World Bank

World Bank Predicts Stiff Economic Growth for Nigeria, South Africa, others

The World Bank on Monday cut its growth forecast for Sub-Saharan Africa this year to 2.8 per cent from an initial 3.3 per cent.

President Buhari delivers Keynote address at the World Economic Forum on the Middle East and North Africa in Amman Jordan on 6th April 2019 The global bank said commodity price slump of 2015 cut short a decade of rapid growth for the region, noting that growth would take longer to recover as a decline in industrial production and a trade dispute between China and the United States take their toll.

READ ALSO: NIGERIA’S ECONOMY STAGNATED FROM 1995 TILL DATE- WORLD BANK

The bank’s 2019 forecast means economic growth will lag population growth for the fourth year in a row and it will remain stuck below 3 per cent, which it slipped to in 2015. The bank also cut its 2018 growth estimate to 2.3 per cent from last October’s prediction of 2.7 per cent growth for last year.

World Bank

“The slower-than-expected overall growth reflects ongoing global uncertainty, but increasingly comes from domestic macroeconomic instability including poorly managed debt, inflation and deficits. “Nigeria, South Africa and Angola, which make up about 60 per cent of sub-Saharan Africa’s annual economic output, were all facing various challenges, curbing their contribution to the growth momentum.

“This downward revision reflects slower growth in Nigeria and Angola, due to challenges in the oil sector, and subdued investment growth in South Africa, due to low business confidence,” the bank said. The World Bank said Nigerian economy grew by an estimated 1.9 per cent last year, up from 0.8 per cent the previous year, reflecting a modest pick-up in the non-oil sector.

South Africa came out of recession in the third quarter of last year but investors were still cautious due to policy uncertainty, the bank said. Similarly, Angola, the region’s third-biggest economy, remained stuck in recession, as oil production remained weak. Investors were said to have been discouraged by high inflation and heavy debt loads in economies like Zambia and Liberia, hitting their growth prospects, the World Bank said.

World Bank

On the other hand, economies that do not depend on commodities like Rwanda, Uganda, Kenya, Benin and Ivory Coast, continued to grow strongly, the bank said in the report. Albert Zeufack, the chief economist for Africa at the bank, is of the view that the region could boost annual growth by about nearly two percentage points if it harnesses information technology more effectively, this he described as a game-changer for Africa.

 

Buhari in Dubai, woos foreign investors

President Muhammadu Buhari on Monday met with six different groups of investors at the sidelines of the Annual Investment Meeting in Dubai, United Arab Emirates.

The President who expressed optimism about Nigeria’s economic prospects, used the opportunity to call on investors to come and invest in Nigeria with promises of handsome returns on investments, within the shortest possible time.

This is just as Sheikh Ahmed Al Maktoum who is a member of the Dubai ruling family and a renowned private investor with membership of several boards of companies, both state owned and private, expressed interest in establishing a power plant in Lagos, disclosing that studies for the project have already been completed.

Chairman of Lulu Group, Yusuff Ali who operates a chain of supermarkets in the Middle East and Asia, told President Buhari of his interest in the Nigerian market adding that the outfit, with headquarters in Abu Dhabi, has over 164 supermarkets and shopping malls, and employs over 50,000 people.

READ ALSO: NIGERIA NEEDS GROWTH T DEFUSE POVERTY TIME BOMB

The interest is to work with Nigerian farmers, using local produce to ensure food security. Quality, affordability and hygiene are the watchwords of the company.

investors
Also in bilateral meeting with President Buhari was Sheikh Hussain Al Nowais, Chairman of Amea Power. The company develops, owns, and operates thermal and renewable energy projects in Africa, the Middle East and Asia. Its wide range of power solutions include conventional – gas, coal, oil, and renewable – solar, wind and hydro.

Apart from power, the company, which owns Rotana Hotel chain, is also interested in the hospitality sector in Nigeria.
Also on cue was Sheikh Ali Rashid Lootah, Chairman, Nakheel Properties and Limitless Group.

READ ALSO: MORROCCO TO DEVELOP US $600M GAS FIRE POWER PLANT IN NIGERIA

One of the world’s leading developers and a major contributor to Dubai’s real estate transformation, the company’s current and future retail project portfolio covers nearly 17 million square feet of leasable space. They are keen to expand their investments in Nigeria.

Sheikh Khalid Bin Kalban is the CEO of Dubai Investments. His meeting with the Nigerian president centred around real estate, processing industries, mergers and acquisitions, health care, education, and financial investments. Abu Dhabi Fund for Development (ADFD) has supported over 66 projects in 29 African countries.

investors

They include rural solar power and water projects, and that was the focus of the discussion, as Sheikh Mohammed Saif Al Suwaidi, the CEO, met with President Buhari.

READ ALSO: ZILLOW IS NOW A MORTGAGE LENDER

The bilateral sessions were not concluded, till the Nigerian president had met with Jitender Sachdeva, CEO Skipperseil Group. An integrated energy company with operations in the manufacturing of substation equipment, discussions were on engineering processing, construction of transmission lines and substations for utilities, institutions and industries.
The company’s CEO expressed delight at meeting with President Buhari, and looked forward to doing good business in Nigeria.

Source: By Tony Ailemen

What Buhari said at Dubai Investment Expo

President Muhammadu Buhari has called on world leaders to come up with proposals to create a digital world that is accessible, inclusive and safe to all.

Buhari gave the call while delivering his keynote note address at the 2019 Annual Investment Meeting, AIM, in Dubai on Monday.

Speaking at the summit with the theme “Mapping the Future of Foreign Direct Investment: Enriching World Economies through Digital Globalization,’’ Buhari said a certain level of regulation was needed to preserve the integrity of the digital economy.

Acknowledging that digital globalisation is transforming the world almost on a daily basis with innovations and transformative ideas, the Nigerian leader cautioned that the cyber world would remain a constant threat if left unregulated.

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The President decried the use of cyberspace to manipulate elections, subvert the democratic rights of citizens as well as propagate violence.

He also lamented the steady rise in fake news and cybercrimes, particularly when platforms are hijacked and manipulated by criminals.

Buhari, therefore, called for collective efforts led by both public and private sector leaders to address the emerging threats of digital globalisation.

Buhari

‘‘Today, we have a cyber-world that is intangible but real. This border-less world is powerful, and it impacts the lives of billions of people, no matter how remote their physical locations are.

‘‘People work in it. People socialise in it. And people invest in it. This presents enormous opportunities. But it also remains a constant threat if left unregulated.

‘‘On the one hand, it has made the human race more productive and more efficient. Today, we have digital banking, virtual currencies and many social platforms that connect people and cultures.

‘‘On the other hand, we have seen platforms hijacked and manipulated as evidenced by the steady rise in fake news and cybercrimes.

‘‘More recently, we are also witnessing the use of the cyberspace to manipulate elections, subvert the democratic rights of citizens as well as propagate violence.

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‘‘In effect, the digital world has become the new frontier for both good and evil. Therefore, the challenge for world leaders must be to ensure that this space is inclusive, accessible and safe,’’ the President told the ninth edition of AIM, attended by world leaders in both the public and private sectors.

He used the occasion to reflect on the digital revolution in Nigeria, buoyed by impressive statistics on mobile phone penetration, technology hubs and the advent of young entrepreneurs attracting investments of over 100 million dollars to the country.

Buhari said: ‘‘In Nigeria, our mobile phone penetration exceeds eighty per cent. This means the majority of Nigeria’s one hundred and ninety million citizens are fully connected to this new digital world; especially our youth.

‘‘Sixty-five per cent or one hundred and seventeen million Nigerians are under the age of 25 years. These bright minds are the drivers of this emerging digital sector.

‘‘Today, Nigeria has close to ninety technology hubs and every day, new ones are coming up and they are all developing solutions for Nigerian, and indeed global problems.

‘‘Already, these young entrepreneurs have attracted investments of over one hundred million dollars. A sizeable amount from overseas including Silicon Valley.

‘‘As many of you from this region are aware, Nigerian start-ups always have a very impressive outing at the Gulf Information Technology Exhibition (GITEX). Many have won prizes.’’

Buhari

The President told the investment summit that as leaders in the public and private sector it was their responsibility to create the enabling environment for young people to flourish and reach their full potential.

While sharing the Nigerian experience, he said, ‘‘When we came in 2015, we immediately agreed that any future economic growth must be inclusive. As the Nigerian youth population is fully digitalised, it is clear that the idea of having an inclusive economy cannot be achieved without digital inclusion.’’

The President announced that Nigeria was working on creating the largest digital database in Africa with over thirty million Nigerians and legal residents already captured in the country’s digital identity system.

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Also, the President highlighted that Nigeria’s public sector reform programmes, from procurement to payroll to revenue collections, focus on digitising key operations.

He said the recourse to technology and digitisation reinforces the administration’s objectives of improving efficiency, accountability and transparency in governance.

On cyber security, President Buhari said Nigeria has taken the lead in cyber policing in West Africa, working with regional and global partners.

Source: By Seun Opejobi

Issuing Houses: economy needs N35tr investment to thrive

The economy needs N35 trillion investment annually for the next 10 years to achieve desired economic growth, Association of Issuing Houses of Nigeria (AIHN) has said.

In a statement at the end of its first bi-annual business lunch in Lagos, the AIHN President, Chuka Eseka, said Nigeria is a N140 trillion economy, adding that to reverse the negative trends in unemployment, poverty and experience real growth, the country needs  capital investment of N35 trillion per annum consistently for the next 10 years and the capital market if properly incentivised, can facilitate this.

He explained that to deliver economic growth, revenue generation must be a priority for the government. “We must stimulate productive activities within the economy that will generate revenue. Private sector efficiency is critical in harnessing the potential infrastructure development. Increased efforts must be made to galvanise Foreign Direct Investment (FDI) as well as domestic investment,” he said.

READ ALSO: NIGERIA NEEDS GROWTH TO DEFUSE POVERTY

He added: “For the power sector to thrive, the government must create an enabling environment and address existing governance, legal, regulatory, funding and pricing issues.”

Investment

According to Eseka, this is the time for the capital market to invest in intellectual capital and develop solutions for funding key national priority sectors such as power, transportation and telecommunications to achieve the transformational and catalytic economic benefits.

“While recognising the desired supporting role of government, the private sector and capital market need to put themself in the driving seat. The government must, however, be decisive and close out on key policy issues affecting the functioning of the economy to create the right framework for the market to thrive. Focus must be on policy reforms that promote market economics,” he said.

According to the group, Nigeria is out of recession, but growth is anaemic at approximately two per cent. Inflation has moderated from 18 per cent to 11 per cent, but remains sticky above the Central Bank of Nigeria’s target of six to nine per cent.

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“Revenue improved by an estimated 41.2 per cent, but underperformed by an estimated 47.6 per cent relative to budget in 2018, the fiscal deficit remains elevated but reduced to 2.6per cent of Gross Domestic Product (GDP) in 2018. There is also a lack of fiscal buffers as the Excess Crude Account has reduced to $249 million as at February 2019 from $2.3 billion as at October 2018,” it said.

Investment

Continuing, it said: “The capital market is the barometer for measuring the health of the economy. Since the global financial crisis of 2008–2009, Nigeria’s capital market has been constrained in fulfilling its mandate to drive the growth and development of the biggest economy in Africa. The capital market provides a good platform for addressing many of Nigeria’s economic challenges.

The AIHN must take the initiative to influence the new administration’s implementation strategy of its Economic Recovery Growth Plan (ERGP) by pointing out areas where funding can be more easily accessed from the capital markets if appropriate reforms are introduced.”

