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  • Warri Wolves sign Ede, six others

    Warri Wolves sign Ede, six others

    • Drop three

    Warri Wolves  have  confirmed  the signing of CHAN Eagles’ star Ifeanyi Ede and six others ahead of the Glo Premier League second stanza which kicks off on July 27.

    The Seasiders also announced the sack of three players to make way for the newly acquired ones.

    A top official of Warri Wolves, who disclosed this to SportingLife, said everything had been put in place to ensure that the club  bounce back in style in the second stanza.

    Warri Wolves will open their second stanza league adventure at home to Kaduna United on Sunday.

  • The sign of things to come

    The sign of things to come

    The release, last week, of Nigeria’s growth rates under the rebased Gross Domestic Product (GDP) revealed that growth is two percentage points lower. An analysis showed that telecom is a maturing and slower-growing sector. The growth sectors are manufacturing – particularly food, cement and textile – and real estate. Banks are expected to be major gainers during the spendings for 2015 elections. COLLINS NWEZE reports.

    The actual Gross Domestic Product (GDP) growth rate for 2013 was last week brought down to 5.49 per cent from an estimated 7.41 per cent.

    The Nigerian Bureau of Statistics (NBS), in its latest GDP data, said the economic growth for 2012 was revised down to 4.21 per cent, from an estimated 6.5 per cent. Nigeria overtook South Africa as Africa’s largest economy in April, after a rebasing calculation almost doubled its gross domestic product to more than $500 billion.

    Chief Economist, Renaissance Capital (RenCap) Charles Robertson said in an emailed report that the downward growth revision, which was expected, is in part the result of better measurement of previously understated but fast-growing sectors, such as telecoms.

    Roberson said a moderate improvement in growth in 2014 to 5.7 per cent is expected, partly due to a boost from higher election-related fiscal spending, including potential wage hikes for civil servants. Some sectors that are likely to gain from a looser fiscal policy include trade, financial services and telecoms.

    Also, preliminary oil output numbers for the first half of the year suggest a slowdown in the decline of the oil and gas sector, which is positive for growth. “We expect growth to moderate in 2015, particularly in the second half of 2015 – as the largesse that typically surrounds elections dissipates. However, this time around, we expect any fiscal stimulus related to elections to be much more moderate than that of 2010/2011,” he said.

     

    Telecoms maturing

    He explained in the report titled: “Nigeria’s GDP: Bigger but slower Manufacturing is the growth engine” that under the new series, telecoms accounts for nine per cent of GDP and grew by 4.7 per cent in 2013. “The rebased growth numbers confirm that telecoms’ rapid growth is in the past and the sector has matured. The decline of oil and gas partly explains the lower growth, particularly in 2013 when the sector contracted by a sizeable 13 per cent and shaved 1.5 percentage points off total growth,” he said.

     

    Manufacturing sector

    On the manufacturing sector, Robertson said the sector  is a much bigger, faster-growing sector under the new series, with nine per cent of GDP as against four per cent previously. In 2013, it recorded substantial growth of 22 per cent as against 14 per cent in 2012, comprising one-third of total growth.

    Food, beverage and tobacco producers account for half of the manufacturing sector. The sub-sector’s growth accelerated to 12 per cent in 2013, against seven per cent in 2012.

    “We believe Nigeria’s large population of upwardly mobile consumers, particularly in the south-west, coupled with investments in power, implies the strong growth of manufacturers, including food producers and breweries, is sustainable,” he said.

     

    The cement market

    Several of the smaller manufacturing sub-sectors are growing even faster than food producers. Cement, which only comprises per cent of GDP, grew by a sizeable 39 per cent in 2013, up from a strong 14 per cent in 2012. This is consistent with a fast-growing construction sector 14.2 per cent in 2013, against 9.4 per cent in 2012 and real estate sector 12 per cent against 5.6 per cent.

    Nigeria’s cement stocks give exposure to strong expansion in the building material itself, as well as the construction, real estate and infrastructure sectors. Upside for finance given lower penetration, lower rates outlook. The trade and real estate sectors trumped agriculture and financial services in 2013, to become among the top three growth drivers, together with manufacturing. The decline in agriculture’s growth contribution in 2013 was partly due to the third quarter 2012 floods.

     

    Oil and gas sector decline

    The report said the oil and gas sector’s GDP share – 11 per cent – is more or less the same as it was under the previous series. Since the sector has been contracting since 2012, its GDP share has dropped by four percentage points under the rebased series, from 15 per cent of GDP in 2011.

    “The oil and gas sector contracted by an alarming 13 per cent in 2013 after a decline of five per cent in 2012. The decline in recent years of oil and gas’s importance as an economic sector is largely attributed to industrial-scale oil theft,” it said.

    It said that preliminary oil output data suggest that the rate of decline in the oil and gas sector has slowed in first half of this year. Output was at 2.15Mb/d in June, according to a Bloomberg survey of OPEC producers.

    However, output remains volatile and there has been little in the way of reforms to suggest that there will be a material increase in output over the medium term. The passage of the long-delayed Petroleum Industry Bill (PIB), which we believe is not going to happen before the February 2015 elections, is seen by experts as a potential positive trigger for improved production.

    Head of Research, Standard Chartered, Razia Khan said the low weights given to rapidly growing sectors such as telecoms and financial services in previous GDP measures most likely mean that activity in these sectors is understated.

    She said the non-passage of the Petroleum Industry Bill and uncertainty over future fiscal terms mean that conditions will remain difficult for the oil sector. “Delays in the passage of the 2014 budget are an additional source of uncertainty,” she said.

    Khan explained that under Nigerian law, at least 50 per cent of the recurrent budget expenditure allocated in the previous fiscal year can be used for spending in the new year, without requiring a new budget to be passed. Also, should last year’s spending levels be maintained, this should be enough to see Nigeria through the first six months of this year.

    “With elections approaching in February 2015, few stand to benefit from a postponement of capital expenditure plans. Officially, the 2014 budget aims to reduce the budget deficit to 1.9 per cent of GDP (from 2.17 per cent in 2013). Our higher estimates reflect our doubts over whether the oil output levels assumed in the budget, of 2.39mn barrels per day, can be sustained.

    Augmentation of revenue, using windfall oil savings from the Excess Crude Account (ECA), is likely to be required. Ahead of an election, there is always a risk of further fiscal deterioration if spending plans are increased,” she said.

    Khan said revenue shocks arising from constrained oil output will cause the mix of recurrent to capital expenditure to fall short of plans in the medium-term expenditure framework (MTEF) which aims to create more room for investment spending.

    Managing Director, CRC Credit Bureau, Babatunde Popoola said the rebasing has finally laid to rest, the controversy over the actual size and ranking of our economy.

    He said that from the rebased GDP, it makes sense to set out the fundamental implications of the new reality.  “Nigeria is the biggest economy in Africa with a GDP of US$510 billion. Our per capita income has moved up to $2,688, which still places us on 121st position. The per capita income position is an indication of an economy with low productivity,” he said.

    Popoola said the rebasing of the GDP has also provided Nigeria with the impetus and the stimulant to see herself as a big economy. “Hopefully, it also should be able to further improve the attraction of foreign directive investment provided we are able to put together the other important factors especially appropriate policy and conducive investment climate,” he said.

    The CRC boss said Nigeria is a country blessed not only with huge human resources but also with natural resources. Nigeria is the largest producer of crude oil in Africa and also has the seventh largest crude oil export in the world with a daily production capacity of over 2.5 million barrels per day.

    “We are the 28th largest gas producer in the world and may be the second fastest growing gas producer in the world. But as an oil dependent economy, substantial revenues of government are derived from oil and gas which also account for over 90 per cent of the country’s foreign exchange earnings. Apart from oil and gas, Nigeria has thirty-four other unexploited mineral resources,” he said.

    Continuing, he said: “With democracy and the pursuit of a free enterprise economy, we have given impetus to free ownership of means of production and equal opportunities to all who may wish to embark on their own private initiatives.

    “The size of the economy through its newly calculated GDP, the growth of the GDP over the last decade and the nature of our youthful demographic all provide a beautiful outlook for Nigeria.”

     

     

  • Transcorp, NNPC sign production sharing contract on Opl 281

    Transcorp, NNPC sign production sharing contract on Opl 281

    Transnational Corporation of Nigeria (Transcorp) Plc, the national conglomerate with 300,000 Nigerian shareholders, and the Nigerian National Petroleum Corporation (NNPC) signed at the weekend a production sharing contract for the exploration and production of OPL 281.

    Under the agreement, Transcorp is committing to a work programme to prove and develop an estimated 104 million barrels of oil reserves, an additional 335 million barrels of probable reserves, and approximately 4 trillion cubic feet (tcf) of natural gas reserves.

    The addition of OPL 281 to its portfolio of oil and gas assets is another milestone in Transcorp’s strategy of creating Nigeria’s leading integrated energy company, operating in production, refining, power generation, petrochemical and fertiliser production.

    The chairman of Transcorp, Tony Elumelu, said: “Integrating across the energy value chain is the foundation of Transcorp’s strategy. OPL 281’s gas reserves will be deployed directly into Nigeria’s power generation industry, as we seek to transform the economy of our country.”

    Transcorp’s existing investment, the Ughelli Power Plant in Delta State, is undergoing extensive rehabilitation, adding 1,000MW to the existing 1,000 MW capacity, thus doubling the plant’s electricity output to 2000MW over the next three to five years, in collaboration with GE and other partners.  Ughelli is Nigeria’s largest gas-fired power generation facility and will be powered directly by the natural gas delivered from OPL 281.

    “OPL 281 is rich with nearly 4 tcf of natural gas, and will support the newly-expanded Ughelli power plant for up to 25 years at 2000 MW per day,” Mr. Elumelu continued, adding, “This volume of reserves also guarantees 15 years of feedstock supply for our future fertiliser and petrochemical plants, which will utilise the gas stores to bring value for Nigerians locally, instead of the wastage in flaring and environmental destruction that has historically characterised the industry.”

  • NACCIMA, Namibia sign MoU

    NACCIMA, Namibia sign MoU

    THE Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has signed a Memorandum of Understanding (MoU) with Namibia Chamber of Commerce & Industry (NCCI).

    NACCIMA Director-General, Dr. John Isemede, said the MoU signed at the Nigeria-Namibia Business and Trade Forum in Windhoek, Namibia is aimed at promoting mutual business cooperation between the two countries.

    NACCIMA National President, Alhaji Mohammed Abubakar, who was represented at the forum by a National Vice President of the association, Ide John Udeagbala, expressed hope that the MoU would consolidate business deals that would be beneficial to both countries.

    Udeagbala said the peculiar challenges of business and investment environment like that of Namibia have tremendously improved with numerous opportunities in agriculture, manufacturing, solid mineral, oil and oas, tourism, electricity (power) and telecommunication.

    President, Namibia Chamber of Commerce, Martha Namundjebo-Tilahun, said the MoU is expected to yield joint venture partnerships for the private sector of both countries.

    Minister of Industry, Trade & Investment, Dr. Olusegun Aganga led discussions on trade and commended NACCIMA for its efforts.

  • Lagos, ALTON sign MoU

    Lagos, ALTON sign MoU

    The Lagos State government yesterday signed a memorandum of understanding (MoU) with telecoms operators in the country over issues such as taxation, security, levies and others militating against the delivery of good quality of service (QoS) in the state.

    The signing of the MoU is significant as it is a build-up to the agreement which was midwifed by the Minister of Communications Technology, MrsOmobola Johnson towards the end of last year.

    Governor Babatunde Fashola (SAN) was represented by the Commissioner for Science and Technology, MrFataiMabadeje and the Ministry’s Permanent Secretary, Mrs Nike Animashaun at the signing ceremony held at the Abat Centre, Alausa, Ikeja, Lagos while Chairman, Association of Licensed Telecoms Companies of Nigeria (ALTON), Gbenga Adebayo and other officials of the association represented the operators.

    Speaking on the occasion, Mabadeje said the signing of the MoU marked a significant milestone in the quest of the state government to make the state a smart city and a digital enclave, adding that with the agreement, operators will now be free to roll-out the requisite telecoms infrastructure that will redefine the experience of the subscribers.

    He said the government has demonstrated that it is not interested in turning telecoms infrastructure roll-out as an avenue to grow internally generated revenue (IGR) but a means to achieving development for the good people of the state by substantially reducing the charges to be paid by the operators.

    According to him, it is a win-win situation for both the operators and the government as it will give the government better access to regulation and monitoring. He said the agreement is in line with the statutory responsibility of government to provide infrastructure that will accelerate development and well-being of the people of the state.

    In his response, Adebayo expressed the gratitude of the operators to Governor Fashola for making the MoU to become a reality, adding that with the development, the state was on the glorious path to attaining smart city and digital Lagos.

    He said by the agreement, the state government becomes part-owner of all the telecoms infrastructure in the state, stressing that the state government will now intervene in the area of providing security to the equipment.

    He assured subscribers in the state that between the next six to 12 months, QoS will improve significantly as the operators will roll-out infrastructure in an expedited manner as the grant of right of way (RoW) approval will now come quickly while the issues of multiple taxation, charges and levies have also been resolved in the agreement.

  • Cross River, group sign MoU on 10,000 jobs

    The Cross River Government has signed a Memorandum of understanding (MoU) with the Youth Empowerment and Social Support Organisation, to empower 10,000 youths in the state.

    The Head, Department of International Donor Support in the state, Mr Roy Ndoma-Egba, made this known in Calabar.

    Ndoma-Egba, who is also the Special Adviser to Governor Liyel Imoke on Foreign Aides, said the gesture would take the unemployed off the streets.

    He said the department was collaborating with relevant government agencies to have a single registration system to capture the data of potential job-seekers.

    “We will have a central data system where we can categorise each applicant on the basis of qualification, need and catchments.

    “Some will be placed under the Conditional Cash Transfer scheme of the State Government and others will be provided with paid employment.

    “We are trying to ensure that every unemployed Cross Riverian fits into the programme. We are targeting about 10,000 youths.’’

    The Special Adviser said the programme would involve unemployed youths in rural and urban areas.

    He assured that the selection process for the beneficiaries would be transparent and that the distribution would also be equitable.

    Ndoma-Egba said the state was working hard to achieve the Millennium Development Goals (MDGs) targets in 2015.

    He said 16 of the 18 Local Government Areas in the state had been provided with potable water through the Sector Wide Approach programme.

    “We can confidently say that before the end of this year all the 18 Local Government Councils will be linked with the portable water supply project.

    “This will reduce water borne diseases across the state to the barest minimum,” Ndoma-Egba added.

    According to him, some of the challenges facing the achievement of the MDGs in the state are a lack of prompt payment of counterpart funds as well as staff capacity and skills.

    He said, however, that the government had been trying to address the problems.

    “The truth of the matter is that Cross River will achieve some of the MDGs, if not all. We will achieve the targets in education, water, health and gender,” he said.

  • I didn’t sign single term agreement, says President

    I didn’t sign single term agreement, says President

    President Goodluck Jonathan yesterday denied signing an agreement with governors elected on the platform of the Peoples Democratic Party (PDP) to spend one term in office.

    He challenged those who have the pact to produce the document.

    The President spoke last night during a Presidential media chat – his fifth since his election in 2011- aired on national television.

    Jonathan also spoke on various topics in the two-hour live programme in which he fielded questions from five journalists in the studio. He also took questions sent by some Nigerians.

    He also spoke on the ongoing university teachers’ strike which is nearing the 90th day, the Boko Haram activities and the controversy over the death or otherwise of its leader Abubakar Shekau, oil theft, the state of the economy, corruption and the sack of some minister, among others.

    Jonathan said: “I did not sign agreement with anybody; if I had signed an agreement, they would have shown you.

    “What I said in Ethiopia was that should Nigerians agree to a single term of seven years, I would not be part of it so that they would not say I canvassed it in order to spend 12 years in office.

    “A lot of people are misinforming Nigerians. I was in Addis Ababa when I advocated for this single tenure. I said if we look at the politics of Nigeria, especially now that the country is just developing…in terms of the political evolution, we started the First Republic, it collapsed, the Second Republic collapsed, the Third Republic collapsed. This is the very first time that we have stayed.

    “So, I said if we look at the way we go about our politics, to be productive, definitely if a president a tenure of seven years of one term without any interference, he must be productive more than even in the so-called eight years. I advocated for that, people would say the president, having completed the late President Yar’Adua’s tenure and another four years that make it five years, want to serve for another seven year single tenure, that would make it 12 years.”

