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  #20481 (permalink)  
Old 23rd March 2017, 11:50 AM
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Default Re: Economicwatch

https://www.thisdaylive.com/index.ph...-seven-months/
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  #20482 (permalink)  
Old 4th April 2017, 08:24 PM
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Default Re: Economicwatch

https://www.abokifx.com/news/four-ke...entures-africa

four-key-takeaways-from-kemi-adeosun-s-first-facebook-live-broadcast-ventures-africa
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  #20483 (permalink)  
Old 5th April 2017, 07:12 AM
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Default Re: Economicwatch

UPDATE 1-China offers Nigeria $4.5 bln loan for farm machinery | Reuters

China has offered Nigeria a $4.5 billion loan for agricultural machinery and infrastructure, a Nigerian state governor said on Tuesday.

Zamfara state governer Abdulaziz Yari said the loan had a 20-year repayment period at an interest rate of 1 percent.

"China is giving us a credit line of $4.5 billion for .......

All these loans we are taking how do we pay back?
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  #20484 (permalink)  
Old 5th April 2017, 07:39 AM
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Default Re: Economicwatch

Quote:
Originally Posted by Getthere View Post
UPDATE 1-China offers Nigeria $4.5 bln loan for farm machinery | Reuters

China has offered Nigeria a $4.5 billion loan for agricultural machinery and infrastructure, a Nigerian state governor said on Tuesday.

Zamfara state governer Abdulaziz Yari said the loan had a 20-year repayment period at an interest rate of 1 percent.

"China is giving us a credit line of $4.5 billion for .......

All these loans we are taking how do we pay back?
Abeg Bros, 20 years tenor at 1% interest rate is almost like free money. I am tempted to say what are you complaining about ? but then my natural instinct to be cautious of 'free gifts' also kicks in. If the small print is fine then there is no problem at all with this particular kind of loan as long as it is used for the purposes it was taken and that is something almost nobody can guarantee includinh the current government which may be voted out at the next elections. This country however needs such a shot in the arm since the times of abundance were wasted by earlier governments.
This particular loan is fine but those eurobonds ? I reserve my comment.
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  #20485 (permalink)  
Old 5th April 2017, 08:17 AM
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Default Re: Economicwatch

Quote:
Originally Posted by duduspace View Post
Abeg Bros, 20 years tenor at 1% interest rate is almost like free money. I am tempted to say what are you complaining about ? but then my natural instinct to be cautious of 'free gifts' also kicks in. If the small print is fine then there is no problem at all with this particular kind of loan as long as it is used for the purposes it was taken and that is something almost nobody can guarantee includinh the current government which may be voted out at the next elections. This country however needs such a shot in the arm since the times of abundance were wasted by earlier governments.
This particular loan is fine but those eurobonds ? I reserve my comment.
Oga, i actaully shared this to see if it is possible to discuss the technicalities of the loan.Not to judge or review the current government and if they will be voted out or not.

I also saw the 1%, but am sure there are other hidden terms. not hidden but rather obviuos but overlooked terms.Am wondering what the collateral is. what is the penalty for default is
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  #20486 (permalink)  
Old 5th April 2017, 10:18 AM
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Default Re: Economicwatch

Quote:
Originally Posted by Getthere View Post
Oga, i actaully shared this to see if it is possible to discuss the technicalities of the loan.Not to judge or review the current government and if they will be voted out or not.

I also saw the 1%, but am sure there are other hidden terms. not hidden but rather obviuos but overlooked terms.Am wondering what the collateral is. what is the penalty for default is
You are missing the point, the fact that we are yet to implement systems that ensure continuity of government (initiatives) is what makes loans like this dangerous, because one government takes a loan and then another potentially fritters it away......or conversely, one government clears up fiscal room by paying off debt and another wastes all the efforts of the previous government is exactly why we seem to be going 1000 steps forward and 10,000 steps backwards.
I am not making a case for dictatorship here, what I am saying is that it is considerations like this that could make taking a loan like this a masterstroke or an albatross that future generations may have to live with cursing and pouring opprobrium on their ancestors like Nigerians are doing at present.
If Nigeria could have a 20 year plan that one could vouch for to attain at least 60 - 70% of target, this kind of loan at 1% interest rate would be virtually a no-risk loan.

