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Naija Newsonline

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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 outlook and orientation for the state to make progress even as the state is passing through challenging times.

Dogara said if nigeria breaking news naija.com would be to see significant progress in quality of leadership and governing, 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 understand that leaders are recruited from among them.

He, consequently, charged Nigerians to, as a matter of importance, demonstrate higher standards of runs even as they anticipate same from their leaders.

There is certainly consistently expectations from citizens for leaders to show a higher standard of behaviour. Clearly, it is good that people who call themselves leaders should aspire to maintain higher standards.

But what exactly is wrong with the narrative, particularly in breaking naija news live, is that in many cases, citizens anticipate that only leaders must live above board. This nation can only just make progress if all the citizens and leaders conclude that in their day-to-day endeavors, they will preserve the greatest of standards.

Because if you anticipate just leaders to do the right thing, the direction recruiting process is such that leaders constantly emerge in the people.

Dogara admonished politicians to place their trust in God because power comes from God, success comes from God, no one, regardless of how strong he or she is, can give you power.

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

He said the electorate should rather 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 humanity to live a life of gratitude, service, praise and worship.
Gains, pitfalls of Naijas currency swap deal with China

Separated stakeholders say policy may ease company, stifle local firms

For varied stakeholders in the economy, the Federal Governments recent currency swap deal with China holds both glowing 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 largest economy, President Muhammadu Buhari struck a naira and yuan swap deal, scripted to facilitate trade transactions between both states, devoid of current exchange challenges with the United State dollar.

Moreover, the deal, based on Presidency sources, has the potenrial of shoring up the value of the nations money, in the forex market, through a concomitant emergent bidding scheme, with tactical reduced need for dollar and other major currencies, apart from the yuan.

The currency swap deal is composed of an agreement between two central banks, at least one of which must be an international money issuer, to swap their monies. 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 provide them with temporary liquidity in a foreign currency.

But pessimists pointed out that the swap deal was not consummated between both 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 impact the aims of the swap deal at all, it raises some essential sovereign dilemmas, according to an analyst who spoke on condition of anonymity.

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

He said: I believe that Nigerias overriding aim 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, based on the value, an important part of Nigerias import invoices from China would now be denominated and settled in yuan, therefore reducing the interest in dollar by Nigerias importers.

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

I suggest that the Government should try and incorporate a strategy just like that of the cement sector policy, which would require some of the imports from China to be made locally after a defined timeline, particularly if Nigeria has relative manufacturing advantage for such products. Examples that can readily come to mind include textiles, plastics, ceramics, among others.

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

That action was taken at a time when the U.S. economy 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 a fantastic measure that would significantly reduce the raising pressure on the U.S. dollar, which has gone haywire in the foreign exchange market.

In accordance with Olatujoye , the determination has the capability of bringing double investment to the state 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 would 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 put money into 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 market.

The NPPAN president allayed any concern that the determination could bring about the higher importation of Chinese goods into Naija, citing the economic rivalry or currency war between China and America.

He, nevertheless, expressed the concern that European countries may not be well disposed to it because it is effective at 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 arrangement should reduce the pressure on the naira if properly implemented.

According to him, the agreement if it becomes a reality, means that the de facto currency, dollar , will not hold on the import naija news com. 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 urged Buharis economical team to see the way the state can indeed leverage on the technology prowess of China for naija news latest to achieve a sustainable economy.

According to Gbade Buraimoh, a Lagos-based financial expert, the pursuit for dollar through banks will undoubtedly reduce, as all trades between Naija and China will take yuan in place of dollar.

He noticed 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 remove 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 the swap deal would smoothen the payment system in the bilateral trade between both countries but stressed that it might not really fortify the naira in the foreign exchange marketplace, as the nation would have to enhance its productive base to achieve that.

An Abuja-based international affairs and diplomacy expert, Kadiri Abdulrahman, viewed the currency swap deal as a confident move towards enhancing the value of the naira, therefore 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 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 included in the foreign exchange reserves of Nigeria.

Nigeria isn't the first nation that China would enter into this kind of 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 deals were intended not only to stabilise the international financial market, but also to ease bilateral trade and investment.

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

Chairman of Air Peace, Allen Onyema shown at the Enugu Economic Summit that the airline has been made Nigerias official flag carrier for the route.

The government and the flying people created a yearning opening, all the arrangements in this nation are tilted 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 employed 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 economy by supporting new investments in production, agriculture and mining.

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



"This time we'll be more purposeful. Companies and the government will be involved," Buhari said.

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

The news naija com Agency of Nigeria (NAN) reported Shehu as saying the President has expressed satisfaction with the result of his working visit to China, which he said yielded added investments to Nigeria exceeding $6billion.

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

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

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

Other deals declared and signed during the visit, based on 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 additionally signed an agreement valued at 200million dollars for the construction of two 500MT/day float gas facilities.

It further stated that an agreement, valued at downstream industrial park in Kogi State and $363 million for the establishment of an extensive farm was also declared at the Nigeria-China business forum.

In addition, agreements getting discussions include a $500 million project for the supply of television broadcast equipment and a $25 million facility for production of pre-paid smart meters between Mojec International Limited and Microstar Company Limited.

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

Talking on "The Part of ICPC in the War Against Corruption: Mandate, Strategies and Challenges’’, Nta said that corruption was a huge challenge that attested at all levels and confronted the country.

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

He said that the threat was a worldwide phenomenon which wasn't limited to Nigeria.

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

He said that though public understanding was the commission was just participated in prosecuting corrupt government officials due to the sentiments it was focusing on other corrupt practices.

These, he said, contained land management in the Federal Capital Territory (FCT) and the observation and implementation of particular government policies.

Nta said the commission was at present investigation a state where public funds were transferred into three different bank accounts, adding the details would be made public in due time.

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

He said that the measure followed reported instances of student harassment in some universities in the state.

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

He stressed that it was regrettable that it still continued, as the legislations seemed not to be helping the issues.

The ICPC leader, hence, called to review corruption laws in the country to ensure efficiency, greater operation and deterrence.

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

The news on naija 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 country and the indices driving it.
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Guest Viernes, 20 Octubre 2017