campaign on the ridiculousness of many of his pledges speaks to the quality of journalism and punditry in the country. (Nigerian journalists have a reputation of being easily “bought” with cash in notorious brown envelopes.)

In any case, the results have been predictable. Instead of creating jobs, the Nigerian economy has shed half a million of them since Buhari took office, swelling the already bloated ranks of the unemployed to 13.3 percent. The current dollar exchange rate for the naira is about 455 to 1, compared with 260 to 1 around this time last year. Food prices have reportedly doubled across the country, forcing millions of people to go hungry as a famine looms in the north.
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  #20265 (permalink)  
Old 21st November 2016, 09:22 AM
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Default Re: Economicwatch

All eyes on the 6th Division. Oga GOC needs to go to work fast. As the yorubas say, bi ikun lo ni oko, bi takute ni ? We go know very soon. 2017 will be very interesting.
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  #20266 (permalink)  
Old 21st November 2016, 11:08 AM
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Default Re: Economicwatch

Nigeria’s GDP contracts by 2.24% in Q3 – Statistics office

https://newtelegraphonline.com/niger...istics-office/
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  #20267 (permalink)  
Old 21st November 2016, 11:58 AM
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Default Re: Economicwatch

Quote:
Originally Posted by cookie monster View Post
Fool Nigeria Once, Shame on You. Fool Nigeria Twice … | Foreign Policy



The fact that the media didn’t hammer Buhari’s campaign on the ridiculousness of many of his pledges speaks to the quality of journalism and punditry in the country. (Nigerian journalists have a reputation of being easily “bought” with cash in notorious brown envelopes.)

In any case, the results have been predictable. Instead of creating jobs, the Nigerian economy has shed half a million of them since Buhari took office, swelling the already bloated ranks of the unemployed to 13.3 percent. The current dollar exchange rate for the naira is about 455 to 1, compared with 260 to 1 around this time last year. Food prices have reportedly doubled across the country, forcing millions of people to go hungry as a famine looms in the north.
Very good read. One smn thanks. It is not only the journalists my dear. Even some of the elites let go of their reasoning are were beclouded by parochial sentimentalism.

The rest, they say is history. Now Nigeria has become a poster child of incompetent economic mal-administration, and a laughing stock in the comity of nations.

Last edited by waaan5; 21st November 2016 at 12:01 PM.
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  #20268 (permalink)  
Old 21st November 2016, 12:34 PM
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Default Re: Economicwatch

Quote:
Originally Posted by waaan5 View Post
Very good read. One smn thanks. It is not only the journalists my dear. Even some of the elites let go of their reasoning are were beclouded by parochial sentimentalism.

The rest, they say is history. Now Nigeria has become a poster child of incompetent economic mal-administration, and a laughing stock in the comity of nations.
Hiohiohiohiohiohio, so in your opinion Nigeria only just became a laughing stock ? It was not a laughing stock when BH was controlling territory the size of Belgium in the country and abducting over 200 girls in broad daylight ?
It was not a laughing stock despite inability to pay JV cash calls in a period of unprecedented oil earnings ? You seriously need to reexamine your definition of 'laughing stock'.

Last edited by duduspace; 21st November 2016 at 12:36 PM.
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  #20269 (permalink)  
Old 21st November 2016, 01:45 PM
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Default Re: Economicwatch

BREAKING: Bad News As Nigeria's Recession Worsens, Economy Shrinks By 2.24% - The Trent

Beating all projections on the downhill sliding. It is time to start blaming the rains
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  #20270 (permalink)  
Old 21st November 2016, 02:00 PM
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Default Re: Economicwatch

Quote:
Originally Posted by duduspace View Post
Hiohiohiohiohiohio, so in your opinion Nigeria only just became a laughing stock ? It was not a laughing stock when BH was controlling territory the size of Belgium in the country and abducting over 200 girls in broad daylight ?
It was not a laughing stock despite inability to pay JV cash calls in a period of unprecedented oil earnings ? You seriously need to reexamine your definition of 'laughing stock'.
Are you going to comment on the article by the foreign press on their assessment of Buhari and his govt?
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  #20271 (permalink)  
Old 21st November 2016, 03:41 PM
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Default Re: Economicwatch

Quote:
Originally Posted by waaan5 View Post
Are you going to comment on the article by the foreign press on their assessment of Buhari and his govt?
Which foreign press ? When did a sole argument article become representative of the foreign press? Is this another case of your I becoming we ?

Mr. Ameto Akpe who wrote the opinon piece is certainly entitled to his opinion but that doesnt mean anyone else has to agree with him or your assertion that Nigeria has just become a laughing stock. If anything, Nigeria's international profile has improved slightly in recent times with meaningful progress in the security situation in the NE.