Last edited by duduspace; 5th April 2017 at 10:21 AM.
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  #20487 (permalink)  
Old 8th April 2017, 05:34 AM
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Default Re: Economicwatch

https://www.bloomberg.com/news/artic...ia-acquisition


French Drugs Maker Targets Africa With Nigerian Acquisition


Biogaran SAS, a closely held French pharmaceuticals manufacturer, plans to tap into Nigeria’s $1.3 billion drugs market as a launchpad for its expansion into Africa, company President Pascal Briere said.

The unit of France’s second-largest drug maker, Les Laboratoires Servier, last month acquired Nigeria’s Swipha Ltd. after an initial $500,000 investment. Biogaran expects Nigeria’s pharmaceuticals industry to grow by more than 12 percent annually.

“We found that Nigeria is well adapted for what we want to do,” Briere said in an April 3 telephone interview from Paris. “We decided to invest when the recession was in its worst moment.” .........
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  #20488 (permalink)  
Old 4th May 2017, 06:04 PM
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Default Re: Economicwatch

CBN Reverses Ban On 48 Items

CBN Reverses Ban On 48 Items | Nairametrics
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  #20489 (permalink)  
Old 5th May 2017, 07:39 AM
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Default Re: Economicwatch

Quote:
Originally Posted by migiets View Post
CBN Reverses Ban On 48 Items

CBN Reverses Ban On 48 Items | Nairametrics
Hmm what are the implications?

Gearing to full devaluation? Though the devaluation is gradual. Medical and school fees is 375 to dollar,SME around that too, does it mean thats the target value

What rate will the fuel importers operate with.

Interesting times ahead
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  #20490 (permalink)  
Old 5th May 2017, 08:08 AM
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Default Re: Economicwatch

Quote:
Originally Posted by Getthere View Post
Hmm what are the implications?

Gearing to full devaluation? Though the devaluation is gradual. Medical and school fees is 375 to dollar,SME around that too, does it mean thats the target value

What rate will the fuel importers operate with.

Interesting times ahead
Fuel imports should drop once Dangote refinery comes on stream and also if the FG goes ahead with the modular refinery option in the Niger Delta.
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  #20491 (permalink)  
Old 5th May 2017, 09:38 AM
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Default Re: Economicwatch

Quote:
Originally Posted by Getthere View Post
Hmm what are the implications?

Gearing to full devaluation? Though the devaluation is gradual. Medical and school fees is 375 to dollar,SME around that too, does it mean thats the target value

What rate will the fuel importers operate with.

Interesting times ahead
https://www.thecable.ng/41-items-rem...forex-says-cbn
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  #20492 (permalink)  
Old 11th May 2017, 02:24 PM
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Default Re: Economicwatch

https://www.bloomberg.com/news/artic...ee-getting-pay

In Nigeria Bust, $4-a-Day Job Doesn't Guarantee Getting Pay

On days when Dayo Fabajo’s bosses can’t afford to pay the 1,250 naira ($4) wage she earns for a 12-hour shift packing biscuits, they send her home early.

Sometimes on her way out, she walks past pockets of stragglers lingering at the factory gates, a glaring reminder she’s easily replaceable.

“Nobody complains,” Fabajo, 25, said after her entire shift was canceled one day in April. She gestured at an abandoned factory across the pothole-ridden road that until recently manufactured kitchen utensils. “It’s easy for managers to recruit workers. People here are looking for jobs.”

Fabajo’s predicament shows how the wheels of commerce ground to a halt in Africa’s biggest economy. Three years ago, Lagos, a megacity of more than 20 million, was buzzing with new startups and jobless rates were the lowest in years. Emerging from a decade of 8 percent average growth, more than twice as fast as South Africa, Nigeria was powering the continent.


