The Nation Newspaper

Tag: Nigeria

  • Nigeria, Netherlands to strengthen trade ties

    The Nigerian Ambassador to the Netherlands, Dr  Nimota Akanbi, has said efforts have been made to improve on the bi-lateral trade relationship between Nigeria and the Netherlands.

    Speaking on the forthcoming Business and Investment Forum coming up in the Hague, Netherlands, she said in line with the transformation agenda of the Federal Government, efforts have been outlined to improve on the relationship, adding that the two countries would look into areas which can improve their economies.

    “We are doing this in line with the transformation agenda of the Federal Government. President Goodluck Jonathan is committed to the attraction of Foreign Direct Investments (FDI) to Nigeria. Therefore, for us at the Embassy of Nigeria in The Hague, all hands must be on deck to achieve this.

    “With every sense of modesty, we have been organising investment forums, but the one we are holding between June 4 and 7, this year, promises to be bigger. We are doing this in collaboration with the Hague-based Netherlands council for trade promotion and Nigeria-Netherlands Chamber of Commerce.

    “The forum is aimed at re-invigorating and robustly expanding business partnership between Nigerian firms and entrepreneurs and their Dutch counterparts as well as with Dutch companies and firms.

    “It is aimed at boosting trade and economic relations as well as promoting Dutch investment in Nigeria.

    “Particular emphasis is being placed on investment and economic cooperation between Nigeria and the Netherlands and among the private sectors of the two countries,” she said.

    The envoy said the forum would provide opportunity for Dutch companies and business organisations to negotiate and enter into joint venture or business agreements with their Nigerian counterparts on any area of business interest, including power and energy, oil and gas, agriculture, transportation, infrastructure, information and communication technology, mining and solid minerals, marine engineering, manufacturing, building and construction, tourism, entertainment industry and so on.

    She said about 1,500 Dutch investors and 350 participants from Nigeria are expected.

     

  • UNIDO unveils N31.8b year budget for Nigeria, others

    THE United Nations Industrial Development Organisation (UNIDO) will spend $200 million (about N31.8 billion) to industrialise Nigeria and other African countries over the next six years, its Director-General,  Dr. Kandeh Yumkella, has said.

    A summit speaking out in Abuja, Yumkella said since 2008, the organisation has spent $100 million (about N15.9 billion) on the industrial sectors in Africa, adding that another $200 million (N31.8 billion) is in the pipeline.

    He said the organisation is working with the Federal Ministry of Trade and Investment and the private sector to implement rice husk fuel plant project in Ebonyi, a $820,000 shoe factory in Delta State and mini-hydro power stations, among other projects across the country.

    He said the money would be spent on some of the organisation’s industrial projects, such as energy,tradecapacity building,  pharmaceutical manufacturing and the Accelerated Agribusiness and Agro-industries Development Initiative (ADI)

    Yemekella said: “There has been a significant increase in the number, types and quality of programmes that we have delivered in Africa. All of these activities fit within the overall framework for the Accelerated Industrial Development of Africa (AIDA), formulated by the African Union Commission with UNIDO’s assistance, and endorsed at the 2008 Summit. We have worked with various commissioners to consolidate the economic pillars of AU’s Mandate.

    “We supported the AU to institutionalise the Conference of African Ministers of Industry (CAMI). The Secretariats of the New Partnership for African Development (NEPAD) and the governments of Egypt, South Africa and Algeria, provided significant political leadership and technical support to ensure that CAMI becomes a viable organ of the AU,” he added.

    He said the goal of the ADI is to have an agriculture sector in Least Developed Countries (LDCs) that are expected to join the highly productive and profitable agricultural value chains by the year, 2020.

    Yumkella blamed the crisis in the power sector on inconsistent policy by previous administrations.

    He described government’s attitude to power problem as ad-hoc, without clear-cut strategy on how to provide lasting solutions to the problem.

    “When power supply goes off, we get the generator. We never sat down to ask where we want the nation to be in the next 20 to 25 years, how fast we want it to grow, how much jobs we want to create and what sectors of the economy we need to develop.

    “Instead of putting the generators on, you would have built the hydropower plant since Nigeria has a lot of water resources,” he said.

    He regretted that most hydropower projects embarked upon by the country were abandoned, while funds allocated for the projects were not accounted for.

    “We surveyed the water basins and started some hydro projects, they were never completed. Some were about 90 per cent completed, but were never turned on. Those dams could be used for irrigation and water supply in cities. So, you have to link energy access with the ambition of Governors to transform their states. We also need to convince the politicians that energy transformation is not a quick fix. It is a long-term strategy of 20 to 30 years,” he added.

