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Tag: U.S

  • U.S to assist Nigeria to develop retail food industry

    The United  States (U.S) government has assured Nigeria of its  readiness  to  support   current  efforts on food security to  enable consumers enjoy stable supplies and reasonable food prices.

    Speaking with journalists in Lagos before the commencement of Retail Food Development Conference with Building Capacity to Create and Sustain Superior Performance in the Retail Food Business in Nigeria as its theme, United States Department of Agriculture (USDA’s) Regional Agricultural Counselor for Nigeria, Ghana, Benin, Cameroon and Liberia, Kurt Seifarth said U.S will grant aid to help increase food production and ensure that the food chain works.

    He said the USDA had explored a number of tangible measures which, if implemented, would have a significant impact on food security and directly benefit consumers.

    According to him, supermarkets and other retail outlets  have key roles to play in feeding the population as  part of the food value chains, adding that it has become necessary to strengthen safety controls to help smallholders engage with large retailers on wider markets for their agricultural products.

    He said smallholders and large commercial retailers need an enabling environment with adequate training, storage infrastructure, new skills and methods with which to improve the resilience of their production systems.

    He commended the Federal Government for containing the outbreak of bird flu, adding that it demonstrated the  preparedness of the government to combat poultry  health emergencies.

    According to him, the bird flu impact on U.S was devastating with the  incidence and spread of high pathogenic avian influenza (HPAI)  growing faster than expected.

    He noted that quick action and good biosecurity measures were the keys to control highly pathogenic avian influenza, adding that the U.S was quite unprepared for the avian influenza outbreak.

    He said the country was so shocked by the outbreak that it introduced a high surveillance programme with stringent biosecurity measures.

    The outbreak experienced in America which came to an end in June, was the largest animal disease outbreak the country has ever experienced.

     

  • U.S. public pension funds slowly wake up to risk

    THE United State public pension funds are cutting investment return assumptions because of years of zero interest rate policies. They also changing how they manage risk to avoid a repeat of the damage caused by the financial crisis.

    The growing recognition that short-term volatility can have a devastating impact on mature pension plans in the $4 trillion sector could herald a sea of change in the way public funds are invested in the future.

    Since the 2008 financial crisis about two-thirds of the 126 funds tracked by the National Association of State Retirement Administrators have lowered their expected return targets. The average expected return stands at 7.68 per cent versus 8 percent in 2008.

    The financial crisis has left a hole in public pension funds. The average state pension fund has around 80 per cent of the assets it needs to meet its liabilities, according to a 2015 survey by Wilshire Consulting, down from 95 per cent in 2007.

    Perhaps the biggest confirmation of the move to cut back on risk within the U.S. public pension sector may come from the California Public Employees’ Retirement System, the largest public pension fund with $300 billion in assets under management.

    Calpers is considering cutting its expected rate of returns in years following strong investment gains and adjusting its portfolio to reflect those lower return assumptions. The move would essentially cut back on exposure to higher-yielding, but riskier assets as the plan improves its funding levels. It is similar to the liability-driven investing glide path models used by corporate plans. Its use is all but unheard of in the U.S. public pension sector. Such a move, which is yet to be adopted by the Calpers board, would follow recent announcements that the pension fund is cutting back its public equity exposure and raising its fixed-income holdings in addition to eliminating investments in hedge funds.

    “There is this shift to recognizing that risk is a relevant piece of the discussion, it’s not just about how you get the highest returns over a long period of time, but that short-term fluctuations in asset levels can be incredibly detrimental,” said Tamara Burden, an actuary at consulting firm Milliman. On aggregate about 70 per cent of the sector’s assets are invested in equities and other so-called risk assets, according to CEM Benchmarking.

    Others funds, such as California’s San Bernardino County Employees’ Retirement Association and the Teacher Retirement System of Texas, are using options and more active fund management to insulate portfolios from the kind of damaging volatility experienced in August. Burden is seeking to persuade public pension managers to use Milliman’s risk management strategy to reduce equity exposure in portfolios by shorting stock index futures. This means they don’t have to sell their fund’s equity holdings.

    The strategy is being applied to about $70 billion in portfolios with variable annuities, retail mutual funds and collective investment trusts used by 401(k) plans, but so far not in the public pension sector.

    Interest, Burden said, has increased this year with about 15 public pension administrators considering a shift versus five during the same period last year. That could also be due to Milliman’s more active marketing campaign.

     

     

     

  • Nigerian Realtor wins U.S award

    Nigerian Realtor wins U.S award

    The Managing Broker from Centurion Realty and  Estates.Mr. Ola Sanni,  has emerged Realtor of the Year” at the 5th Annual Awards Gala hosted by the United States (U.S) Congressman, Danny Davis.

    The ceremony was put together by the seventh Congressional District’s Multi Ethnic Advisory Task Force (MEATF) at The Meadows Club in Rolling Meadows, Illinois, Chicago, U.S.

    According to Dr. Tapas Dasgupta of The Meadows Club, the “Relator of the Year Award” is bestowed on an individual who has not only excelled in his field, but has also made a difference in people’s lives.

    “The Annual Gala showcases our community heroes and reinforces that the various ethnic communities play a significant and integral role in the progress of our society,” Dasgupta said.

    MEATF was established in 2010 as a platform to acknowledge and appreciate leaders who are giving back in their respective communities.

    Sanni, who entered the American real estate industry in 1994 after his university education at Truman College and University of Illinois at Chicago, in July 1995, won the “Top Listing Award” and ranked among the top sales agents out of 750 sales associates. In April 1997, he broke into the million rank and earned US$1 million month certificate as part of Mattz Group.

    Sanni, who hopes to return to his home state, Lagos, to play a part in the socio economic development of the place, however said “America is blessed with tons of talents and I believe I can better utilise all my trainings and expertise to help my people. The problem with Nigeria is not corruption but leadership. If you eradicate corruption without good leaders, you are just scratching the surface. My generation has what it takes to move Nigeria to the next level,” he said.

  • U.S. group hosts youth empowerment confab

    AUnited States (U.S)-based  group,  Women Empowered to Achieve The impossible (WETATi) in partnership with the University of Lagos (UNILAG), will host youths, men and women as well as professionals from both the public and private sectors to its maiden youth empowerment conference and awards banquet.

    The event theme is Empowering the Youth in Building a Nation Through Positive Mindset, Service, Volunteerism, Mentorship, Leadership with Integrity and Entrepreneurship– WETATi Style! It will hold between November 12 and 14 at the UNILAG Staff School Hall, Tafawa Balewa Way, Akoka, Yaba, Lagos.

    According to the organisers, the conference seeks to bring together individuals from different walks of life, gender and ethnicity to discuss issues ranging from gaining empowerment through a positive mindset to development issues and challenges in the country.

    The confab will provide a forum for Nigerian youth from different demographic populations and other African communities to meet and share information on how to move the country forward through empowering the youth and the society at large; the importance of political and social entrepreneurship and the third world countries, thereby saving the next through political and social entrepreneurship.

     

     

    “We are very excited about this conference because we are bringing together dynamic and diverse individuals from different parts of the country to hold the private and public sectors socially accountable in the communities in which they do business,” the organisers explained in a statement.

    It added that the conference would be a window for operators in the oil and gas companies, banking, media and private business sectors to share their personal, business and professional experiences; exchange ideas, encourage partnership relations and empower those in attendance, particularly the youth towards gaining knowledge, skills and relationship to make a difference in their communities through service, volunteerism and entrepreneurship.

    The group maintained that it was through positive mindset change, active engagement in civic responsibility and commitment by the youths to their communities that the better Nigeria envisioned by President Muhammadu Buhari’s government emerge.

    “It is focused on the issues of youths, men and women in leadership across various sectors including business, politics, education, healthcare, religion and public service and designed to train, equip and empower individuals to successfully lead, pursue entrepreneurship, build wealth and increase their access to executive leadership positions as well as help build their country with honesty and integrity.

