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DONALD TRUMP: With 2.5 MILLION jobs added in May, we're on the way to an incredible period of growth!, the unemployment rate was predicted to rise to over twenty percent in May.
Instead, it dropped.
It is a stunner by any stretch of the imagination!
It’s a stupendous number. It’s joyous, let’s call it like it is. The Market was right. It’s stunning!




The job surge we're seeing is widespread across American industries!
Donald Trump says "Equal justice under the law must mean that every American receives equal treatment in every encounter with law enforcement, regardless of race, color, gender, or creed."

In its report released on January 15, the Global Economic Policy Initiative, GEPin, said Nigeria presently ranks number six in the world only behind Venezuela, Sudan, Iran, Kuwait and Algeria.

A petrol station attendant fuelling a car

Nigeria ranks among the top 10 cheapest petrol selling countries in the world, a policy group has revealed in its latest report.
In its report released on January 15, the Global Economic Policy Initiative, GEPin, said Nigeria presently ranks number six in the world only behind Venezuela, Sudan, Iran, Kuwait and Algeria.


The group president Bernard Okri noted that the comparative analysis on global oil prices became necessary following the Yellow Vest movement in France and the recent oil price increment in Zimbabwe.

He explained that oil prices have continually increased in leading economies across the world, crediting President Muhammadu Buahri for stabilizing pump price in Nigeria.

Okri explained despite the fact that Nigeria is not one of the top ten oil producing countries in the world right now, Nigeria is one of the top ten cheapest selling countries in the world.

“This is coming on the heels of international reports that petrol now sells for an equivalent of N1204 per litre and diesel N1135 in Zimbabwe.
“A massive hike of 240 per cent in the prices of petrol and diesel has gone into effect in Zimbabwe. Petrol was selling for 1.32 dollars (N481) per litre before Sunday’s hike.

In the statement made available to journalists, Okri noted that, “Our research has shown that Nigeria is actually the sixth cheapest place in the world to buy petrol according to a report by Bloomberg.

“A renowned international website, www.globalpetrolprices.com also confirms our standing. I think all Nigerians should proud that the current administration is keeping the price in check and relatively affordable for the average man and woman".

The report explained that Nigeria’s selling price of N145 (equivalent to $0.41 per litre) and $1.52 per gallon makes it one of the 10 cheapest places in the world to buy gasoline compared to a global average of $1.12 per litre.

“The report pointed to the price cap on petrol set by the federal government as one of the causes of stability in the supply of the product, adding that, Nigeria’s import dependence is caused largely by the “decrepit state of its refineries”.

“Part of the problem is that, despite pumping 1.8 million barrels a day of crude, Nigeria has to import almost all its fuel because of the decrepit state of its refineries,” the report stated.

Okri explained that before the All Progressives Congress government took power in 2015, Nigeria was not ranked in the top 10 cheapest petrol selling countries.
“That makes us one of the 10 cheapest places in the world to buy gasoline and compares favorably to a global average of $1.12 and a U.S. average of $0.73 per litre, according to GlobalPetrolPrices.com.”

“Of note to most observers this past yuletide season was the complete absence of petrol scarcity as the NNPC has become the retailer in chief and sole importer of PMS, leaving the country with enough reserves.

“This effectively ensured that the queues at filling stations usually encountered in the “ember” months have become a thing of the past.


“Transporters and travelers alike gave kudos to the Buhari-led administration for achieving this welcome development. It is only the greedy black-market fuel racketeers that will be unhappy at this change we are now experiencing."

The five countries listed in the report with a better price per litre of Petrol than Nigeria are Venezuela ($0.01), Sudan ($0.13), Iran ($0.29), Kuwait ($0.34), and Algeria ($0.35).

In its report released on January 15, the Global Economic Policy Initiative, GEPin, said Nigeria presently ranks number six in the world only behind Venezuela, Sudan, Iran, Kuwait and Algeria.

A petrol station attendant fuelling a car

Nigeria ranks among the top 10 cheapest petrol selling countries in the world, a policy group has revealed in its latest report.
In its report released on January 15, the Global Economic Policy Initiative, GEPin, said Nigeria presently ranks number six in the world only behind Venezuela, Sudan, Iran, Kuwait and Algeria.


