Man Leaves Suicide Note For Buhari, Then Hangs Himself - Vanguard

BY: Chioma Onuegbu, Uyo 

RESIDENTS of Mbiabong Itam in Itu Local Government Area of Akwa Ibom State woke up to a shocking sight of a 50-year-old man identified as Chief Ekanem Edet dangling on a suspended robe from the roof of his house. 

It was learned that Ekanem Edet, former Secretary of the Mbiabong Village Council, popularly called ‘Jolly Boy’, had been dead several hours earlier.

Edets’s wife and two sons, it was learned, had gone out early in the morning unaware that his remains hung loosely from the roof of his room. 

Details later…

Source:

http://www.vanguardngr.com/2016/09/man-hangs-self-leaves-suicide-note-buhari/

First Nation Airlines Suspends Operations

Barely 24 hours after Aero Contractors Airlines announced suspension of its operations, another domestic carrier, First Nation Airlines, has followed suit, suspending its operations.

The Nigerian Civil Aviation Authority (NCAA) made this known on Thursday. 

Aero Contractors Airlines, Nigeria’s second largest commercial carrier, announced an indefinite suspension of its scheduled flight services and its staff with effect from Thursday, September 1, 2016.

The Director-General of the NCAA, Capt. Muhtar Usman, explained that the decision was taken in order to ensure that the airline carried out the required maintenance of its aircraft. 

Usman, however, refuted claims that some of the domestic airlines were winding down their operations regardless of the fact that they had suspended flight services.

A statement signed by NCAA’s DG said: “The First Nation Airlines on its part is in the middle of an Engine Replacement Programme for one of its aircrafts. Another aircraft is due for mandatory maintenance as allowed by the regulatory authority.

“In these circumstances, these airlines clearly cannot continue to undertake schedule operations, hence the inevitable recourse to self regulatory suspension.” 

Usman insisted that the domestic carriers had not wound down their operations, but were “merely suspending their operations temporarily to enable them undertake certain operational overhaul and strengthen their overall operational outlay.”

Source:

http://www.vanguardngr.com/2016/09/breaking-another-airline-first-nation-suspends-operations/

NLC Vows To Resist Further Fuel Price Hike

Nigeria Labour Congress (NLC) has said it will resist any further increase in the pump price of fuel by the Federal Government, saying the nation is yet to recover from the impact of the recent increase of petroleum products implemented last year.

Speaking in Uyo, the Akwa Ibom State capital, at the 14th edition of the NLC special school programme, the NLC President, Comrade Ayuba Wabba, said the organized labour will surely go on strike if the government attempts to increase fuel price.

He said despite the change mantra of the present administration and the promise to the people, the socio-economic conditions of average Nigerians have continued to degenerate, stressing that it is necessary to convene a committee to review the national wage for workers.

“In the face of rising inflation following the devaluation of the Naira which makes the current minimum wage not to pay the transport fare of workers to and from work, not to talk of buying them basic needs, congress requests that, it is time minimum wage is reviewed as quickly as possible. The government needs to constantly consult with broad segment of the Nigerian population at all times, especially groups like the Labour movement Also, we are warning petroleum marketers not to contemplate any further increase in the pump price of the products, especially that of Premium Motor Spirit (PMS). The current economic hardship required alternative economic agenda that should not be planned by the government alone,” Wabba said.

Declaring the programme open, the Akwa Ibom state Governor, Udom Emmanuel, noted the importance of the Labour movement in any growing economy and commended labour for establishing a school programme to provide training grounds for congress members.

Source:

http://www.dailytrust.com.ng/news/general/nlc-vows-to-resist-further-fuel-price-hike/160974.html

Aliko Dangote Lost 35% Of His Wealth This Year Alone, Amounting $5.4 Billion

According to International business site Bloomberg, Africa's richest man, Aliko Dangote, has lost more than a third of his wealth this year alone.

According to the article, Dangote has lost 35% of his wealth which sums up to $5.4 billion. 

The losses are attributed to commodities slump and the devaluation of the Naira in June.

Dangote's net worth is $9.9 billion, a 62% drop since January 2014, according to the Bloomberg Billionaires Index.

