The Nation Newspaper

Tag: Nigerian news

  • Access Bank warns against fraudsters

    Access Bank at the weekend warned its customers to be vigilant as fraudsters design ways of defrauding them.

    In an emailed report, the lender warned customers to ignore messages purporting to emanate from the bank to purchase debit or credit card.

    “You may have received unsolicited offers to purchase your debit or credit card. Please ignore this request as it is intended to defraud you. Access Bank will never offer to buy or retrieve any personal banking items from you . If you receive such a request, please report this incident to us immediately,” the bank warned.

    It gave tips that will help customers to protect their card and personal information to include not sharing their PIN or giving their cards to anybody.

    “Do not share your account number, the security number on the back of your card or card expiry date with anyone. Never generate a token or OTP for anyone via telephone, email, SMS, live chat or social media. “If your card is lost or stolen please call the contact centre immediately. Never share your account information or your personal banking details including Biometric Verification Number (BVN)  via SMS, email, or telephone.

    “Remember, if you have any suspicions, please call our 24-hour contact centre, send an email or is it your closest branch,”  the email report said.

  • Tecno attaches European trip to Camon 12

    Africa’s leading smartphone brand, Tecno, at the weekend said every consumer who buys the Tecno Camon 12 Series will have a chance to win a trip to Europe through a raffle draw.

    It made the promise at the launch of the new device at Eko Hotel and Suites, Victoria Island, Lagos.

    Its Strategic Partnership Manager, Jesse Oguntimehin, who spoke on the occasion, said Tecno is committed to satisfying its customers with innovative products.

    He said: “ This time around, we at Tecno has worked round the clock to make it possible for our users to see the world through our device. The Camon 12  is more than just any device, it is the device. It comes with a lot of physical and inbuilt upgrades from the Camon 11 launched last year, ranging from its look and feel, to its camera, to its security feature upgrade, the brand has it all covered.

    “This is the seventh generation of the Camon Series and with this device, we are unlocking a new era of smartphone photography.”

    The new device, which is a testament of the brand’s improvement and development of smartphone photography comes with a number of enhanced features that in many ways validates the brand’s ability to always raise the bar with every device it releases into the  mobile market.

  • Nigeria, Cameroon to boost SMEs

    Nigeria and Cameroon have agreed to strengthen trade relationship to enhance free flow of goods and services using the Small and Medium Enterprises (SMEs) of both countries to achieve these.

    To achieve this, the Federal Government, through the Small and Medium Development Agency (SMEDAN) and the Standards Organisation of Nigeria (SON), has started the strengthening of ties with Cameroon on the development of Micro Small and Medium Enterprises (MSMEs) of both countries.

    “The initiative is also to facilitate a seamless exchange of goods and services between both countries, in conjunction with the Small and Medium Enterprise Promotion Agency (SMEPA) and the Standards and Quality Agency (ANOR) both of Cameroon,” the organisation said at the weekend.

    These indications became apparent during a visit of SMEPA representatives to SON, led by officials of SMEDAN as part of a study tour to Nigeria.

    SMEDAN Director, Policy, Partnership and Coordination, Dr. Friday Okpara, said the visit was at the instance of SMEPA as part of their study tour to of the country.

    He canvassed an open exchange of ideas to enable the SMEPA delegation gain from Nigeria’s rich experience in standardisation and quality assurance support to MSMEs.

  • NDDC and wailing governors

    The Niger Delta Development Commission always makes news. When it is silent, it roars. When it roars, the roof comes down. When an ant enters, an earthquakes rumbles around the region. So, no wonder that when an appointment is made, some hail while others wail.

    It is amazing that of all groups, it is a supposedly hefty group that is shedding tears and pleading over the new set of appointees, that include the well-known Bernard Okumagba as the managing director, Otobong Ndem as executive director projects and Maxwell Okoh as executive director finance and administration.