    “If Nigerians agree to that single tenure, I believe it will be more

    productive for the country because I am thinking more about the

    country. I did not say oh, Jonathan is or not going to contest election. I discovered that  the concept of the single tenure which I was advocating at that time, it was when I was interfacing with some Nigerians in Addis Ababa, that some said I signed an agreement. They should show you the agreement.”

    On his 2015 ambition, Jonathan said it is too early to declare.

    He said: “We have laws in this country and our electoral laws regulate political activities. It gives the Independent National Electoral Commission (INEC) time frame to declare campaign open.

    “My declaring early will create more problems for the system than solving it. A lot of people have been holding meetings silently but have you heard any of them coming out to say I want to be president or governor?”

    On Boko Haram, Jonathan said it was not caused by poverty. He insisted that poor people cannot afford the weapons used by the sect.

    When asked if Boko Haram’s leader Abubakar Shekau is dead or alive, Jonathan said: “I do not know whether he (Shekau) is dead or alive. I do not know him and have never seen him before. You cannot have clear information on security operation.

    “If he was talking regularly in the past and suddenly stopped, there should be speculations.”

    On the cademic Staff Union of Universities (ASUU) strike, the President said politics had crept into so many things. He said: “We have agreed on all issues, except transferring government’s assets to the university.

    “Until we get to that level where universities that claim to be autonomous are autonomous in funding and other areas, we will still face similar challenges.

    “The earned allowances which the lecturers are talking about are supposed to be paid from the Internally Generated Revenues (IGR) of the universities. The Federal Government cannot close all other departments because we want to solve ASUU problem.”

    Jonathan wondered why state universities’ lecturers should join those in the federal universities to embark on strike.

    He said: “Is it Federal Government that will provide infrastructure for state universities when we say we are in a federation? ASUU strike is very unfortunate because the union knows we are committed to revamping the infrastructure.”

    The President also spoke on revenue, saying the monthly meetings to share allocation were not necessary.

    He chided those who said the country was bankrupt, wondering why people play politics with serious issues.

    Jonathan said: “How can someone say Nigeria is bankrupt? What are the yardsticks used when Nigeria currently has the highest Foreign Direct Investment (FDI) in Africa. If Nigeria is bankrupt, investors will remove their money overnight.

    “We should be mindful of what we say as citizens. Despite all political interests, we must take our country first when making statements.”

    Appealing to ASUU to suspend the strike, he said the government’s commitment to make changes is total but that everything cannot be done overnight.

    He said: “ We set up a team, technical team, they visited all the universities, all the hostels including the toilets that we had in the hostels, they  took photographs and videos records and when it was present to the executive council, I said it must be presented to the governors.

    “So , I asked the Vice President that during the National Economic Council meeting with the governors, the Finance Minister is a member, the Planning Minister, Chief Economic Adviser to the President and the Central Bank Governor, the report should be presented.

    “The report was on Federal Universities and states, we did not go to the private universities and we saw the enormous responsibilities that we have as a nation; the Vice-President could not recognise where he learnt his Architecture.

    “I believe we can say there is misunderstanding; definitely, politics has come into so many things that we do, some we observe that the way we do certain things I have a feeling that something else is happening, they may be saying something different.

    “Anybody who talked about Nigeria being broke is just playing politics with the issue, we should be mindful of what statement we make.”

    He said Boko Haram did not start in 2009 and that because it was not handled properly at the initial stage, it became cancerous.

    He denied the allegation that the sack of ministers has anything to do with the aggrieved governors.

    On privitasation, he said: “There is no selective privatisation, you cannot privatise everything the same day.”

    On power, he said: “We are not talking about how many megawatts. That is not the issue, because. When we generate  and you do not have the capacity to evacuate, then you have done nothing.

    “As at the time we were talking about megawatt, we couldn’t  even have done more than 5500 megawatts, but  We are taken the whole chain, including the privatisation of Gencos and Discos.”

    He said those criticising the Petroleum Ministry are those who want to get oil blocks or lift oil and are not able to do so.

    “They will complain. Most of the stories are based on perception. Some of the stories are ‘molue’ stories. We are now paying a little less than a Trillion.”