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The group said for the capital market to deliver on its role as a catalyst of economic growth, market operators have to be put in the position to operate optimally. Pricing for our services has to be market driven and policies put in place that would allow operators intermediate properly in the financial markets and develop local capabilities so that Nigeria can develop its own global firms and rely less on foreign expertise to execute major projects.

Source: By Collins Nweze

Poor power supply, low access to credit, high interest rate constraining Nigerian businesses

Insufficient power supply, high interest rate, unfavourable economic climate and financial problems are among major factors constraining business activity in Nigeria, according to businesses surveyed in the Central Bank of Nigeria’s Business Expectations Survey Report for March 2019.

The firms also identified unfavourable political climate, unclear economic laws, insufficient demand and access to credit as constraining factors.

According to the CBN report released Thursday, respondent firms expected the naira to appreciate in March, April and the next 12 months. They also expected the level of inflation to moderate in both next six months and the next 12 months, and the borrowing rates to rise in current month, next month and the next 12 months.

High Interest Rates

The Business Expectations Survey (BES) was carried out from March 11 to 15, 2019 with a sample size of 1,050 businesses nationwide. The respondent firms were made up of small, medium and large corporations covering both import- and export-oriented businesses.
CBN said a response rate of 96.2 percent was achieved, and the sample covered the services, industrial, wholesale/retail trade, and construction sectors.

The respondent firms expressed optimism on the macro economy, while their outlook on the volume of total order, business activity and financial conditions (working capital) were positive during the review period.

READ ALSO: NIGERIA IS AT THE BOTTOM OF ALMOST EVERYTHING

At 28.2 index points, respondent firms expressed optimism on the overall confidence index (CI) on the macro economy. The businesses’ outlook for April 2019 showed greater confidence on the macro economy with 64.8 index points.

High Interest Rates

The optimism on the macro economy in the month of March was driven by the opinion of respondents from services (16.8 points), industrial (8.6 points), wholesale/retail trade (2.3 points) and construction sectors (0.5 points), whereas the major drivers of the optimism for next month were services (37.0 points), industrial (19.4 points), wholesale/retail trade (6.2 points) and construction sectors (2.2 points).

The positive outlook by type of business was driven by businesses that are neither import- nor export-oriented (20.3 points), both import- and export-oriented (4.1 points), import-oriented (3.5 points), and those that are export-related (0.2 points).

All the four sectors expressed optimism on own operations in the review month. However, respondents from the services sector expressed the greatest optimism on own operation with an index of 7.1 points, followed by the industrial sector with 3.3 points, the wholesale and retail trade with 2.0 points and the construction sector with 0.5 points, respectively.

READ ALSO: NIGERIA NEEDS GROWTH TO DEFUSE POVERTY TIME BOMB

More respondent firms were satisfied with the management of inflation by the government with a net satisfaction index of 8.0 percent in March 2019. The net satisfaction index is the proportion of satisfied less the proportion of dissatisfied respondents.

Respondents’ outlook on the volume of total order and business activity in March 2019 remained positive, as the indices stood at 15.1 and 15.4 points, respectively. Similarly, respondents were optimistic in their outlook on financial conditions (working capital) and average capacity utilisation as the indices stood at 12.8 and 20.0 index points, respectively.

Source: By Iheanyi Nwachukwu

Nigeria needs growth to defuse poverty time bomb

Only economic growth can defuse poverty time bomb in Nigeria, Bloomberg said in an editorial on Sunday.

The New York-based international news agency, which described President Muhammadu Buhari’s record over the last four years as discouraging, wondered whether he “is up to the task” of reviving the economy.

According to the editorial, one of humanity’s most hopeful developments in recent decades has been the dramatic drop in extreme poverty.

It noted that in the year 2000, some 1.4 billion people lived at or below the global poverty line of $1.90 a day, adding, “Today, the number is about 600 million. This remarkable change is mainly due to growth in China and India. Much of sub-Saharan Africa, particularly Nigeria, has failed to share in the success.”