     

  • Presidency, Assembly not in supremacy battle, says Jonathan, Mark

    President Goodluck Jonathan and Senate President, David Mark, on Wednesday canvassed stronger collaboration between the Executive and Legislature in the country

    Jonathan and Mark underscored the fact that the Executive and Legislative arms of government are not in any supremacy battle as erroneously assumed in some quarters.

    Both spoke at a two-day conference on Executive-Legislature relations with the theme “Strengthening Executive-Legislature collaboration in governance.”

    The conference was organized by the Office of the Special Adviser to the President on National Assembly Matters, in Abuja.

    Jonathan who was represented at the event by the Vice President, Arch. Namadi Sambo noted that the conference was part of the effort in the advancement of good governance and development in the country.

    He added that it underscored the need for harmony in political purpose between the Executive and the Legislature.

    While Jonathan insisted that the executive and legislature are not in competition or in a battle for supremacy, Mark on his part said that there is no competition between the two arms of government.

    Mark emphasized that both arms of government are on the same wavelength, the only difference being that sometimes, they view things from different perspectives.

    He said that it is the minor difference that sometimes gives the impression that there is friction.

    But the Senate President was quick to add that “this difference is necessary for democracy to survive because if you allow excess power in one direction, we all know the result; there would be tyranny, there would be misuse of power and abuse of power.” 

    Jonathan said that he looked forward to the conference because of its significance in his governance philosophy.

    The President noted that he is a strong believer in consensus building and cordial relationship between difference arms of government.

    The conference, he said, is another avenue to continue to promote the common agenda of transforming the country’s political, economic and social progress.

    He noted that it is generally agreed that no perfect form of government exists for now, saying however that “there is no better alternative to democracy where people are allowed to freely elect their representatives through the ballot which gives democracy clear advantage over other forms of government.”

    He said, “As elected representatives of the people of Nigeria, we hold power in trust for them and we must exercise this power responsibly and to their benefit.

    “Power, I must emphasis, belongs to the people, not to those who the people elect.

    “That is why no matter the form or level of power entrusted in us, we have a duty to put the people first in all that we do.

    “We often talk about the principle of separation of power in order to emphasize that every arm of government is constitutionally independent of one another with accompanying concept of check and balances as required by the presidential system of government.

    “My understanding is that while separation of power means every arm of government operates independently, checks and balances implies that the three arms of government are interdependent, they need one another to function optimally.

    It is not about subjugation or subordinating one arm to the other. Rather, it is about being partners in progress.”

    Jonathan noted it is gratifying that in a few years of the country’s democratic practice, Executive-Legislature relationship has made appreciable progress.

    Though he recognized that there had been sour times and challenges he said the level of understanding, maturity and cooperation has certainly been on the rise.”

    “I note that the relationship thrives when complementary, not when competitive and we just have to improve on this,” he said.

     

     

  • Nestle awards bonus shares to Nigerian management

    Nestle Switzerland (Nestle S.A), the parent company of Nestle Nigeria Plc, has awarded some 15,060 ordinary shares of Nestle SA to key management employees of Nestle Nigeria Plc in the past three years under the multinational’s equity incentive scheme.

    A report obtained by The Nation showed that five top management executives benefited separately from the employees’ bonus shares in 2012 and 2011.

    The equity incentive scheme, otherwise known as Restricted Stock Unit Plan (RSUP), applies to all Nestle SA’s management staff globally. Under the plan, Nestle SA awards restricted stock units to employees, which enable the beneficiaries to either receive freely disposable Nestle SA’s shares or an equivalent cash value at the end of a three-year restriction period.

    According to the report, five top management employees were awarded 5,460 shares, equivalent to N48.34 million, in 2011 for three-year service to the multinational. Also, five top management employees were awarded 4,810 shares, equivalent to N46.15 million, in 2012 under the same vesting conditions of three-year service to the global nutrition company.

    The report indicated that a total of 4,790 shares had been awarded to key Nigerian management staff in 2010 for three-year service, bringing total number of shares awarded to Nigerian management employees of the multinational to 15,060. The shares were granted to the beneficiaries on February 1 of each year.

    However, while the bonus shares plan is an incentive scheme of Nestle SA and the shares being awarded are shares of Nestle SA, the equivalent cash expenses are deducted in the profit and loss accounts of Nestle Nigeria Plc.