The group president Bernard Okri noted that the comparative analysis on global oil prices became necessary following the Yellow Vest movement in France and the recent oil price increment in Zimbabwe.

He explained that oil prices have continually increased in leading economies across the world, crediting President Muhammadu Buahri for stabilizing pump price in Nigeria.

Okri explained despite the fact that Nigeria is not one of the top ten oil producing countries in the world right now, Nigeria is one of the top ten cheapest selling countries in the world.

“This is coming on the heels of international reports that petrol now sells for an equivalent of N1204 per litre and diesel N1135 in Zimbabwe.
“A massive hike of 240 per cent in the prices of petrol and diesel has gone into effect in Zimbabwe. Petrol was selling for 1.32 dollars (N481) per litre before Sunday’s hike.

In the statement made available to journalists, Okri noted that, “Our research has shown that Nigeria is actually the sixth cheapest place in the world to buy petrol according to a report by Bloomberg.

“A renowned international website, www.globalpetrolprices.com also confirms our standing. I think all Nigerians should proud that the current administration is keeping the price in check and relatively affordable for the average man and woman".

The report explained that Nigeria’s selling price of N145 (equivalent to $0.41 per litre) and $1.52 per gallon makes it one of the 10 cheapest places in the world to buy gasoline compared to a global average of $1.12 per litre.

“The report pointed to the price cap on petrol set by the federal government as one of the causes of stability in the supply of the product, adding that, Nigeria’s import dependence is caused largely by the “decrepit state of its refineries”.

“Part of the problem is that, despite pumping 1.8 million barrels a day of crude, Nigeria has to import almost all its fuel because of the decrepit state of its refineries,” the report stated.

Okri explained that before the All Progressives Congress government took power in 2015, Nigeria was not ranked in the top 10 cheapest petrol selling countries.

Oil prices firmed on Wednesday after climbing about 3 per cent in the previous session as expectations that OPEC-led supply cuts would tighten markets despite signs of a global economic slowdown.

Brent crude oil futures LCOc1 were at 60.83 dollars per barrel at 0748 GMT, 19 cents, or 0.3 per cent above their last close.

Farmer Oluranti Adeboye, 62, holds harvested cocoa at Sofolu village in Ogun State, southwestern Nigeria, on June 5, 2018. Agriculture was once the mainstay of Nigeria’s economy and provided jobs for more than 70 percent of the population until the discovery of oil. Niegria President and his government are now trying to revive agriculture to diversify the oil-dependent economy that has been battered by the fall in global crude prices. / AFP PHOTO /

Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 per cent, at 52.21 dollars a barrel.

“It seems the oil market is looking at Saudi Arabia’s aggressive supply cuts and Chinese aggressive stimulus,” said Jonathan Barratt, chief investment officer at Probis Securities in Sydney.
China’s central bank on Wednesday made its biggest daily net cash injection via reverse repurchase agreement operations on record, more evidence that authorities are shifting to policy easing to counter a slowdown in Asia’s biggest economy.

Earlier this week, China reported poor December trade data, with both exports and imports contracting from a year earlier.

“Situation of a developing shortage might arise if the Sino-U.S. trade war goes away, the Chinese economy kicks into gear, Brexit is solved and the United States make good threats on Iran,” Barratt said.

Oil prices on Wednesday, however, were prevented from rising further as signs of economic slowdown mounted elsewhere across the globe.
In Japan, core machinery orders slowed sharply in November in a sign corporate capital expenditure could lose momentum as the U.S.-China trade war spills into the global economy. Meanwhile, the U.S. economy is taking a larger-than-expected hit from a partial government shutdown, White House estimates showed on Tuesday.

Fundamentally, oil markets are receiving support from supply cuts by producer group the Organisation of the Petroleum Exporting Countries (OPEC) and major non-OPEC producer Russia. OPEC and its allies will meet on April 17-18 in Vienna to review their oil supply cut deal, and the panel is to be chaired by Saudi Arabia and Russia.

