Anambra Records $5m Vegetable Exports To Europe- The Vanguard

AWKA—
In a bid to underscore the importance of diversifying the economy and attracting more industries to Anambra state, Chief Willy Obiano has confirmed that the concise Economic Blueprint, made up of The Four Pillars of Development; including Agriculture, Industrialization, Trade and Commerce and Oil and Gas he developed on assumption of office has started yielding dividends. 

The governor who spoke in Abuja in an interactive session he had with the People of Anambra living in the North central part of the country at the Transcorp Hilton stated that the state is now a socially stable, business-friendly environment attracting both indigenes and foreigners to seek wealth-creating opportunities.
To this end, he told the audience which included the Obi of Onitsha, Igwe Alfred Achebe, Dr Oby Ezekwesili both PDP and APC members of the National Assembly, former Governor Chinweoke Mbadinuju and several others that Anambra State Investment Agency, ANSIPPA, charged with the mandate of attracting and fast-tracking investments in the state has so far attracted over $4.2 billion deals to the state. 
The latest investment he confirmed was sealed on Tuesday last week with Zolt Energy Limited to build a 40 megawatts Embedded Power Generating Plant in Ogbaru. When completed in the next 18 months as scheduled, all the power generated from it will be distributed mainly in Anambra State. 

On the state of agriculture, Obiano who was giving a score card of his two and half years stay in office disclosed that “in January this year, Anambra made headlines when it became the first state in Nigeria to export vegetables (Ugu and Onugbu) valued at $5million to Europe. 
At the same time, our locally produced brand of rice known as Anambra Rice recently emerged the Best Rice in Africa at an African Products Forum in Lagos. Anambra Rice was adjudged better and more wholesome than other competing brands from South Africa, Egypt, Ghana, Morocco, Namibia and Cameroon.
Our agricultural sector has also attracted investments from 7 companies valued at $1.011bn while the large industrial farms have pushed our local rice production from 90,000 metric tons to 210,000 metric tons. At this rate, we shall soon surpass the 320,000 metric tons we consume in Anambra State per annum” Obiano told the capacity crowd at the Congress Hall that the Oil and Gas Advisory Committee headed by Dr.Emmanuel Egboga, the former Special Adviser to the President on Petroleum Matters has been charged with drafting a comprehensive Blueprint for the Oil & Gas sector and advising the State on the necessary steps that would ensure the recognition of Anambra as the 10th Oil Producing State in Nigeria.

http://www.vanguardngr.com/2016/07/anambra-records-5m-vegetable-exports-europe/

Anambra Records $5m Vegetable Exports To Europe- The Vanguard

AWKA—
In a bid to underscore the importance of diversifying the economy and attracting more industries to Anambra state, Chief Willy Obiano has confirmed that the concise Economic Blueprint, made up of The Four Pillars of Development; including Agriculture, Industrialization, Trade and Commerce and Oil and Gas he developed on assumption of office has started yielding dividends. 

The governor who spoke in Abuja in an interactive session he had with the People of Anambra living in the North central part of the country at the Transcorp Hilton stated that the state is now a socially stable, business-friendly environment attracting both indigenes and foreigners to seek wealth-creating opportunities.
To this end, he told the audience which included the Obi of Onitsha, Igwe Alfred Achebe, Dr Oby Ezekwesili both PDP and APC members of the National Assembly, former Governor Chinweoke Mbadinuju and several others that Anambra State Investment Agency, ANSIPPA, charged with the mandate of attracting and fast-tracking investments in the state has so far attracted over $4.2 billion deals to the state. 
The latest investment he confirmed was sealed on Tuesday last week with Zolt Energy Limited to build a 40 megawatts Embedded Power Generating Plant in Ogbaru. When completed in the next 18 months as scheduled, all the power generated from it will be distributed mainly in Anambra State. 

On the state of agriculture, Obiano who was giving a score card of his two and half years stay in office disclosed that “in January this year, Anambra made headlines when it became the first state in Nigeria to export vegetables (Ugu and Onugbu) valued at $5million to Europe. 
At the same time, our locally produced brand of rice known as Anambra Rice recently emerged the Best Rice in Africa at an African Products Forum in Lagos. Anambra Rice was adjudged better and more wholesome than other competing brands from South Africa, Egypt, Ghana, Morocco, Namibia and Cameroon.
Our agricultural sector has also attracted investments from 7 companies valued at $1.011bn while the large industrial farms have pushed our local rice production from 90,000 metric tons to 210,000 metric tons. At this rate, we shall soon surpass the 320,000 metric tons we consume in Anambra State per annum” Obiano told the capacity crowd at the Congress Hall that the Oil and Gas Advisory Committee headed by Dr.Emmanuel Egboga, the former Special Adviser to the President on Petroleum Matters has been charged with drafting a comprehensive Blueprint for the Oil & Gas sector and advising the State on the necessary steps that would ensure the recognition of Anambra as the 10th Oil Producing State in Nigeria.