    The governors that include Seriake Dickson of Bayelsa State, Udom Emmanuel of Akwa Ibom State, Godwin Obaseki rose against the appointees. We can understand faceless groups like the Niger Delta Youth Council that gives its nod to the Buhari picks or the Western Ijaw Consultative Assembly that frowns against them.

    But for governors? This is a first. One, it is a decision for the APC government. What is the business of the PDP governors to say who the APC governors appoint to a board. They had lost their chance during the last elections when the people gave the vote to the APC. When Goodluck Jonathan was in office, the PDP had the prerogative to pick who should lead the board or any board anywhere in the country. That is the democratic way.

    It was amazing that the only APC governor in the midst of these dissenters, Obaseki, showed how out of sync he was with his party. He is a governor and that makes him a henchman, at least on paper, in the ruling party. If his influence failed, at least he should not join a band of anti-party howlers against his party head. That he has exposed his lack of grip on his party in his own region. It is a show of political naivety.

    Now the governors spoke about consultations. The question is, who did they consult before making some of their key appointments into local governments, cabinets, and even agencies in their states. Governors are the last set of people in this democracy to mention the word consultation because they act as monarchs. Is it true that they are simply unhappy just as an APC spokesman, Ntufam Eta, described them as only interested in ensuring that their family members, cronies and stooges are appointed to strategic positions to the detriment of the generality of Nigerians”? the governors are not the only Nigerians who may be guilty of this, but it is bad that they have set up themselves for such charges.

    The appointments have happened. They should live with it.

  • ‘How REA is delivering on its mandate’

    The Rural Electrification Agency (REA) has worked with the World Bank, African Development Bank (AfDB) and other donor agencies, in the implementation of its projects. In this interview with JOHN OFIKHENUA, its Chief Executive Officer, Mrs Damilola Ogunbiyi, speaks on the country’s electrification projects.

    Why do you implement projects in universities, urban markets and other cities when there are rural areas in need of electrification?

    The Rural Electrification Agency (REA) was established under the Electric Power Sector Reform Act to increase access to power for unserved and underserved communities through on-grid and off- grid channels. In delivering its mandate, various interventions geared towards the electrification of homes, universities, markets and rural communities were conceptualised and approved for implementation. Although REA has embarked on transformative projects that will improve our higher learning institutions, reduce mortality rates and harmful greenhouse emissions as well as increase Nigeria’s Gross Domestic Product (GDP), it does not mean REA is not implementing projects that will see rural communities accessing and benefiting from clean, affordable and reliable power supply. This objective is key to the REA that it is implementing off-grid and extension of on-grid projects for the rural communities through the Nigeria Electrification Project (NEP). NEP is an initiative that has  secured $550 million from the World Bank and African Development Bank for solar mini grids and solar home systems at rural communities.

    In addition, under REA, the Rural Electrification Fund (REF) has  started providing electricity to rural communities. Notably, REF recently commissioned an 80 KWp solar hybrid mini-grid in Upake, Kogi State with 11 more solar hybrid mini- grids at various stages of completion and soon to be commissioned. And lastly, the REA’s capital projects, which implement projects to increase access to electricity through on grid and off-grid projects also targets rural communities across Nigeria.

    What informed the making of the Education Electrification Projects (EEP) started late 2017? What is the level of the implementation?

    The Energising Education Programme (EEP) was approved by President Muhammadu Buhari in 2016.  It was conceptualised by the Federal Ministry of Power, Works and Housing and transferred to REA to implement as the ministry’s implementing agency for power generation, access and supply projects. Access to constant power supply in educational institutions and healthcare facilities in Nigeria has been identified as a major challenge and barrier to effective learning, institutional operations, student residencies and access to quality healthcare. Considering the role of education and health in driving socio-economic development, the Federal Government  (through the Federal Ministry of Power, Works and Housing) resolved to embark on viable projects that would ensure the availability of clean, safe, reliable, affordable and sustainable electricity to Nigeria’s Federal universities and University Teaching Hospitals.

