Nigeria’s economy is in decline following the downward trend in crude oil prices beginning in July 2014. By the end of Q2 2016, the country slipped into recession, following consecutive negative GDP growth in the first and second quarters of the year. Low oil prices, exacerbated by militant attacks on oil and gas facilities in the oil-producing Niger Delta region, a lack of competent fiscal measures and adverse macroeconomic policies amongst other factors have combined to make a bad case worse. Nigerians unanimously agree that the country is faced with the urgent task to mitigate a growing recession, and ultimately guide the economy back to growth; the strategy to achieve this is the subject of diverse opinions.
It is important to state that Nigerians need to come to terms with two realities. An economy on our trajectory will most likely have interest rates and inflation that are above normal. Ours is not yet a mature economy. Mature economies come with even bigger headaches than we have right now. We know some inflation is necessary for the growth of the economy, because producers of goods and services should liberally price in the time factor, and the growth in costs like staff salaries. Interest rates here can also not be in the region of five per cent because of the costs that banks have to bear to do their business as well as the need to price interest rates above inflation rates.
The die is cast! All is set for the Edo electorate to choose a new leader to govern them for the next four years. The governorship election had been shifted from the earlier scheduled date of September 10 at the prompting of the police and Department of State Services to enable them deal decisively with undisclosed security threats. The journey had been tortuous since the Independent National Electoral Commission, in March 2016, published the timetable and schedule of activities for the state governorship election. The actors and stakeholders keyed into the announcement and had been gearing up for today, September 28, 2016.
Hopefully, the present pain will permanently bury doubts about the need for a robust stabilisation fund and the imperative of strengthening transparency and accountability mechanisms… But we also need to permanently puncture the lie that we are a rich country just because we have oil. It is a trite fact that the wealth of nations is not buried under the soil.
And, sadly, it came to pass. It is well predicted that most countries blessed with natural resources, even in the best of times, perform worse economically than countries not so endowed; and that, when times are tough, countries that are dependent on natural resources come to an assured grief. There is a popular name for this strange but common condition: resource curse. It sounds metaphysical, it seems counter-intuitive even, but it is a position supported by enough evidence. And there can’t be better evidence than this: a Nigeria that is in the choke-hold of economic recession right after fifteen years of consistently high oil prices and over N70 trillion of oil revenues earned by the federation.
Government should not stretch the patience of Nigerians to its elastic limit. The 2012 fuel scarcity strike set the stage for the eventual defeat of the Jonathan PDP government. The APC government of Buhari can at best take a cue from that ugly past.
Just because the richest man in Africa, Alhaji Aliko Dangote proposed the idea of selling off national asset to stave off economic recession, cannot and should not make it the gospel truth. When Dangote first mooted the idea, a lot of people felt he was flying a kite. However, when the National Economic Council approved the plan but which the Senate roundly rejected, it became obvious that there were hidden hands behind the idea; it is a clear conspiracy by the moneybags and the people that control the levers of power to take advantage of a very bad situation to further enrich themselves.
Engr. (Rev) Etteh puts emphasis on the prime issues of due diligence, accountability, abhorrence for use of sub-standard, fake or inappropriate tools and materials, punctuality, dedication to assigned duties and set goals; hunger for the acquisition of experience and knowledge of new processes, tools and equipment and the maintenance of an open-door policy at any stage of doing a project or performing an official chore.
As stated in this column last week, Etteh Aro & Partners, a firm engaged in civil engineering works in Nigeria, arose from the crucible of the uncertain aftermath of the Nigerian Civil War which ended in 1970. The duo of Ette Ikpong Ikpong Etteh and Lawrence Oluwemimo Arokodare had been brought together by fate at Ahmadu Bello University, Zaria, where both studied civil engineering and formed a life-long alliance of which Etteh Aro & Partners is the flagship seed. When they came back from the United Kingdom in 1968 with higher academic laurels and further professional experience garnered from their association with the UK office of Ove Arup & Partners, the stage was set for the birth of a collaboration that will re-define civil engineering practice in Nigeria and advance the frontiers of quality professionalism.
The trial of Senate President, Bukola Saraki, for alleged forgery was stalled on Wednesday, because the prosecution counsel, Aliyu Umar, said he had not prepared his response to a fresh motion by the defendants challenging the jurisdiction of the court.
Mr. Umar is prosecuting the case on behalf of the Attorney General of the Federal, Abubakar Malami.