    The Nation’s invesitigation indicated that the weighted average fair value of each unit the share at the grant date was N9,595 and N8,853 in 2011 and 2012.

    Nestle SA holds about 62.76 per cent equity stake in Nestle Nigeria, mainly through its Ghana-incorporated Nestle CWA Limited.

    Nestle Nigeria Plc had shown impressive performances in recent years with stronger underlying fundamentals impacting on actual earnings and returns. It had combined appreciable growth in sales with more efficient cost management and substantial deleverage of its balance sheet to deliver its most impressive results in recent years in 2012.

    Audited report and accounts of Nestle Nigeria for the year ended December 31, 2012 showed that significant reduction in financing charges and improved cost management accentuated top-line growth. Total sales grew by 19 per cent but pre and post tax profits rose by 38 per cent and 28 per cent respectively.

    With 28 per cent increase in net earnings per share, the board of the food and beverage multinational has recommended increase in cash payout by 59 per cent. The company is distributing about 75 per cent of net earnings for the year, gradually moving back to Nestle Nigeria’s traditional payout policy of almost distributing net earnings to shareholders. Besides, net assets improved by 47 per cent, underlying increase in equity funds due to improving retained earnings.

    Earnings per share stood at N26.67 in 2012, representing an increase of 28 per cent on N20.81 recorded in 2011. Gross dividend increased by 59 per cent from N9.95 billion for 2011 to N15.85 billion for 2012, representing dividend per share of N20 for 2012 as against N12.55 distributed for 2011. Net assets per share also improved by 47 per cent from N29.28 to N43.13.

  • Akpabio, Leadership and ‘Rebuilding Nigeria’

    Akpabio, Leadership and ‘Rebuilding Nigeria’

    The theme: “Rebuilding Nigeria” presupposes that the nation is in ruins and needs to be restructured. The process, if we borrow from the French Philosopher, Rene Descartes, would involve demolishing certain ancient structures and preserving some for accommodation in the remoulding process. Above all, it involves the human factor who, first, must admit that there is work to be done and sets about doing it to fruition.

    It was, perhaps, the consideration of the last factor, the human input in rebuilding Nigeria that informed the gathering of the crème de la crème of the society by the Leadership newspaper, in Abuja. It was April 16. And, specifically, the event built around the theme of Rebuilding Nigeria, recognized those who have so far made significant efforts towards the refashioning movement. From the business to the religious; from the social to the political, recognition went round. But two categories stood out most – the religious and the political. While, very significantly, Sultan Sa’ad Abubakar and John Cardinal Onaiyekan won a joint award for exemplary, peaceful religious leadership; Governor Godswill Akpabio emerged the ‘Leadership Governor of the Year 2012’ for uncommon transformation of his state with quality infrastructure.

    In deed, love him or hate him, Akpabio’s achievement in the area of restructuring the landscape of the nation through infrastructure has so far been unequalled. Some argue that he receives a lot of money from the federation account but fail to explain why some other states who receive similar or more funds can’t develop at the speed of light seen in Akwa Ibom in recent years. Obviously, those convinced by detractive and hateful criticisms are few as it was evident in the International Conference Centre venue of the event. As Akpabio was called upon to receive the award, which as usual he dedicated to the people of Akwa Ibom State, the hall erupted in a deafening ovation. For minutes, the proceedings were on hold as almost everyone present acknowledged that the “wonder worker governor” deserved his day in the sun.

    It wasn’t his first “Governor of the Year” or “Man of the Year” award. He has had several in the past six years; so this one was just a confirmation of the numerous others. But as usual, Akpabio shone brighter than all the stars in the galaxy! Responding, on behalf of other awardees at the Leadership event, Akpabio said leadership needs sincerity of purpose; focus; dedication; commitment and common involvement of all.

