New Year Address by President Buhari

Full text of President Muhammadu Buhari’s New Year Address to Nigerians.

I join my fellow citizens this morning to welcome and celebrate the New Year 2018. This year promises to be pivotal in our quest for CHANGE.

Unfortunately, I am saddened to acknowledge that for many this Christmas and New Year holidays have been anything but merry and happy. Instead of showing love, companionship and charity, some of our compatriots chose this period to inflict severe hardship on us all by creating unnecessary fuel scarcity across the country.

Economic Challenges hit Real Growth of ECOWAS

Economic recession has hit Economic Community of West Africa (ECOWAS), gradually causing a dip in its real growth rate.

The growth has dipped to all time low of 0.2 per cent in 2016.

The rate started the nose dive in 2014 due to economic challenges facing the bloc.

The growth decreased from 6.1 per cent in 2014 to 3.3 per cent in 2015.

The situation was compelling that member state ensure that resources were put to good economic use to boost peoples’ quality of lives, President Muhammadu Buhari said on Saturday night.

Purchasing Managers’ Index Reinforces Improving Conditions in Business Environment

The CBN recently released the Purchasing Managers’ Index (PMI) Survey Report for November and in line with the positive trend which began in April 2017, the survey showed sustained improvements in the manufacturing and non-manufacturing sectors. The continuous expansion in PMI readings is broadly attributable to improved liquidity and stability in the FX market – anchored by higher oil receipt and increased policy flexibility - which have buoyed business and investment sentiment.

UN calls on social media giants to control platforms used to lure African migrants

The U.N. migration agency called on social media giants on Friday to make it harder for people smugglers to use their platforms to lure West African migrants to Libya where they can face detention, torture, slavery or death.

The smugglers often use Facebook to reach would-be migrants with false promises of jobs in Europe, International Organization for Migration (IOM) spokesman Leonard Doyle said, according to Reuters report.

When migrants are tortured, video is also sometimes sent back to their families over WhatsApp, as a means of extortion, he said.

Domestic Power Generators –The Silent Killers

The use of power generators by Nigerians to provide domestic electrification has become a common and acceptable practice in a country that possesses over 30,000MV worth of electrical generation capacity, and supplies about 25 percent of neighbouring Ghana’s gas power. Records show that over 60 million Nigerians actively use electric power generators, and spend a staggering N1.56 trillion ($13.35m) to fuel them annually.

MPC Expectedly Holds Policy Rates as Cyclical Growth Recovery Extends to Q3

The Monetary Policy Committee held its 6th and final meeting for 2017 on the 20th and 21st November and in line with consensus expectation, committee members overwhelmingly voted to retain policy rates at current levels whilst emphasizing on the need to consolidate on gains in external balance and domestic price stability. Hence,

Mugabe: Zimbabwe’s Liberator and, for many, its Oppressor

When he came to power, Zimbabwe’s Robert Mugabe was feted as an African liberation hero in a nation that had endured nearly a century of white colonial rule.

Nearly four decades after the country’s independence from Britain in 1980, he was regarded by many as an autocrat, willing to unleash death squads, rig elections and trash the economy in the relentless pursuit of power.

MPC to Maintain Status Quo… Near Term Outlook Favours Easing

The Monetary Policy Committee (MPC) is set to convene for the sixth and final time this year on the 20th and 21st of November. The meeting is coming against the backdrop of a synchronised global growth expansion – underlying recent moves by systemic central banks to begin phasing out ultra-accommodative monetary policy hitherto put in place to buoy growth – rising commodity prices and improving domestic macroeconomic conditions anchored by recovery in external sector variables.

ECOWAS Common Currency: To Be or Not To Be?

Lately, the proposal to adopt a common currency, ECO, for the Economic Community of West African States (ECOWAS) has elicited mixed reactions.

The goal of this plan is, inter alia, to merge the new currency with the West African CFA franc-used by the French-speaking members of ECOWAS.

The ECO, which is piloted by the West African Monetary Institute (WAMI), is expected to meet four primary criteria; viz: