Wednesday, 31 December 2014
Minster of Police Affairs warns police will arrest anyone who makes inciting statements, calls out Obasanjo
Tokunbo cars to cost more from January 1, 2015
As from first of January 2015, prices of imported used cars otherwise known as Tokunbo or second-hand cars are expected to go up as the second phase of the national automotive policy which was announced in November 2013, will commence.Car dealers would be expected to pay the federal government 70% duty on all imported cars. FG had in 2013 introduced the national automotive policy with the view of encouraging local assemblage of automobiles in Nigeria, increasing the import tariff from 22% to 70%. The first phase of the policy involving the payment of 35% duty came into effect in February 2014 while the second phase which would have started in July this year was postponed to Jan. 2015
New Year message to Nigeria’s youth from Muhammadu Buhari
As we welcome the year 2015, I have shared a message to Nigerians in general, but I find it crucial to send another message directly to Nigeria’s youth, who are the major stakeholders of this enterprise.
The year 2014 was a challenging one for most citizens of our dear country.
We remember our compatriots who were brutishly killed or maimed by evil terrorists in 2014. I remember with a still broken heart that 219 of our children from Chibok are yet missing, let down by a country that should protect them. I remember that, even as I speak, some of our towns and villages are yet under the occupation of Boko Haram.
Yes, it is enough for you to despair. It is enough for you to wonder if your country cares about you and can protect you. But do not despair.
2015 has arrived at a time of great discomfort; but the beauty of the New Year is that we can look forward with renewed hope and the knowledge that things can and will change.
In Nigeria’s case, we can truly look forward to the change that the elections can, and will, bring. Our country will be secure again. Our country will prosper again.
I have faith that 2015 is the year we shall begin to write a new story - a story of our youth creating jobs and expanding the frontiers of innovation and creativity everywhere from Mavin Records to the Co-Creation Hub; a story of genuine investment in our children and students be they in the University of Nigeria, Nsukka or in the Delta State University, Abraka; a country that finally makes a permanent shift from our debilitating dependence on the free-falling price of crude oil.
I have unshakeable faith that 2015 will be the year of change.
Now some of you have asked me: what exactly does ‘change’ mean?
I have taken time to explain this at different opportunities, but on this special day, let me remind you in five short statements.
Change means:
1. A country that you can be proud of at anytime and anywhere: where corruption is tackled, where your leaders are disciplined and lead with vision and clarity; where the stories that emerge to the world from us are full of hope and progress.
2. A Nigeria in which neither yourselves, nor your parents, families or friends will have to fear for your safety, or for theirs.
3. A Nigeria where citizens get the basics that any country should provide: infrastructure that works, healthcare that is affordable, even free; respect for the environment and sustainable development, education that is competitive and outcome-oriented in a knowledge-economy.
4. A country that provides jobs for its young people, reducing unemployment to the lowest of single digits and providing safety nets so that no one is left behind.
5. A Nigeria where entrepreneurship thrives, enterprise flourishes and the government gets out of your way so that you can create value, build the economy and aggressively expand wealth.
Are these things truly possible? Of course. That is the essence and outcome of leadership, and that is what my party and I promise you as we get into 2015.
My dear friends, this New Year, more than ever before, I am hopeful about Nigeria.
Yes, you are disappointed and you are angry, as you are entitled to, but you must never give in to the temptation to feel so weighed down by those who have failed you that you lose your hope and your energy and your passion to see change. You must never give up on Nigeria.
Together, we can build a nation that is secure, prosperous and gives everyone a fair chance.
This is the promise that 2015 holds. That is the promise that change will bring. That is the promise that I bring to you.
Once again, I wish everyone a happy and prosperous New Year.
Thank you and God bless Nigeria.
How God saved my family from this
Monday, 29 December 2014
We didn’t rob; we only collected our dues – Suspects
The police have arrested four suspected robbers at a Lagos market who claimed they did not steal from the traders, but only came to collect their dues.
PM learnt that the suspects- Onyenge Osanie, Azuka Eboh, Ezelonwu Michael and Afolabi Shakiru- were nabbed by the police while they were looting some shops and robbing traders at the Alaba International Market, Ojo, Lagos.
