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Latest Naija News Updates

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Dogara charges Nigerians on attitudinal change



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

Dogara said if naija news latest update would be to witness major progress in quality of leadership and government, the citizens must alter their ways of life as leaders are recruited from among them.

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

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

There exists consistently expectations from citizens for leaders to demonstrate a higher standard of behavior. Clearly, it is great that those that call themselves leaders should aspire to maintain higher standards.

But what is wrong with the narrative, especially in Naija, is that in many cases, citizens anticipate that only leaders must live above board. This country can only just make progress if all the citizens and leaders conclude that in their daily undertakings, they will preserve the finest of standards.

Because if you expect just leaders to do the right thing, the direction recruitment process is such that leaders always emerge from the people.

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

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

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

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

Divided stakeholders say policy may facilitate company, stifle local firms

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

During his official trip to the worlds second largest market, President Muhammadu Buhari reached a naira and yuan swap deal, scripted to ease trade transactions between both states, devoid of present exchange challenges with the United State dollar.

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

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

But pessimists pointed out the swap deal wasn't consummated between both countries apex banks but between Central Bank of Nigeria (CBN) and Chinas ICBC- the worlds biggest lender by total assets and market capitalisation. While this may not influence the aims of the swap deal in any way, it raises some fundamental sovereign issues, based on an analyst who spoke on condition of anonymity.

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

He said: I think that Nigerias overriding goal for the currency swap will be to address short-term foreign currency liquidity challenges that has led to CBNs inability to meet foreign currency demands. With the currency swap, depending on the worth, an important part of Nigerias import statements from China would now be denominated and settled in yuan, therefore reducing the need for dollar by Nigerias importers.

Nonetheless, he pointed out the major draw back to the currency swap policy is that an unrestricted use of yuan, at an overvalued naira exchange rate, if the N30/RMB is the agreed exchange rate, will definitely encourage importation and stifle local production of goods.

I suggest the Federal Government should try and incorporate a strategy just like that of the cement business policy, which would necessitate some of the imports from China to be created locally after a defined timeline, particularly if Nigeria has comparative fabricating edge for such products. Examples that can readily come to mind include fabrics, plastics, ceramics, among others.

He described that the gain of inclusion of Chinese Yuan within Nigerian reserve currency was done about five years ago by the immediate past CBN governor, chiefly to diversify the reserve and reduce the currency risk related to the U.S. dollar.

That action was taken at a period when the U.S. economy was particularly vulnerable due to the weakness of their economy after the global financial crises activated by sub-prime mortgage.

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

According to Olatujoye , the judgement has the ability of bringing double investment to the country from China on one hand and from the U.S. on the other.

According to him, with the likely ease on the pressure on the dollar, it'd bring down the value of the dollar in relation to the naira, which he said would now make it possible for American investors to invest in the Nigerian economy again.

In his perspective, the current high rate of the dollar in Nigeria had in recent months deterred American and Western investors in the Nigerian economy.

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

He, however, expressed the fear that European countries may not be well disposed to it because it is capable of adversely impacting their trade balance with Naija, warning which their stakeholders could frustrate the move.

The Chairman, Mobile Applications Alternative, Chris Uwaje, considered the naira to yuan swap agreement should reduce the pressure on the naira if correctly executed.

According to him, the arrangement if it becomes a reality, means that the de facto currency, dollar , will not hold on the import and export deals between Nigeria and China.

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

Uwaje encouraged Buharis economical team to see how a nation can indeed leverage on the technology prowess of China for Naija to achieve a sustainable economy.

According to Gbade Buraimoh, a Lagos-based financial expert, the quest for dollar through banks will undoubtedly reduce, as all transactions between Naija and China will take yuan rather than dollar.

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

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

The Director-General of Lagos Chamber of Commerce and Industry, Muda Yusuf agreed the swap deal would smoothen the payment system in the bilateral trade between the two states but stressed that it might not necessarily strengthen the naira in the currency marketplace, as the nation would need to accentuate its productive base to realize that.

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

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

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

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

Meanwhile, the good thing about the currency swap deal and other arrangements reached in Beijing during Buharis trip to the Far East Asia nation has rubbed off on the air travel sector, as a Nigerian carrier, Air Peace declared that it would shortly commence scheduled flight to China from Enugu.

Chairman of Air Peace, Allen Onyema revealed at the Enugu Economical Summit the airline was made Nigerias official flag carrier for the route.

The authorities and the flying people created a yearning gap, all the deals in this state are tipped to one side, the foreign airlines, but this government of Muhammadu Buhari has began to do things otherwise recognising the local airlines and seeing that in Air Peace there will be a lot of quality, so they really determined to give us when we implemented it didnt take time before they gave it to us, said Onyema.
Market pressing is ’sed by diversification of Nigeria, says Buhari

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

The President, who stated this at a reception in his honour said Nigeria would welcome the support of local businesses, foreign investors and the Chinese government for attempts to diversify the state’s market.

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

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

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

Moreover, agreements undergoing discussions comprise a $500 million project for the supply of television transmission equipment and a $25 million facility for generation of prepaid smart meters between Microstar Company Limited and Mojec International Limited.

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

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

The News Agency of Nigeria (NAN) reported Shehu as saying the President has expressed satisfaction with the results of his working visit to China, which he said afforded additional investments to Nigeria exceeding $6billion.

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

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

Based on the statement, a total of $1billion is to be invested under an arrangement reached Sinohydro Corporation Limited and by the Infrastructure Bank in the development of a greenfield expressway for Abuja-Ibadan-Lagos.



In accordance with the statement, about 100 Nigerian companies and 300 Chinese companies participated in the Nigeria-China business forum, which took place a day after Buhari began his v isit .
ICPC charges Nigerians on need to fight corruption

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

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



The course that was started eight years ago by NIPSS is geared toward creating a crucial means of getting technocrats involved with policy making for national growth.

He said that the menace was a global phenomenon which had not been restricted to Nigeria.

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

He stressed that it was regrettable as the legislations appeared not to be helping the problems that in spite of the various legislations against corruption in the country, it remained.

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

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

These, he said, contained land administration in the Federal Capital Territory (FCT) and the observation and execution of specific government policies.

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

Nta said the commission was presently investigation a state where public funds were transferred into three distinct bank accounts, including that the details would be made public in due time.

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

He said naija breaking news 2day the measure followed reported cases of pupil harassment in some universities in the country.

Nta added that ICPC was also reviewing the country’s primary health care procedure in collaboration to address its decay through the years.

He listed weak government institutions, tolerance, political and socio economic policies, social principles and limitation of ICPC prosecution to State High Courts as some of the challenges confronting the commission.

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

The News Agency of Nigeria (NAN) reports the course participants were drawn from the military, the Police and other government agencies.

The 21st session of the course focused on corruption in the nation and the indices driving it.
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Guest Viernes, 22 Septiembre 2017