    Nine universities and one teaching hospital will benefit from EEP Phase 1  while seven universities and two teaching hospitals will benefit from Phase 2 and eight universities Phase 3. Phase 1 is under construction, with Alex Ekwueme Federal University Ndufu-Alike Ikwo (FUNAI), Ebonyi State already commissioned. Bayero University, Kano State and Federal University of Petroleum Resources (FUPRE), Delta State will be commissioned soon.

    Is it true that some contractors have abandoned some of the projects?

    It must be clarified that REA projects are in varying stages of construction and completion, as evidenced by the projects commissioned recently under the EEP and the REF. Our projects have been tailored with specific delivery timelines depending on the specifications and funding availability.

    Please give an insight into the project you inaugurated at the  Bayero University, Kano (BUK).

    The EEP project has provided the Bayero University, Kano (BUK) with a solar hybrid power plant with an installed capacity of 7.1 mw, which results in 108,875,120lbs of yearly carbon dioxide savings. The project provides over 55,000 BUK students and 3,000 staff with clean and reliable electricity. Also, this project has installed a total of 694 streetlights across 11.41 km of roads, making BUK safer and more secure for students and faculties. This is the second project that will be commissioned under Phase 1 of the EEP. The EEP project is also committed to gender mainstreaming and fostering gender inclusion in the power sector.  In line with this, 20 BUK female students (under the EEP Stem Female Internship Programme) have received comprehensive practical and technical training during the construction phase of this project.

    What level of intervention has REA got from international development agencies and donors?

    REA works with several donor agencies, such as the World Bank, African Development Bank (AFDB), United Kingdom (UK) Department for International Development (DFID) and the United States Agency for International Development (USAID).  Our technical partnerships are central to REA’s objectives and best practice project implementation. These collaborations also contribute towards capacity building within the agency.

    How much loan or grant has REA secured so far?

    The World Bank has provided $350 million for the Nigeria Electrification Project while the African Development Bank (AFDB) has provided financing worth $200 million.

    At what interest rate do REA contractors secure loans from  the banks?

    The REA contractors are best suited to provide this information as it pertains to their company’s independent financial arrangement with various lending institutions.

    How transparent are the procurement processes of the REA contracts? Why was the agency accused of EEP contracts scam?

    REA takes legal and regulatory compliance very seriously. Among securing other regulatory approvals on procurement, it secured all the due process certificates of No Objection from the Bureau of Public Procurement (BPP). Based on BPP compliance, REA awarded contracts to the successful bidders for the Engineering, Procurement and Construction (EPC) of the EEP Phase 1 projects and the Operations and Maintenance (O&M) after satisfying regulatory requirements in its procurement process. REA also secured approval from the Federal Executive Council (FEC) to award the said contracts, following its comprehensive and objective review.

    You recently came up with another programme, Energising the Economies Initiative (EEI). What is it about?  

    The Energising Economies Initiative (EEI) is another government intervention that aims to provide clean, safe, affordable and reliable electricity to economic clusters across the country. The project also aims at unlocking power (a key growth barrier for micro, small and medium enterprises (MSMEs) in Nigeria) for job creation, enabling over 340,000 (MSMEs) and creating over 2,500 project-related jobs. It specifically seeks to support the rapid deployment of off-grid electricity solutions that will energise and empower economic clusters in Nigeria. Key EEI focus areas are clusters of economic activity, which includes markets, shopping plazas/complexes and industrial clusters. The project is private sector-owned and private sector-led. The Federal Government, through the REA, creates an enabling environment for the implementation of the project.  The first phase consists of 16 markets under implementation and targets 80,000 shops, providing electricity to more than 340,000 SMEs across six geo-political states – Lagos, Kano, Abia, Ondo, Ogun, and Edo. The Energising Economies Initiative is recording significant success with the commissioning of Ariaria, Sabon Gari and Sura markets, where jobs are being created and businesses recording growth. Additionally, the markets are free of harmful generator fumes and noise thanks to the decommissioning of diesel generators. This has resulted in a more conducive and environmental-friendly market environment.

    What is the financial status of the REF?

    The financial status of the Rural Electrification Fund (REF) is reasonably healthy. In strict compliance with Federal’s Government regulation, we continue to follow budgetary and financial requirements for REA projects to be sufficiently funded.

    What are the challenges for the REA?  What should Nigerians expect from it this year?

    The REA is implementing many laudable programmes and initiatives aimed at improving the livelihood of Nigerians; in trying to achieve this, funding is required. Therefore, the REA is utilising available funding and also exploring alternative funding sources. For instance, Virtus, a private developer, received N446milion funding boost from Sterling Bank to power more markets under the EEI. We are working to mitigate challenges that will result in scaling such financial interventions to other private developers. For the remainder of the year, REA will focus on conducting energy audits at markets across the country to expand the EEI and commission completed projects. The REA has also launched the Nigeria Electrification Project, where we will see the utilisation of the World Bank and AfDB funding for the provision of electricity to communities through mini-grids and solar home systems.  We will implement and scale Phase 2 and 3 of the EEP across Nigeria.

    REA Capital Projects will continue to be implemented to increase electricity access through the national grid as well as other renewable energy sources.Gender empowerment in the power sector is core to REA activities; therefore, its gender-focused workshops are scheduled for this year to encourage female participation in the energy sector.

     

  • ‘Rise in income, others’ll grow insurance industry’

    The rise in disposable income, digitalisation and automation of insurance services will enable the insurance industry to achieve increased profitability and market penetration, Nigeria Insurers Association (NIA) has said.

    Its Chairman, Mr. Tope Smart, who spoke to reporters in Lagos, also said a growing middle class, better adherence to guidelines by market players and innovative service delivery would accelerate the growth of the industry.

    He said a well-developed and vibrant insurance market is a catalyst for growth. He said it provides good mechanism for accumulating long-term funds for infrastructural financing, sustainability for business models, job creation, and an improved standard of living.

    The drive for reforms in the insurance sector, according to him, is geared towards unlocking its inherent but untapped potential as encapsulated in EFInA market survey report, which revealed only 1.9 per cent out of 96.4 million adult Nigerian of 18 years and above have insurance in the 2017 accounting year.

    He however said the industry is set to reap the benefits of opportunities and potential in the economic recovery occasioned by improving crude oil prices and output level stability, improving foreign reserve and declining inflation in the coming years.

    He said: “In line with the Federal Government’s decision to focus more attention on the insurance industry and to reposition it for improved growth, the regulator came up with a number of market transformation agenda. These initiatives include the new pricing regime on compulsory insurance, Revised Guidelines while there are discussions on RBS- Risk Based on Micro Insurance, Supervision.”

  • ‘World Bank, others’ $1.66b for facility upgrade, others’

    The Managing Director, Transmission Company of Nigeria (TCN), Usman Gur Mohammed, has said part of the $1.66billion secured from the World Bank and the Japan International Cooperation Agency (JICA) is being used to develop and upgrade facilities within the Lagos-Ogun states axis.

    He said the cash is the highest grant that has ever been received in the power sector. Giving a breakdown of the receipts, he said: “We have raised $1.661 billion so far for investment in transmission and we are putting it across the country.

    “Under that project, we have raised $460 million from the World Bank, $500 million from Agence Francaise de Development (AFD), $410 million from African Development Bank (AfDB), $238 million from Japan International Cooperation Agency (JICA). “We also got 25 million Euros from the European Union, $13 million from JICA and another $21 million from JICA.”

    The TCN chief said the company has been using part of the fund to carry out interventions in transmission arm of the power value chain across the country. He said one of such interventions is within Lagos and Ogun states, which are the nation’s industrial hub.

    Mohammed said: “One of the interventions is the Lagos/Ogun Transmission Project. That project is putting power at the heart of industrial base of Nigeria, which is the side between Ogun and Lagos. This is where we have most of the industries that are feeding the industrial base of Nigeria.

    “Within this region we are putting four 330kv substations and those substations are located at Ogijo, Mountain of Fire, New Agbara and Aribajo. There is another 132kv substation we are doing behind Redeem and another one at Badagry.

    “These projects designs have been completed and payment of compensation for right of way has been determined with Bureau of Public Procurement (BPP) for certification. The final mission will take place in October and we will launch the procurement for the project.

    “That project is financed by JICA. Under the network also, we have the fund that is coming from the World Bank. That aspect coming from the World Bank will intervene in existing substation including those around Ogun State.

    “That project will rehabilitate all the existing substations in Lagos. We will upgrade those in Lekki, Alagbon by 100 per cent. We will also look at the additional requirements of other substations in Ogun State.”

    He said with the fund, the firm has raised the capacity of transmission from 5000 megawatts (Mw) to 8100Mw at the last simulation done in December last year. “Since then we have been adding capacity including those from the Niger Delta Power Holding Company (NDPHC),” he said.

  • Traffic throes

    It’s quite an armada of traffic controllers and law enforcement agencies, within a 1.4 km stretch, from the popular Berger Bus Stop in Lagos; to the Kara Cattle Market, in Ogun, at the Lagos end of the Lagos-Ibadan Expressway.

    The Federal Road Safety Corps (FRSC) has deployed 480 troopers, excluding divers in the worst-case scenario of vehicles plunging down the river below, as a result of avoidable crashes. These FRSC (wo)men would be joined by officials of the Lagos State Traffic Management Authority (LASTMA), to man the Lagos end; and Traffic Compliance and Enforcement Corps (TRACE), its Ogun State counterpart, to man the Ogun end, of the construction stretch.

    Aside from these traffic agencies, the police would also be on hand to tackle any putative criminal hustler, who may have pencilled down motorists in the crawling traffic, as crime growth area, during the construction period.

    Clement Oladele, FRSC Ogun Sector Commander, assured there would be no traffic meltdown, if motorists followed instructions, given by bold signage; and also obey simple traffic rules: “Motorists should follow instructions and drive cautiously… Most of the road crashes in Ogun happen around diversion and construction areas. People,” he added, “shouldn’t drive beyond 50 kilometres per hour, no matter the time of the day.”

    Hyginus Omeje, FRSC’s Lagos Sector Commander, also said its officers and men for the operation were being camped at the Ojodu, Lagos, FRSC facility, near enough to the construction site; and are expected to do two shifts daily, so that they can remain fresh and attentive. “They won’t be on duty at once,” he explained, “they will be working on shifts for the period the construction will last. We are aware of how critical that portion of the road is and we don’t want any traffic to get out of control.”

    So far, there has been no report of traffic getting “out of control”, even if travellers have had to add some two hours to their travel time, while navigating that short stretch, with its humongous traffic. There is no serious report too, of flaring crime rate in the area, even if it is too early in the day to make any definite conclusion. Therefore, it is only fair to commend all the traffic and security agencies involved in that corridor, for a job well done – at least so far.

    Also, from casual assessment, the contractor, Julius Berger Nigeria Plc, appears very serious, by its level and scale of mobilisation to the site. It should follow that up by doing a good job; and matching speed with quality, so that the job is well done, once and for all. Speed is imperative, so that the work is completed by early December, time enough for the road to face the December travel rush. Quality is no less important to ensure people are not subjected to similar near-shutdowns, anytime in the near-future.

    Still, all these snarls would have been avoided with more careful planning; and with less willful neglect, of vital public facilities. It is scandalous that despite the neglect of the Lagos-Ibadan Expressway itself, by successive governments, other alternative routes are also in pitiable conditions. That sorry story of neglect and the present traffic pain of fixing that misdeed, epitomise governance over the years in the country.

    That is why everyone must ensure this is a turning point. Henceforth, let there be a departure from the ruinous past that has birthed this paralytic present. Let the authorities plan well and give adequate attention to both the expressway and the alternative arteries. We hope too that the contractor handling the standard gauge railway from Lagos to Ibadan would also keep to the December, 2019 deadline. If this had been ready, many people would have opted for rail travel, at least during this time when the Lagos-Ibadan Expressway is being fixed, thereby reducing vehicular traffic on the road. That is the only way to maintain sanity and least disruptions, even if there is need to carry out major reconstructions on our major roads.