Mr. Akpe is quite entitled to his opinion but I see a lot of untruths in what can only be termed an opinion piece and nothing more. The foreign press doesnt determine who or what Nigeria is or how Nigeria is perceived by outsiders, its citizens do and most in the diaspora are certainly behind the government despite its challenges.

Last edited by duduspace; 21st November 2016 at 03:49 PM.
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  #20272 (permalink)  
Old 21st November 2016, 04:32 PM
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Default Re: Economicwatch

Quote:
Originally Posted by MissedOpportunities View Post
Hahaha. U got me cracking my ribs dis evening.
I cant say what is nt happening. Rice is nt yet affordble going by personal evidence.

I buy every 2 mnts+. My last was just over a month ago nd that ws 9300 for every 25kg. This time I bought Mama Pride (Olams) instead of my normal Ebonyi World.

The fact truly its like local rice sells low as hs been qouted by CBN. Mycousin at Abakaliki told me we waste money in PH. He buys from d mill about 14k for 50k. Not sure why i hv to purchase a fancifully bagged 25kg for dat amount.

But am resolute nd resilient bcos change begins with #buynigeria. also change begins wit missedopps nd migi!
I need more information on this pricing otherwise this xmas go dey bleak for many people. Do your findings and let me know. I no mind buy between 12k-15k for 50kg.
__________________
If you don't have ambition, you shouldn't be alive - Aliko Dangote.

Want things to change fast ? ..... put all politicians at all levels on minimum wage.
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  #20273 (permalink)  
Old 21st November 2016, 04:48 PM
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Default Re: Economicwatch

Quote:
Originally Posted by overload View Post
Nigeria’s GDP contracts by 2.24% in Q3 – Statistics office

https://newtelegraphonline.com/niger...istics-office/
More Insight from TRADING ECONOMICS | 300.000 INDICATORS FROM 196 COUNTRIES :

Quote:
The oil sector declined 22.01 percent year-on-year, following a 17.48 percent drop in the previous period. The country produced 1.63 million barrels per day, down from 2.17 mbpd a year earlier, hurt by lower oil prices and several attacks by militants on oil and gas facilities in the Niger Delta. As a result, the oil sector accounted for 8.19 percent of the GDP compared to 10.27 percent a year eaerlier.

The non-oil sector was nearly flat (+0.03 percent): production continued to fall for manufacturing (-4.38 percent compared to -3.36 percent in the second quarter); electricity, gas, steam and air conditioning supply (-6.68 percent compared to -10.46 percent in the second quarter); construction (-6.13 percent compared to -6.28 percent) and trade (-1.38 percent compared to -0.03 percent), but rose for agriculture (+4.54 percent compared to 4.53 percent).
The primary problem is the oil sector and some other sectors it indirectly impacts via FOREX or other bye-products such as electricity and gas, Agriculture grew and in total none oil sector growth was flat.
The problem is clear (if it ever wasn't) solve the vandalization problems and we'll return to growth.

I always believed Nigeria could cope at anything above $40 per barrel, these results lend some credence to that. If production was above 2mbpd during the period, there would actually be no recession in my opinion. Our problem is primarily self inflicted. Let those who want to continue blaming the government of the day continue, my only kwanta with them is that they didn't set up that 6th Division immediately PMB took office but it is never too late. Make we see if the problems will continue next year and even if PMB leaves in 2019, the 6th division will still be there to protect national infrastructure instead of doing padi padi with some people who want to be above the law of the land.

Last edited by duduspace; 21st November 2016 at 04:57 PM.
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  #20274 (permalink)  
Old 21st November 2016, 04:57 PM
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Default Re: Economicwatch

Quote:
Originally Posted by duduspace View Post
More Insight from TRADING ECONOMICS | 300.000 INDICATORS FROM 196 COUNTRIES :



The primary problem is the oil sector and some other sectors it indirectly impacts via FOREX or other bye-products such as electricity and gas, Agriculture grew and in total none oil sector growth was flat.
The problem is clear (if it ever wasn't) solve the vandalization problems and we'll return to growth.

I always believed Nigeria could cope at anything above $40 per barrel, these results lend some credence to that. If production was above 2mbpd during the period, there would actually be no recession in my opinion. Our problem is primarily self inflicted. Let those who want to continue blaming the government of the day continue, my only kwanta with them is that they didn't set up that 6th Division immediately PMB took office.
I agree with your point. However, the vandalism has continued as a result of buharis stubbornness towards negotiating. A more pragmatic leader would have ended this nonsense months ago. There is no reason why Forcados would have been shut in the first place. Dialogue, and not deploying tanks to the region , is your solution. And for this reason i blame the government of the day
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  #20275 (permalink)  
Old 21st November 2016, 06:37 PM
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Default Re: Economicwatch

Quote:
Originally Posted by shigidi View Post
I agree with your point. However, the vandalism has continued as a result of buharis stubbornness towards negotiating. A more pragmatic leader would have ended this nonsense months ago. There is no reason why Forcados would have been shut in the first place. Dialogue, and not deploying tanks to the region , is your solution. And for this reason i blame the government of the day
I will only disagree with you slightly on the issue of negotiations. PMB has shown a willingness to engage on genuine agitation. He will however not (and in my humble opinion ) should not bow to the likes of Tompolo. Some suffering in my opinion is necessary to put those who consider themselves above the laws of the country in their rightful place.

If we cant currently protect our infrastructure, let it be clear that we cant and let us take steps to cure that open sore once and for all not sweeping it under the carpet or creating larger than life characters like Tompolo. If you dont see the impact of a problem, atimes you are not motivated enough to fix it.

Let us also consider one factor that most people arent currently even considering, what if it was an external aggressor who refuses negotiation that is targeting our infrastructure e.g if we are at war with neighbouring Cameroon for example, will our response be to go begging them to stop these attacks ? At what price ?

In my opinion, if the communities where these infrastructure are cant cooperate with government to secure them, then the long term solution is to make no further investments there. I sincerely do not support these quick fix band aids. It is true they have been largely neglected and that needs addressing, infact the question need be asked why there has never been any significant millitary presence in the SS considering how critical it is to the economy, it is the same stupidity that ignored the rising millitancy in the NE and the Lake Chad areas since the early 2000s until 3 states were almost gone which has now led to the creation of 2 army divisions in the same region within 3 years.
Instead of giving Tompolo contracts and giving him a free hand to loot NIMASA with Akpobolokemi, why didnt GEJ for example create this division with all the extra money the country was making then ? He would have even been the best person to do it since he is from there.

Comparatively many people may not know this that the UK's Trident Nuclear submarines are based in Scottish waters very close to the North sea oil fields, with hindsight one can now guess why they were located there. We really have to decide at some point if we are patriots who love our country or not and what things are worth fighting for in how the country functions. Bowing down and settling the likes of Tompolo is not really the way forward.

Last edited by duduspace; 21st November 2016 at 06:47 PM.
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  #20276 (permalink)  
Old 21st November 2016, 09:40 PM
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Default Re: Economicwatch

Quote:
Originally Posted by shigidi View Post
I agree with your point. However, the vandalism has continued as a result of buharis stubbornness towards negotiating. A more pragmatic leader would have ended this nonsense months ago. There is no reason why Forcados would have been shut in the first place. Dialogue, and not deploying tanks to the region , is your solution. And for this reason i blame the government of the day
FG sincere with Niger Delta dialogue - Diete-Spiff - Punch Newspapers

Only criminals in d creek wants us to believe otherwise.
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  #20277 (permalink)  
Old 21st November 2016, 10:20 PM
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Default Re: Economicwatch

Quote:
Originally Posted by duduspace View Post
Which foreign press ? When did a sole argument article become representative of the foreign press? Is this another case of your I becoming we ?

Mr. Ameto Akpe who wrote the opinon piece is certainly entitled to his opinion but that doesnt mean anyone else has to agree with him or your assertion that Nigeria has just become a laughing stock. If anything, Nigeria's international profile has improved slightly in recent times with meaningful progress in the security situation in the NE.

Mr. Akpe is quite entitled to his opinion but I see a lot of untruths in what can only be termed an opinion piece and nothing more. The foreign press doesnt determine who or what Nigeria is or how Nigeria is perceived by outsiders, its citizens do and most in the diaspora are certainly behind the government despite its challenges.
typical dudu. somersaulting and parambulating. in the same post.

so in the final analysis, is the expressed opinion of buhari's gross incompetence, from foreign press, or not?
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  #20278 (permalink)  
Old 21st November 2016, 10:30 PM
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Default Re: Economicwatch

Manufacturers say they are at tipping point - Businessday - abokiFX
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  #20279 (permalink)  
Old 21st November 2016, 11:06 PM
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Default Re: Economicwatch

Quote:
Originally Posted by duduspace View Post
I will only disagree with you slightly on the issue of negotiations. PMB has shown a willingness to engage on genuine agitation. He will however not (and in my humble opinion ) should not bow to the likes of Tompolo. Some suffering in my opinion is necessary to put those who consider themselves above the laws of the country in their rightful place.