    “The conference will equally feature an impressive roster of distinguished presenters and speakers; attendees, general session and panel discussions, networking events sessions geared toward young entrepreneurs, business aspirants and WETATi-Anne Reese Scholarship and Awards Banquet that would recognize trailblazers, emerging leaders,”  the organisers added.

     

  • U. S., Nigeria sign $2.3b pact on poverty reduction

    U. S., Nigeria sign $2.3b pact on poverty reduction

    The United States (US), through the U.S. Agency for International Development (USAID), and the Federal Government signed a developmental assistance agreement covering the next five years.

    Vice President Yemi Osinbajo and USAID/Nigeria Director Michael T. Harvey signed the agreement during a ceremony at Aso Rock Villa.  U.S. Embassy Acting Deputy Chief of Mission Shawn E. Flatt was also present.

    The $2.3 billion agreement comes on the heels of President Muhammadu Buhari’s July visit to Washington, D.C.  The agreement covers activities from 2015 through 2020 and aims to help Nigeria reduce extreme poverty in a more stable, democratic society.  Activities will stimulate inclusive economic growth, promote a healthier, more-educated population, and strengthen good governance.

    “This agreement will provide a solid foundation for our two countries to partner together to reduce inequalities across the country,” said Mr. Harvey.  “I commend the Vice President and National Planning Commission for their leadership and support of the activities under this agreement,” he added.

    In an effort to align Nigeria’s development plans with sector-specific strategies, USAID collaborated with the National Planning Commission; the Nigerian ministries of health, agriculture, power, and education; and state-level government counterparts to structure the agreement.

  • Police Commissioner dies in U.S.

    The Commissioner of Police and Commandant, Nigeria Police College, Ikeja, Tunde Sobulo, is dead.

    Mr. Sobulo died on Friday in Atlanta Georgia, United States of America, after a protracted illness.

    The eldest son of the late Commissioner, Robert Sobulo, who confirmed the death, said he got the news around midnight Nigerian time.

    He said his sister, Laila, who was with their father in the U.S., called to inform him of his death while he was already sleeping in Nigeria.

    He said his father would be buried in Atlanta Georgia after a family meeting currently going on.

    “The vacuum my father’s death has created cannot be filled in the family and his profession.

    “He was dedicated to the police profession and his family. He was an operational person.

    “He usually says to me: think, when you think, you carry out the action,” he said.

    The immediate younger brother to the late police chief, Kamarudeen Shomide, described Sobulo as a great loss to the family.

  • U.S, South Africa trade dispute to cost $1.7b in exports

    South Africa is fighting to retain duty-free access for exports to the U.S. worth as much as $1.7 billion a year in a dispute that pits farmers in the two nations against each other.

    The U.S. is reviewing South Africa’s status as a full beneficiary of a preferential trade pact known as the African Growth and Opportunity Act, which eliminates import levies on more than 7,000 products ranging from textiles to manufactured items. AGOA, as the accord is known, was renewed in June for another 10 years, benefiting 39 African nations.

    At the heart of the dispute are American chicken and cattle farmers who want South Africa’s government to remove trade restrictions imposed to protect the local industry from a flood of cheaper imports. While Trade and Industry Minister Rob Davies said on Sept. 29 that South Africa had done all it can to retain access to AGOA, the U.S. government says there are still major unresolved issues.

    “South Africa needs to take concrete steps towards eliminating barriers to U.S. trade and investment, a key criterion to be eligible for AGOA trade benefits,” Trevor Kincaid, a spokesman for the office of the U.S. Trade Representative in Washington, said in an e-mailed response to questions at the weekend.  “Ultimately, South Africa’s AGOA eligibility is in South Africa’s hands.”

    No sooner had the two countries reached an agreement over American chicken imports to South Africa in June, a new dispute emerged relating to import restrictions following an outbreak of avian flu in the U.S. Veterinary experts from the two nations met last month to discuss health concerns around the shipment of chicken, beef and pork to South Africa.

    The risk of South Africa losing its AGOA benefit is not “based so much on the realistic assessment of the value of the South Africa market, it’s more about politics in America,” Christopher Wood, a researcher in the economic diplomacy department at the South African Institute of International Affairs, said by phone from Johannesburg. “The chicken caucus within the U.S. Congress is particularly strong.”

    Kevin Lovell, chief executive officer of the South African Poultry Association, said by phone on Wednesday he expects the U.S. government and farming industry to “adopt a more equitable and reasonable approach.” The U.S. embassy in Pretoria said on Sept. 16 that eliminating barriers on American poultry and beef exports will address concerns raised by the industry.

    AGOA has enabled South Africa to more than double its exports to the U.S. since 2000. Shipments under AGOA accounted for more than a fifth of the nation’s exports to the U.S. last year, according to data compiled by the Tralac Trade Law Centre, based in Stellenbosch, near Cape Town.

    Agriculture products and vehicles, such as the BMW 3-Series manufactured at Bayerische Motoren Werke AG’s plant at Rosslyn outside the capital, Pretoria, benefit the most from the trade accord. Transportation equipment made up 75 per cent of South Africa’s $1.7 billion shipments under AGOA to the U.S. in 2014, the Tralac Trade Law Centre’s data shows.

    To remain a beneficiary of AGOA, African countries are required to, among other things, eliminate barriers to U.S. trade and investment, operate a market-based economy, protect workers’ rights and implement economic policies to reduce poverty.

    South Africa is accused of restricting U.S. businesses with plans to cap foreign ownership of private-security companies at 49 percent. If the law is passed, ADT Corp., based in Boca Raton, Florida, will be required to relinquish control of its South African unit.

    African nations that no longer qualify as beneficiaries under AGOA include the Democratic Republic of Congo, Gambia and South Sudan. Swaziland lost its access in January because of an alleged lack of protection of workers’ rights, while Zimbabwe and Sudan aren’t eligible.

    “South Africa is the key player under AGOA and neither side would want to see South Africa graduated out of the program — the economic and political fallout would be big,” Eckart Naumann, an independent economist and associate at the Trade Law Centre, said in an e-mailed response to questions. “There is a decent chance that South Africa may just scrape through.”

  • Gauge of U.S. investment plans down 

    A gauge of U.S. investment plans slipped more in August than initially estimated, giving a cautionary sign for the economic outlook.

    New orders for non-military capital goods outside of aviation fell 0.8 per cent in August, the Commerce Department said on Friday.

    The government had previously reported that this gauge, which is a leading indicator of business investment, had fallen 0.2 per cent during the month.

    Shipments of this category of goods also fell, declining a sharper-than-initially reported 0.4 percent and giving a bearish signal for third-quarter economic growth.

    New orders for overall U.S. factory goods fell 1.7 per cent in August, Friday’s report showed. Analysts had expected new orders for factory goods to fall 1.2 per cent.

  • MAN faults U.S. call for import liberalisation

    The Manufacturers Association of Nigeria (MAN) has disagreed with the United States Assistant Secretary, Bureau of Economic and Business Affairs, Mr Charles Revkin, over his suggestion to the Federal Government to open its borders to pave way for more imports.

    Its President, Mr Frank Jacobs, said opening up the economy to unfettered importation will definitely not be in the best interest of the country.

    He warned the Federal Government against allowing imported goods into the market, saying that opening the market to cheap and sometimes substandard foreign goods is a capitalistic ideology that will not support the employment and poverty exigencies in Nigeria.

    Jacobs was reacting to the call by Mr Revkin, warning President Muhammadu Buhari not to shut off foreign competitors from importing their finished products into Nigeria through prohibitive tariffs, import ban or exchange control.

    Jacobs said: “I was not surprised at his warning considering that Mr. Revkin was speaking at an event involving the Nigerian-American Chamber of Commerce Conference for Small and Medium Enterprises in Abuja which objective must have revolved around trade relations between Nigeria and America. Of course, Nigerians are aware of the benefits of engaging in international trade.