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“A decade ago, Nigeria had far fewer people in extreme poverty than either China or India; today, according to data compiled by the World Data Lab, it has more than both combined. The count stands at more than 90 million, and has risen both in absolute terms and as a share of the total.”

nigeria
nigeria

Nigeria’s young and fast-growing population is projected by the United Nations to double in size by 2050, making it the world’s third-biggest, according to Bloomberg.

It said, “Even assuming that the proportion of Nigerians living in extreme poverty stops rising as quickly as it has in recent years, it’s on course to remain extraordinarily high for the foreseeable future.

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“Nigeria’s success or failure in confronting extreme poverty will be pivotal for the rest of Africa, too — partly because of its huge population but also because of its outsize influence over its neighbors. The government led by President Muhammadu Buhari, recently re-elected to a second and final four-year term, bears a grave responsibility.”

According to the editorial, economic growth has barely recovered following the 2014 crash in the price of oil, which remains Nigeria’s biggest export and source of government revenue.

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It said, “Per capita gross domestic product is less than it was when he (Buhari) took office. Joblessness has more than tripled. Efforts to spur agriculture and other non-oil parts of the economy have failed. Foreign direct investment has fallen by more than half since 2010.”

Source: Bloomberg

Investors lose N548bn as Nigerian stocks fall to lowest level in 2019

The downward spree embarked upon by equities listed on the Nigerian Stock Exchange (NSE) worsened on Friday as the market recorded its most bearish week in almost six months, causing investors’ wealth to shrink by N548 billion.

The key performance indicator of the NSE, the All Share Index (ASI), which opened the week at 31,041.42 points, lost 4.59 percent, its biggest loss since end-week September 14, 2018, to close at 29,616.38 points.

That put the market at its lowest level since the start of the year and deepened its year-to-date loss to 5.77 percent. This is despite a marginal gain achieved on Friday, which failed to upturn a four-day losing streak recorded earlier at the Lagos bourse.

Performance across all sectors was equally bearish as NSE consumer goods stocks got the worst hit with a 7.73 percent loss. Industrial goods stocks shed 6.48 percent, while banking stocks were down 6.09 percent. Only 14 gainers emerged out of 67 stocks that traded during the week; this compares to 53 stocks that appreciated in share price.

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“The release of mostly unimpressive earnings results further soured sentiment in the market,” analysts at Lagos-based investment bank, Meristem Securities, said in a note to clients.

Nigerian Stock

Checks show that out of 91 companies that have released their 2018 financial statements in line with NSE rule which stipulates a 90-day expiration period for dealing members to file their results, 23 companies recorded losses for the year.

Med-View Airline, UAC of Nigeria, and Japaul Oil top the list of companies that recorded losses for full-year 2018, having lost N10.35 billion, N9.58 billion, and N6.59 billion, respectively.

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An analysis of results released on NSE reveals that total net income of Nigeria’s most capitalised company Dangote Cement, Zenith Bank and Guaranty Trust Bank in 2018 was more than that of the entire listed firms at the bourse.

The three companies posted a total profit of N768.37 billion in 2018 as against an aggregate net income of N668.14 billion posted by 88 other companies.

When the total net profit recorded by the three firms in 2018 is compared with N545 billion garnered a year earlier, it represents 40.97 percent growth, while other listed companies only saw their aggregate net income improve by 11.5 percent to N668.14 billion from N599.34 billion.

Source: Oluwasegun Olakoyenikan

Nigeria is at the bottom of almost everything

As I put on my television set on that fateful Thursday morning, November 8, 2018. Guess who was the special guest on Channels Television’s Sunrise Daily? It was Pat Utomi, who at that time was a governorship aspirant in Delta State in Nigeria under the platform of the All Progressives Congress (APC).