If we cant currently protect our infrastructure, let it be clear that we cant and let us take steps to cure that open sore once and for all not sweeping it under the carpet or creating larger than life characters like Tompolo. If you dont see the impact of a problem, atimes you are not motivated enough to fix it.

Let us also consider one factor that most people arent currently even considering, what if it was an external aggressor who refuses negotiation that is targeting our infrastructure e.g if we are at war with neighbouring Cameroon for example, will our response be to go begging them to stop these attacks ? At what price ?

In my opinion, if the communities where these infrastructure are cant cooperate with government to secure them, then the long term solution is to make no further investments there. I sincerely do not support these quick fix band aids. It is true they have been largely neglected and that needs addressing, infact the question need be asked why there has never been any significant millitary presence in the SS considering how critical it is to the economy, it is the same stupidity that ignored the rising millitancy in the NE and the Lake Chad areas since the early 2000s until 3 states were almost gone which has now led to the creation of 2 army divisions in the same region within 3 years.
Instead of giving Tompolo contracts and giving him a free hand to loot NIMASA with Akpobolokemi, why didnt GEJ for example create this division with all the extra money the country was making then ? He would have even been the best person to do it since he is from there.

Comparatively many people may not know this that the UK's Trident Nuclear submarines are based in Scottish waters very close to the North sea oil fields, with hindsight one can now guess why they were located there. We really have to decide at some point if we are patriots who love our country or not and what things are worth fighting for in how the country functions. Bowing down and settling the likes of Tompolo is not really the way forward.
oga after all said it is still unwise to totally rule out any commubity effort in d security of these facility. Thats where d president and his advisers commited d biggest erorr. Do u think yaradua does not know what he s doing when he granted those concessions? u need to carry everybody along as a stakeholder. D military cant do it alone. U want them to stay put and be guarding pipes that runs through somebody s backyard. O k o, keep on trying. . Now what is d government doing to quickly diversify income stream and bring other regions on board in renenue generation? Whether u like it or not as long as it remains heavily lopsided these agitations are likely to persist, it is only natural and dis is africa.
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Old 22nd November 2016, 12:58 AM
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Default Re: Economicwatch

Quote:
Originally Posted by .yomikuri View Post
oga after all said it is still unwise to totally rule out any commubity effort in d security of these facility. Thats where d president and his advisers commited d biggest erorr. Do u think yaradua does not know what he s doing when he granted those concessions? u need to carry everybody along as a stakeholder. D military cant do it alone. U want them to stay put and be guarding pipes that runs through somebody s backyard. O k o, keep on trying. . Now what is d government doing to quickly diversify income stream and bring other regions on board in renenue generation? Whether u like it or not as long as it remains heavily lopsided these agitations are likely to persist, it is only natural and dis is africa.
Behind whose backyard does the Forcados export pipeline pass through ? the part that was blown up in February and knocked off 250kbpd was 6 meters under water, that is not anybody's backyard abeg. There is a level of vandalization that can be reasonably accepted as occurring because oil pipelines passes through someone's backyard and there is the type that is targeted sabotage, the country has to be able to make a distinction between the two and not lump it all together. What if we are dealing with anarchists who are not even interested in negotiations and settlement but solely just want to cause trouble because they just like trouble ?

There should be dialogue with reasonable people and to address the genuine neglect in that region as the government was doing with stakeholders in the region just last month when the bombs started going off (showing this is not really about the 'people' but solely about a few Warlords. The government was negotiating but even while they are and were meeting with stakeholders from the region, some idiots are blowing up pipelines because Tompolo's issue has not been 'settled' and some think the Government is still to blame ?

The government has to make it clear that it is negotiating because of 'the people and genuine neglect of that region and not because of a few warlords who want to believe they are bigger than the country. Those ones I fully support the government to fight like an external aggresor or Boko Haram equivalent until they are defeated. The law of the land must be above every individual, no matter how many sticks of dynamite they have or how many pipelines of oil they are capable of blowing, We have to stop this 'banana republic' mindset. Yes, there has been a recession but is the government not standing ? have we not innovated and improved in other ways ? if the oil was still flowing unabated because Tompolo has been settled, perhaps the CBN would still be subsidizing imports with FOREX and not implementing the Anchor Borrower's programme.

Let those who believe they can hold the country to ransom continue, they are being well prepared for. 2016 belongs to them and they've caused the recession but the government is still standing, we shall see in 2017 who gains the upper hand. If they are strong enough to overthrow the government we shall see. We are all Nigerians and this is our country. Tompolo is a citizen of the country subject to its laws and does not have more heads than anybody else just because he can blow up pipelines. This is not even about who is to blame or not to blame but about what type of country exactly we want to live in.

Last edited by duduspace; 22nd November 2016 at 01:16 AM.
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