SOURCE: 

http://www.petmaxflame.com/2016/08/aliko-dangote-lost-35-of-his-wealth.html

Nigeria, UK Sign Agreement On Stolen Assets

The government of the United Kingdom has reaffirmed its commitment to recovering and returning stolen assets to Nigeria.

It says returning the funds to Nigeria will send a clear message to all who may seek to harbour stolen assets overseas that there is ‘no safe haven’ in the United Kingdom.

The Minister of State for Immigration of the United Kingdom, Mr Robert Goodwill, briefed reporters in Abuja about the agreement shortly before signing a Memorandum of Understanding with the Federal Government of Nigeria.

Mr Goodwill announced that 40 jurisdictions including British Overseas Territories would share beneficial ownership information relating to companies, trusts and foundations in order to expose owners of stolen assets.

The Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, who signed the agreement on behalf of the Federal Government of Nigeria assured Nigerians that returned assets would not be misappropriated again.

Efforts of the current administration of Muhammadu Buhari to recover Nigeria’s assets stolen and taken to the UK were heightened at the anti-corruption summit held in London where the President made an emphatic call for the funds to be returned to the oil rich nation.

President Buhari told the summit that he was more interested in repatriating Nigeria’s stolen assets than any apology from British Prime Minister, David Cameron, following sour remarks ahead of the Anti-Corruption Summit.

SOURCE:

 http://www.petmaxflame.com/2016/08/nigeria-uk-sign-agreement-on-stolen.html

Soludo Backs Buhari’s Emergency Bill, Proposes N19trn ‘Anti-Recession’ Blueprint

Charles Soludo, former governor of the Central Bank of Nigeria (CBN), has expressed support for President Muhammadu Buhari’s emergency economic bill aimed at reviving the economy. 

In a mini-blueprint for the All Progressives Congress (APC), Soludo also proposed a public spending of 15 percent to 20 percent (N14trillion to N19trillion) of the nation’s gross domestic product (GDP) to steer Nigeria out of recession to the next level.

He said the document, acquired by TheCable, is not a “blueprint” in itself but “only broad pillars”, which could be worked upon by a dedicated team to save the economy.

NIGERIA ALMOST A FAILED STATE 

Highlighting the challenges face by the country, Soludo said Nigeria is ranked number 13 in the failed/fragile state index, behind Somalia, South Sudan, Central African Republic, Sudan, Yemen, Syria, Chad, Congo D.R., Afghanistan, Haiti, Iraq, and Guinea.

The professor of economics said this is due to uneven economic development, poverty and economic decline, demographic pressure, group grievance, refugees and IDPs, human flight and brain drain, state legitimacy, human rights issues and rule of law, poor security apparatus, factionalised elite and external intervention.

NIGERIA — AFRICA’S 2ND LARGEST ECONOMY — COULD AVOID RECESSION 

Soludo stated that Nigeria’s GDP compression from about $575 billion to about $296 billion (almost 50%) back to 2nd position in Africa after South Africa could have been avoided.

“Exchange rate and crude capital controls: confusing trial-and-error of tried and failed neo-socialist command and control policy regime of 1960s- mid 1980s.

“As predicted, quantities (employment and output collapse)! Capital market comatose; capital flight with vengeance, private investment pulse, inflation soars, and twin deficits exacerbate. Economy in Recession compared to APC 10% Growth; 3 million jobs p.a.”

He said the recession was caused by “delayed, incoherent (dysfunctional) and incomplete adjustment exerting great toll on the economy”.

“Outcomes so far (especially in 2016) self-inflicted by acts of omission and commission. Nigeria would have avoided a recession: One year enough for blaming fall in oil prices; after that blame our failures.”

BUHARI’S BUDGET THE SMALLEST IN RECENT YEARS 

At N6.06 trillion, Buhari’s budget of change was seen as the biggest budget in Nigeria’s history. But Soludo says the budget, in dollar terms, is the smallest in recent years.

“FGN budget in US$ is smallest in recent years $15- 19bn depending on exchange rate and about 5% of GDP— or approx. $80 per capita,” he said.

In context, Goodluck Jonathan’s last budget, the 2015 budget, was $26.4 billion in dollar terms, while Buhari’s 2016 budget is only $19.9 billion in dollar terms.

“2016 FGN Budget signals more of the same, with tinkering at the margins; bail-outs, borrowing,” Soludo added.