It was Utomi’s thought on that morning that struck me. He was not only speaking on the state of the nation, but also he said something very significant, which was: “We (Nigerians) are expecting the hand of God to fix things. Nigeria is the most miserable place to live on the planet right now. Check every indicator. Nigeria is at the bottom of almost everything.”

Utomi noted that “A lot of Nigerians are suffering because the nation is being mismanaged by its elite political class. We are not surviving; millions of people are hungry and dying out there. Everywhere in Nigeria is a war zone. If we do not fix this, we are dealing with an existential crisis.”

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Four months after Utomi shared his thought, Steve Hanke, an economist from John Hopkins University in Baltimore, US, hit the nail on the head, by ranking Nigeria as the sixth most miserable country in the world.

On hearing about this report by a US-based economist, my heart raced back to a terrible incident that occurred in Lagos late last year, when it was reported on October 3, 2018 that a middle-aged man drowned after reportedly jumping into the Lagos Lagoon in the early hours of Tuesday October 2.

The report has it that the deceased jumped into the lagoon after trekking on the Third Mainland Bridge inwards Lagos Island, where official statement at that time attributed the deceased action to “frustration”.

Nigeria

Barely one month after that terrible incident, exactly on November 2, 2018 another man was reported to have jumped into Lagos lagoon from the same Third Mainland Bridge. This was not the end to suicide in Nigeria as several other incidents of people committing suicide by hanging were reported in the media in the year 2018.

Since it has been established through research and scientifically collected data that Nigeria is truly a miserable place to live, the big question now is how miserable are Nigerians?

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Take your mind back to 2016, when Nigeria’s currency, naira, recorded its worst weakness in 17 year on a row. At that time, Nigerians for the first time saw a situation where one dollar was sold at over N500/$ in the black market. Being an import-dependent economy, so many Nigerians, mostly importers, were using high number of naira to go after limited number of dollar.

This created several economic crises as the economy also slowed into recession. Then, several manufacturing companies, which at that time depended on import for their critical production input, could not cope and most of them were forced out of the market.

What next? Thousands of Nigerians were laid off, thereby, compounding the number of those Nigerians that were unemployed. The sad side of this narrative was that those who retained their jobs at that time and even up till today, also got salary cut and all these contributed to cutting down consumers’ spending. Many Nigerians were forced to learn careful spending including how not to spend on things that are not very essential.

This was only for those who could still boast of either daily wages or monthly salaries. It did not end. Many low income earners inherited loads of responsibilities from numerous dependants especially from the extended family members heavily hit by the economic crisis in the country.

Tim Adedoyin, a retiree, said: “Presently, many families in Nigeria find it extremely difficult to eat a decent meal on a daily basis.”

Adedoyin, who emphatically agreed with Hanke’s report on Nigeria, said he recently conducted a survey with the United Nations in which 153 out of a total of 160 families living in the Surulere area of Lagos, said they have not eaten ‘chicken’ in six months.

“They have not eaten chicken not because they do not want to but because they could not afford it,” Adedoyin said.

According to him, a recent research also reviewed that 76 million out of the 180 million Nigerians live in houses without toilet facilities, while another survey conducted by him reveals that 10 families put together, can hardly afford the sum of N50,000 as their monthly feeding allowances.

“Nigeria is truly a miserable country. The climate condition is always extremely hot and unbearable, yet, you cannot get to your house after the day’s hustling and bustling that characterised life in Lagos, to even see electricity to have a sound sleep with your fans switched on.

“Power supply in this part of the world is still very unreliable as small and medium businesses run at a loss due to the heavy spending on diesel and fuel for power generation,” Adedoyin said while he heaved a sigh and shrugged.

Oluseyi Afolabi, an engineer by profession, said: “We lack basic infrastructure especially power.”

“A lot of people are running generators which make the cost of doing business very high. This is why the citizens are paying more for services because the service providers are spending monies that they should not be spending only on generating power to keep their businesses operational,” Afolabi said.