“OPEC production cuts will limit inventory builds to those justified by higher demand, which should settle the market in a sustainable range above 70 per barrel barrels,” according to Standard Chartered bank. Surging U.S. crude oil production C-OUT-T-EIA, which hit a record 11.7 million barrels per day (bpd) late last year, threatens to undermine the OPEC-led efforts. With abundant supply and demand uncertainty, the outlook for oil markets is unclear. Oil prices are expected to oscillate close to current levels, according to a large annual survey conducted by Reuters between Jan. 8 and 11, with Brent prices in 2019 expected to average 65 per dollars barrel, unchanged from surveys in 2016, 2017 and 2018.

“The oil market remains amply supplied and prices are set to trade range-bound,” said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer. (Reuters/NAN)

Oil prices firmed on Wednesday after climbing about 3 per cent in the previous session as expectations that OPEC-led supply cuts would tighten markets despite signs of a global economic slowdown.

Brent crude oil futures LCOc1 were at 60.83 dollars per barrel at 0748 GMT, 19 cents, or 0.3 per cent above their last close.

Farmer Oluranti Adeboye, 62, holds harvested cocoa at Sofolu village in Ogun State, southwestern Nigeria, on June 5, 2018. Agriculture was once the mainstay of Nigeria’s economy and provided jobs for more than 70 percent of the population until the discovery of oil. Niegria President and his government are now trying to revive agriculture to diversify the oil-dependent economy that has been battered by the fall in global crude prices. / AFP PHOTO /

Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 per cent, at 52.21 dollars a barrel.

“It seems the oil market is looking at Saudi Arabia’s aggressive supply cuts and Chinese aggressive stimulus,” said Jonathan Barratt, chief investment officer at Probis Securities in Sydney.
China’s central bank on Wednesday made its biggest daily net cash injection via reverse repurchase agreement operations on record, more evidence that authorities are shifting to policy easing to counter a slowdown in Asia’s biggest economy.

Earlier this week, China reported poor December trade data, with both exports and imports contracting from a year earlier.

“Situation of a developing shortage might arise if the Sino-U.S. trade war goes away, the Chinese economy kicks into gear, Brexit is solved and the United States make good threats on Iran,” Barratt said.

Oil prices on Wednesday, however, were prevented from rising further as signs of economic slowdown mounted elsewhere across the globe.
In Japan, core machinery orders slowed sharply in November in a sign corporate capital expenditure could lose momentum as the U.S.-China trade war spills into the global economy. Meanwhile, the U.S. economy is taking a larger-than-expected hit from a partial government shutdown, White House estimates showed on Tuesday.

Fundamentally, oil markets are receiving support from supply cuts by producer group the Organisation of the Petroleum Exporting Countries (OPEC) and major non-OPEC producer Russia. OPEC and its allies will meet on April 17-18 in Vienna to review their oil supply cut deal, and the panel is to be chaired by Saudi Arabia and Russia.

“OPEC production cuts will limit inventory builds to those justified by higher demand, which should settle the market in a sustainable range above 70 per barrel barrels,” according to Standard Chartered bank. Surging U.S. crude oil production C-OUT-T-EIA, which hit a record 11.7 million barrels per day (bpd) late last year, threatens to undermine the OPEC-led efforts. With abundant supply and demand uncertainty, the outlook for oil markets is unclear. Oil prices are expected to oscillate close to current levels, according to a large annual survey conducted by Reuters between Jan. 8 and 11, with Brent prices in 2019 expected to average 65 per dollars barrel, unchanged from surveys in 2016, 2017 and 2018.

“The oil market remains amply supplied and prices are set to trade range-bound,” said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer. (Reuters/NAN)

The continued free fall in equity prices, which indicates a low buying interest among the investor-community, has resulted to another significant decline in the market capitalisation and All-Share Index (ASI), estimated at 2.5 per cent.

Indeed, the managers of the economy and the government now have their hands filled with issues of next year’s general elections, a development that have continued to trigger volatility in the market and persistent bear run on the equity sector of the Nigerian Stock Exchange (NSE).

Specifically, at the close of transactions last week, ASI and market capitalisation depreciated by 2.5 per cent to close the week at 30,874.17 and N11.27 trillion.