Fast forward to 2017 and President Muhammad Buhari is confronting the first recession since the 1990s and surging unemployment, the result of damaging currency policies his government is now trying to unwind. Just as his credibility gets shaken by frequent protests over working conditions and bombings of oil pipelines by militants, Buhari’s poor health is impairing his ability to steer the nation through another bout of oil weakness.

“No doubt, the shine’s come off Nigeria,” said Kevin Daly, a London-based money manager at Aberdeen Asset Management Plc, which oversees $11 billion and exited all its naira bond holdings in 2015. “It comes down to external shocks and self-inflicted wounds. Investors reassessed their views and most decided to get out.”


Nigeria’s economy may be tiptoeing out of recession after shrinking 1.5 percent in 2016, but expansion trails population growth in the nation of 180 million. The market capitalization of the local stock exchange slumped by $30 billion, more than half, in the past two years. Foreign money managers now own less than 10 percent of Nigerian debt, down from almost a third in 2013, according to estimates of Standard Chartered Bank.

Firing Staff

Just as Buhari traveled to London on May 7 for his second medical trip in as many months, Nigeria’s oil union is picketing outside Exxon Mobil Corp.’s headquarters in Lagos to demand it rehire 83 people whose jobs were cut. The Nigerian unit of MTN Group Ltd., Africa’s biggest mobile phone operator, is also asking employees to take part in a voluntary redundancy scheme, while employers like First Bank of Nigeria Ltd., the largest lender, have fired staff.

While the crisis started with the collapse of oil, Nigeria’s main export, it was currency policy that tipped the situation over the edge.

Unlike crude exporters including Russia and Kazakhstan that stopped managing their exchange rates after the crash, Nigeria keeps the naira on a leash. Even though it’s been allowed to fall 37 percent in the past two years to around 315 per dollar, black market dealers charge 390, a 19 percent difference.


Buhari, a 74-year-old former army general who came to power in 2015 pledging to shore up the economy, says he wants to shield poorer citizens from the risk too much currency weakness will spur inflation. Driven by a similar desire to protect local manufacturers, one of his first acts as president was to stop providing dollars to importers of 41 items as varied as margarine, steel pipes and tooth picks.

Both policies backfired.


Many businesses couldn’t find local alternatives for the blacklisted goods because they either don’t exist or the quality is poor. Forced to scrounge for dollars illegally from street vendors who at one point this year charged a 65 percent premium, managers cut production and fired thousands of workers. Even Dangote Cement Plc, Africa’s largest producer, resorted to sending out 1,500 trucks to haul cement to Benin, Ghana and Chad to sell for dollars.


Nigerians are worse off financially than they’ve been in more than a decade as their per-capita income slumps to around $1,700. Inflation is running above 17 percent and the jobless rate more than doubled since 2014 to 14 percent. The situation is particularly dire among youth. Of the 40 million citizens aged 15-34 in the labor force, almost half were either unemployed or in roles that didn’t pay them enough or use their skills, according to official data.

“The reason the economy went into recession was the inability of companies to procure foreign exchange,” said Ayo Teriba, the chief executive officer of Economic Associates Ltd., a Lagos-based consultancy.

For those with jobs, employment terms have deteriorated. Protests erupted in Lagos and the capital, Abuja, this year as state employees complained of going months without pay. In private businesses, many settle for salary cuts and frozen wages, according to interviews with eight people employed in industries including transport, logistics, food, banking and packaging.

“I worry about my job,” said Emeka Onwuchekwa, an accountant at a printing and packaging company in Lagos, who was downgraded to a part time contract in 2015 from a permanent one and no longer receives bonuses. “The dollar rate is very high and we can’t get money for importing paper. Our production has decreased dramatically.”

$32 Extra

With Buhari under pressure to turn the economy around before elections in early 2019, individuals and businesses are hoarding the dollars they can, expecting he’ll loosen currency controls to fix the mess.

There are some signals Nigeria is headed in that direction, even if officials insist a free float is out of the question. On April 24, the central bank opened a window to provide cash to foreign bond and stock investors at prices closer to those quoted on the black market. Days later, the government said it was reviewing the banned items list.