http://www.vanguardngr.com/2016/07/anambra-records-5m-vegetable-exports-europe/

Anambra Records $5m Vegetable Exports To Europe- The Vanguard

AWKA—
In a bid to underscore the importance of diversifying the economy and attracting more industries to Anambra state, Chief Willy Obiano has confirmed that the concise Economic Blueprint, made up of The Four Pillars of Development; including Agriculture, Industrialization, Trade and Commerce and Oil and Gas he developed on assumption of office has started yielding dividends. 

The governor who spoke in Abuja in an interactive session he had with the People of Anambra living in the North central part of the country at the Transcorp Hilton stated that the state is now a socially stable, business-friendly environment attracting both indigenes and foreigners to seek wealth-creating opportunities.
To this end, he told the audience which included the Obi of Onitsha, Igwe Alfred Achebe, Dr Oby Ezekwesili both PDP and APC members of the National Assembly, former Governor Chinweoke Mbadinuju and several others that Anambra State Investment Agency, ANSIPPA, charged with the mandate of attracting and fast-tracking investments in the state has so far attracted over $4.2 billion deals to the state. 
The latest investment he confirmed was sealed on Tuesday last week with Zolt Energy Limited to build a 40 megawatts Embedded Power Generating Plant in Ogbaru. When completed in the next 18 months as scheduled, all the power generated from it will be distributed mainly in Anambra State. 

On the state of agriculture, Obiano who was giving a score card of his two and half years stay in office disclosed that “in January this year, Anambra made headlines when it became the first state in Nigeria to export vegetables (Ugu and Onugbu) valued at $5million to Europe. 
At the same time, our locally produced brand of rice known as Anambra Rice recently emerged the Best Rice in Africa at an African Products Forum in Lagos. Anambra Rice was adjudged better and more wholesome than other competing brands from South Africa, Egypt, Ghana, Morocco, Namibia and Cameroon.
Our agricultural sector has also attracted investments from 7 companies valued at $1.011bn while the large industrial farms have pushed our local rice production from 90,000 metric tons to 210,000 metric tons. At this rate, we shall soon surpass the 320,000 metric tons we consume in Anambra State per annum” Obiano told the capacity crowd at the Congress Hall that the Oil and Gas Advisory Committee headed by Dr.Emmanuel Egboga, the former Special Adviser to the President on Petroleum Matters has been charged with drafting a comprehensive Blueprint for the Oil & Gas sector and advising the State on the necessary steps that would ensure the recognition of Anambra as the 10th Oil Producing State in Nigeria.

http://www.vanguardngr.com/2016/07/anambra-records-5m-vegetable-exports-europe/

No Limit On Naira Debit, Credit Cards Utilization On E-channels

The Central Bank of Nigeria (CBN) yesterday said transactions done through electronic channels and Pointof-Sales (PoS) terminals are not subject to daily limit as settlement for the cards shall continue to be with interbank funds.

However, the maximum limit for naira debit and credit cards utilization shall be US$50,000.00 per annum. In addition, daily cash withdrawal limit is pegged at US$300.00 per person per day, and subject to monthly rendition of returns by Authorised Dealer banks and card issuers to the CBN.
This was contained in the new policy measures for 2016/2017 released yesterday by the Apex bank. The new policy measure stated that Naira Debit/Credit cards used locally are not affected and Debit/Credit cards linked to customers domiciliary accounts to be used overseas are also not affected.

According to the CBN, allowable limit of outbound money transfer per transaction per person shall be US$1,000.00 or its equivalent per quarter subject to review from time to time. Applicable charges by the operator shall be in compliance with the money transfer charges as may be prescribed by the CBN from time to time.

“Authorised Dealers shall henceforth utilize interbank funds strictly for funding of Letters of Credits, Bills for Collection and other invisible transactions, subject to appropriate documentation as 4 SECTION FOUR 51 Central Bank of Nigeria | January 2016 Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2016/2017 provided by extant regulation”, the CBN said in the new policy measures.

On the other hand, the CBN will continue to ensure that OFIs do not engage in nonpermissible activities as specified in the revised guidelines.

Also yesterday, the CBN requested all authorized dealers to submit returns on all foreign investments by Nigerian entities offshore from 2006 till date.