Similarly, all other indices finished lower with the exception of the NSE ASeM, NSE Insurance and NSE Consumer Goods Indices that finished higher by 0.09 per cent,  4.71 per cent and 0.08 per cent respectively.

Also, the volume of shares traded reduced significantly, as a turnover of 1.199 billion shares worth N14.277 billion was recorded in 15,841 deals by investors on the floor of the Exchange, against 1.282 billion units valued at N23.142 billion that changed hands in 11,467 deals during the preceding week.

Specifically, the financial services industry (measured by volume) led the activity chart with 963.315 million shares valued at N7.536 billion traded in 8,871 deals; thus contributing 80.38 percent to the total equity turnover volume.


The consumer goods industry followed with 83.001 million shares worth N4.213 billion in 2,802 deals, while the industrial goods industry ranked third with a turnover of 60.782 million shares worth N1.976 billion in 1,639 deals.

Trading in the top three equities- Diamond Bank Plc, Access Bank Plc and Universal Insurance Plc, accounted for 512.535 million shares worth N1.367 billion in 1,437 deals, contributing 42.76 per cent to the total equity turnover.

Further breakdown of last week’s transactions showed that  NSE Main Board index dropped by 15.24 to 1,410.41 points, NSE 30 index went down by 35.08 to 1394.99.

Also, NSE Banking fell by 12.27 to 398.47 points, Oil and Gas index dropped by 14.91 to 276.03 points, NSE Lotus II declined by 16.86 to 2205.70 points, NSE Industrial goods sheds 43.30 to 1244.53 points , NSE Pension index went down by 17.43 basis points to 1162.82 points.
According Guardian

The continued free fall in equity prices, which indicates a low buying interest among the investor-community, has resulted to another significant decline in the market capitalisation and All-Share Index (ASI), estimated at 2.5 per cent.

Indeed, the managers of the economy and the government now have their hands filled with issues of next year’s general elections, a development that have continued to trigger volatility in the market and persistent bear run on the equity sector of the Nigerian Stock Exchange (NSE).

Specifically, at the close of transactions last week, ASI and market capitalisation depreciated by 2.5 per cent to close the week at 30,874.17 and N11.27 trillion.

Similarly, all other indices finished lower with the exception of the NSE ASeM, NSE Insurance and NSE Consumer Goods Indices that finished higher by 0.09 per cent,  4.71 per cent and 0.08 per cent respectively.

Also, the volume of shares traded reduced significantly, as a turnover of 1.199 billion shares worth N14.277 billion was recorded in 15,841 deals by investors on the floor of the Exchange, against 1.282 billion units valued at N23.142 billion that changed hands in 11,467 deals during the preceding week.

Specifically, the financial services industry (measured by volume) led the activity chart with 963.315 million shares valued at N7.536 billion traded in 8,871 deals; thus contributing 80.38 percent to the total equity turnover volume.


The consumer goods industry followed with 83.001 million shares worth N4.213 billion in 2,802 deals, while the industrial goods industry ranked third with a turnover of 60.782 million shares worth N1.976 billion in 1,639 deals.

Trading in the top three equities- Diamond Bank Plc, Access Bank Plc and Universal Insurance Plc, accounted for 512.535 million shares worth N1.367 billion in 1,437 deals, contributing 42.76 per cent to the total equity turnover.

Further breakdown of last week’s transactions showed that  NSE Main Board index dropped by 15.24 to 1,410.41 points, NSE 30 index went down by 35.08 to 1394.99.

Also, NSE Banking fell by 12.27 to 398.47 points, Oil and Gas index dropped by 14.91 to 276.03 points, NSE Lotus II declined by 16.86 to 2205.70 points, NSE Industrial goods sheds 43.30 to 1244.53 points , NSE Pension index went down by 17.43 basis points to 1162.82 points.
According Guardian

Popular Nigerian Musical Artist Davido, has displayed a lot of gestures to show that he likes Motor Sports Business.

He revealed on his instagram handle on Monday that, he will expand his business ventures by delving into Motor Sports Business.
The 30 Billion Gang entertainer, in a photo he captioned also said, “We not into music only we do motorsports now so follow @chillingmotorsports for update 30BG lifestyle,”

It was also revealed that he has interest in Aviation and Movie Business.

