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Barcelona have only reached the last eight of the Champions League in the last three seasons, with the striker keen to lift the trophy once more
'It's time' – Messi urges Barcelona to win Champions League again
Aspirants for various elective positions in Kogi State have warned the Peoples Democratic Party, PDP, to be mindful of giving automatic tickets to serving elective office holders, saying doing so would not augur well for the party in the 2019 general elections.
Continue reading Aspirants warn PDP over automatic tickets in Kogi at Vanguard News.
Aspirants warn PDP over automatic tickets in Kogi
The Ondo State Police Command has confirmed the arrest of the official of Nigerian Security and Civil Defence Corps (NSCDC), who allegedly caused the death of a commercial motorcyclist in Akure, the Ondo State capital on Tuesday. The commercial motorcyclist, who has been identified as Yakubu Adesanya Aziz, died last week Tuesday in a ghastly […]
Akure killings: Police arrest suspect, accuse NSCDC of shielding perpetrator
Akure killings: Police arrest suspect, accuse NSCDC of shielding perpetrator
University of Port Harcourt, UNIPORT change of course/supplementary admission application form for the 2018/2019 academic session is out.First choice candidates …
Read ‘UNIPORT Change of Course (Supplementary) Form 2018/2019‘
UNIPORT Change of Course (Supplementary) Form 2018/2019
These are the stories you should be monitoring today:
Minister of Labour and Employment, Dr Chris Ngige, has said President Muhammadu Buhari is mentally fit and healthy to govern the country, irrespective of age.
Ngige who disclosed this while speaking with journalists in Awka, Anambra, said the two indices and experience of the President could not be found on those who were eyeing the presidential seat in the 2019 general elections, adding that Malaysia had to beckon on a 93-year-old, Dr Mahathir bin Mohamad, to lead it as a prime minister when it was in trouble politically and economically.
“I can tell you authoritatively as a medical doctor of over three decades standing that Mr President is physically and mentally healthy. He is healthier than 80 per cent of Nigerians,” he said.
The People’s Democratic Party (PDP) has urged the National Assembly to stand with Nigerians in the quest for credible elections by immediately overriding President Buhari on the the veto of the Electoral Act 2010 (Amendment) Bill.
As contained in a statement by the National Publicity Secretary of the party, Kola Ologbondiyan, in Abuja on Monday, the PDP said Buhariâ€
s veto did not come as a surprise, alleging that his commitment to a free and fair 2019 election was mere lip service.
“The clerical and drafting arguments put forward by President Buhari could not in anyway outweigh the importance of amendments meant to engender free, fair, credible and transparent elections in 2019,” he said.
The Acting Director General of the Department of State Services (DSS), Mathew Seiyefa, has reportedly recalled officers he earlier transferred out of the agency’s headquarters on assumption of office on August 1.
As reported by Punch, the decision of the Acting DSS boss to recall the officers followed the open directive given to him by the Chief of Staff to the President, Abba Kyari, who was said to have scolded him for carrying out reorganisation in the agency without clearance from the Villa.
Some of the affected persons were the Director of Operations, Bassey Eteng as well as another Director, Grace Kentebe, both of whom were among those the Chief of Staff asked Seiyefa to return to their duty posts.
The People’s Democratic Party (PDP) on Monday appointed the Senate President, Dr. Bukola Saraki, to head itâ€s 85-member campaign committee for the September 22 Osun governorship election.
National Chairman of the party, Prince Uche Secondus, who disclosed this at the national campaign office in Abuja, said the PDP will not tolerate Osun being rigged like Ekiti, adding that the performance of the failed APC government in the state had given his party an opportunity to win the election.
The Senate President expressed confidence that the PDP will win Osun to prove that it is the home ground of the party, as he called on the leadership of the PDP to capitalise on the disunity in the APC to win the election.
“The APC is already no more popular in Osun. I hope that President Muhammad Buhari will live up to his promise to world leaders that elections will be free and fair in Nigeria,� Saraki added.
The European Union on Monday released €138 million to help communities in Nigeria, Niger, Chad and Cameroon affected by violence, insecurity and environmental degradation.
According to a post on the EU commission website, at a conference on the Lake Chad Region in Berlin, the EU Commissioner for International Cooperation and Development, Neven Mimica, said that the new funding will enable EU boost existing programmes in North-east Nigeria by strengthening girls†education, as part of an overall EU aid package for the Chad Basin worth €232 million.
Of the funds allocated to the four countries in the region, Nigeria got €47 million for humanitarian assistance and €74.5 million for development assistance.
And stories from around the world:
U.S. President Donald Trump on Monday warned Syrian President Bashar al-Assad and his allies Iran and Russia not to “recklessly attack” Syria’s rebel-held Idlib province, warning that hundreds of thousands of people could be killed (Reuters)
Philippine President Rodrigo Duterte on Tuesday revoked amnesty given to an opposition senator involved in a failed coup 15 years ago and ordered his arrest, in what would be the second detainment of a senator critical of the president. (Reuters)
Yemen’s warring parties meet in Geneva Thursday for a new round of peace talks with little hope of a breakthrough in an “ugly war” between the Saudi-backed government and rebels linked to Iran.(AFP)
Jacinda Ardern has defended making an air force Boeing 757 take an extra trip to the Pacific island of Nauru so she can minimise time away from her infant daughter. (The Guardian)
Read » The Big 5: Buhari is healthier than 80 percent of Nigerians – Ngige; PDP to NASS: Override President on amended Electoral Act | More stories on YNaija
NIGERIANS have been urged to speak out against the Expanded Global Gag Rule, GGR, introduced in 2017 by President Donald Trump of the United States of America, USA.
Continue reading Speak out against Trumpâ€s GGR, Shekarau tasks Nigerians at Vanguard News.
Speak out against Trumpâ€s GGR, Shekarau tasks Nigerians
The Department of Water and Sanitation, as the main funder of the Nooitgedagt Low Level Scheme Water Project, is fully committed to finalising the project to benefit the residents of Nelson Mandela Bay.
To this end, the Department has increased the financial allocation for the Nooitgedagt Water Project from R117million to R129million for the 2018/19 financial year. The implementation of the project has not gone as fast as planned due to budget cuts by National Treasury and competing needs of the country. The Department fully appreciates the anticipated completion of this project due to the current drought challenges in Nelson Mandela Bay; however, due processes and National Treasury prescripts need to be followed. Once completed, the Nooitgedagt Water Project will play a pivotal role in addressing the current water shortages in Nelson Mandela Bay.
Distributed by APO Group on behalf of Department of Water and Sanitation, Republic of South Africa.
APO: South Africa: Department of Water and Sanitation (DWS) committed to finalising the Nooitgedagt Water Project
To consolidate and sustain economic recovery, the Central Bank of Nigeria (CBN) recently introduced single-digit interest rate loans to operators in the manufacturing and agricultural sectors of the economy. CHIMA NWOKOJI writes on stakeholders†views and benefits of affordable, long-term bank credit to sectors considered as employment and growth stimulating.
ON resumption of office in 2014, as the new Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele set forth his agenda for economic policy and development in the long term.
ALSO READ:Â PHOTO: Passenger protests half naked in middle of busy road in Lagos
In his inaugural speech, he was emphatic that the CBN will revisit the goals and implementation of its intervention programmes in the Agricultural Sector, to ensure that high value addition is obtained from funds provided.
His words: “Interventions in the sector will now be driven towards improving productivity in areas with high domestic demand, where opportunities exist to improve domestic supply, such as rice, fish, wheat and sugar and conservation of foreign exchange. These four commodities constitute a huge proportion of our food import bill of N1.3 trillion annually.�
In keeping with the above agenda, the apex banking sector regulator has since then, systematically followed developmental objectives, driving growth in critical sectors of the economy.