In a circular signed by Alvan Ikoku, director, trade and exchange department, the returns which should be in excel format, should reach the director, trade and exchange department, CBN, Abuja.

CBN Adopts Flexible Exchange Rate Policy

After a long wait, the Monetary Policy Committee of the Central Bank of Nigeria has bowed to pressure, thus, directing its management to switch to a flexible exchange rate policy.
A flexible exchange-rate system is a monetary system that allows the exchange rate to be determined by supply and demand.
The CBN Governor, Godwin Emefiele made this disclosure on Tuesday while addressing newsmen shortly after the end of the two day MPC meeting held at the apex bank headquarters in Abuja.

The apex bank boss said with the new directive, the CBN would within the next few days unveil a new guideline on the management of foreign exchange in the country.

With the development, there is possibility that the Naira would experience further decline against the dollar.

Emefiele said following the recent drop in the country’s foreign exchange, it was high time the bank introduced greater flexibility in the management of foreign exchange.

Also at the meeting, the MPC decided to retain the Monetary Policy Rate at 12 per cent, while also retaining the Cash Reserve Requirement at 22.5 per cent and the Liquidity Ratio at the current rate of 30 per cent.
http://dailypost.ng/2016/05/24/cbn-finally-adopts-flexible-exchange-rate-policy/

NBS: 1.5m Nigerians Became Unemployed In 2016

The Nigerian Bureau of Statistics (NBS) says another 1.5 million Nigerians became unemployed in the first quarter of 2016.

In its unemployment and underemployment report released on Friday, NBS said the country’s unemployment rate grew from 10.4 percent in the last quarter in 2015 to 12.1 percent.

In the third and fourth quarter of 2015, Nigeria saw about the same number of people become unemployed.

The economically active population or working age population (persons within ages 15- 64) increased from 105.02 million in Q4 2015 to 106.0 million in Q1 2016, the report adds.

“In Q1 2016, the labour force population (i.e. those within the working age population willing, able and actively looking for work) increased to 78.4 million from 76.9million in q4 2015,” NBS said.

“This means an additional 1,528,647 economically active persons within 15-64 entered the labour force i.e. were able and willing and actively looking for work between January 1 and March 31 2016.

“Within the same period, the total number in full time employment (did any form of work for at least 40 hours) decreased by 528,148 persons or 0.97%.

“This consists of people who lost their jobs and were either forced or for various reasons chose to move from full time employment to underemployment.

“Within the same period, the number of unemployed in the labour force, increased by 1,449,18 persons (increase of 518,000 between Q3 and Q4 2015) between Q4 2015 and Q1 2016.”

Youth unemployment also rose to 42.24 percent, as 15.2million youths remain unemployed in the economy.

“Accordingly, out of a total youth labour force of 38.2 million (representing 48.7% of total labour force in Nigeria of 78.48mn), a total of 15.2mn of them were either unemployed or underemployed in Q1 2016 representing a youth unemployment rate of 42.24%.

https://www.thecable.ng/nbs-another-1-5m-nigerians-become-unemployed-2016

Nigeria’s Economy Shrinks, Recession Imminent

Nigeria in trouble, recession imminent

•GDP now minus 0.36%
•Unemployment rises further with more job losses

By Omor Gabriel and Emeka Anaeto

NIGERIA economy shrank in the first quarter of 2016 as oil output fell and the manufacturing, financial and real estate industries declined considerably. This was coming at backdrop of further increase in unemployment rate in the country. The National Bureau of Statistics, NBS, report on the economy released yesterday said that the gross domestic product, GDP, contracted by -0.36 per cent from a year earlier suggesting that the economy is now entering recession as second quarter is also projected to turn out worse GDP position given some recent developments.

The GDP has been on steady decline since last year ending the year with a fourth quarter growth rate of 2.11 per cent. The last time the economy contracted was in the second quarter of 2004, according to data on the website of the Central Bank Nigeria, CBN.

According to NBS, ‘’in the First Quarter (Q1) of 2016, Oil production stood at 2.11million barrels per day (mbpd) 0.05 mbpd lower from production in Q4 of 2015. Oil production was also lower relative to the corresponding quarter in 2015 by 0.07mbpd when output was recorded at 2.18mbpd’’.

Situation has since worsened in the sector with the Minister of State for petroleum Resources, Dr Ibe Kachikwu, saying that production is now down to1.4 mbpd, due to increased militancy activities in the Niger Delta Region in recent weeks.