Popular Nigerian Musical Artist Davido, has displayed a lot of gestures to show that he likes Motor Sports Business.

He revealed on his instagram handle on Monday that, he will expand his business ventures by delving into Motor Sports Business.

A man in China has taken delivery of a brand new BMW car he purchased with coins he had been saving for several years.

According to local reports, the unnamed customer bought a BMW, whose full price is about 400,000 yuan (£45,000), on December 18, and insisted to pay the first instalment of his new car in coinage.

The coins were said to have brought in 10 boxes.

Workers at the car retailer who were stunned by the man's choice of payment reportedly spent hours counting coins which totalled nearly £8,000.

Mr. Gu, sales manager of BMW in Putian, Fujian Province, told Pear Video that the client was doing wholesale business and he insisted paying the first instalment in five mao (5p).

'They (the coins) were all five maos that the client had been saving over the years. There were worth about 70,000 yuan (£7,954) in total,' said Mr Gu.

more photos

A man in China has taken delivery of a brand new BMW car he purchased with coins he had been saving for several years.

According to local reports, the unnamed customer bought a BMW, whose full price is about 400,000 yuan (£45,000), on December 18, and insisted to pay the first instalment of his new car in coinage.

The coins were said to have brought in 10 boxes.

Workers at the car retailer who were stunned by the man's choice of payment reportedly spent hours counting coins which totalled nearly £8,000.

Mr. Gu, sales manager of BMW in Putian, Fujian Province, told Pear Video that the client was doing wholesale business and he insisted paying the first instalment in five mao (5p).

'They (the coins) were all five maos that the client had been saving over the years. There were worth about 70,000 yuan (£7,954) in total,' said Mr Gu.

more photos

• Analyze your market. How many people in your area might use a pet sitting service, and how many pet sitters are already in business in your area?
• Define your company. What will you do, specifically? If you'll need to think about how and what you can actually do more. What are the key benefits of your company, and what needs will it satisfy?
• Build a better mousetrap. What will make your company better than the competition? On-call pet pickup? Individual service? A name within the community, maybe with animal charities or shelters that gives you some credentials? What makes your business special?
• Develop a marketing campaign. How will you get the word out, and entice people to call you? Marketing yourself effectively is key to making your business successful, if your a pet sitter or an accountant! Given two identical companies, one with average marketing, and one with excellent marketing, the one with excellent marketing will virtually always win.
• Don't forget sales! Marketing is what makes people aware of your company. Sales is what brings them in the door. Don't neglect that part.
• Define your workflow. How will you fill your day with pet sitting, and how will you handle the inevitable emergency job, or the 2-hour-late pickup? How will you hire? What is the threshold for new employees?
• Develop a backup plan to cover all sits should you have an emergency that prevents you from taking care of the animals.
• What do you need to get started? Leashes? Cages? A big yard? Lots of kibbles and bits? You may not need a lot of cash to get started, but you will need some to gather supplies and pay for sales and marketing efforts.
• Where will you get funding? This might be from your savings, or an interested friend. It could be from the local shelter, or from your Uncle Moneybags.
• Show them the numbers. Before you take any funding—even from yourself—know what you will do with it, and how much is enough.
• Put your best foot forward. Describe your qualifications, and include anything that might be relevant to people trusting you with their pets. You might be a dog whisperer, or voted person most likely to herd cats. Make that known!