SOLUDO’S SOLUTION 

In proffering solutions for the APC-led government, Soludo said the emergency economic bill is “a positive step forward: Akin to Shagari’s ‘Economic Stabilization (Austerity measures) Act 1982’”

He warned that it “must be seen as only ‘first step’”, adding that the problems are “beyond short-term demand management”.

He said the focus so far has been stabilization plus reflation (basic pump-priming), which he called “faulty, and could become race to the bottom”.

He said the transition to an oil-independent economy is not sustainable by merely pumping money into the system – clapping with one hand – but must include an agenda for supply-side/structural transformation.

He said the APC has 607 working days to make an impression on Nigerians.

“Big ideas to steer the economy to the next level need aggregate public sector spending of 15-20% of GDP; unconventional monetary-fiscal-exchange rate-financial regime; structural and institutional changes; infrastructure boom; unleashing the States.”

APC POLICY WAR ROOM 

He said the APC needs a policy war room, which would drive political transformation and distinguish APC states.

“Politics always trumps economics, although sound economics is excellent politics: Sustainable change is impossible without political transformation of Nigeria!”

“No successful transformation to a ‘productive and competitive economy’ with META-level institutions designed for ‘distribution and consumption’”

He asked the APC to put up an agenda for “competitive federalism via fundamental constitutional change, including fiscal federalism—taxation powers, rights over natural resources, wage setting, fiscal responsibility, etc – breaking from unitary-federalism of uniform standards to multi-speed federalism with only minimum standards”.

“Too many of existing laws are inconsistent with a regime for competitive production; new ones needed.”

He proposed, among other things, that the policy war room should be fully funded to drive an industrialisation plan.

“Merely getting infrastructure and prices right won’t automatically ignite industrialization: It requires intensive case study approaches – Dangote or our big banks did not just happen: deliberate efforts were set to ‘create them.’”

Source:

https://www.thecable.ng/soludo-backs-buharis-emergency-bill-proposes-n19trn-anti-recession-spending

Presidency Reacts To NBS Report, Insists Economy Performing Better.

Despite the economic recession that the country is presently facing, the Presidency on Wednesday declared that the Nigerian economy is performing better than the predictions of the International Monetary Fund, IMF.

It, however, admitted that the inflation and unemployment rates in the country had remained high despite efforts by the current government.

The Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, stated this in a statement while reacting to the Gross Domestic Product figures for the 2016 second quarter by the National Bureau of Statistics, NBS.

Dipeolu noted that the report, while confirming a temporary decline, has also indicated what he called hopeful expectation in the country’s economic trajectory, stressing that there were clear indications that the second half of the year will be better.

“Besides the growth recorded in the agriculture and solid mineral sectors, the Nigerian economy in response to the policies of the Buhari presidency is also doing better than what the IMF had estimated with clear indications that the second half of the year would be even much better,” he said.

The presidential aide assured that the current administration would continue to work diligently on the economy and engage all stakeholders to ensure that beneficial policy initiatives were actively pursued and the dividends delivered to the Nigerian people.

Quoting the recently released data from the NBS as showing a decline in GDP by -2.06% in the second quarter of 2016 on a year-on-year basis, he attributed the outcome to a sharp contraction in the oil sector due to huge losses of crude oil production as a result of vandalisation and sabotage.

Source:

http://dailypost.ng/2016/08/31/presidency-reacts-nbs-report-insists-economy-performing-better-imfs-prediction/?

Aero Contractors Airlines Nigeria Suspends Operation

Aero Contractors Airlines, Nigeria’s second largest commercial carrier, has confirmed an exclusive report of The PUNCH by announcing the suspension of its scheduled services beginning from Thursday September 1, 2016.

On Monday, August 22, 2016, The PUNCH exclusively reported that the airline was set to lay off some of its workers due to its worsening financial crisis.

The report also noted that the carrier was in talks with aviation unions on how to cut down on the number of workers in its employ, after sources from the sector revealed that Aero was contemplating a suspension of its scheduled flight services.

Confirming this in a statement signed by the carrier’s management on Wednesday, Aero stated that the suspension was part of the strategic business realignment to reposition the airline and return it to profitability.

It stated that this “business decision”, which is a result of the current economic situation in the country, had forced some other airlines to suspend operations or pull out of Nigeria.