In the non-oil sector, NBS stated that ‘’while activities such as Crop production, Trade and Telecommunications & Information Services supported growth of the sector, growth in overall was weighed down by declines in Manufacturing, Financial Institutions, and Real Estate’’.

The non-oil sector, consequently, slowed 0.18 per cent in real terms in Q1 of 2016 and this was 5.77 percentage points lower from the corresponding quarter in 2014 and 3.32 percentage points from the previous quarter .

“It is going to be a difficult year, and probably will go into next year because the causes of the economic troubles are still there,” Magnus Kpakol, Director at Abuja-based consultancy Economic and Business Strategies, said. “Oil prices are not just low, but production has also reduced.”

According to NBS “during the quarter, aggregate GDP stood at N22, 262,575.97 million (in nominal terms) at basic prices. Compared to the First Quarter 2015 value of N21,041,701.10 million, nominal GDP was 5.80 per cent higher. Nominal GDP growth was however lower relative to levels recorded in the last quarter of 2015 by 14.15 per centage points.

‘’As a share of the economy, the Oil sector contributed 10.29 per cent of total real GDP, marginally lower from the share recorded in the corresponding period of 2015, yet higher from the share in fourth quarter of 2015 by 2.24 per cent points. In the non-oil sector GDP, NBS stated that while activities such as Crop production, Trade and Telecommunications & Information Services supported growth of the sector, in overall growth was weighed down upon by declines in Manufacturing, Financial Institutions, and Real Estate.

The sector slowed 0.18 per cent in real terms in the first three months of 2016, and this was 5.77 percentage points lower from the corresponding quarter in 2014 and 3.32 per cent points from the previous quarter . In real terms, the Non-Oil sector contributed 89.71 per cent to the nation’s GDP, marginally higher from shares recorded in Q1 of 2016 (89.55 per cent) yet lower from and Q4 2015 (91.94 per cent).

Crude Oil and Non-Oil Growth

The other major factor in the decline of GDP came from the four main activities that make up the Mining & Quarrying sector, which include, Crude Petroleum and Natural Gas, Coal Mining, Metal ore and Quarrying and other Minerals.



According to NBS “on a nominal basis, the sector slowed by 34.98 per cent (year on-year) during the first three months of 2016. This was 11.22 per cent higher from growth recorded in 2015, and marginally higher from growth recorded in the previous quarter. The decline in year-on-year growth is attributable to the falling oil prices. The sector contributed 4.14 per cent to overall GDP in the first three months of 2016, lower than the contribution recorded in same quarter of 2015 and the preceding quarter by 2.60 per cent p and 1.04 per cent points respectively.

In real terms, Mining and Quarrying sector slowed at 2.96 per cent (year-on-year) between January and March 2016, a relative improvement from the same period in 2015 by 4.94 per cent and Q4 2015 by 5.08% points. “While Crude Oil output weighted on growth, the sector was supported by a substantial improvement in output in Metal Ores. The contribution of Mining and Quarrying to Real GDP in Q1 2016 was 10.34 per cent, marginally lower relative to the corresponding quarter of 2015 yet higher from the previous quarter by 2.13 per cent.

According to the report “In nominal terms, the agricultural sector grew by 14.15 per cent year-on year between January and March 2016. This was higher than growth rates recorded in the corresponding quarter of 2015 and the Q4 2015 by 6.71 per cent and 4.65 per cent respectively. Growth in the sector was driven by output in Crop Production accounting for 83.67 per cent of overall growth of the sector. Agriculture contributed 19.17% to nominal GDP during the quarter under review. This was higher than shares recorded in the corresponding period of 2015 by 1.40 per cent yet lower than the contribution in the last quarter of 2015 by 3.39 per cent.

“Real agricultural GDP growth in the first quarter of 2016 stood at 3.09 per cent (year-on-year), a decrease of 1.61 per cent from growth recorded in the corresponding period of 2015 and also lower by 0.39 per cent from the last quarter of 2015. While positive, growth in agricultural output has been relatively lower compared to the corresponding period of 2014 as a result of lower crop output which in turn was as a result of lower productivity during dry season farming during the quarter. Agriculture contributed 20.48 per cent to Real GDP during the quarter under review. This was higher than shares recorded in the corresponding period of 2015 by 0.69% points yet lower than shares recorded in Q4 2015 by 3.70% points.

“Nominal GDP growth of Manufacturing in Q1 2016 slowed by 2.98% (year-on-year), 4.23% points lower from growth recorded in Q1 2015 and 9.91% points lower from growth in Q4 2015 as a result of slower growth in 10 of 13 subsections of the Manufacturing sector. On a Quarter-on-Quarter basis, the sector slowed by 11.92%. The contribution of Manufacturing to Nominal GDP was 9.93% in Q1 2016, lower than the 10.17% recorded in the corresponding period of 2015, and marginally lower

from 9.09 in Q4 2015. In Q1 2016, Real GDP growth of the manufacturing” sector slowed by 8.39%, 14.17% points higher from growth recorded in Q1 2016 with Oil Refining, Cement, Food, Beverage and Tobacco and Electricity activities weighing on growth. Growth was however 7.27% points lower from rates recorded in Q4 2015, (Figure 6). On a quarter-on-quarter basis, the sector slowed on the margin by 11.91%.

Unemployment rate soars further

The escalating economic crises in the country has resonated in the labour market as unemployment rate rose further to 12.1 per cent in the first quarter of this year. Unemployment rate has been on steady rise since second quarter of 2015 when it stood at 8.2 per cent before rising to 9.9 per cent and 10.4 per cent in third and fourth quarters of last year respectively.



According to the labour market report released yesterday by the NBS, the number of unemployed in the labour force, increased by 1,449,18 persons as against increase of 518,000 recorded in the previous quarter. With this figure, under the previous methodology of NBS, Nigeriafs unemployment rate would have been 31.2 per cent, the third highest in Africa behind Djibouti, Congo and Kenya.

The report also indicated that, there were a total of 24.5 million persons between the ages of 15-64 that were willing and able to work and actively seeking for job that were either unemployed or underemployed compared to 22.45 million in the fourth quarter of 2015, and 20.73 million in the third quarter 2015.

Also within the same period in 2016, the total number in full time employment decreased by 528,148 persons or 0.97 per cent, and this figure, according to NBS, consists of people who lost their jobs and were either forced or for various reasons, chose to move from full time employment to underemployment.

Against this backdrop, the number of underemployed in the labour force during the review quarter, however, increased by 607,613 persons, bringing the total number in this category to 15.02 million and resulting in an increase in the underemployment rate to 19.1 per cent in the first quarter 2016 from 18.7 per cent in the previous quarter. NBS defines the underemployed as those working but doing largely menial work or jobs not commensurate with their qualifications or not fully engaged and merely working for few hours, less than 20hours.

According to NBS the increase in underemployment is in line with an increasing trend of informal sector job creation outpacing formal sector job creation forcing people to settle for less preferred underemployment, but it also included those that choose to work fewer hours or not be engaged in work full time for various reasons.

Unemployment and underemployment were highest for persons in the labour force between the ages of 15-24 and 25-34 years which represents the youth population in the labour force. Accordingly, 56.1 per cent of Nigerians in the labour force (not entire population) aged 15-24 years were either unemployed or underemployed in Q1 2016 compared to 53.5 per cent in Q4 2015 while another 32.8 per cent aged 25-34 years were either unemployed or underemployed in Q1 2016 compared to 31.3 per cent in Q4 2015.

Nigeria’s GDP Crashes To 25-year Low

Nigeria’s gross domestic product (GDP), which measures the worth of economic activities, crashed to its lowest since 1991 in the first quarter of 2016.
According to the GDP report released by the Nigerian Bureau of Statistics on Friday, the country’s economy crashed to a 25-year low of -0.36 percent.
NBS says Q1 GDP declined to -0.36 percent from 2.11 percent in Q4 2015 and 3.96 percent in Q1 2015.
The last time the Nigeria economy grew below 1 percent was in 1999, a few months after the return of democracy in May, 1999.
According to World Bank figures, the economy had a regression of -0.3 percent in 1995, and -0.6 percent in 1991.
Yemi Kale, the statistician general of the federation, who unveiled the report added that the oil, industries, power and manufacturing sectors of the economy shrunk in the period under review.
“Oil GDP estimated at -1.89% from -8.28% in q4 2015 and -8.15% in q1 2015 and non-oil GDP at -0.18% from 3.14% in q4 2015 & 5.59% in q1 2015,” he wrote from the report.
“Electricity and gas GDP at -44.4% in q1 2016 from 1.20% and -27.92% in q4 and q1 2015 respectively. Industries GDP at -5.49% in q1 2016 from -3.04% in q4 2015 & -2.53% in q1 2015.
“Manufacturing GDP at -7.0% in q1 2016 from 0.38% and -0.70% in q4 and q1 2015 respectively. Other (light)manufacturing GDP at -12.22% in q1 2016 from -1.06% and -5.67% in q4 and q1 2015 respectively.

source : https://www.thecable.ng/just-nigerias-gdp-crashes-25-year-low