The Nation Newspaper

Tag: stabilise

  • Stabilise economy, Osinbajo urges stakeholders

    Stabilise economy, Osinbajo urges stakeholders

    Acting President, Prof  Yemi Osinbajo, has urged stakeholders in the country to join hands with the government in promoting Micro,Small and Medium Enterprises (MSMEs) to stabilise the economy, stressing that “Nigeria must grow what it eats and wear what it produces.”

    The country, he said needed such a commitment  as a driving force to stimulate the dream of realising a healthy economy for sustainable growth.

    Prof Osinbajo who spoke while declaring open, a two-day nationwide MSMEs Clinic in Sokoto, Sokoto State capital, re-assured that the country would soon get out of recession in view of her abundant resources such as  resources  gypsum, potassium.

    Osinbajo said: “There is no reason why this country should not be the most wealthiest country in the world. Being one of the cardinal points of the present administration, it is important to deepen all of our engagements into agriculture which is what the government is focusing on.’’

    The Acting President also enjoined all federal agencies such as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to partner with the small and medium business owners.

    He said it was aimed at ensuring that those making local products get to the formal market.

    “The small and medium business owners should partner with all the government agencies by registering their businesses, so as to get them to the formal market,” he said.

    Sokoto State Governor Waziri Tambuwal who commended the Federal Government, said the MSMEs Clinic would  galvanise the sector in the states.

    ’’This would improve the cardinal injection to the development of N2 billion MSME loan with the Bank of Industry,’’the governor said.

  • Buhari seeks OPEC members’ cooperation to stabilise oil market

    Buhari seeks OPEC members’ cooperation to stabilise oil market

    President Muhammadu Buhari has said members of the Organisation of Petroleum Exporting Countries (OPEC) and non-members should cooperate to find a solution to stabilise crude oil prices.

    Speaking at a bilateral meeting with the Sheikh Tamim Bin Hammad Al-Thani, the emir of the State of Qatar in Doha, Buhari described the market situation, which has seen oil prices plummet by 70 per cent since mid-2014, as “totally unacceptable”.

    Buhari, in a statement by the Special Adviser on Media and Publicity, Femi Adesina, said: “As members of OPEC and Gas Exporting Countries Forum (GECF), our relations in the areas of oil and gas, which our two nations heavily rely on, need to be enhanced and coordinated for the benefit of our people.

    “The market situation in the oil industry is unsustainable and totally unacceptable.

    “We must cooperate both within and outside our respective organisations to find a common ground to stabilise the market, which will be beneficial to our nations,” the President said on the second day of his state visit to Qatar.

    He hailed the cordial relations between the countries and invited Qatari investors to take advantage of the opportunities in Nigeria and invest in energy, agriculture, real estate, banking and finance.

    The President assured investors of government protection.

    He noted that in the course of his visit, the delegation from Nigeria and Qatar would formalise at least two bilateral agreements to boost economic cooperation.

    He weighed-in on the situation in the Middle East, praising Qatar for resolving the Syrian crisis, the Palestinian cause and efforts in reconstructing Gaza.

    “The conflicts in Yemen and Syria with their attendant humanitarian crisis need genuine international effort to solve. Nigeria, as a peace loving country, identifies with the Qatar in its peace efforts to end terrorism.

    “Nigeria is a victim of terrorism. It is with heavy heart that I stand before you and say activities of Boko Haram have led to loss of lives and the displacement of innocent people in our nation.

    “We, however, take pride to inform you that since coming to power, Boko Haram has been systematically decimated and are in no position to cause threat to our development programmes.

    “I wish to reiterate that Nigeria rejects violence and extremism, and assure you that we are with Qatar in your efforts to fight terrorism and injustice in your region and in the world.”

    The President called for a lasting solution to the Israeli-Palestinian conflict, saying “we like Qatar, favour a ‘Two-State’ solution, with the State of Palestine living side by side with the State of Israel.”

     

    Nigeria, Qatar sign pact on bilateral relations

    Nigeria and Qatar yesterday in Doha signed Bilateral Air Services Agreement (BASA) to pave the way for direct flights among their major cities.

    A statement by the Special Adviser on Media and Publicity, Femi Adesina, said both countries also signed an agreement to avoid double taxation and tax evasion on the sideline of President Muhammadu Buhari’s visit.

    The Minister of State for Aviation, Senator Hadi Sirika, representing the President, signed the air services agreement on behalf of the country while Qatar’s Minister of Transportation and Communications, Jassim Bin Saif Alsulaiti, signed on behalf of the Emir of Qatar, Sheikh Tamim Bin Hammad Al-Thani.

    The agreement, which was signed in the presence of both leaders, is expected to operate on the principle of reciprocity by the designated airlines on behalf of the countries.

    The Minister of Finance, Mrs. Kemi Adeosun, also signed the agreement to avoid double taxation and the prevention of fiscal evasion with respect to taxes income with its Qatari counterpart, Ali Shareef Al Emadi.