• Analyze your market. How many people in your area might use a pet sitting service, and how many pet sitters are already in business in your area?
• Define your company. What will you do, specifically? If you'll need to think about how and what you can actually do more. What are the key benefits of your company, and what needs will it satisfy?
• Build a better mousetrap. What will make your company better than the competition? On-call pet pickup? Individual service? A name within the community, maybe with animal charities or shelters that gives you some credentials? What makes your business special?
• Develop a marketing campaign. How will you get the word out, and entice people to call you? Marketing yourself effectively is key to making your business successful, if your a pet sitter or an accountant! Given two identical companies, one with average marketing, and one with excellent marketing, the one with excellent marketing will virtually always win.
• Don't forget sales! Marketing is what makes people aware of your company. Sales is what brings them in the door. Don't neglect that part.
• Define your workflow. How will you fill your day with pet sitting, and how will you handle the inevitable emergency job, or the 2-hour-late pickup? How will you hire? What is the threshold for new employees?
• Develop a backup plan to cover all sits should you have an emergency that prevents you from taking care of the animals.
• What do you need to get started? Leashes? Cages? A big yard? Lots of kibbles and bits? You may not need a lot of cash to get started, but you will need some to gather supplies and pay for sales and marketing efforts.
• Where will you get funding? This might be from your savings, or an interested friend. It could be from the local shelter, or from your Uncle Moneybags.
• Show them the numbers. Before you take any funding—even from yourself—know what you will do with it, and how much is enough.
• Put your best foot forward. Describe your qualifications, and include anything that might be relevant to people trusting you with their pets. You might be a dog whisperer, or voted person most likely to herd cats. Make that known!

The House of Representatives yesterday rejected the Federal Government’s exchange rate of N305/dollar in this year’s budget, saying it would engender huge corruption, with the almost N500/dollar at the parallel market.
Members of the Green Chamber also queried the Executive on the domestic borrowing plan of the President Muhammadu Buhari administration, saying it will stifle funds that could have been made available to the real sector and small businesses to grow the economy and move the country out of recession.
Of the N2.321 trillion borrowing plan projected in the budget, N1.253 trillion is to be sourced from the domestic market.
The lawmakers, who spoke during an interactive session with members of the Executive with the committees on  Finance,  Appropriation, Aid Loans & Debt Management, Legislative Budget and Research and National Planning & Economic Development on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) also said the government was not doing much to reign in inflation which presently stands at 18.55  percent.
Members in the various committees at the meeting also accused the Federal Government of insufficient consultation with stakeholders, especially the National Assembly while developing the MTEF, adding that the parameters in the budget are different from that in the MTEF initially submitted to the National Assembly
But the Minster of Budget & National Planning , Senator Udo Udoma, said the government has a multi-facetted plan to move the country out of recession.
On inflation, he said: “ It is our objective to move towards a very low inflation environment  because we need to move to a low inflation environment so as to have sustained and sustainable growth.
“We believe that, as the Central Bank had said, many of the things that were feeding into the inflation in 2016 is that once we can stabilise the exchange rate and other aspects of the economy, we will reduce the rate of inflation .
“But we need to do a lot more than that. We need to reduce the cost of doing business and we have a number of plans to achieve that. We need to get Nigerians back to work. We need to  get single interest loans, particularly in the key areas, such as agriculture and all that, to get people back to work. Already the Central Bank is working on that.”
Udoma said the government was doing a lot, which it believes will restructure the economy. According to him, the difficult and challenging phase the country is passing through is seen on the part of the executive as an opportunity “to change things in a fundamental way”.
Finance Minister Kemi Adeosun said the government had put a lot of measures in place to stimulate the economy. She said people should be careful about putting their faith in the black market as it drives inflation.
“There is a number of structural initiative to close the gap. We have to look at why are people buying dollars at such high amounts. It’s driven by irrational and emotional factors.”
Adeosun said the Fundamentals show that the naira should be strengthening presently. “The black market will collapse because it’s not being driven by any fundamentals,” she said.
On Treasury Single Account (TSA), the minister said it was counter productive to put the government’s money in commercial banks only for them to loan it back to the government at higher rates.
Mrs. Adeosun said the government was spending more on infrastructure. “We’re targeted on spending on what will bring us out of the recession,” she said.
At the session were the Ministry of Finance, Budget and National Planning, Mines and Solid Minerals Development, Office of the Accountant General of the Federation, the Nigerian National Petroleum Corporation   (NNPC), Nigerian Customs Service.
Others were Federal Inland Revenue Service (FIRS) and the Debt Management Office, Central Bank of Nigeria (CBN),  and the Department of Petroleum Resources (DPR).