The management of the carrier said the airline had faced grave challenges in the past six months which impacted its business and by extension the scheduled services operations.

These factors, according to Aero, are both internal and external environmental factors that have made it difficult for it to continue its scheduled services.

It stated that during the period in review, Aero witnessed epileptic operations and services to the external public that were caused by non-alignment of fundamental issue of the business, which in some cases had been frustrating and embarrassing to all parties including staff, customers and indeed all stakeholders.

As part of its resolve to ensure the airline survived unlike most other carriers that experienced short life span in the country, AMCON had appointed Mr. Adeniyi Adegbomire SAN as Receiver Manager in February 6, 2016, with the aim of turning the airline around.

Since AMCON’s intervention in Aero Contractors in 2011, it had provided support for the airline to meet working capital requirements and fleet expansion.

These were to ensure the airline remains a going concern providing services to various clients and the general public.

But the airline noted that unfortunately, the operating environment within and outside the Aero had hindered any possible progress especially in the last six months when the naira depreciated against the dollar thus making it impossible for the airline to achieve its operational targets.

It started that with these realities coupled with protracted engagements with all relevant stakeholders, the management strenuously reviewed and assessed options and opportunities on ensuring viability, safety and sustainability of operations during the period with a lot of sacrifices.

The airline said, “The impact of the external environment has been very harsh on our operational performance, hence management decision to suspend scheduled services operations indefinitely effective September 1, 2016, pending when the external opportunities and a robust sustainable and viable plan is in place for Aero Contractors to recommence its scheduled services.

“The implication of the suspension of scheduled services operations extends to all staffs directly and indirectly involved in providing services as they are effectively to proceed on indefinite leave of absence during the period of non-services.

It added, “We are aware of the impact this will have on our staff and our highly esteemed customers, hence we have initiated moves to ensure that we are able to return back to operations within the shortest possible time, offering reliable, safe and secure operations, which the airline is known for.”

Source:

http://punchng.com/breaking-aero-confirms-punchs-report-suspends-scheduled-services-2/

4.58million Nigerians Became Jobless In Buhari's Administation - NBS Report

The Nigerian Bureau of Statistics (NBS) says the total number of Nigerians who became unemployed within the first and second quarter of 2016 now stands at 2.6 million.

According to the bureau, about 1.46million Nigerians became unemployed in the third quarter of 2015, while another 518,102 became unemployed in the fourth quarter of 2015.

This brings the total freshly unemployed persons in the economy to a record high of 4,580,602, since President Muhammadu Buhari took office in May 2015.

In its second quarter unemployment and underemployment report released on Wednesday, NBS said the country’s unemployment rate grew from 12.1 percent in the first quarter of 2016 to a record high of 13.3 percent in the second.

“During the reference period, the number of unemployed in the labour force increased by 1,158,700 persons, resulting in an increase in the national unemployment rate to 13.3% in Q2 2016 from 12.1 in Q1 2016, 10.4% in Q4 2015 from 9.9% in Q3 2015 and from 8.2% in Q2 2015,” NBS said.

“In view of this, there were a total of 26.06 million persons in the Nigerian labour force in Q2 2016, that were either unemployed or underemployed compared to compared to 24.5 million in Q1 2016and 22.6 million in Q4 2015.”

The economically active population or working age population (persons within ages 15- 64) increased from 106million in Q1 2016 to 106.69 million in Q2 2016, the report added.

Underemployment in the economy was also on the rise, with 15.4 million Nigerians said to be underemployed.

“The number of underemployed in the labour force (those working but doing menial jobs not commensurate with their qualifications or those not engaged in full-time work and merely working for few hours) increased by392,390 or 2.61%, resulting in an increase in the underemployment rate to 19.3 % (15.4million persons) in Q2 2016 from 19.1% (15,02 million persons) in Q1 2016, 18.7% (14.42 million persons) in Q4 2015, from 17.4% (13.2 million persons) in Q3 2015 and 18.3% (13.5 million persons) in Q2 2015.

”There were a total of 26.06 million persons in the Nigerian labour force in Q2 2016, that were either unemployed or underemployed compared to compared to 24.5 million in Q1 2016 and 22.6 million in Q4 2015.