Only recently, the CBN at its July 2018 Monetary Policy Committee (MPC) meeting emphasised the need to increase the flow of credit to the real sector of the economy to consolidate and sustain economic recovery.
To achieve this objective, the central bank had also stated that banks would henceforth be incentivised to direct affordable, long-term bank credit to the manufacturing, agriculture, as well as other sectors considered as employment and growth stimulating.
Different countries have different approaches to economic development; some focus on economic development through industrialisation while others focus on high-value agricultural production. Several factors determine which model a country should focus on in order to foster economic growth. However, to achieve growth in both urban and rural areas, it is necessary that growth-promoting strategies be emphasised in both models as development of the agricultural sector is a necessary precursor for industrialisation, and the development of the industrial sector may lead to agricultural development.
In economic growth studies, there is a general opinion that agriculture contributes to economic development and then how industry contributes towards development. Truly speaking, these two sectors are not to be viewed as competitive but are complementary to each other. In practice, the futures of agriculture and industry are closely linked with each other in the sense that expansion in agriculture depends on the supply of industrial inputs and the expansion in industry is tied up with the development of the agricultural activity. J. L. Nehru observed in 1963 that agriculture is more important than industry as industry depends on agriculture.
On interest rate, the Chief Executive Officer of Financial Derivatives Company (FDC) Limited, Mr. Bismarck Rewane, has been one of the most vocal advocates for a cut in interest rates. The respected economist has consistently argued that unless the benchmark interest rate, the Monetary Policy Rate (MPR), which had been held at 14 per cent since July 2016, is reduced, the economy will continue to struggle and critical issues such as rising unemployment are unlikely to be effectively tackled
According to him, interest rates have to be reduced so that operators in key sectors of the economy such as agriculture and manufacturing, which employ a high number of people, will be able to borrow at interest rates that they can afford.
In a report released by his firm last June, he stated: “With the MPR stagnant at 14per cent, commercial bank official lending  rates range from 20-25per cent per annum while microfinance banks offer as much as 40per cent to 50per cent.
Thus, the guidelines for accessing the Real Sector Support Facility (RSSF) through Cash Reserve Requirements (CRR) and Corporate Bonds (CBs) was released recently by the CBN.
The new policy marks a great shift from the high interest rate regime of 25 to 30 per cent that was blamed for stifling agriculture, manufacturing and other ventures in the country.
The New Guidelines
In the RSSF, the CBN clearly pointed out that activities to be covered under the programme would be Greenfield (new) and expansion (Brownfield) projects in manufacturing, agriculture and other related sectors approved by the bank.
As such, prohibited operators involved in trading activities from accessing the real sector support facility and warned banks that attempt to “falsify through presentation of projects that do not meet the eligibility criteria/specified terms and conditions shall attract severe penalties�.
The facility shall have minimum tenor of seven years and two years moratorium. Also, participating financial institution (PFI) shall bear the credit risk.
But under the new guidelines, the CBN pointed out that banks interested in providing credit financing to Greenfield (new) and Brownfield (new/expansion) projects in the real sector (agriculture and manufacturing) may request the release of funds from their CRR to finance the projects, subject to the bank providing verifiable evidence that the funds shall be directed at the projects approved by the CBN.
Also, it stressed that refinancing of existing loans is prohibited for funding under the programme, saying that any attempt to falsify information would also attract severe sanctions.
The guidelines stated: “This programme involves investment by the CBN and the general public in Corporate Bonds (CBs) issued by companies subject to the intensified transparency requirements for Triple A-rated entities.
“Such requirements would include publishing through printing of an Information Memorandum spelling out the details of the projects for which the funds are required together with terms and conditions showing that these are long term projects that are employment and growth stimulating.�
The new guidelines stressed that priority would be accorded projects with high local content, import substitution, foreign exchange earnings and potential for job creation.