Pointing to a nearby generating set, which at that time was on and making heavy noise, Afolabi frowned and says, “Diesel is about N250 to N260 per liter and using that to generate power is like burning N250 per seconds and the only way to recoup such cost is by imposing the cost on the consumers. Goods and services are much higher than imported products.”

Nigeria

Afolabi further said: “The manufacturers here have to spend a lot of money generating power. So, we lack the basic infrastructure of power and roads. Our road networks are horrible such that even to transport the agricultural produce from the rural areas to urban areas becomes an issue because most of them get wasted on the road because trucks get trapped on the bad roads.”

“Our health care system is also horrible. If the health care provider buys any equipment and without constant power, they get damaged in no time while we do not even have the needed equipment in most government-owned hospitals. For me, we lack the basic infrastructure to even call ourselves a developing nation. I am tired of talking about Nigeria,” Afolabi further said, resignedly.

Jonathan Nicol, president of Shippers Association of Lagos State, simply said: “Our system is dead.”

According to him, “Nigeria is the only country where a citizen buys a car in his country to travel to his village, only for an officer of the Nigeria Customs Service to stop the person on the highway and arrest the car in the name of ‘not paying the correct duty’.”

“Nigeria is no doubt a miserable country to do business,” he said. “Do you know that transportation cost for moving goods from ports in Lagos to our warehouses, which we today pay as much as N600,000 to carry 25 to 30 tonnes of goods, used to be N60 in the 80s? Those days, we used to operate both day and night which was N120 because we were working for 24 hours.

“It took less than four or five hours to clear a whole vessel because the roads were free. Then, we had security but today there is no security and you cannot go to Ikeja and come back the same day or even make a roundtrip in a day. These are all the decay in the system and the people making money are not the shippers but the government agencies and they want to keep the status quo to safeguard their jobs,” Nicole lamented.

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“The Federal Inland Revenue Services (FIRS) says they will keep the withholding tax till when you want to pay income tax. It says companies can use part of it but you must pay the 5 percent Value Added Tax (VAT). Meanwhile, FIRS is still holding your 10 percent, which would have taken care of the 5 percent but no. they rather allow it to continue to build up with their receipts for so many years.

“This is after paying about 25 percent to the government as 5 percent VAT paid repeatedly on one import to Customs, shipping companies, terminal operator, licensed agent and another 5 percent to NAFDAC, if it is goods that need certification amounting to 20 percent on VAT alone. “So, businesses and shippers are in hell in this country. And this is just a tip of eyes berg to the misery of businesses in Nigeria,” Nicol said.

Source: Amaka Anagor Ewuzie

Rainstorm destroys Abuja worship centres, homes, schools

Residents of Galadimawa settlement in the Abuja Municipal Council Area are counting their losses after a heavy rainstorm blew off the roofs of some homes, worship centres and schools on Saturday.

Electric poles and other infrastructure were not spared as some of the poles were uprooted while parts of some buildings around the areas caved in due to the impact of the storm, which accompanied the rain.

The heavy rainstorm, which started around 10pm on Saturday, destroyed property estimated to be worth millions of naira.

This is even as residents and volunteer workers are still trying to ascertain the total cost of the damage.

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When our correspondent visited the affected on Sunday, some of the victims were seen trying to salvage valuables and personal effects from the wreckage of their homes.

rainstorm

Pupils of the Galadimawa Primary School, who live around the school, were mobilised to salvage what was left of their desks and chalkboards in some of the affected classroom blocks by the rainstorm

Some residents told Northern City News that the damage was the first of its kind in recent times.

One of the victims, Mr Uchena Ogbona said, “Where do I start from? I have lost everything. We plead with the FCT Administration to come to our aid.”

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Another victim, who gave her name as Mrs Uduak Opelema said, “I have never seen anything like this. This rainstorm has destroyed all that I have.

“Look at my house, there is nothing left; the rainstorm destroyed it, we need urgent help in this area.”