Source:

https://www.thecable.ng/4-58million-nigerians-became-jobless-under-buhari-reveals-nbs-report?_e_pi_=7%2CPAGE_ID10%2C6779043107

‘Nigeria Moving Away From Corruption To Production’ – Rotimi Amaechi

The Minister of Transportation, Mr Chibuike Rotimi Amaechi, yesterday, said the Federal Government has concluded plans to award the contract for the construction of the Lagos-Ibadan railway project. Amaechi made this disclosure at the 1-year memorial lecture in honour of former General Secretary of Alliance for Credible Election, ACE-Nigeria, late Comrade Emma Ezeazu, in Abuja. The former governor of Rivers State, explained that, “The President’s agenda is not just to recover loots. We are recovering as much as we can. But the president is determined to create employment. That is why you can see his focus. In transportation, from Kaduna to Abuja, we have created over 700 workforce. What did I do? I said all the villages or those communities along the route; I said they should give them level six down."

Speaking further, Amaechi said, “Their job is to march on that railway from the beginning to the end to see there was no security breach. The rest of the applicants will go online to apply for the jobs. They said if we publish it, people will die the way it happened during immigration recruitment exercise and they will say Amaechi should resign. This year, we will start the Lagos-Ibadan, railway project. You know the difference between us and the rest, we will not say ‘go and start’, we will look for counterpart funding.” On how the project will be funded, he said, “We will bring our counterpart fund as poor as the country is now and give to the Chinese because their money is already in their bank account. It is for us to bring our own. If we bring our own, they bring their own to make sure there is no delay, we will bring all our own to give them and say ‘go and start work. If that happened in two years, the Lagos-Ibadan will be ready. Tomorrow, I will sign the contracts for Calabar-Port Harcourt railway project. Before the week runs out, I will sign Kano-Kaduna. That is what we are doing. This is to show you that we are moving away from the corruption economy to production economy.”

Source:

http://dawntodusknews.com/nigeria-moving-away-from-corruption-to-production-rotimi-amaechi/

Nigerian Economy Slips Into Recession - BBC

Nigeria has slipped into recession, with the latest growth figures showing the economy contracted by 2.06% between April and June.

The country has now seen two consecutive quarters of declining growth, the usual definition of recession.

Its vital oil industry has been hit by weaker global prices, according to the Nigerian Bureau of Statistics (NBS).

Crude oil sales account for 70% of government income.

The price of oil has fallen from highs of about $112 a barrel in 2014 to below $50 at the moment.

Outside the oil industry, the figures show the fall in the Nigerian currency, the naira, has hurt the economy. It was allowed to float freely in June to help kick-start the economy, but critics argued it should have been done earlier.

Nigeria, which vies with South Africa for the mantle of Africa's biggest economy, is also battling an inflation rate at an 11-year high of 17.1% in July.

"A lot of Nigeria's current predicament could have been avoided," said Kevin Daly from Aberdeen Asset Management.

"The country is so reliant on oil precisely because its leaders haven't diversified the economy.

"More recently, they have tried, and failed, to prop up the naira, which has had a ruinous effect on the country's foreign exchange reserves and any reputation it might have had of being fiscally responsible."

Analysis: Martin Patience, BBC Nigeria correspondent

This economic recession comes as no surprise to millions of Nigerians. Many say they've never known it so tough.

The slump in global oil prices has hit Nigeria hard. The government depends on oil sales for about 70% of its revenues.

But critics say government policies made a bad situation even worse. The decision to delay devaluing Nigeria's currency meant many businesses struggled to get foreign currency to pay for imports, which had a cooling effect on the entire economy.

Following enormous pressure, the government changed tack this summer, allowing the naira to float.

That's led to a spike in inflation, but the hope is that it will attract foreign investors. The government also says the country needs to import less: it wants to see more products made in Nigeria.

Source 

http://www.bbc.com/news/business-37228741

FG Sets To Award Lagos-ibadan Railway Projects, Others

By Chris OchayiABUJA: Minister of Transportationand former Governor of Rivers State, Chief Chibuike Rotimi Amaechi, yesterday, disclosed that the administration has concluded plans to award the contract for the construction of the Lagos-Ibadan railway project.Chief Amaechi, who said this while speaking at the one year memoriallecture in honour of Human Rights Activist and former General Secretary of Alliance for Credible Election, ACE-Nigeria, late Comrade Emma Ezeazu, in Abuja, said contracts for Kano-Kaduna and Calabar-Port Harcourt railway project would also be signed before the end of this week.