According to the CBN, the initiative is also aimed at stimulating growth in employment-elastic sectors. Providing insights into the differentiated CRR (DCRR) system, the guidelines stated: “It shall comprise loans to Greenfield or expansion projects using CRR. Emphasis shall, however, be on new projects.�
In terms of CBs, which are financing instruments issued by corporates that meet eligibility criteria as specified by the CBN, the tenor shall be as specified in the prospectus by the issuing corporate but not below seven years. Also, the moratorium for such CBs shall be as specified in the prospectus by the issuing corporate.
It specified: “The maximum facility shall be N10 billion per project. Facilities are to be administered at an all-in interest rate/charge of 9 per cent per annum. Bank customers are encouraged to report any bank to the CBNâ€s Director of Banking Supervision, where such DMB may have charged interest rates above the prescribed maximum of nine percent per annum.
“Repayments shall be amortised and remitted on quarterly basis to the CBN.
“Only CRR contributing DMBs shall be eligible to participate under the DCRR. For CBs, all financial institutions and general public are eligible to participate in investing in CBs.�
Stakeholders views on policy
A herd of farmers have applauded the nine per cent interest rate credit policy but called for prompt monitoring of the Commercial Banks to guarantee effective implementation.
National President Rice Farmers Association of Nigeria (RIFAN) Alhaji Aminu Goronyo said that rice farmers under the CBN Anchor Borrowers Programme (ABP) had been enjoying the nine per cent lending rate since 2015.
Goronyo expressed optimism that the policy would help improve production of other agriculture commodities in the sector.
He believes that as the nine per cent lending rate under the ABP facilitated the increase in rice production from between two million and 3.5 million tonnes to nine million tonnes annually, it will be replicated in other agricultural crops.
“Before the single digit interest rate by the CBN, our production annually was not more than between 2 million and 3.5 million tonnes per annum but today, we are producing almost nine million tonnes because of that intervention.
“I am sure it will be the same for other commodities that will enjoy this intervention,â€â€ Goronyo said.
In interviews conducted by the News Agency of Nigeria (NAN) National President, Women Agro Allied Farmers Association, Mrs Lizzy Igbine, said although the nine per cent lending rate would encourage farmers to increase production, there was need to reduce it to five per cent.
“We are asking for as low as five per cent, the CBN still has to do more.
“ It will go a long way to help us but we hope there wonâ€t be any hidden rates or charges that farmers will pay after taking the loans,â€â€ she said.
National Publicity Secretary, National Fish Association of Nigeria Mr Chidike Ukoh said the expectation of farmers was for the CBN to still bring down the lending rates to about five per cent.
“When you have mass production of food, industries will have raw materials and the productivity level will bring aggregate income in the economy.
“The Gross Domestic Product (GDP) will be much in such volume of production. We are making a case for five per cent.
“If the commercial banks will comply with the single digit rate, it will be very nice. It is a development that we need to watch,â€â€ the publicity secretary said.
To the Nigeria Employers†Consultative Association(NECA), the initiative would aid development of the real sector.
The Director-General of NECA, Mr Olusegun Oshinowo, applauded the scheme and said, “Though the scheme is commencing with manufacturing and agricultural sectors, it should also be extended to other sectors of the economy, especially sectors that would create jobs for the teeming unemployed youths in the country.
“We believe that the focus is to ensure the growth of the economy, especially now that we are out of recession and have achieved some stability.�
Oshinowo also said, “With transparency, proper structure and implementation, the scheme would enhance the economyâ€s growth, create more jobs, serve in the reduction of crimes and youth restiveness. It will also improve the ease of doing business in Nigeria.â€�
The post CBN keen on reviving agriculture, manufacturing sectors via credit policy appeared first on Tribune.
CBN keen on reviving agriculture, manufacturing sectors via credit policy
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Economic growth puts pressure on countries to go nuclear, but hurdles remain. Years back, nuclear energy was a fancy option limited to the industrialized world. In due course, nuclear could be an energy source for much of Africa, where only South Africa currently has a nuclear power plant. Governments across the continent are devising development […]
The post Is Africa Ready For Nuclear Energy? appeared first on Leadership Newspaper.