    Principally, the plank Akpabio stood head above other governors at the event was in his development focus. Space may limit elaboration here but suffice it to say that apart from other evidences, Akpabio is now jocularly knows as “The Roadmaster”, on account of his unprecedented road network development. As he constructs even federal roads for all Nigerians to ply, he is “rebuilding Nigeria”. Some critics even say he’s the “Education-by-force Governor”. Yet, this is one area he proudly pointed out at the event as his effort at “rebuilding Nigeria”, as all Nigerian children resident in his state benefit from the scheme. In deed, the governor’s love for education, in particular, is based on his understanding of the great importance it holds for the people. He appreciates, like John Maurice Clarke, the English economist that, “knowledge is the only instrument of production that is not subject to diminishing returns”. He has invested in education more than any governor before him in Akwa Ibom State. Challenged by the ignorance and poverty that had once ravaged the land and affected the psyche of the people, Akpabio is changing the fortune of his people through education. Similarly, the e-Library; the gas plant; the Ibom International Airport; the prisons built and handed over to the federal government; the construction of over 10 buildings within the University of Uyo, a federal institution; the various contributions – structural and financial – to the University of Uyo Teaching Hospital (UUTH), another federal body, all aid in “rebuilding Nigeria. Moreover, as the governor mentioned at the event, he doesn’t segregate on account of tribe. For instance, his principal aides are from the diverse tribes in the country; completely mixed and he is blind to religious sentiments, too! Hence, he was “rebuilding Nigeria” when he built a hostel at Hussaini Adamu Federal Polytechnic, Kazaure, Jigawa State, recently.

    For the above reasons and more, he has in the past won various recognitions. For instance, on February 25, 2012; the Sun newspapers, after a painstaking exercise, picked Akpabio for honour as its “Man of the Year, 2011”. Similar affirmation also came earlier from Daily Independent; Tribune; National Daily, etc. He was even named an “Emerging Tiger” by the Thisday a few years back. Usually, the Board of Editors of each paper say Akpabio was picked based on verifiable indices witnessed independently while on spot inspections to Akwa Ibom State.

    Even members of the opposition parties have admitted that Akpabio deserves a place in history as a “national builder”. ACN’s Comrade-Governor Adams Oshiomhole of Edo State said that much at the Sun award, last year: “The Sun Man of the Year 2011 that you are being honoured today is not a fluke. It is based on what you have been able to put in place in your state as their leader since you took over the reigns of leadership. I have been to Akwa Ibom State and I know what I saw. This award is a confirmation of your achievements in office and I can say without any apology that you deserve this award”, he said.

    Governor Peter Obi of Anambra State (APGA) once described Akpabio in similar glowing terms when he visited Akwa Ibom. The Conference of Nigeria Political Parties (CNPP) in Akwa Ibom recently said: “We have noted with delight, the apparent and heartening pace of developments that have been recorded by Gov. Godswill Akpabio and particularly applaud the development initiative in the areas of infrastructural provision across the state as well as the institutionalization of free and compulsory education”.

    Akpabio’s media aide, Chief Usoro I. Usoro, said it was African Church which first recognized that the governor has been “rebuilding Nigeria”; hence they named him “Nehemiah of our time”. Usoro, Senior Special Assistant on Print Media and Research, recalled that even the Central Bank of Nigeria (CBN) also named Akpabio “the Best Governor in Nigeria”, in terms of micro-credits and empowerment of the masses. It was noted the governor has been “rebuilding Nigeria” with his policy of providing 4500 women with direct training and capital for agricultural purposes.

    Interestingly, Akpabio talks less about his achievements, yet he delivers more; perhaps in line with Henry Kaiser’s cautions: “When your work speaks for itself, don’t interrupt.” But a goldfish has not hiding place and in the words of Apostle, “a city set on a hill cannot be hidden…no one lights a lamp and put it under a basket, but on a lamp-stand that gives light to all who are in the house (city)”. In other words, like marketers would say, a good product markets itself!

    For Akpabio, the awards actually spur him to do more. From far and near, the world appreciates his efforts and has risen in diverse locations with words of encouragements. Recently, in far away Houston, Texas, the United States Congress described him as exceptional…confirming a Wikileaks reports that he is one to watch in good governance.

    Ms Sheila Jackson Lee, a member of the 18th Congressional District of Texas, who conferred Akpabio with a Certificate of Congressional Recognition, on behalf of the Speaker, said the governor’s “shining example of leadership is truly worthy of respect, admiration and commendation of the United States Congress”. The governor’s wife, Ekaette, also got an award for her charity works centred on widows, women, poverty and the disabled.( She described Akwa Ibom under Akpabio as “a state with limitless opportunities,” saying “with so many projects delivered, over 3000 of them, and a lot still in the works, Akwa Ibom state now stands out as a foremost state in the Niger Delta, not embroiled in tribal wars, militancy or crime.”

    To many, the tide of honours flowing Akpabio’s way is not surprising. The consensus at the award ceremony was that leadership is not about lip-service and convoluted opinions. It is not about precepts and theories but much about exemplary living. When the common people are touched; when they pass a vote of confidence on a leader, it doesn’t matter what the selfish, politically motivated and hate-induced opinions are. A leader, by his fruit exhibited through “rebuilding Nigeria”, will always be noticed and recognized!