The memorial lecture with theme; Advancing the Frontiers of Progressive Governance, was organised by Emma Ezeazu Mandate Group.Meanwhile, the former governor, while giving reasons why he dumped his former Peoples Democratic Party, PDP, to pitch tent with the ruling All Progressive Congress, APC, explained that he left the then ruling party because he was made an orphan. According to him, “The President agenda is not just to recover loots.We are recovering as much as we can. But the president is determined to create employment. That is why you can see his focus. In transportation, from Kaduna to Abuja, we have created over 700 workforce. What did I do? I said all the villages or those communities along the route; I said they should give themlevel six down. March on that railway.

“Their job is to march on that railway from the beginning to the end to see there was no security breach. The rest of applicants will go online to apply for the jobs. They said if we publish people will die the way it happened during immigration recruitment exercise and they will say Amaechi should resign (thunderous laughters) 

The President called a meeting last week and requested too be briefed on what we are doing in terms of the railway. This year, we will start Lagos-Ibadan, railway project. You know the difference between us and the rest, we will not say go and start we will look for counterpart funding.“We will bring our counterpart fund as poor as the country is now and give to the Chinese because their money is already in their bank account. It is for us to bring our own. If we bring our own they bring their own to make sure there is no delay, we will bring all our own to give them and say go and start work.“If that happened, in two years, Lagos-Ibadan will be ready. Tomorrow I will sign the contracts for Calabar-Port Harcourt railwayproject. Before the week runs out, I will sign Kano-Kduna. That is what we are doing. This is to show you that we are moving away from the corruption economy to production economy.” Amaechi, while recalling the students’ union activities were eventful during their time when the late Comrade Emma Ezeazu was President of National association of Nigerian Students, NANS, lamented that student union has drifted to the lowest ebb.According to him, “Recall 1983 to 1987 there were no speeches, there were actions. I reminded President Muhammadu Buhari and I said student when you were Head of State I was among those who used to sing all sorts of things about him because there were demonstrations in all the schools everyday.“

Then, they were closing universitydown everyday because we are notaddressing give us hostels, give us water, give us rive, we are addressing national issues and the closure of schools were becausewe will not agree to any national issue we thought was against the people. Now, NANS president has a convoy and has SAs, and his officeis located in the villa.”On the dying agitation for good governance, he said, “When I listen to all of you I laugh, I laugh because the poor has lost…either thoroughly beaten by the ruling class has lost the ability to resist. So, those resisting now is no longer the poor, it is the ruling class resisting themselves.”

Responding to a remarks by the guest lecturer, Professor Chidi Odinkalu, the minister said, “He made analysis now and I laughed when he talked about nomadism inthe politic of Nigeria and I laughed. While I laughed is that heknew little or nothing of what was going on. And I want to be put on record, I was made orphan including oil bloc.“And I said no, Nigeria was going under and I won’t continue to support this government. And I have to move, I was kept on the table for discussions, not one meeting, not two or three meetings. I was taken out of the country for meetings for me to remain in PDP. I was made orphanthat when you see it you will say, what is my business with this Nigeria?“But at that time, it was between me my conscience and the Nigerian country. I could have taken those offers. I was the beautiful bride. If you remember one of the speeches I made as governor at the Freedom Park, and I said if you people continue to look at us, we will steal everything. And there will be nothing left for you to eat. That until you begin to stone us. There will be no stop to stealing. You can’t stop to stealing.”

On the issue of transparent, he said “The system built for you to betransparent. When you are not transparent does not mean the system is not there. It means that you just undermine the system. There is a contract you will award, the system said no; advertise it for everybody to bid.“That system is ridiculous. It will only offer you what is called singlesource. You will approach them and say you want single source and when they give you single source and because you want to break the rule of law no one will even apply and you just say contract come and do this thing and nothing happened. Nothing happened because the President of the country does not want anything to happen.”

