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Naija News Ng

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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 state is passing through challenging times.

Dogara said if Naija is to observe major improvement in quality of leadership and governance, 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 a part of the parliament, Jagaba Adams Jagaba at ECWA Church, Chigwa, Kaduna State, according to 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 must understand that leaders are recruited from among them.

He, therefore, charged Nigerians to, as a matter of necessity, demonstrate higher standards of conducts even as they expect same from their leaders.

There's always expectations from citizens for leaders to show a higher standard of conduct. Clearly, it really is great that those that call themselves leaders should always aspire to keep higher standards.

But what's wrong with the narrative, notably in Naija, is that in many instances, citizens expect that only leaders must live above board. This nation can only make progress if all the citizens and leaders resolve that in their daily undertakings, they'll keep the finest of standards.

Because if you anticipate only leaders to do the right thing, the leadership recruiting procedure is such that leaders consistently emerge in the people.

Dogara admonished politicians to put their confidence in God because power comes from God, success comes from God, no one, no matter how strong he or she's, can give you power.

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

He said the electorate should instead lay emphasis on individual character and never 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 humankind to live a life of gratitude, service, praise and worship.
Increases, pitfalls of Naijas currency swap deal with China

Separated stakeholders say policy may facilitate business, stifle local companies

For varied stakeholders in the economy, the Federal Governments recent currency swap deal with China holds both bright prospects and serious consequences 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 biggest market, President Muhammadu Buhari reached a naira and yuan swap deal, scripted to ease trade transactions between both nations, devoid of present exchange challenges with the United State dollar.

Moreover, the deal, based on Presidency sources, has the potenrial of shoring up the worth of the countries money, in the foreign exchange market, through a concomitant emergent bidding scheme, with tactical decreased demand for dollar and other major currencies, besides the yuan.

The currency swap deal is composed of an agreement between two central banks, one or more of which must be an international currency issuer, to swap their monies. The central banks party to the swap trade can lend the proceeds of the swap, against collaterals they deem sufficient, to the commercial banks within their authority, to give them temporary liquidity in a foreign currency.

But pessimists pointed out that the swap deal wasn't consummated between the two states 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 at all, it raises some essential sovereign issues, according to an analyst who spoke on condition of anonymity.

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

He said: I believe that Nigerias overriding objective for the currency swap would be to address short term foreign currency liquidity challenges which has led to CBNs inability to meet foreign currency demands. With the currency swap, determined by the worth, an important part of Nigerias import invoices from China would now be denominated and settled in yuan, therefore reducing the demand 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 certainly encourage importation and stifle local production of goods.

I recommend the Government should try to integrate a strategy much like that of the cement business policy, which would necessitate some of the imports from China to be made locally after a defined timeline, particularly if Nigeria has relative making edge for such products. Examples that can easily come to mind include textiles, plastics, ceramics, among others.

He clarified the gain of inclusion of Chinese Yuan as part of Nigerian reserve currency was done about five years ago by the immediate past CBN governor, chiefly to diversify the reservation and reduce the currency risk associated with the U.S. dollar.

That action was taken at a time when the U.S. market was especially vulnerable due to the weakness of their market after the global financial disasters triggered 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 increasing pressure on the U.S. dollar, which has gone haywire in the foreign exchange marketplace.

In accordance with Olatujoye , the conclusion has the capability of bringing double investment to the nation from China on one hand and from the U.S. on the other.

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

In his view, 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 conclusion can lead to the higher importation of Chinese goods into Naija, citing the economic rivalry or currency war between China and America.

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

The Chairman, Mobile Applications Option, Chris Uwaje, believed the naira to yuan swap deal should reduce the pressure on the naira if properly implemented.

According to him, the arrangement if it becomes a reality, means that the de facto currency, dollar , will no longer hold on the import and export deals between Nigeria and China.

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

Uwaje advocated Buharis economic team to see how the country can really leverage on the technology prowess of China for Nigeria to achieve a sustainable economy.

Based on Gbade Buraimoh, a Lagos-based financial expert, the pursuit for dollar through banks will definitely reduce, as all trades between Naija and China will maintain yuan instead of dollar.

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

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

The Director-General of Lagos Chamber of Commerce and Industry, Muda Yusuf agreed that the swap deal would smoothen the payment system in the bilateral trade between the two countries but stressed that it might not necessarily fortify the naira in the foreign exchange market, as the country would have to accentuate its productive base to attain that.

An Abuja-based international affairs and diplomacy specialist, Kadiri Abdulrahman, seen the currency swap deal as a positive move towards enhancing the value of the naira, thus improving access 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 agreement 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 comprised in the foreign exchange reserves of Nigeria.

Nigeria is not the first state that China would enter into this arrangement 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.

According to the Peoples Bank of China (PBoC), those swap arrangements were intended not only to stabilise the international financial market, but also to ease bilateral trade and investment.

Meanwhile, the benefit of the currency swap deal and other understandings reached in Beijing during Buharis trip to the Far East Asia country has rubbed off on the air travel sector, as a Nigerian carrier, Air Peace declared that it would soon commence scheduled flight to China from Enugu.

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

The authorities and the flying people created a yearning gap, all the deals in this nation are tipped to one side, the foreign airlines, but this government of Muhammadu Buhari has started to do things otherwise recognising the local airlines and seeing that in Air Peace there is a lot of quality, so they decided to give us when we implemented it didnt take time before they gave it to us, said Onyema.
Diversification of Nigeria’s market urgent, says Buhari

President Muhammadu Buhari in Guangzhou, China said his administration would take urgent steps to restructure Nigeria’s market by encouraging new investments in mining, agriculture and manufacturing.

The President, who stated this at a reception in his honour by the Communist Party of China, said Nigeria would welcome the support of foreign investors, the Chinese government and local companies for attempts to diversify the nation’s economy.

Other agreements signed and declared during the visit, according to the statement, include 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 the Ogun-Guangdong Free Trade Zone and CNG (Nigeria) Investment Limited also signed an agreement valued at 200million dollars for the construction of two 500MT/day float gasoline facilities.

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

Moreover, arrangements experiencing dialogues include a $500 million project for the provision of television broadcast equipment and a $25 million facility for generation of prepaid smart meters between Mojec International Limited and Microstar Company Limited.

"This time we are going to be more purposeful. Businesses and the government will be involved," Buhari said. In his comments, the Secretary of the Communist Party, who's also the Governor of the Guangdong Province, Mr. Hu Chinhua, pledged that the area 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 technological and medical, science inventions."

The www.naija.com/latest 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 given additional investments to Nigeria exceeding $6billion.

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

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

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



Based on the statement, about 100 Nigerian businesses and 300 Chinese firms participated in the Nigeria-China business forum, which took place after his v isit was begun by Buhari to China.
ICPC charges Nigerians to fight with corruption

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 development.



He said the threat was a world-wide phenomenon which had not been confined to Nigeria.

According to him, corruption is more common where there is bad governance, systemic failure 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 nation, it remained.

The ICPC chief, therefore, called on the legislature to review corruption laws in the nation to ensure efficiency, greater operation and deterrence.

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

These, he said, comprised land management in the Federal Capital Territory (FCT) and the monitoring and execution of particular government policies.

Nta said the commission was at present investigation a state where public resources had been transferred into three distinct bank accounts, adding that the details would be made public in due time.

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

He said the measure followed reported instances of pupil harassment in some universities in the country.

Nta added that ICPC was also reviewing the state’s primary health care procedure in collaboration with the National Primary Health Care Development Agency to address its decay through the years.

He also said that inadequate protection of risks and whistleblowers 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 class focused on corruption in the state and the indices driving it.
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Guest Lunes, 11 Diciembre 2017