Is Africa Ready For Nuclear Energy?
AWKA—SECURITY operatives yesterday urged Nigerians to ignore the September 14, 2018 planned sit-at-home by the Indigenous People of Biafra, IPOB, and asked people to go about their normal businesses without fear of any molestation.
Continue reading Ignore Sept 14 sit-at-home, security operatives tell Ndigbo at Vanguard News.
Ignore Sept 14 sit-at-home, security operatives tell Ndigbo
Remarks by Minister of Science and Technology HE Mmamoloko Kubayi-Ngubane at the Albertina Sisulu Memorial lecture on 28th August 2018, St Georgeâ€s Cathedral, Cape Town:
Programme Director, Ms Nomi Nkodla, who is also a member of the provincial legislature
Mama Sophie De Bruyn
Rev Desmond Lambergh
The City of Cape Town Mayor, Mayor Patricia de Lille
The Sisulu Family, Elinor Sisulu
MPs, MPLs, Cllrs
Teachers and learners of COSAT School
Warriors Women and young Warriors and the Principal
Members and Leaders of the ANCWL
Ladies and Gentlemen
Let me first take this opportunity to thank the Sisulu family for allowing us to host this memorial lecture and for joining us this evening. Thank Archbishop Makgoba for welcoming us with both hands when we asked to be here at the Cathedral.
As the department we have sought to find befitting ways of celebrating Mama Albertina Sisuluâ€s legacy. We have adopted her centenary as our budget theme and this translates to our activities for the whole year. When we consulted and thought who is best suited to speak on the life and time of Mama Sisulu, we all agreed that Mama Sophie was most suitable than any of us. I want to thank you Mama Sophie for not only agreeing to be here but also for giving us this lecture. We are standing here as today as women leaders because of all your sacrifices and we continue to learn from you.
My intention is to introduce Mama Sophie as the main speaker, but before I do that, I would like to indicate that last week Thursday, we held our SA Women in Science Awards. It is during this ceremony that we announced as the department the renaming of the Department of Science and Technology fellowship award to be the Albertina Sisulu Award. And To further pay homage to Mama Sisuluâ€s legacy, the department will establish an Albertina Sisulu SARChI Chair in Nursing Care. It should be remembered that Mama Sisulu trained as a nurse and encouraged graduates to use their learning to improve people's lives. The chair will deepen research in nursing policy and/or practice and contribute to the advancement of health care and the betterment of society. The research chair will be awarded to a university that is linked to a relevant health facility such as a hospital. In the coming months we will initiate the process of making the chair active and it will be subjected to authoritative peer review process run by the NRF.
We have published Mama Sophie De Bruynâ€s profile as I wonâ€t be able to read it all but summarize it:
Mama Sophia Williams-De Bruyn, also fondly known as “Aunt Sophie� by her friends and colleagues, is a living legend of the South Africa liberation struggle, who has contributed immensely to the dismantling of Apartheid. She participated in the major political campaigns of pre-1994, while still a scholar and has never looked back.
She became one of the founding members of the South African Congress of Trade Unions (SACTU), the predecessor of COSATU. Her trade union work interacted with that of mainstream political movements, such as the ANC and played a major role in shifting its focus towards issues of concern to working people. She played her part in bringing these two organisations together. Like a true activists Mama Sophia bemoans the fact that the current generation of comrades concentrate more on issues such as deployment and cancerous ‘jockeying†for positions, which was a luxury during her time, her generation did not know the word ‘deploymentâ€. Instead, cadres of the Congress Movement always rose to the occasion, when they were given assignments. Every task that was geared to defeating the Apartheid state, whether it was painting slogans on bridges of certain suburbs in Johannesburg, canvassing for signatures of the Womenâ€s petition or the Freedom Charter, distributing leaflets and selling New Age at bus stops and stations and informing people about campaigns of congress to be mounted, it all counted equally.