Our correspondent gathered that the suspects, who are four members of a ten-man gang, were arrested by operatives of the state Special Anti-Robbery Squad on December 20.
According to the police, the gang, which is led by a runaway suspect identified simply as Friday, made use of locally-made guns in their operations.
Our correspondent also learnt that most of the gang’s victims were phone dealers, and the gang allegedly carted away about 70 smartphones and Ipads which were worth about N1.5m.
The 35-year-old Osanie said the gang robbed the traders and looted their shops, because they refused to ‘settle’ them. He added that they only targeted shops of traders who had ‘offended’ the gang.
He said, “We usually work with phone dealers in the market who specialise in selling stolen phones. When we steal, they sell, and they then settle us. But later on, some of them defaulted, and we attacked their shops. It was not as if we robbed them, we only came to ask for our money.
“On that day, we had taken only 10 phones before the police apprehended us. I had initially escaped, but two gang members who were caught at the scene later brought the police to arrest me.”
Osanie, a father of three, said he regretted working with the gang, adding that if he was released, he would not indulge in robbery again.
Also, 27-year-old Eboh confessed that the gang did not only burgle shops, but also vandalised some property during the operation.
He said, “What we learnt initially was that a market chairman was coming to give out money but he later failed to show up. That was when we decided to deal with the traders. When we got to the shops, we broke their glasses and carted away expensive phones.
“I joined the gang because I did not have a job. I have been living in hardship with my family.”
Meanwhile, Michael, 22, said he had also gone with the gang on three occasions, adding that they took advantage of the traders’ ‘misbehaviour’ to rob them.
“I was working as a truck driver before I met them. I had gone out with the gang on three occasions to rob in the market. We only took advantage of the commotion of the market to rob them. It was not deliberate,” he said.
The Police Public Relations Officer, DSP Kenneth Nwosu, confirmed the arrest of the suspects.
“Investigations are still ongoing on the matter at SARS,” he added.
Source: Punch
INEC releases names of candidates for 2015 presidential election
Although there are 26 registered political parties in Nigeria, only 11 have submitted names of candidates to run for the presidency.
The ruling Peoples democratic party, PDP, submitted the names of President Goodluck Jonathan and his vice,Namadi Sambo, while the main opposition All Progressives Congress, APC, submitted the names ofMuhammadu Buhari and Yemi Osinbajo as presidential and vice presidential candidates.
Others are Oluremi Sonaiya and Saidu Bobboi for Kowa Party, Ambrose Albert and Haruna Shaba forHope Democratic Party, Ganiyu Galadima and Balarabe Ahmed of Allied Congress Party of Nigeria, ACPN, Rafiu Salau and Clinton Cliff Akuchie for Alliance for Democracy, AD and Godson Okoye andHaruna Adamu, for United Democratic Party, UDP.
Others are Nani Ibrahim Ahmad and Obianuju Murphy-Uzohue of African Democratic Congress, Martin Onovo and Ibrahim Mohammed of National Conscience Party, NCP, Tunde Anifowoshe-Kelani and Paul Ishaka Ofomile of Action Alliance and Chekwas Okorie and bello Umar of United Progressive Party.
The Labour Party, LP, and the All Progressives Grand Alliance, APGA, have already adopted the PDP candidate, Goodluck Jonathan as their candidate as well.
Of all the 11 candidates, only Messrs. Jonathan and Buhari were candidates in the last election in 2011.
13 years old boy electrocuted in Kano
The incident which triggered protest by the city dwellers occured at number 842, Naibawa Tsakia quarters of Kumbotso local government area of the state around 5.30am last Sunday.
Eyewitness revealed that the deceased allegedly stepped into a live cord right in front of his house while easing himself preparatory for early morning Muslim prayers.
The eye witness disclosed that late Bashir who suffered from multiple shock was found stone dead by his father while returning home from the neighbourhood mosque.