Source: By Olatunji Obasa

Shocking: All You Need to Know About This Abuja Community Without Electricity, Water, Basic Amenities

Residents of Gosa Kpanyi Kpanyi community in Kuje Area Council on Sunday decried the lack of electricity and water supply in the community which they said had crippled development.

Some of the residents who spoke with News Agency of Nigeria (NAN) said the government had abandoned the community without electricity for over 40 years.

Gosa Kpanyi Kpanyi is a community along airport road with street lights just at the entrance of the community but no power supply inside.

Tanko Joshua said there were no social amenities in the community right from when he was born.

“I was born here and I grew up in this place. I have never seen light in this place for over 40 years now.

The building where everyone in the community charges their phones and lamps.

“There is a central place that we do charge our phones, lamps and we will have to pay N50 naira to charge. As you can see, there are electricity poles here, but there are no wires let alone power supply.

“There is no single school in this community, our children have to cross to the other community (Gosa seriki) to go to school,” he said.

The building where everyone in the community charges their phones and lamps.

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Also Bako Haruna, a Senior Secondary School student regretted that politicians would always come to the community for campaigns and promise better days for the residents but never fulfilled their promises.

“When (an) election is approaching, politicians will be visiting and making promises to the community to provide the people with infrastructure.

Gosa Kpanyi Kpanyi community with electricity poles without wires.

“The councillors come here to do campaign and they will promise to bring power supply and other social amenities for us, but once we have voted them and elections over, they forget us.”

Mr Haruna called on the FCT authority to provide basic amenities in the community.

A female resident who claimed anonymity said it is her 20th year in the community and she has never seen electricity in the community.

“No hospitals, no school, no potable water, no light too. All my children were born in the opposite community, the pregnant women have to go to either Lugbe and other places to give birth.

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“This is the only community along airport road that does not have any amenities. Other communities have all these things. The government is fencing the community, there is street light in front of the community but we live in total darkness.”

Another resident, Danjuma Musa, said: “I was born in this community and now I have two children here still no light.

“Last year January AEDC brought this electricity poles you are seeing and since then we haven’t seen them. It’s more than a year now, they brought it to deceive us during the election.

“No presence of government infrastructure here. No electricity, no water, no school, no health structure. They are fencing all the communities along airport road just to present visitors a good sight.

“The river at the entrance of the community is our main source of water supply.”

Endurance Ephraim said she has been in the community for over 20 years without potable water.

“No water in this community for twenty years that I have been here. When I came here, I met people who also shared the same experience.

“The Wupa water is dangerous and full of harmful objects, there are sharp stones. Yet we can’t stop the children from entering it because there is heat and they need water to cool their body temperature.

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Wupa River at Gosa Kpanyi Kpanyi community in FCT

“Before we drink the water because we don’t have water in the community but when we discovered that our children started peeing blood, we stop drinking the water but we use it for every other thing.

“We use the water to do domestic chores, we wash our clothes in this river and also bath and the cattle too come here, our children come to swim here and if the water enters their system, they will pee blood,” she said.

Another resident, Tina Gaius, complained about the stress she goes through to get clean water for use.

She said that the only clean water in the community was a stream which might be a broken water pipe and cannot serve the entire community.

READ ALSO: FG BEGINS IMPLEMENTATION OF WATER FOR ALL PLANS

“To get water, we sometimes go to water vendors to get water to drink, other times we go to the community across to fetch water.”

Augusta Tanko said she does not fetch from Wupa river, rather she gets water from a small stream that flowed in trickles within the community.

“Today I got to the stream by 9 a.m., it is past 1 p.m. already and I’ve fetched just one bucket, I’m trying to fetch the second bucket now.

“With these two buckets, my family will bath and I will cook from it. Tomorrow, I will come and fetch again.”

Stream at Gosa Kpanyi Kpanyi, the only clean source of water in the community

She, however, called on the government to come to their aid because they have been neglected for so long.

Source: News Agency of Nigeria(NAN)

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