     

    • Edward, a journalist and teacher, wrote this piece from Lagos.

  • Credible polls’ll prevent crisis in Nigeria, says Akiolu

    Credible polls’ll prevent crisis in Nigeria, says Akiolu

    •Army chief urges tighter security

    Oba Rilwanu Akiolu of Lagos yesterday said unless credible polls are conducted, there would be trouble in Nigeria.

    The Chief of Army Staff, Gen. Azubuike Ihejirika, urged Commanding Officers (CO) to ensure that their troops are always at the alert.

    They spoke at the opening of the maiden CoS’s workshop, hosted by the 81 Division, Lagos.

    Lagos State House of Assembly Speaker Adeyemi Ikuforiji was also present.

    Oba Akiolu said there would be no trouble, if credible and fair elections are conducted.

    Lamenting the poverty rate across the country, he said: “Let us be honest with ourselves, trouble is coming in Nigeria. It can only be avoided, if we conduct free and fair elections.

    “There are monarchs in this country who will tell the authorities what they want to hear, but I am not one of them. I was on phone with the Sultan of Sokoto until early this morning. There is hope for this country, provided we know what we are doing.

    “The level of poverty and suffering in Nigeria is growing in a geometrical progression. Government should please do something to ease the situation.”

    The monarch urged the Federal Government to increase the budget of the police by 400 per cent. He said without adequate financing of the police and effective service delivery by men of the force, Nigeria “will not be in order”.

    Gen. Ihejirika, in his address entitled: Enhancing the capacity of commanding officers to meet contemporary challenges, said suicide bombing has brought a challenge to policing.

    He said: The threat we are faced with today is principally asymmetric and not conventional. From the creeks in the Niger Delta to the Sahel Savannah region in the Northeast and Northwest, there is no clear line between you and the adversary.

    “The adversary employs all forms of unconventional weapons and tactics in urban and rural areas, capitalising on the porosity of our borders. Its capability, in some cases, has overwhelmed the capacity of our border security agencies, including the police.

    “I expect you, as part of an operational security, to ensure maximum alertness and security of your troops, installation and equipment at all times. Remember that the security of your troops and barracks is a command responsibility.

    “Beyond this, you must ensure effective supervision, down to the lowest level, without compromising the mission command philosophy. Your ability to deal with distress situations must be robust. We are working assiduously to build our surveillance capability through local research and external procurement.

    “A decision has been taken to reinforce the existing Quick Response Groups and FOBs to tighten border security. We have also concluded plans to restructure and reinforce Operation Restore Order III for better effectiveness to ensure good command and control.”

    The army chief urged the officers to sustain the cordial relationship with other security agencies, the media and their host communities.

    Ikuforiji said Nigeria’s major problem was how to harness our resources for growth.

    “The peace we used to take for granted is gone. Terrorism, which was alien to us, has become the order of the day. Security agencies must prepare to confront insurgencies,” he added.

     

  • 50 NIGERIA ATHLETES TO FEATURE AT MAIDEN OKPEKPE RACE – ALLI

    50 NIGERIA ATHLETES TO FEATURE AT MAIDEN OKPEKPE RACE – ALLI

    YUSUF ALLI, the Technical Coordinator for the maiden Okpekpe 10km International Road Race on Monday said Nigeria would feature no fewer than 50 athletes at the competition.

    The race, scheduled for May 4 in Edo, will start and end in Okpekpe village in Etsako-East Local Government Area, with participants running through hills and valleys.

    Alli told the News Agency of Nigeria (NAN) in Lagos that Nigeria planned to feature the athletes as a build-up programme to develop upcoming athletes in long distance races.

    “We want to develop our long distance runners because it is not our strong area but we are hopeful that with events like this, we will improve,’’ he said.

    Alli, who won the 1990 Auckland, New Zealand Commonwealth Games Long Jump, also said that accommodation would be provided for the participating athletes in Benin City and Auchi. He also said that Nigerian athletes were camped at Afuze near Benin and were undergoing training to ensure they were among the winners.

    “The athletes have been in camp for some weeks now in Benin because we thought that would be the best place for them to camp and acclimatise,’’ the former long jumper said.

    He noted that long distance runners like Aminat Olowora, who was discovered at the 2012 18th National Sports Festival (NSF) in Lagos would feature at the event.

    Some of the other Nigerians who will participate in the female category are Deborah Palm and Janet Dung, while Emmanuel Yang, Kefas William and Sadiq Aluko are among the males.