Coroborating the eyewitness, father of the decease, Auwalu Kwaram 49, told newsmen that ” Bashir chooses to ease himself outside while our rest room was occupied during the time for prayers”.
Kwaram explained that ‘his death was one of the many trial from the Almighty and it occured in fulfilment with destiny’.
Kwaram, in tears stated that “we are from God and unto we shall return at appointed time afterall we are living to die”.
Commenting on the incident, the Assistant General Manager, Kano Electricity Distribution Company (KEDCO), Mukhtar Baffa described it as unfortunate, adding that ‘it might not be unconnected with illegal connection’.
He revealed that KEDCO authority has embarked on public awareness campaign on the danger posed by illegal connection, stressing that the unwholesome practice constitute danger to both life and free flow distribution of power.
In his reaction, the police Image Maker in Kano, ASP Magaji Musa Majia disclosed that the command its not aware of the incident.
“The incident was not reported but we would launch an investigation to establish why what happened occured and take appropriate measures to forestall re-occurrence”, ASP Majia assures.
Saturday, 27 December 2014
Graphic photos from failed suicide bombing in Gombe state
A male suicide bomber was killed yesterday December 23rd after he rammed his IED laden Honda car into a military checkpoint in Baroja, Gombe state. Find the military press statement below...
A suicide bomber who rammed into a military check point in Bajoga, Gombe State yesterday, failed to achieve his mission. His attempt to escape also failed as he was brought down by vigilant soldiers when he tried to flee after hitting a military Amoured Personnel Carrier with his IED laden Honda car. The explosives which failed to detonate have been evacuated and handed to the police.
Also in Kano, security forces have raided the terrorists’ hideout in Nasarawa Local Government Area leading to the arrest of bomb making experts who are already helping in the investigation into activities of bombers lately. Officers believe that the efforts will yield useful clues.
Troops deployed in all locations of the counter terrorism campaign have been directed to sustain the tempo of operations all through the period of seasonal celebrations and ensure that the intention of terrorists to attack civilian target while avoiding troops is duly frustrated.
‘I cut off men’s penises for N150,000’, Prostitute confesses
A 23-year-old lady prostitute resident in Imo State has made shocking revelations to the police after she was arrested for trying to cut off a man’s genitals.
The commercial sex worker, Uche Agunta told the security officials that she had cut off the penises of seven men with razor blades while they were having sex with her.
Unfortunately for her, she met her waterloo when she attempted to castrate her eighth victim, an anti-kidnap officer.
“I am a prostitute and I smoke. I have a gang and we specialise in sleeping with men and cutting their manhood during sex. We use the manhood for money rituals. I have killed seven men in the hotel in Owerri. They had sex with me after they have paid me N3, 000 or N5, 000. I would be on top of the man and in the process I would bring out blade and cut off his manhood,” Uche said.
“I usually hand over the manhood to our gang leader. They always promise to pay us N150, 000 for each manhood we could supply, and which they used for money ritual,” she added.
She explained the circumstances in which she met her last prospective victim:
“In November 2014, the man met me at Oyima Street, Owerri. He gave me N2,000 to have sex with me. It was around 3.00pm. The victim took me to the hotel in Owerri and he was having sex with me.”
“I was on top of him and when he was enjoying it, I brought out my blade and I started cutting his manhood. But it hadn’t cut off when he started to shout for help. Then they came to arrest me and he was rushed to the hospital. I was arrested and I have confessed to the police,” she said.
According to the victim:
“I took the suspect to the hotel and I paid her N2, 000 for sex. The suspect was on top of me and suddenly she brought out a blade and almost cut off my manhood. Blood was gushing out and I started shouting, then the hotel staff came in and the police arrested her.”
“I was rushed to a nearby hospital for treatment. I am still receiving treatment. I thank God. My manhood could have been cut off; it remained just a little,” he added.
Uche’s arrest was confirmed by the State Commissioner of Police, Abdulmajid Ali who stated that the suspect was indeed part of a prostitution ring which specialized in using men’s genitals for money rituals.