  • Unbearable albatross

    For how long will the Federal Government continue to put up with the fuel subsidy albatross? Again, we are forced to ask in the light of the most recent report from the Nigerian National Petroleum Corporation (NNPC) showing that the corporation spent a whopping N650.2bn to maintain the price of petrol at N145/litre for the 12-month period spanning April 2018 to March 2019. Going by the National Bureau of Statistics’ (NBS) figures already showing a surge in the volume of petrol imported by 15.2 per cent in the second quarter of the current year, there’s no telling at this time where things might yet end.

    Clearly, if we had expected much from the administration of President Muhammadu Buhari which rode into office with a pledge to make a difference, the result has been most disappointing, as previous governments’. Interestingly, the administration started on the note of denial only to be forced to hike the price of petrol from N87 to N145 (66.67%) few days into its first anniversary when the reality of the subsidy dawned. Unfortunately, if Nigerians expected robust, clear-headed and far-sighted policies as reward for the unprecedented understanding which they showed at the time, what they had instead was a relapse to the same old dithering and inaction as we had with the administrations before it.

    Aside the situation in which the minister would be at odds with his principal on the issue of refineries, Nigerians had to endure the shifty debate on whether to call the differential between the cost price and the price at the pump more appropriately ‘subsidy’ for the purpose of legislative appropriation or ‘under-recovery’ – under which the NNPC conveniently passes off the quantum expenditure as ‘operating costs’.

    One of the wages of that legendary dithering is the current situation in which the country’s four ailing refineries could neither be sold to interested investors as many have canvassed nor revamped to mitigate the problem occasioned by the mindless fuel importation, even when the government insists on holding on to it. The other is the unacceptably huge bill being borne under the regime of importation.

    At this time, Nigerians can do without the perennial lectures on how the pump price of petrol will necessarily move in tandem with the price of crude in the international market. Or the equally nauseating argument about the vast price differentials between the local pump price of fuel and those of our neighbours, and how this contributes to smuggling and the nation’s inability to determine how much fuel it consumes. These are, if we daresay, rather superficial arguments that have flown forth and back in the last two decades. This is even more so as these gloss over the fundamental question of why a leading oil producer like Nigeria would tread the current ruinous path in which some 40 per cent of its earnings from oil will go into importing refined petroleum products.

    To this newspaper, the only thing worse is that an administration that professes change is yet to demonstrate in practical terms that it understands the nature of the emergency posed by the fuel import challenge, let alone moving to confront it.

    As it is, the easy way out is to do away with the subsidy or the so-called under recovery as suggested by the chair of Nigerian Governors Forum in the body’s meeting with the new Group Managing Director of the NNPC, Mele Kyari, in July. Without any question, the subsidy is an unacceptable drain on the nation’s resources, particularly when considered against the fact that the 2018 capital budgets for the power, works and housing is N555.88 billion, transportation – N263.10 billion, education N61.73 billion, and health N71.11 billion; in fact, there is a sense in which the N650.2bn to subsidise petrol alone could be deemed a gross misapplication of funds.

    A way to go is for the government to initiate a programme of phased removal to mitigate potential shocks to the economy. That way, new entrants coming into the refining business wouldn’t have to squabble over pricing issues as they would have had to do under a regulated regime.

  • Glorious hour of Brexit

    Three years ago, with the referendum of June 23, 2016, the British people decided with a percentage of almost 52% and with 71.8% participation, the exit of Great Britain from the European Union. This great result was undoubtedly the first major, painful defeat for the German-controlled European Union of banks and multinationals.

    However, the exit of Great Britain from the European Union, which was scheduled to take place on March 29, after exactly two years before had been activated by the article 50 of the Treaty of Lisbon, which allows members- states to leave the union. Ultimately it did not happen because of a failure to reach an agreement with the Brussels establishment. And no agreement was reached because of the arrogant intransigence of the Brussels conclave, which is trying with abundant overweening efforts to humiliate Great Britain and thus use it as a scarecrow to other countries wishing to escape the German prison of the European Union.