The House of Representatives yesterday rejected the Federal Government’s exchange rate of N305/dollar in this year’s budget, saying it would engender huge corruption, with the almost N500/dollar at the parallel market.
Members of the Green Chamber also queried the Executive on the domestic borrowing plan of the President Muhammadu Buhari administration, saying it will stifle funds that could have been made available to the real sector and small businesses to grow the economy and move the country out of recession.
Of the N2.321 trillion borrowing plan projected in the budget, N1.253 trillion is to be sourced from the domestic market.
The lawmakers, who spoke during an interactive session with members of the Executive with the committees on  Finance,  Appropriation, Aid Loans & Debt Management, Legislative Budget and Research and National Planning & Economic Development on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) also said the government was not doing much to reign in inflation which presently stands at 18.55  percent.
Members in the various committees at the meeting also accused the Federal Government of insufficient consultation with stakeholders, especially the National Assembly while developing the MTEF, adding that the parameters in the budget are different from that in the MTEF initially submitted to the National Assembly
But the Minster of Budget & National Planning , Senator Udo Udoma, said the government has a multi-facetted plan to move the country out of recession.
On inflation, he said: “ It is our objective to move towards a very low inflation environment  because we need to move to a low inflation environment so as to have sustained and sustainable growth.
“We believe that, as the Central Bank had said, many of the things that were feeding into the inflation in 2016 is that once we can stabilise the exchange rate and other aspects of the economy, we will reduce the rate of inflation .
“But we need to do a lot more than that. We need to reduce the cost of doing business and we have a number of plans to achieve that. We need to get Nigerians back to work. We need to  get single interest loans, particularly in the key areas, such as agriculture and all that, to get people back to work. Already the Central Bank is working on that.”
Udoma said the government was doing a lot, which it believes will restructure the economy. According to him, the difficult and challenging phase the country is passing through is seen on the part of the executive as an opportunity “to change things in a fundamental way”.
Finance Minister Kemi Adeosun said the government had put a lot of measures in place to stimulate the economy. She said people should be careful about putting their faith in the black market as it drives inflation.
“There is a number of structural initiative to close the gap. We have to look at why are people buying dollars at such high amounts. It’s driven by irrational and emotional factors.”
Adeosun said the Fundamentals show that the naira should be strengthening presently. “The black market will collapse because it’s not being driven by any fundamentals,” she said.
On Treasury Single Account (TSA), the minister said it was counter productive to put the government’s money in commercial banks only for them to loan it back to the government at higher rates.
Mrs. Adeosun said the government was spending more on infrastructure. “We’re targeted on spending on what will bring us out of the recession,” she said.
At the session were the Ministry of Finance, Budget and National Planning, Mines and Solid Minerals Development, Office of the Accountant General of the Federation, the Nigerian National Petroleum Corporation   (NNPC), Nigerian Customs Service.
Others were Federal Inland Revenue Service (FIRS) and the Debt Management Office, Central Bank of Nigeria (CBN),  and the Department of Petroleum Resources (DPR).

Aliko Dangote, Nigerian entrepreneur, aims to create 3,000 jobs with the establishment of a truck assembly plant in Ikeja, Lagos.

The plant is the result of a partnership between the Dangote group and Sinotruck, a Chinese heavy-duty truck company.

“The decision to go into the truck assembly plant project was informed by the need to conserve forex in view of the current economic recession.

“The deal, worth $100 million, expected to have an assembly plant that will produce 10,000 trucks per year, was signed in May 2014, in China.

“According to the deal agreement, the plant is 60 per cent owned by Dangote Group, trading under Dangote Industries Limited, leaving Sinotruck with the remaining 40 per cent equity stake,” the statement by the firm explained.

Anthony Chiejina, chief corporate communication officer of Dangote Group, confirmed the project had taken off and that when fully operational, the nation would be spared the forex expense of importing the heavy-duty vehicles.

He explained there would be room for the expansion of the project in years to come, saying: “As it meets the national truck demand, it will explore exportation to neighbouring countries to generate foreign exchange for the nation.”

Consequently, Dangote Agro Sacks Limited, which occupied the Oba-AkranOgba premises of the former Nigerian Textile Mills, until recently, has been relocated closer to the group’s major operational hubs, particularly the cement plants in Obajana, Kogi State and Ibeshe, Ogun State.

Aliko Dangote, Nigerian entrepreneur, aims to create 3,000 jobs with the establishment of a truck assembly plant in Ikeja, Lagos.