Fabajo, though, won’t believe there’s a turnaround until she sees a difference in her work schedule. For now, when she’s not doing a 7 a.m. to 7 p.m. shift at the biscuit factory, she sews and sells clothes to earn an extra 10,000 naira ($32) a month.

“It would be difficult to get a job somewhere else,” Fabajo said. “I pray this year will be better.”

Before it's here, it's on the Bloom

Last edited by Getthere; 11th May 2017 at 02:32 PM. Reason: correction
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  #20493 (permalink)  
Old 12th May 2017, 08:38 AM
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Default The billion coin

Buy your TBC, get info and updates on the billion coin. Tbc is a crypto currency, digital or internet money used to buy items online or from someone who accepts it rather than cash here in nigeria or anywhere in the world. Marketers and exchangers are getting to accept the coins and merchants are coming up also for exchange. The value of the coins increases everyday by 1 pm in nigeria time and it never goes down. Tbc was launched may 21st 2016. Call or whatsapp Tbc stake holder on (08184336340) Thanks. . .
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  #20494 (permalink)  
Old 18th May 2017, 09:20 AM
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Default Re: Economicwatch

Buy your TBC which is a crypto currency or internet money used to buy items online or from someone who accepts it rather than cash. Marketers and exchangers are getting to accept the coins and merchants are coming up also for exchange. The value of the TBC increases everyday by 1 pm in nigeria time and it never goes down.
There are trade fairs across the country where you can use the coins to buy items. Call or whatsapp Tbc stake holder on (08184336340) Thanks
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  #20495 (permalink)  
Old 18th May 2017, 09:57 AM
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Default Re: Economicwatch

Quote:
Originally Posted by Juan78079 View Post
Buy your TBC which is a crypto currency or internet money used to buy items online or from someone who accepts it rather than cash. Marketers and exchangers are getting to accept the coins and merchants are coming up also for exchange. The value of the TBC increases everyday by 1 pm in nigeria time and it never goes down.
There are trade fairs across the country where you can use the coins to buy items. Call or whatsapp Tbc stake holder on (08184336340) Thanks

Its obvious the person posting this is a scammer looking for whom to reap off.

They never add value to anybody but destroy the gullible and ignorant

This guy have been here for ages only to advertise himself,at least other bitcoin people try to educate or teach.

Oga Nosa when called out explained and made his point.

Its a pity how low this place has gone
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  #20496 (permalink)  
Old 19th May 2017, 06:51 AM
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Default Re: Economicwatch

https://www.bloomberg.com/news/artic...evour-tomatoes


Africa's Richest Man Idles Factory As Grubs Devour Tomatoes


Thousands of farmers in northern Nigeria contracted to grow tomatoes for a set price are shunning the crop this season after pests destroyed much of last year’s produce, leaving the processing factory set up by Aliko Dangote, Africa’s richest man, short of raw materials.

Established to process 1,200 metric tons of tomatoes each day and produce 400,000 tons of paste annually, the Dangote Farms Ltd. factory, just outside the northern city of Kano, was designed to meet Nigeria’s domestic needs and help cut paste imports of 300,000 tons a year from China. It was expected to help put to better use the 900,000 tons of tomatoes that rot as waste annually out of Nigeria’s yearly harvest of about 1.5 million tons.



About 8,000 farmers in the Kadawa Valley, near Kano, signed to supply the factory, were guaranteed a price of about $700 per ton compared with an average of less than $350 in the domestic market, according to estimates by the central bank. They’re now wary of planting after the invasion of tomato leaf-miner pests last year ruined more than a third of Nigeria’s tomato harvest, according to Abdulkareem Kaita, the manager of Dangote Farms.

“We don’t have enough supply,” Kaita said in a May 15 interview in his office, explaining why the factory had to shut. “We are hoping to reopen when we get the supplies that meet our demand.”


Closing of the factory, developed after a study by the central bank, is a setback for Nigeria’s plans to revive its agricultural industry, boost employment in the less developed north of the country and cut the national import bill. It also shows how the grub, also known as tuta absoluta, is devastating African tomato crops since arriving from South America through Spain in 2008. It has spread as far south as South Africa.