    It is also expected that the agreement on bilateral air service will promote trade, commerce and tourism between the two countries just as Nigeria has commenced discussions on partnership towards establishing a national airline for Nigeria.

    The agreement to avoid double taxation, which had been negotiated since February 2015, will bring in more investments and businesses between Qatar and Nigeria.

  • ‘Power will stabilise by 2018’

    Power supply will stabilise by the end 2018 when the electricity firms must have fully implemented their five- year turnaround business plan, the Group Managing Director, Aiteo Power, Dr Ransome Owan has said.

    He said power firms took over the unbundled assets from the Power Holding Company of Nigeria (PHCN) on November 1, 2013, and as a result of this, have not spent two years generating and distributing  electricity in. Nigeria.

    Owan said: “Let us give power companies 60 months from today to execute their business turnaround programmes, and I believe that power would stabilise before the expiration of that 60 months, which by implication marks the end of their five- year turnaround plan.”

    He was optimistic that the power situation would normalise by the end 2018 in view of the efforts being made by the Federal Government to remove the problems hindering generation, transmission and distribution of electricity in the country.

    He said electricity consumers in the country would enjoy soon, noting that they have been in darkness for sometime due to power outage. “I’ m optimistic that power would improve in the next three to five years. The government and the private sector operators have come to realise that power is key to economic development, and are working towards achieving stable power supply.

    Owan said when power normalises, the economy would improve and by extension the Gross Domestic Product (GDP) would improve. This according him, would bring growth to operators at both the formal and informal sectors of the economy.

    He stated that people should try and pay for the electricity they consume because it costs a lot of money to provide power, adding that electricity costs money to produce

    He stressed the need to match resources with long-term plans because it is imperative for the growth of the sector, and noted there is a disconnect between what was expected in terms of gas supply and power generation and distribution.

  • Reuters: Oil prices to stabilise

    Oil prices should stabilise in the second half of this year and rise in 2016 and 2017 as consumers respond to a period of much cheaper fuel, a Reuters poll of analysts has shown.

    The survey of 34 analysts predicted North Sea Brent crude LCOc1 would average $59.20 a barrel in 2015, up from around $55 so far this year. The forecast is up just 20 cents from the projection in last month’s Reuters survey.

    Brent is expected to rise to $72.10 in 2016 and $78.70 in 2017, the poll showed.

    Oil prices fell more than 60 percent between June last year and January, and although they have recovered a little since then, they are still around half their level a year ago.

    This has encouraged motorists to make more use of their cars and let factories and other businesses boost fuel consumption.

    London-based consultancy Energy Aspects expects world oil demand to rise by up to 1.5 million barrels per day this year. That’s double the rate of oil demand growth seen last year, according to the International Energy Agency.

    “Strength is broad-based,” Energy Aspects analyst Virendra Chauhan told Reuters Global Oil Forum. “On-road diesel demand has continued at a stellar pace.”

    Intesa Sanpaolo analyst Daniela Corsini agreed, saying the rise in consumption appeared to be worldwide.

    “Global oil demand will surprise upwards, driven by the United States, China and emerging Asia,” Corsini said.

    Increasing demand should help absorb any extra oil coming onto the market from Iran, if it can agree a nuclear deal with the West that would bring an end to sanctions.

    And some analysts see demand outstripping supply.

    “The global market is expected to move into supply deficit in the second half (this year), with that deficit reaching 1 million bpd in the fourth quarter,” Standard Chartered analyst Paul Horsnell said.

    Standard Chartered, one of the most bullish banks, expects Brent to average $76.00 in 2015.

     

     

     

     

     

  • Ukah: I can stabilise Eagles’ defence

    Ukah: I can stabilise Eagles’ defence

    Nigeria international Ugochukwu Ukah believes he has what it takes to stabilise the defense of the Super Eagles ahead of the World Cup slated for Brazil in June.

    The 29-year-old centre –back is currently making waves in the Polish elite division where he has been named two times as the player of the week. His wealth of experience has been a blessing to the defense line of Jagiellonia Bialystok of Poland who presently sit seventh on the table.

    Ukah’s impressive performance has earned him plaudits from the Polish press, and his defensive prowess has made him a nightmare for attackers.

    “I have a lot to prove to the Eagles Coach, Stephen Keshi and his team if I am invited,” said Ukah.

    “The fact that I”m playing in Poland does not make me less qualified for invitation, I just need to be at my best. I understand there are good players already in the team but I think the more the players that come fighting for places the better for the country. The younger players are doing just fine but my experience is needed.”

    “I don’t regret playing for Nigeria, and I will never have such regret. It’s just a matter of time but I believe I can do better in the team.”

    Ukah expects that his present form should trigger an invitation.

    “My priority for now is to be in the national team again, especially preparatory for the World Cup. I’ m ready to contribute my experience to the team.”