Mama Sophie was appointed as full time organiser of the Johannesburg branch of the Coloured Peopleâ€s Congress, which formed part of the Congress Movement together with the ANC, SACC and the South African Indian Congress that was currently grappling with a slew of racist laws. These included the Group Areas Act, the Separate Development Act, and the Bantu Education Act and the Immorality Act. She became involved with the consultative Committeeâ€s in the organising of the Congress of the People in Kliptown and participated in all the campaigns of the time. One of her tasks was the organising of women in general and Coloured women in particular, around the many issues that affected them, mainly the impending carrying of passes and the Population Registration Act. Together with formidable women like Lillian Ngoyi, Helen Joseph and Rahima Moosa, Mama Sophia led the more than 20,000 defiant women to the Union Buildings on the 9th August 1956.
She is a member in good standing in the ANC Bram Fischer Branch, Ward 104 and Womenâ€s League; Member of the Ahmed Kathrada Foundation; Member of the ANC Veterans League; Member of the Department of Arts and Culture; National Cohesion and Nation Building Task Team; Member of the ANC National Integrity Commission.
Distributed by APO Group on behalf of Department of Science and Technology, Republic of South Africa.
APO: South Africa: Remarks by Minister of Science and Technology HE Mmamoloko Kubayi-Ngubane at the Albertina Sisulu Memorial lecture on 28th August 2018, St Georgeâ€s Cathedral, Cape Town
LEADERSHIP
Brent crude oil prices dipped slightly yesterday amid rising supply from Organization of Petroleum Exporting Countries (OPEC), and the United States, although expectations of falling Iranian output once US sanctions bite from November provided some support. International Brent crude oil futures were at $77.59 per barrel down 5 cents from their last close, while US […]
The post Oil Price Sheds Weight Amid Rising US, OPEC Supply appeared first on Leadership Newspaper.
Oil Price Sheds Weight Amid Rising US, OPEC Supply
The former Socceroo believes football fans should be positive about the athlete’s trial
Tim Cahill backs Usain Bolt's A-League experiment
Portugal's forward Cristiano Ronaldo / AFP PHOTO / YURI CORTEZ
The Best FIFA Menâ€s Player
Cristiano Ronaldo (Portugal/Juventus FC, formerly Real Madrid CF); Luka Modrić (Croatia/Real Madrid CF); and Mohamed Salah (Egypt/Liverpool FC).
The Best FIFA Womenâ€s Player
Ada Hegerberg (Norway/Olympique Lyonnais); Dzsenifer Marozsán (Germany/Olympique Lyonnais); and Marta (Brazil/Orlando Pride).
The Best FIFA Menâ€s CoachÂ
Zlatko Dalić (Croatia/Croatia national team); Didier Deschamps (France/France national team); and Zinédine Zidane (France/formerly Real Madrid CF).
The Best FIFA Womenâ€s CoachÂ
Reynald Pedros (France/Olympique Lyonnais); Asako Takakura (Japan/Japan national team); and Sarina Wiegman (Netherlands/Netherlands national team).
The Best FIFA GoalkeeperÂ
Thibaut Courtois (Belgium/Real Madrid CF, formerly Chelsea FC); Hugo Lloris (France/Tottenham Hotspur FC); and Kasper Schmeichel (Denmark/Leicester City FC).
FIFA Puskás AwardÂ
Gareth Bale (Real Madrid CF); Denis Cheryshev (Russia); Lazaros Christodoulopoulos (AEK FC); Giorgian De Arrascaeta (Cruzeiro); Riley McGree (Newcastle Jets FC); Lionel Messi (Argentina); Benjamin Pavard (France); Ricardo Quaresma (Portugal); Cristiano Ronaldo (Real Madrid CF); and Mohamed Salah (Liverpool FC).
FIFA Fan AwardÂ
Sebastián Carrera (Deportes Puerto Montt, Chile); Peru fans, Japan and Senegal fans.
The candidates for The Best FIFA Football Awards 2018