The plant is the result of a partnership between the Dangote group and Sinotruck, a Chinese heavy-duty truck company.

“The decision to go into the truck assembly plant project was informed by the need to conserve forex in view of the current economic recession.

“The deal, worth $100 million, expected to have an assembly plant that will produce 10,000 trucks per year, was signed in May 2014, in China.

“According to the deal agreement, the plant is 60 per cent owned by Dangote Group, trading under Dangote Industries Limited, leaving Sinotruck with the remaining 40 per cent equity stake,” the statement by the firm explained.

Anthony Chiejina, chief corporate communication officer of Dangote Group, confirmed the project had taken off and that when fully operational, the nation would be spared the forex expense of importing the heavy-duty vehicles.

He explained there would be room for the expansion of the project in years to come, saying: “As it meets the national truck demand, it will explore exportation to neighbouring countries to generate foreign exchange for the nation.”

Consequently, Dangote Agro Sacks Limited, which occupied the Oba-AkranOgba premises of the former Nigerian Textile Mills, until recently, has been relocated closer to the group’s major operational hubs, particularly the cement plants in Obajana, Kogi State and Ibeshe, Ogun State.

Nigeria’s oil production in December move to 1.9mmbpd, up roughly 100kbpd from the November output of 1.8mmbpd, which in turn was a nearly 30 increase from October, just as Nigeria’s Oil Minister Emmanuel Kachikwu listed out his his country’s plans to increase production in 2017, Zero Hedge reports.

In a video posted on his Facebook account, Kachikwu highlighted plans to sell oil blocks in 2017, adding “we are going to be conducting oil blocks allocation and marginal field awards to try and raise money for the government” in hopes of phasing out term contracts for crude this year.

Kachikwu said that “we are going to firm up long-term markets, we must stop the year-to-year crude term contracts” and also added that “you’ve got to find who are your long-term partners, how do you sign 5-, 6-, 7-year strategic relationships? We are going to be working on those to gravitate away from the year-to-year contracts.”

The Nigerian oil minister also said on the Facebook video that he expects “a bullish re-entry” by oil majors to find reserves. “We are going to be seeking to attract investments and complete all the MoUs that we began – the one in China, the one in India, we are looking to do a roadshow to the U.K. for Europe, we’re looking to do a roadshow to the U.S.”

Nigeria’s oil production in December move to 1.9mmbpd, up roughly 100kbpd from the November output of 1.8mmbpd, which in turn was a nearly 30 increase from October, just as Nigeria’s Oil Minister Emmanuel Kachikwu listed out his his country’s plans to increase production in 2017, Zero Hedge reports.

In a video posted on his Facebook account, Kachikwu highlighted plans to sell oil blocks in 2017, adding “we are going to be conducting oil blocks allocation and marginal field awards to try and raise money for the government” in hopes of phasing out term contracts for crude this year.

Kachikwu said that “we are going to firm up long-term markets, we must stop the year-to-year crude term contracts” and also added that “you’ve got to find who are your long-term partners, how do you sign 5-, 6-, 7-year strategic relationships? We are going to be working on those to gravitate away from the year-to-year contracts.”

The Nigerian oil minister also said on the Facebook video that he expects “a bullish re-entry” by oil majors to find reserves. “We are going to be seeking to attract investments and complete all the MoUs that we began – the one in China, the one in India, we are looking to do a roadshow to the U.K. for Europe, we’re looking to do a roadshow to the U.S.”

The persistent attacks on the country’s oil installations by militants in the Niger Delta have resulted in a decrease of about $447m in foreign exchange inflows from $1.4bn in September to $957.3m in October, The Punch reports.

Figures obtained from the Central Bank of Nigeria show that the $447m decline represents a drop of 31.85 per cent. Investigation also revealed that the total outflows also decreased during the period, dropping significantly by $1.44bn or 58.68 per cent from $2.46bn to $1.02bn during the same period

The price of crude oil currently hovers between $53 and $54 per barrel and the country may be losing much in terms of volume as a result of the persistent attacks on oil installations. This, according to findings, has resulted in a decline in oil production to about 1.6 million barrels per day as against the budgeted production volume of 2.2 million bpd.