    On oil theft, he said: “When something starts in a very small way, if it is not checked it will result in what we are seen now. I can assure you that we will get it under control. Government is also working with other heads of states outside Nigeria. There is no reason why you should accept stolen crude oil. It is not done by poor people.”

  • Cross River, MTN sign N1b agreement

    THE Cross River State Government has signed a concession agreement with MTN Communications Nigeria Limited for the provision of 115km of telecommunications cable duct infrastructure for Calabar, which is to run from Tinapa to Anantigha.

    According to the Special Adviser on Communications Technology Development, Odo Effiong, the system is expected to provide complete access to broadband infrastructure for residents.

    Besides access to broadband, the system is also expected to improve the quality of voice services in Calabar and make video services a reality over wired and wireless channels.

    He said the project, a Public Private Partnership, is privately funded and would cost N1.1 billion.

    The infrastructure to be installed, includes three telecommunications cable ducts and 96 core fibre optic cables for each partner and managed by both parties.

    The infrastructure will enable other service providers and network/broadband users to approach either party to lease infrastructure or services.

    Effiong said MTN would site an additional 99 base stations to improve wireless services. It will also support the development of various third party services enabled by broadband, such as city-wide wifi, access to various government services, e-ticketing, smart transport, smart education, smart health, e-tourism and ultimately the creation of Nigeria’s first smart city.

    The special adviser said telecommunications was now an essential utility secondary only to water, transportation, and power.

     

  • Enyimba sign 15-year-old Uche Yarma

    Enyimba sign 15-year-old Uche Yarma

    Enyimba have signed Yarma Lite Academy starlet Uche Owasanya Yarma, beating a host of Nigeria Premier League clubs to his signature.

    The 15-year-old midfielder is regarded as one of the country’s top prospects, and a number of clubs have been monitoring his progress, but he is now set to wear the famous blue colours of The People’s Elephant.

    Speaking on the signing of the youngster, Sporting Director of Enyimba Jude Anyadufu said: “This is one of the highest deals ever for a 15-year-old, coming from an academy into the main team of Enyimba,” he said.

    “It just shows his quality. He is the best I’ve seen him in his position at his age and he could easily be the next Jay Jay Okocha.”

    Born and raised in the city of Gombe, the soft-spoken Uche Owasanya could easily pass for a northerner. His accent and mannerisms deny his Igbo heritage and when he told EnyimbaFC.net he’s actually from Abia State, we were surprised.

    Regardless of the polite way he responded to questions, there was a clear air of confidence about him, a certain sureness in his movement and gestures that suggests an individual with belief in his abilities. Not even the presence of his new, older team mates who were out for their evening training fazed him.

    Uche Owasanya has some way to go before breaking into Salisu Yusuf’s first team, but if he lives up to the hype around him, he will form an extremely formidable partnership in midfield with any of Enyimba’s established midfielders like Sokari Kingsley, Nzube Anaezemba, Michael Okoyoh and Ayo Saka.

  • Kano, BOI sign N2b MoU on SMEs

    The Kano State Government and the Bank of Industry (BOI) have signed a N2 billion agreement to fund Small and Medium Enterprises (SMEs).

    Through the fund, the BOI will provide N1 billion while the government is to provide the balance.

    Kwankwaso said his administration has created more businesses for SMEs growth, especially in the area of processing, manufacturing and production.

    The governor said an Entrepreneurship Standard Committee, to be supervised by the Ministry of Commerce, has been set up to examine loan applications. It has a prominent entrepreneur as member.

    Kwankwaso said his administration was partnering BOI to set up more SMEs, adding that the government would facilitate loans for entrepreneurs wishing to access such facilities.

    The governor, however, stressed that his administration would not take loans to finance projects but would welcome grants and counterpart funding arrangements for the economic development of the state.

    He also said his administration had made efforts to develop SMEs, adding that one of them was the establishment of 23 institutes, to make the teeming youths enterprising and productive.

    Kwankwaso said his administration has created more businesses for women.

    The governor expklained that majority of the students in the state were women, hence the need to build their capacity.

    He said: “We train over 600 women in our institutes, which are into poultry and fishery, and have just graduated 400 students. In addition to capacity-building, we have decided to build cottage industries.”