Wednesday, 24 December 2014
Police parades 13-year-old suicide bomber in Kano
KANO – The Department of State Service and the Nigerian Police Wednesday afternoon paraded a 13 years old female suicide bomber arrested in the wake of attack on Kano textile market.
1 3 years old suspected suicide bomber
The arrested female suicide bomber who identified herself as Zaharau claimed to be an indigene of Bauchi State told reporters in Kano that she was recruited into the heinous act by her father.
Zaharau was picked up in unnamed hospital in Kano shortly after the twin blast that rocked the popular textile market in the city on December 10, where she had gone to sought medical attention over an injury she sustained from the blast.
Details shortly.
Tuesday, 23 December 2014
Let's talk about this N21billion that was raised for GEJ's campaign
What happened is normal and done everywhere in the world...presidential candidates gather friends and associates to donate towards their campaign. But what I don't get is a private individual like Tunde Ayeni, the chairman of SKYE Bank donating N2billion. So, if you donate that amount to the president, is it for something you will get later from his administration or it's just goodwill?
Monday, 22 December 2014
Pirated copies of Obasanjo’s book sell for N7,000
The development came after a Federal Capital Territory High Court judge, Justice Valentine Ashi, ordered that security agents, including the police and men of the Department of State Service, should confiscate all copies of the book.
Our correspondent learnt that Obasanjo’s original book which has three volumes, costs about N15, 000 while the pirated copy, which has two volumes, costs less than half the price and comes in a white cover as opposed to the original’s yellow and brown colour.
Our correspondent, who spoke to hawkers selling the book in the Maryland and Opebi areas of the state, was told that Obasanjo’s original book had become scarce.
One of the traders, who spoke to our correspondent on Opebi Road, said traders knew that the original would become scarce after a court ordered its seizure and so pirates seized the opportunity to make money.
He said, “My friend, you know this book is illegal now and we are even taking a huge risk selling it. The controversy in the pages of the book and the controversy that it has continued to generate in society have made it a bestseller.
“I usually sell it between N11,000 and N7,000 depending on the negotiating power of the customer.”
When asked where he usually got the books from, he said, “You want to spoil my market? Of course I can’t tell you.”
Obasanjo’s book, which centres on his life in the military, as a democratic president and after office, became a legal issue shortly before its publication when the Chairman, Organisation and Mobilisation Committee of the Peoples Democratic Party in the South-West, Buruji Kashamu, took the matter to court in an attempt to prevent Obasanjo from launching the book.
However, Obasanjo on December 9, 2014, went ahead to publish the book and the judge ordered that the books be confiscated
Bitter Truths About The Economy The Jonathan Govt. Does Not Want Nigerians To Know
As is well known, available figures, statistics and ratings show that the Nigerian economy has consistently maintained an unprecedented growth rate of 6-7 per cent under the Jonathan administration. They also show that the Nigerian economy is now the leading economy in Africa and the 26th largest in the world, with a gross domestic product of over $500 billion per annum.
Pres. Jonathan at the World Economic Forum held May 2014, Abuja
Statistical indicators are like a woman’s bikini, they hide or mask the most important details, while revealing what, to a casual observer, seem like a whole lot. Take for example real economic growth rate: a measure of how much the economy grew, in real terms. Real growth rate is essentially a quantitativemeasure. While it measures the total goods and services produced in a given year, it does not say anything about how the quality of life has changed, and whether or not available resources were used transparently and beneficially.
As a result, economists have come to the conclusion that the growth rate of an economy at any point in time is meaningless unless there is a context to the discussion. Some ways of introducing context is to compare performance to another recent period or to the performance of peer countries with similar economic fundamentals. These two exercises should show whether or not in a particular epoch, a country’s performance is “unprecedented” or spectacular.
Minister of Finance, Ngozi Okonjo-Iweala, has, until recently, claimed the Nigerian economy is in perfect shape
In addition, several countries have introduced alternative measures of economic wellbeing that captures more holistically, all aspects of economic performance. Bhutan, for example introduced the concept of Gross National Happiness (GNH) in the 1970s. GNH measures economic performance in relation to four pillars: good governance, sustainable socio-economic development, cultural preservation, and environmental conservation. In the reckoning of Bhutanese authorities, if all the four pillars were performing, the sum total would be higher gross national happiness.