    According to statements by Prime Minister Boris Johnson, Brexit will happen definitively on October 31, either with an agreement or without an agreement. And this because an irregular Brexit is preferable to a bad deal that will obviously work against Great Britain and the British people. At the same time, this act of exit, which will liberate Great Britain from the shackles of the European Union, shows, on the one hand, full respect for the will of the British people and on the other hand conflicts with those who are trying in various ways to delay or even cancel the proud Brexit.

    It is more than certain that Brexit is not going to be the end of the world for Great Britain as it did not happen when it chose to stay out of the Eurozone. And, as eminent experts say, the British economy after a short problematic period will be significantly strengthened from a competitive point of view. So there is no doubt for any perspicacious observer and analyst that in the medium and long term, Great Britain, which will fully regain the ability to pursue national policy in all areas, will prosper out of an undemocratic and highly bureaucratic plan in which Germany has a dominant role.

    However, the supporters of the stay of Great Britain in the European Union essentially want the British people’s will to be annulled and the referendum thrown into the trash following the result of which did not cause any immediate economic crisis as they were warning. So they are constantly sowing terror, assuring that the consequences of Brexit without a deal will be nightmarish and chaotic, much worse than even Hitler’s bombs. So they are talking about developments and events that will even endanger the same the unity of the country, huge deficits in food, medicine and fuel that will lead the British to rush like the crazy people to supermarkets, gas stations and pharmacies, “blackout” at ports and airports of the country, destruction of British businesses, decisive blows to the exports and the financial sector, particularly negative impacts on the tourism industry that will transform travel plans millions of people in a hell of delays, cancellations and bureaucracy etc.

    But all this logically will not be the case because the government of Boris Johnson will take the appropriate measures with prudent and decisive action, drawing up a well-coordinated exit plan that will minimize any negative effects of Brexit. This is also confirmed by the statements made on August 1 by the Minister of Finance of Great Britain Sajid Javid: “Our economy is fundamentally strong, so today we can make many choices. We can choose to invest in schools, our hospitals, our excellent police for example, but we can also prepare to leave the EU and if that means leaving without an agreement then that’s exactly what we will do.”

    At the same time, Brexit will not only have negative impacts on Great Britain, but also on the European Union. Brexit undoubtedly threatens the unity of the union and creates an example of secession that other countries are likely to follow in the future (Domino Effect), while the lack of Britain financial contribution (around ten billion euros annually) will significantly affect the community budget. At the same time the Great Britain’s major trading partners (Germany, France, the Netherlands, Italy, Spain and Belgium) will be significantly affected, while the European Union as a whole will cease to have the largest share of world GDP and be the largest trading power internationally, giving its position in the US and China.

    The blow for the European Union from Brexit, and indeed without an agreement, and given the USA’s solidarity that accompanies it and translates into a major privileged bilateral Great Britain-USA trade agreement, is much more than crucial and can prove fatal for European Union and the Eurozone, at a time when the latter is experiencing a prolonged economic and political crisis, which has been on the rise lately.

    So in the face of heightened power competition between world powers (US, China, Russia, EU) it is more than obvious that the Donald Trump government and the American deep state have decided to curb German influence in the area of the western camp and prevent decisively the enforcement of German wills in European space.

    Today’s vision against the rotten, totalitarian and highly neoliberal German European Union, which is the most failed experiment of economic and political union between different nation-states in history, can only be the equal co-operation of free European peoples and sovereign independent democratic countries from one end of Europe to the other.

    In closing, I would like to stress emphatically that any short-term negative effects of Brexit can in no way stand an insurmountable obstacle in the face of the will of the British people, who have been trained many centuries with the democratic traditions and with the precepts of freedom and independence, to liberate their country from the iron shackles of the European Union.

    • Karderinis a novelist and poet writes via skarderinis@hotmail.gr.