The Nigerian government plans to sell only some percentage of its shareholding in selected asset, and will not sell entire national property, a top presidency source has told PREMIUM TIMES.
The government also intends to retains the right to buy back the shares in future, the source said.
The source asked not to be named because of the sensitivity of the issue.
When we talk about hydrogen-powered transportation, cars usually dominate the conversation. According to CityLab, a French rail company is now seeking to bring the energy innovation to trains. The Coradia iLint was unveiled by Alstom at the InnoTrans railway trade fair earlier this month, and when it launches in Germany next year, it will be the first passenger rail service to run on hydrogen power.
Donald Trump Boasts After First Debate Against Clinton: ‘I Didn’t Want To Embarrass Her’ ….. TheGuardian
Donald Trump has told a crowd of 7,500 that he was holding back during the first presidential debate with Hillary Clinton because he did not want to embarrass her.
He insisted that every poll showed him winning the debates but cited only internet surveys to prove this; every scientific poll taken in the aftermath of the debate showed a majority of viewers believing the Democratic nominee had won.
I hate to be an alarmist, but Donald Trump could be on course to be elected president of the United States – and the decisive moment may well come on Monday night. That’s when he faces Hillary Clinton in what is expected to be one of the most watched events in television history. The TV debates are perhaps the last chance for her to persuade the American people that this man is unqualified for, and unworthy of, the presidency and poses a genuine threat to the republic.
A week after Brad Pitt confirmed that he and Angelina Jolie are divorcing, the actor finds himself in a strange Hollywood scenario. As the narrator of Terrence Malick’s ambitious, 30-years-in-the-making Voyage of Time: Life’s Journey, Pitt would normally be called upon to promote the IMAX film, which arrives in theaters October 7. But because of his headline-making divorce, the actor has elected to sit out this round of publicity, a choice he described in his first public statement since confirming his split last week.
NEW YORK, Sept 27 (Reuters) – A record 84 million people tuned in to U.S. television networks on Monday night for the first presidential debate between Hillary Clinton and Donald Trump, a huge audience rarely seen on TV in the age of digital streaming and social media.
The estimated ratings figure from Nielsen included people watching the raucous face-off across 13 U.S. cable and broadcast networks and public television station PBS.
In light of the UN General Assembly adopting its recent New York Declaration on Refugees and Migrants, there has been much discussion on various aspects of the acceptance of refugees in the US.
Due to concerns over security risks and financial constraints, the subject of increasing the amount of refugees has been broached by the US presidential nominees and will most likely be fiercely argued in the upcoming election debates as well.
It’s not exactly a secret that Google will be announcing a slew of new gadgets next week at its hardware event on October 4. VentureBeat can confirm that the world will indeed be introduced to a Google Pixel and a Google Pixel XL.
Rumors that Google is launching two new phones later this year — codenamed Sailfish and Marlin — have been circulating for months. The smartphones are supposed to ditch the Nexus branding in favor of Pixel and be built by HTC.
A tribunal has found Dr. Adekunle Williams Owolabi guilty of all four professional misconduct complaints lodged against him and suspended his licence to practise for six months.
The decision was given Monday in St. John’s, at the professional misconduct hearing against Owolabi conducted by a tribunal panel established by the College of Physicians and Surgeons of Newfoundland and Labrador.
Without pressing that reset button and accepting that this is now crunch time – time to fix the fundamentals but have the state invest in expanding local production and processing to create jobs, provide income for the youth and women, and facilitate export markets and the earning of FOREIGN EXCHANGE, we would continue to live a lie, in a fool’s paradise.
Painful as it has been for the vast majority of Nigerians, the country’s worst recession in 30 years is an opportunity to deeply reflect on the wobbly structure of our country’s economy and learn some basic lessons on how to move Nigeria forward.
PREMIUM TIMES believes that while it is important to focus on solutions that will get us out of our present economic difficulty, it is also necessary that President Muhammadu Buhari and his government, and indeed all aspiring politicians and technocrats that will form future governments, learn from and apply these lessons. These lessons and the solutions we hope will come out of them include fundamental issues of leadership, the formulation and execution of public policy, and national economic management.
Clinton repeatedly puts Trump on defensive, accusing him of perpetrating a ‘racist lie’ with birther movement and ‘stiffing thousands’ of blue-collar workers
Presidential debate fact-check: a review of Trump’s and Clinton’s claims
Donald Trump’s freewheeling approach spun wildly out of control in the first presidential debate as he was forced on the defensive during a chaotic clash with Hillary Clinton.