    Alli said that some of Ethiopia’s athletes who have indicated interest are Deriba Merga, Tilahun Regassa and Sofia Shemsu, while Kenya’s Moses Masai and Timothy Toroitich of Uganda are also expected.

    He said that changes had been made in the prize money for the women runners, with the winner receiving 10, 000 dollars. The second position will cart away 7, 000 dollars and third place will receive 5,000 dollars. The winner in the male category will receive 25,000 dollars, the first runner-up 15,000 dollars and the second runner-up 10,000 dollars.

  • N33.6b remitted to Nigeria in 2012, says World Bank

    N33.6b remitted to Nigeria in 2012, says World Bank

    • Global payments hit $514b

    Nigerians and other residents in the country received a total of N33.6billion or $21billion last year in remittances from their relatives, friends and business associates, the World Bank has said.

    According to the latest edition of the World Bank’s Migration and Development Brief, issued at the weekend, Nigeria accounted for 67 per cent of the $31billion total inflows to sub-Saharan Africa last year, followed by Senegal and Kenya.

    Noting that remittance flows to sub-Saharan Africa have been recovering from the contraction associated with the global financial crisis, the report said growth has been modest.

    The World Bank said: “In 2012, the region is estimated to have received about $31 billion in remittances, only about a one per cent increase over 2011. Nigeria is by far the largest recipient of remittances in the region, accounting for about 67 per cent of the inflows to the region in 2012, followed by Senegal and Kenya. Zero growth in flows to Nigeria in 2012 is partly attributable to the feeble labour market recovery of its major remittance source countries in Europe, the UK in particular. Remittance flows to Nigeria and the rest of the region are expected to grow significantly in the coming years to reach about $39 billion in 2015.”

    The report stated that officially recorded remittance flows to developing countries grew by 5.3 per cent to reach an estimated $401 billion in 2012. It added that remittances to developing countries are expected to grow by an annual average of 8.8 per cent for the next three years and are forecast to reach $515 billion in 2015.

    It, however, observed that given that many migrants send money and goods through people or informal channels, the true size of remittances are much larger than these official figures.

    The top recipients of officially recorded remittances for 2012, according to the report, are India ($69 billion), China ($60 billion), the Philippines ($24 billion), Mexico ($23 billion) and Nigeria and Egypt ($21 billion each).

    Other large recipients include Pakistan, Bangladesh, Vietnam and Lebanon.

    “As a percentage of GDP, the top recipients of remittances, in 2011, were Tajikistan (47 per cent), Liberia (31 per cent), Kyrgyz Republic (29 per cent), Lesotho (27 per cent), Moldova (23 per cent), Nepal (22 per cent), and Samoa (21 per cent),” the report added.

    Besides, the World Bank said remittance flows to developing countries have more than quadrupled since 2000, stressing that global remittances, including those to high-income countries, are estimated to have reached $514 billion in 2012, compared to $132 billion in 2000.

    Further breakdown of global remittances showed that The East Asia and Pacific region received an estimated $109 billion in remittances in 2012, about $5 billion lower than the estimate we made at the end of 2012, due mainly to a downward revision of inflows to China by the same amount. Remittance inflows to the region were an increase of 2.5 per cent over the 2011 value of $106 billion.

    Remittances to Eastern Europe and Central Asia are estimated to have declined by 3.9 per cent to about $40 billion in 2012, partly due to the depreciation of the euro against the US dollar (lowering remittances in dollar terms). Officially recorded remittances to the region are expected to rebound in 2013-2015, exceeding the pre-crisis peak in 2014 and reaching US$52 billion in 2015 according to the report.

     

    The Latin America and Caribbean region saw a slight increase in remittances in 2012 to $62 billion, still more than $2.5 billion below the peak reached in 2008. Mexico, which received $23 billion in 2012, accounts for 56 per cent of total remittances to the region, followed by Brazil ($4.9 billion). The US is the largest source of remittances to the region, accounting for 73 per cent of the total inflows in 2012.

    With remittance inflows of an estimated $49 billion in 2012 (an upward revision of about US$2 billion from previous estimates), the Middle East and North Africa (MENA) region experienced the fastest expansion of remittances in 2012, growing by 14.3 percent over 2011. Egypt, which accounted for over 40 per cent of total remittance inflows to the region, has seen a six-fold increase in remittances over the last eight years, making it the largest recipient in the region, ahead of Lebanon, Morocco, Jordan and Tunisia.