Mixed Cropping

The factory started operations in March last year, producing at full capacity, before closing a month later as the crop losses took their toll. Since then it has operated in fits and starts, working last between February and March, said Kaita.

Across the country the price of tomatoes has jumped, rising as much as threefold in some parts, on the impact of the pest described locally as the “tomato ebola,” according to a survey of buyers. Nigeria registered a 17.2 percent inflation rate in April from the previous year, with food prices appreciating 19.3 percent, the National Bureau of Statistics said Tuesday.

The National Horticultural Research Institute in Kano is urging farmers to protect their tomato crop by using lamps at night to attract the pests to water-filled trays.

“A lot of farmers producing tomatoes every year ran away from the crop this season,” Abubakar Hamishu, a research officer at the institute said in an interview. The organization is promoting this method of pest control, “which is affordable, to help the farmers,” he said.

Musa Alasan, who grew tomatoes on his 7-acre (2.8-hectare) farm, allocated only one acre for the crop this year while planting wheat on the rest.

“I lost almost everything, so I was really afraid to plant tomatoes again,” he said by phone from his farm in Samawa, near Kano. “I know a lot of our friends who used to grow tomatoes but this year they didn’t, while others who did mixed it with other crops.”
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  #20497 (permalink)  
Old 22nd May 2017, 08:19 AM
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Default Re: Economicwatch

General Electric to assemble gas turbines in Nigeria next year - CNBC Africa


General Electric to assemble gas turbines in Nigeria next year

General Electric (GE) plans to launch a gas turbine assembly plant in Nigeria next year and has invested over $100 million as it seeks to tap growing demand for gas-fired power plants in Africa’s biggest economy, its local CEO said on Thursday.

Lazarus Angbazo said GE wants to support the development of Nigeria’s gas reserve which is largely untapped, adding that the U.S. company has invested in some local power plants.

Nigeria privatized its electricity sector in 2013, aiming to
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  #20498 (permalink)  
Old 24th May 2017, 07:00 AM
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https://www.bloomberg.com/news/artic...nchanged-at-14

Nigeria Central Bank Will Boost Dollar Sales to Support Economy

Nigeria’s central bank will increase dollar sales to support the economy and bolster the naira after leaving its key interest rate at a record high level.

“Interventions will be more vigorous and intense,” Governor Godwin Emefiele told reporters in the capital, Abuja, after announcing the Monetary Policy Committee’s decision to keep the benchmark rate at 14 percent. “Loosening monetary policy would exacerbate inflationary pressure” and reverse the naira’s gains on the parallel market, he said.



The central bank has kept borrowing costs at record high since July to prop up the naira that came under pressure after prices and output of oil, Nigeria’s biggest export, crashed in mid-2014, leading to dollar shortages and pushing the inflation rate to the highest level in more than 11 years. The decline in the crude production crippled West Africa’s largest economy, which shrank 1.6 percent in 2016, the first full-year contraction in a quarter of a ..........
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Old 24th May 2017, 06:18 PM
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https://www.forbes.com/sites/tobysha.../#76defc2657ee


Zuckerberg-Backed Andela Training Company Expands Into Uganda


Andela the Nigerian-based innovative software training company which Facebook CEO Mark Zuckerberg has invested $24-million in – is opening its third African headquarters in Uganda. Andela already operates tech campuses in Nigeria and Kenya.

Andela was launched in 2014 to solve "the shortage of high-quality talent," its CEO Jeremy Johnson told me. "Three years ago we started Andela to build a network of top software developers across the African continent and bridge the divide between the US and African tech sectors. To say the least, it’s been a crazy run – 60,000 applicants later, we’ve shown a few people that engineers can .......
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Old 24th May 2017, 10:52 PM
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Buy your TBC. The billion coin is a crypto currency, digital or internet money used to buy items or for the exchange of goods and services to co member of TBC or an organization. Marketers and exchangers are getting to accept the coins and merchants, trade fares are coming up also for exchange. . The value of the coins increases everyday by 1 pm in nigeria time and it never goes down.*
Digital Currency (CryptoCurrency) is fast taking over
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