NIGERIA NEWSPAPERS: TODAY’S BUSINESSDAY NEWSPAPER HEADLINES [6TH AUGUST, 2018].

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Reduce borrowing, tap private investments ‘ World Bank tells FG Mon, 06 Aug 2018 The World Bank has urged the Nigerian government to put more energy into attracting private sector investments into the economy and cut down on excessive borrowing. The warning, again on the rising debt is coming as authorities insist that debt levels remain sustainable. By end of 2018, Nigeria would have borrowed some N5.839.27 trillion just in three years to fund the budget deficits with Debt-to-GDP Ratio currently sitting at about 20 percent, even though it is lower than standard peer group threshold of 56 percent. The caution also comes amid concerns that about 40 percent of low income countries in Sub-Saharan Africa region are already in debt distress or in high risk of debt crisis. In an exclusive with BusinessDay, Hafez Ghanem, World Bank new Vice President for Africa acknowledged that Nigeria needed much resources to fund development needs, but strongly advised against the present excessive borrowing by government. “We believe that in maximizing finance for development, we should do our best to finance these investments without incurring debt, and it is by getting the private people to finance investments,” Ghanem stated, responding to BusinessDay concerns on rising debt. As contained in the appropriation bill signed by President Buhari in June, the federal government will borrow N1.643 trillion to partly finance the N1.950 trillion budget deficit in 2018. Out of this sum, Government intends to borrow N793 billion from domestic sources and N849 billion from foreign sources. Ghanem explained that while most governments around the world today are facing very tight budget constraints, at the same time, there are financial markets that are quite liquid that could be resorted to for private capital. “So, let us attract private sector to finance those investments without governments having to borrow. So instead of me borrowing to build an airport, I can get an investor to build the airport and run it, so I get the service without running into debt. read more…

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World Bank pledges support for Nigeria’s economic growth strategy Mon, 06 Aug 2018 World Bank has indicated its interest in assisting Nigeria with much needed technical support in certain critical areas in a bid to push for accelerated growth and development of the country’s economy. This statement was made by the Vice President for African region, Hafez Ghanem, while in discussion with the minister for budget and national planning, Udoma Udo Udoma in Abuja, where he also listed Nigeria as a major priority of the World Bank. According to Ghanem, the World Bank is willing to provide technical support in areas like Public Private Partnerships (PPP), Economic Recovery Growth Plan (ERGP) mid-term review, power sector reform and population management. Other areas to receive technical support according to the Vice President are ERGP delivery, performance tracking and reporting, and capacity building for sector officials and economic modelling for policy analysis and forecasting, with a pledge to also increase support for the Nigeria’s Social Investment Programme. The bank official mentioned that he was in Nigeria to discuss with the relevant officials in order to ascertain the necessary areas the country required aid from the institution. He also noted that given the relative size of the Nigerian economy, it would be difficult to experience growth in Africa’s economy, if growth isn’t achieved in the Nigerian economy. Giving credit to the efforts of the current administration in growing the economy, Ghanem stated that he would facilitate a presentation by the country at the annual World Bank/International Monetary Fund (IMF) meetings scheduled to hold in Indonesia later this year, to talk about its current status and economic progress. Welcoming the World Bank official, Udoma stated that the ERGP was the medium term plan (2017 – 2020), a programme that best articulates this administration’s vision and lays a groundwork for achieving economic growth and development. read more…

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Shared agent networks: Much talk, but still no action Mon, 06 Aug 2018 One of the most critical components of a successful strategy to deliver financial inclusion is the establishment of a network of agents that can act on behalf of financial institutions and other service providers to deliver their services to the poorest Nigerians, living in the most remote and currently underserved areas. The higher the population,… read more…

Local content: Indispensable tool for Nigeria’s development Mon, 06 Aug 2018 It is nearly impossible for Nigeria to achieve greatness when the majority of goods consumed and used locally are imported. The country’s recent experience with exchange rate volatility is an indication that as long as nothing definite is done to cut appetite for foreign goods, industrial and economic development will remain a mirage. More than… read more…

New factories emerge in 2018 as local input sourcing rises to 63% Mon, 06 Aug 2018 Poor handling of the Nigerian economy has not deterred manufacturers from expanding capacities and factories this year. Amid factory expansion, manufacturers are also looking more inwards for their raw materials, leading to a significant rise in local input preference to 63.2 percent between 2017 and this year, as against 51.1 percent in 2016, latest data… read more…

Gross dollar reserves resume decline as foreign inflows, crude slide Mon, 06 Aug 2018 For the first time since June 2017, BusinessDay analysis reveals that gross official reserves have begun to decline month on month. The first decline was seen in July after reserves fell by 1.40 percent from US$47.8 billion to US$47.12 billion month on month. As at the first day of August 2018, data released by the… read more…

Bayelsa to establish University of Medical Sciences Mon, 06 Aug 2018 Bayelsa State government said on Friday that it had concluded arrangements to establish a University of Medical Sciences with 500-bed hospital, with Yenagoa serving as its main facility. Commissioner for information and orientation, Daniel Iworiso-Markson, who disclosed in a statement, explained Governor Henry Seriake Dickson had already forwarded a bill to that effect to the… read more…

Premium Pension AUM hits N570 billion Mon, 06 Aug 2018 Pension fund administrator, Premium Pension Managers Limited has continued to strengthen its regional offices for efficiency and greater accessibility for its customers. Premium Pension Limited was licensed in the year 2005, and currently have Assets Under Management (AUM) in excess of N570 billion. The PFA, in its strategy of ensuring the above objective geared towards… read more…

Nigeria, China to prosecute importers of sub-standard products Mon, 06 Aug 2018 Seven companies importing substandard and life-endangering products into Nigeria from China are set to be blacklisted and their promoters prosecuted in both countries as the fight against dumping into Nigeria takes a new dimension. The exercise, according to the Director General,Standards Organisation of Nigeria (SON), Osita Abolomawould be a continuous one. The companies, the director… read more…

Stock prices retreat as NSE 30 operating margins drop Mon, 06 Aug 2018 Stocks continued its downward march on Friday as operating margin reported in second quarter results show a marginal decline for NSE 30 companies. NSE 30 index quarter to date performance was down 5.47 percent at market close on Friday as half year results failed to lift market sentiments. NSE 30 companies are 30 of the… read more…

Leading for effective sales in tough times Mon, 06 Aug 2018 Leadership is a powerful tool to great accomplishments for any team or organization. The sum total of skills or abilities in a team is not as important as the leadership of that team. It is based on this mindset the late Myles Munroe said, a herd of sheep led by a lion will always defeat… read more…