In his lecture, the Director General of Electoral Institute, Professor Chidi Odinkalu blamed the corruption and underdevelopment of the country to the consequences of the Structural Adjustment Programme, SAP, introduced by the President Ibrahim Babangida’s administration in 1986.Prof. Odinkalu regretted that Nigeria never recovered from the SAP, which according top him led to wreck unprecedented havoc on the economy, with the collapses of the manufacturing sector of the economy.He said, every other countries thatwere at par with Nigeria then have left us behind because of the adjustment.

Source:

 http://www.vanguardngr.com/2016/08/fg-sets-award-lagos-ibadan-railway-projects-others-amaechi/

7 More Pictures From Mark Zuckerberg's Visit To Cchub, Yaba

These are the exclusive pictures of Mark's visit to the CcHub, Nigeria's Silicon Valley which is in Yaba, Lagos. See below..

Source:

http://www.ajayiwrites.com/2016/08/exclusive-pictures-of-mark-zuckerberg.html

Economic Recession In Nigeria A Blessing – Utomi

Founder, Lagos Business School, Professor Patrick Utomi has described the recession presently faced in Nigeria as a golden opportunity and not a problem, saying it is an opportunity to finally get the Nigerian economy right.

Professor Utomi who spoke during the ground breaking ceremony of Integrated Produce City (IPC), a private initiative championed by him and other investors at Ugbokun community in Ovia North East local government Area of Edo state, added that without appearing to scandalise anybody, he actually pray for oil prices to stay down and stay down for a long time for Nigerians to come of their senses to know that the country is really rich.

His words: “Let me shock you by saying that the recession we face in Nigeria is a golden opportunity. It is not a problem; it is an opportunity to finally get the Nigerian economy right.

“So without appearing to scandalise anybody, I actually pray for oil prices to stay down and stay down for a long time. Then, we will come to our senses and we will know that Nigeria really is a rich country.

“Right now, we are not behaving as we should be behaving. Competitively driven industrial policy ‎in select value chains will be helpful in confronting the misery index and bringing hope to millions.”

He said Integrated Produce is unique first, because it aims to confront the biggest monster facing agriculture in Nigeria, which is yielding losses – the poor returns that farmers get, as middle men scoop everything up, the profits that slip away in these kinds of disarticulated markets and the poor infrastructure challenge that face people in agriculture 

According to him, “With a well organised trading platform, accessing commodity exchanges, efficiencies increase at a pace that increases global competitiveness on the produce in which our factor endowment are strong.”

On his part, Governor Adams Oshiomhole of Edo state who performed the grand breaking ceremony, on behalf of the Vice President, Professor Hemi Osibanjo described the Integrated Produce City as a shear commitment by the investors to combat poverty, noting that it is the first produce city in the heart of Benin kingdom.

“Today we are having the first produce city right in the heart of Benin Kingdom few minutes’ drive from Benin City I want to appreciate you, your wife your boss because we know that the neck controls the head.

“This is an event that will kick-start what will add meaning and values to thousands of people both within and outside here. What you have done by this initiative is to demonstrate that there are Nigerians who have those qualities that we celebrate elsewhere. All those who teach can also practicalise what they teach and practically in the country you are one of those teachers.

This gathering couldn’t have been better not just what we have been telling people in the past three months that our candidate said he would create 200,000 jobs many believe that it is not possible and that brings you to two divide of Nigerians that we have those who belief that our future lies in that lazy tradition of extracting the liquid gold and exporting it with little or no value to it, bring dollar home, quarrel over sharing it do some symbolic public toilets and buildings, and then privatise the rest and export more”, he said.

Governor Oshiomhole who thanked all the foreign partners to IPC for showing confidence that they can come and invest in the state, also enjoined the host community to regard the project cited in their community and defend it as their own as they are they stand to benefit more.

In his welcome address, Edo state Commissioner for Agriculture and Natural Resources, Joe Plague saluted the courage of IPC, saying the project is timely because it is in line with the agricultural policy of the state, more so with the concept of combining farming with industry.

He therefore promised that the state government would do everything possible to ensure the purpose of the project is achieved.

Also in his speech, the representative of Ugbokun community said his people will ever remain grateful for the project because it is going to open the forest that has become a hideout for hoodlums who use it to attack unsuspecting travellers.

He therefore requested that government should establish a Police station in the community to help safeguard the investment, while calling on management of IPC to take care of the interest of the host community.

Source:

http://thenationonlineng.net/economic-recession-nigeria-blessing-utomi/