    Officially recorded remittance flows to South Asia according to the report, are estimated to have increased sharply by 12.8 percent to $109 billion in 2012. This follows growth averaging 13.8 percent in each of the previous two years. India remains the largest recipient country in the world, receiving $69 billion in 2012. In addition to large numbers of unskilled migrants working mainly in the oil-rich Gulf Cooperation Council (GCC) countries, India also has a large skilled diaspora the US and other high-income countries. Flows to Bangladesh, Pakistan and Nepal have also been robust, helped by strong economic growth in the GCC and India. Remittances to the region are projected to remain buoyant in the coming years, reaching $140 billion in 2015.

    Nonetheless, the report stated that the high cost of sending money through official channels is an obstacle to the utilization of remittances for development purposes, as people seek out informal channels as their preferred means for sending money home. The global average cost for sending remittances it added, was 9 per cent in the first quarter of 2013, broadly unchanged from 2012.

    “Migration and remittances offer a vital lifeline for millions of people and can play a major role in an economy’s take-off. They enable people to partake in the global labor market and create resources that can be leveraged for development and growth. But they are also a source of political contention, and for that very reason deserving of dispassionate analysis,” said Kaushik Basu, the World Bank’s Chief Economist and Senior Vice President for Development Economics, as he participated in an event to mark the launch of KNOMAD. “The World Bank has played a critical role in migration and remittance research and KNOMAD will be critical in taking this agenda forward.”

    “The role of remittances in helping lift people out of poverty has always been known, but there is also abundant evidence that migration and remittances are helping countries achieve progress towards other Millennium Development Goals (MDGs), such as access to education, safe water, sanitation and healthcare,” said Hans Timmer, Director of the Bank’s Development Prospects Group.

     

  • ‘Nigeria requires 10 outsourcing centres’

    For Nigeria to maximise the benefits of business process outsourcing (BPO), 10 BPO outposts should be created, the Institute of Software Practitioners of Nigeria (ISPON), has said.

    President, ISPON, Dr Chris Uwaje, who spoke at a forum organised by the National Information Technology Development (NITDA) in Lagos, said outsourcing has become a strategy to multiplying the resources in the information technology (IT) sector, especially when it is realised that youths make up about 63 per cent of the population.

    “Nigeria should have at least 10 outsourcing output. Lekki should be an outsourcing zone and Ikeja can be made an outsourcing corridor. A section of Otigba Market (Computer Village) can be turned into an IT outsourcing enabled institute so that people can be trained on the norms and standards on what outsourcing should be.

    “Perhaps, outsourcing for our banking industry holds a huge potential. Our banks are opening branches in West Africa and they are moving to East Africa and London; they should be able to establish the service that will enable good delivery over there from home. So, it is a job enabler,” Uwaje said.

    According to him, outsourcing is another way of diversifying reources allocation, adding when an outsorucing centre is created, either regionally or in hubs, it would reduce the desire of young Nigerians to travel out of the country because the jobs they are going to search for overseas are already created.

    “The world becomes a global village, because you are going to earn a lot of money and it is not just for international market itself,” he said.

    According to Uwaje, if the country focuses on her immediate environment, she could take advantage of the sub-regional body, the Economic Community of West African States (ECOWAS) and explore a lot of opportunities to develop and set the pace in the region. “If we focus on our environment, for instance, if you look at the treaty in the ECOWAS sub-region, you can do a lot of things there. There are 252 million people in West Africa; Nigeria is 160 million, Ghana is 22 million and the rest are 14, 7 and 3 millions. We have a large of opportunities that we can seize. Outsourcing is a great venture for the knowledge economy,” he said.

    He, however, identified certain challenges on the way of BPO. “The broadband is just trying to emerge as a core infrastructure. We should not forget that it will be delivered through 3.2 mega hertz (Mhz) spectrum and we have constraints, although they are being tackled,” he said.

     

     

  • ‘Only the real gospel will change Nigeria’

    ‘Only the real gospel will change Nigeria’

    The general overseer of The Stone Church Ibadan, Oyo State, Pastor Alex Adegboye, is a no-nonsense preacher. He spoke with Sunday Oguntola on the church’s 20th anniversary and how the gospel can influence the nation. Excerpts:

    The Stone Church is 20. Did you imagine it will come this far?

    Yes, I must have believed we would come this far because I wasn’t doing my own thing. It is God’s calling and mandate. I think I am like Amos in the Bible who said ‘I wasn’t a prophet neither was I a prophet’s son but God called me and asked me to prophesy’. Like me, he had no pedigree; nothing to fall back on. I just stepped out in faith, trusting God will prosper His work if we remain faithfulness.