Several factors affect real economic performance. The quantity and quality of a country’s labour force and its natural resource endowment all affect investment, production and consumption decisions of economic agents. In order to steer the economy in a direction that is over and above what is warranted by labour force and endowment, governments would normally introduce fiscal, financial and monetary policies that support the achievement of both a higher level of growth and qualitative improvements in livelihood.
More importantly, because in today’s global environment, countries do not operate as islands unto themselves, developments in the global economy, especially those of major trading partners, international prices of imported and exported commodities, and the general flow of financial resources, all shape a country’s economic outcomes. While the latter are not within the control of a country, sound domestic socio-economic policies on health, education, environment security and infrastructure will improve the overall quality of life and the business environment so as to make the private sector flourish.
Nigeria’s recent economic performance
Nigeria’s recent growth performance has mostly been shaped by improvement in global trends rather than sound economic policy management, which has actually taken a turn for the worse when compared to the first few years of civilian rule. Recent global developments, such as increase in oil prices (until the recent dip in prices); the shift in foreign investor’s interest to developing economies as growth in advanced economies reached saturation points, have helped Nigeria to attract foreign investments, especially in the non-oil sector. As a result, and notwithstanding poor policy choices, unprecedented corruption and theft of public resources, infrastructure deficiency and security challenge, economic growth during the first six years of this administration has been relatively good. However, the performance, as impressive as it may look, is poor when compared to growth during the first six years of civilian rule. In addition, real economic growth does not match the achievement of other oil producing countries with similar endowments as Nigeria.
The facts speak for themselves
During 2009-2013, the first five years of President Jonathan’s administration, real GDP growth averaged 6-7 per cent, a fact often touted by the government. But this record is much lower than that of the first five years of civilian rule (1999 – 2005), when growth averaged 11.1 percent. (Figure 1) This is despite the fact that oil prices were much lower at that time than now, and foreign investors’ appetite for Nigeria was not as strong as now. The difference, it seems, is in the leadership and policy choices of the different periods. Therefore, President Jonathan’s achievement can hardly be said to be “unprecedented”. It’s actually poorer than his predecessor’s achievements in less benign circumstances.
FIGURE 1: Real GDP Growth Rate 2000-2013
Lying with data? Some glaring inconsistencies
Many Nigerians have wondered how the high growth rates being reported are possible given the “facts on the ground” – to use a well-worn Nigerian phrase. As explained above, decent rates of growth is possible in a chaotic domestic environment so long as external conditions are largely favourable. Notwithstanding, from a strictly conceptual point of view, there are serious reasons to question recent growth data and the integrity of data more generally, as would be clear in the following exposition.
Inconsistencies in regional contributions to growth
To accept current measures of economic performance and the high growth rates, one would have to agree that the disturbances in the North East region, which has brought the regional economy to a halt in the past two years with spillovers to neighboring regions, has not made a dent on growth. Furthermore, one would have to accept that the oil theft in the Niger Delta, which the London think tank, Chatham House, described as “industrial scale” and estimated at $3bn-$8bn a year, did not impact on GDP growth. By any calculation, oil theft at the upper end of this range is enough to lower the growth rate directly by 1-2 percentage points, and much more indirectly through the impact on other sectors of the economy.
Inconsistencies in key macroeconomic indicators
Nigeria’s main macroeconomic indicators have weakened considerably recently, raising questions about why the weakness has not impacted on growth. A few examples will suffice:
Fiscal balances: Nigeria’s fiscal balances are much weaker than at any time since the beginning of civilian regime. In the first five years of President Jonathan, the fiscal account was in deficit, on average by 4 per cent of GDP. During the first five years of civilian rule in contrast, the fiscal balance was in surplus, on average, by close to 2 percent of GDP. (Figure 2) Again, this is despite much lower oil revenue earnings during the earlier period. Even though the Jonathan fiscal deficit remains small by international standards, it is still higher than that of many oil exporting countries which are all accumulating surpluses rather than deficit and using the opportunity of high oil prices to invest in long term infrastructure. What is becoming clear to critical observers is that the budget deficit is more or less contrived through an unrealistic oil benchmark price. With lower revenue and higher expenditure projections, the result is a deficit balance. DMO is then required to “borrow” at excessive cost “to finance the deficit”. But with the usual less than 70 percent implementation rate of the budget, nobody has bothered to find out why there is still a deficit if the budgeted amount was not spent and why the need to accumulate new debt!