    “Mr. Revkin’s assertion is a noble one but it is more relevant to advanced economies. Over time, the economic framework that are effective in maintaining advanced economies have been proven to be ineffective in developing economies.”

    Jacobs said the industrial sector in Nigeria is a fledging one that is yet to find its feet, adding that it has over the years, gone through several challenges and is still import-dependent for most essential input.

    He said successive governments in the country have come up with several policy options in order to set the right path for the economy.

    “I, as the President of the MAN, recognises the huge disadvantage Nigeria would be exposed to if the country opens up its economy without caution to indiscriminate trade relations with advanced countries.’’

    “First, the advanced countries would trade capital goods such as plant and machinery, medical equipment, agricultural machinery, aviation equipment and airplanes, and so on, while Nigeria would only trade commodity goods such as cocoa, pepper, sesame seed etc.   The implication will be that while the advanced countries get richer and more industrialised, Nigeria will remain a commodity country and in perpetual de-industrialisation.

    “As mentioned earlier, trade is important but Nigeria must be cautious to ensure that most of the goods coming into the market are input materials for the productive sectors and not finished consumer goods that will wipe out existing domestic industrial efforts and truncate new industrial initiatives,” Jacobs said.

  • U.S. urges peace at Church’s premiere of Captive

    U.S. urges peace at Church’s premiere of Captive

    The acting Consul General of the United States Consulate in Nigeria, Mrs. Dehab Ghebreab has said that her country will continue to partner Nigeria to achieve peaceful co-existence and sustainable development.

    Ghebreab made this declaration last Thursday at a press conference held before the premiere of Captive, at the House on the Rock Cathedral in Lagos.

    According to the US Consul, peace is not negotiable in any nation that aspires to achieve sustainable democracy and development. Ghebreab said her country is in partnership with The Rock Cathedral to send a strong message that will change people’s lives.

    “We are partnering on a theme to look at a purpose driven life. The movie, Captive shows how the struggle between hope and despair play out,” Ghebreab said.

    The American diplomat reminded all that societies learn from each other and in order to extend the American democracy beyond America, “we decided to share that experience with Nigerians through Selma.”

    Speaking earlier, host of the event and senior pastor of House on The Rock, Paul Adefarasin called on Nigerians to live a purpose driven lifestyle. He said Nigeria, in her 55 years as an independent nation, has faced a series of challenges such as oppressive regimes, bad governance and terrorism.

    Adefarasin recalled that the public premiere of the movie, Selma in the twilight of Nigeria’s general elections achieved a lot as the movie spoke to the subject of peace at a time when it appeared that Nigeria was going to disintegrate.

    The clergy also said House on The Rock is working assiduously towards the attainment of peace because it is only a peaceful atmosphere that brings about development in a country. He charged Nigerians to see themselves as one family.

    “Do we continue to view one another as different people? Do we accept that we are a united nation or do we insist that we are an amalgam of different nationalities? Do we accept that we are Yoruba, Igbo, Hausa, Fulani, Kanuri, Bini, Kalabari, Ibibio, Tiv, Birom, Idoma, Efik or the many more tribal distinctions that exist in our country or do we accept that we are simply and proudly Nigerians,” he asked.

    He further stated that “all the great nations of our world today only became great because they had a purpose to do so as one people of one nation around an uncompromised system of shared values; value systems that invariably included equal opportunity, equity, justice, freedom, peace, progress and tahe majority principle.”

    Also at the event was the former Minister of Education, Dr. Oby Ezekwesili, who expressed delight in the collaboration between the United States Consulate and House on The Rock.

    According to Ezekwesili “the church plays an important role in nation building. We thank the US consular for this kind of partnership. Strategic partnerships matter. Partnering on such a day as our annual independence makes it much more relevant and is important for nation building.”

    Captive was later screened to a cross section of Nigerians from the political, business and social class.