    So, how has the last 20 years been?

    It has been bumpy. It has not been easy at all in the sense that when you run a race like this, it will be very challenging. The devil will not just allow you to obey God. Every serious and committed minister is the devil’s worst nightmare because we help people to fulfill destiny. So, the devil will not just watch things grow.

    It’ll be good to recount some of those challenges

    At the very beginning, the problem was how to get a place of our own. We got a land and when we were about to build, some people came and said the land belonged to them. They were the National Council of Women; they were very powerful to the extent that the then governor sent soldiers to come and ‘capture’ us. They ‘captured’ me and took me to the governor’s house. Of course, they released me with a stern warning never to go to the land again. I took them to court; we won and got our money back.

    In 2003, I was attacked by armed robbers right inside the church. We were having an evening meeting when they came. They demanded for money and shot me. Of course, that took me out of job for over two years. I was in the UK for treatment until I returned. That experience gave birth to my book Scars of Faith where I recounted the whole thing. Of course, there were challenges of building structures that work and getting people to behave well. That was never easy. But, of course, we have emerged stronger from all of these because the Lord called us. If it were not that He called us, we won’t be here today.

    Can you recall remarkable divine encounters that keep swelling your heart and reminding you God is here?

    In the very first year of the church, we grew by leaps and bounds. We grew to about 1,000. That was surprising to me because I remember calling my family members before the church started and my 10-year-old daughter said, ‘Daddy, what if people don’t come?’ Of course, there was always that fear somewhere in one’s heart. I answered her and said, ‘What if they come?’ She thought hard and said, ‘Well, that is true. They might come.’

    We have heard many miracles here too. I remember a lady who married here. Everything about her was here. She waited on God for several years but eventually got her miracle baby. We have had people healed of terminal cancer. There had been various promotions and all that. I remember a brother who did not even have the money to buy the form for a senatorial election. People contributed the N100, 000 he needed and won the election from here.

    If you were to do church again, would you do it the way you started 20 years ago?

    That is a very good question. No, because I have learnt a lot. I have learnt that you have to be careful choosing people for leadership because most of the problems in church emanate from there. If I had my way again, I would be more careful. And it wasn’t as if I was careful enough but I think I now know people a lot better. I would commit responsibilities to people much longer before putting them in leadership.

    I have also learnt how to trust God for money. As a businessman, a practitioner, I knew where to expect money from projects. But in church, you just have to trust God and in most cases, He will use people. Yet, you have got to learn how not to look at people but God. And that is tough, but I have learnt to do that better. If I look at people and our purse, we would not even start most projects we accomplished. An example is the new conference centre we just completed that has a 4,000- seater auditorium. Our next challenge is how to fill it up.

    How is that?

    That is simply because those of us in the headquarters church are not up to that. Of course, during the convention we would fill it up because our churches are coming from all over the world. After they leave, we continue using the facility.

    What is the wisdom behind the theme for the convention?

    The theme is life 360. Christ said I have become that they might have life in abundance. The concordance interpreted it as “life that is superior in all things; superabundant in quality”. So, it is being superior in all ramifications of life. This year, we are having the first female convention speaker in Apostle Nkechi Anayo.

    Is it that the church does not believe in female preachers?

    We do. We have female pastors but not as church leaders. They are departmental heads and associate pastors. We are just trying to be careful. I grew up in Foursquare Gospel Church founded by a woman. But we realise women have different issues and encumbrances and we are just trying to play safe. Some churches don’t even allow it at all but we are trying to strike a balance.

    When you think about Nigeria, do you feel like giving up?

    Of course I do. One is seriously tempted to. I don’t see us making progress at all. No turnaround yet. So, there is so much despondence and hopelessness in the land but because one is a Christian, we believe God’s hands are on this nation.

    Is the church doing enough to take Nigeria to the Promised Land?

    We can do more. The church should be preaching the uncompromised gospel but we are preaching church-friendly and people-friendly gospel. The real gospel does not have a mass attraction and appeal. We preach a need-oriented gospel because we want people to come. And it is very difficult for that kind of gospel to change a nation. The gospel that can change Nigeria is the real gospel, not people-friendly gospel. We have too many people in the church with little influence in the society. That is because of the kind of gospel we preach. When I gave my life to Christ, we had no representation in government circles. Churches were filled with people but only one or two cars. But today Christians are everywhere without impact because they have not embraced the full, real gospel. We are feeding on the gospel that tickles people’s ears.