Public debt: Public debt stock is much higher than at any time since the Paris Club debt exit of 2006. In 2007, total public debt fell to N2.678 trillion ($3.56billion external debt from $36b, and N2.2trillion domestic debt). But as of end 2013, public debt has increased by more than 300 percent to N8.423trillion ($8.2b external, and N7.1 trillion domestic). (Figure 3).
If AMCON debt and other agencies are included, the total debt burden is now over N10 trillion. By end of 2014, Nigeria’s total debt should easily approach over $100b, most of which were accumulated in the past 6 years. Given the well-established negative correlation of debt and economic growth, how has growth been so strong?
Debt service: According to 2013 federal budget data, close to 20 percent of recurrent expenditure is devoted to servicing debt alone, a contrast to 2007, when only around 10 percent of recurrent expenditure was spent on debt service. The major conundrum is the lack of clarity on why debt accumulation should be so high in the presence of historically high oil prices, and what exactly the debt is financing. Furthermore, government’s policy of accumulating debt at average interest rates of 13-15 percent when the same government is receiving less than 3 per cent on its savings (foreign reserves) beats economic logic. Why not use some of the savings to finance the needs and save 10 percent? It will also be interesting to find out why debt accumulation is bad in 1999-2007, but is now a good thing.
Foreign reserves: Nigeria’s foreign reserves have followed a pattern similar to the other indicators since the beginning of civilian rule. In the Obasanjo and Yar’Adua periods, reserves high enough to finance, on average over 7 and 10 months of imports respectively. However, in the six years of President Jonathan, it has declined to about 6.3 months of imports. (Figure 4). When compared with other oil exporting African countries, in the first two periods, Nigeria’s foreign reserve accumulation was stronger than those of other countries. However, in the recent period, Nigeria is just about catching up with others. Although stabilization funds exist, the federal government has struggled to replenish them, despite high oil prices.
FIGURE 2: Fiscal Balances 2000-2013
The quality of growth
Apart from the growth rates that do not match economic realities, there are serious questions about the quality of Nigeria’s growth. Sustained growth over the years has not made a dent on poverty, or led to broad-based improvements in living standards. While some indicators improved in the early post military era, many have now nose-dived, as no conscious effort has been made to skew policies in favour of socio economic wellbeing. Some examples:
Life expectancy is just 54 years, eight years lower than in Ghana and 20 years lower than in Brazil.
The rate of childhood malnutrition is 24 percent, more than eight times the rate in Mexico.
Basic literacy among 15- to 24-year-olds is just 66 per cent, compared with 99 per cent in South Africa.
Official estimates of poverty rate vary from 41 per cent to 56 per cent, depending on whether the poverty line is drawn at 2,500 calories per day or at US$1.25 per day. However, according to a recent study, 74 per cent of the population lives below the economic empowerment line. This is a more stringent definition than “poverty line”. As a result, there are still 32 per cent of the population that are above the official calorie-based poverty line but are not “economically empowered."
Infrastructure continues to be a major challenge: electric power, transportation infrastructure, telecommunications infrastructure and Internet and broadband access is limited. Water and wastewater systems are nonexistent outside a few cities.
Reputation for widespread corruption remains high, ranking at 139th out of the 176 countries on Transparency International’s 2014 Corruption Perception Index.
World Bank governance and business environment indicators are much weaker than for oil exporting or African peers. Nigeria ranks 158th out of 189 economies for trading across borders. Global Competitiveness Report of the World Economic Forum for 2013-2014, ranked Nigeria 120th out of 148 countries in the Global Competitiveness Index.
Nigeria’s budgetary process is now adjudged one of the weakest in the world. In the annual “Open Budget” Survey, Nigeria’s ranking has declined progressively since 2006, and in the latest ranking for 2012, Nigeria scored 16 per cent. This does not compare favorably with the performance of South Africa (90%), Uganda (65%), Ghana (50%) and Angola (28%).
FIGURE 3: Government Debt 2000-2013
The size of the economy
Many Nigerians are somewhat puzzled about the new size of the Nigerian economy relative to their quality of life. Yes indeed, the Nigerian economy is now the largest in Africa, but size does not correlate with quality of life. Apart from a higher per capita income due to the larger size of the economy, many of the other indicators merely confirm that the economy has been underperforming all along, as several indexes now put Nigeria at a much lower ranking than other African countries. Sadly, the government is focusing on trumpeting the good ratios, rather than focusing policies on how to improve some of the poor ratios below:
Though Nigeria’s per capita income rises in line with nominal GDP but it remains well below peer group medians as well as those of oil-producing Angola and Gabon.
FDI now falls to less than 1% of GDP, which shows that Nigeria has one of the lowest levels of FDI inflow in the Africa region.
With non-oil fiscal revenue now falling to around 4% of GDP, the overdependence of the economy on oil is even more stark than in the past, and compared to other countries, Nigeria now has one of the weakest revenue mobilization ratios of Sub-Saharan Africa peers.
Financial market development which is usually measured by money supply in percent of GDP is now just around 19% of GDP. Compared to Mauritius (99 %), South Africa (74 %), Kenya (42 %), and Angola (37 %). These show that Nigeria has one of the least developed financial markets in Africa.
FIGURE 4: Foreign Reserve Accumulation in Months of Imports – Nigeria and Other African Oil Exporters
All things considered, the 6-7% of GDP growth rate is neither unprecedented, nor a superior achievement, relative to past governments. The performance is not the result of policy choices, but favourable external environment. While the revision to GDP is a credible exercise that confirms the size of Nigeria’s economy, it also shows how poor performance has been all along. It’s time to focus on better economic outcomes.
Source:premium times
Note: PREMIUM TIMES relied on Federal Government of Nigeria publications, International Monetary Funds and World Bank web sites for this report.
Buhari promises issue-based campaign
The Buhari Campaign Organisation has pledged to conduct a campaign focused on the issues which will uplift average Nigerian from poverty to prosperity.
General Muhammadu Buhari is the Presidential candidate of the All Progressives Congress (APC).
In a statement yesterday by its Communication Director, Mr. Dele Alake, the organisation noted that “the issues of electricity generation and distribution, poverty elimination, eradication of corruption, mass unemployment and security of lives and property are going to form the focal points of our campaign.”
It added: “These issues have no ethnic colour. Poverty afflicts the old and the young. Unemployment has no political affiliation. Insecurity damages the economy precariously. Insecurity may be more prominent in the Northeast in the wake of the Boko Haram insurgency, but the reality is that Nigerians generally have never been as endangered as they now are.
“Our responsibility to the Nigerian people in this campaign is to articulate how to rescue Nigerians from the present danger based on the manifesto of the APC. Our responsibility is to demonstrate that Buhari has the personal virtues of discipline, honesty and transparency to inspire the change that is imminent.
“Our responsibility is to communicate how the military skills acquired by Buhari, the generals’ general, in a publicly acknowledged distinguished career, has made him the most appropriate contestant in the 2015 election with the technical and technocratic skills to crush the rampaging insurgency and bring peace to a nation losing a protracted guerrilla war”.
On the Buhari-Osinbajo ticket, the campaign organisation said it brought together two institutions, which defend the national patrimony and maintain internal harmony.
It explained that while the military defends the state from aggression, the judicial system defends the law, which establishes and maintains the state.
“Indeed, the intellectual, political and spiritual antecedents of Prof. Yemi Osinbajo provide the complimentary combination and collaboration that the next Nigerian administration needs – a government that respects the rights of its citizens and enforces their duty to the state.
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