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Economy

Deploy Technology To Monitor Borders – Afreximbank Tells Nigeria

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  • Deploy Technology To Monitor Borders – Afreximbank Tells Nigeria, Others

The Africa Export-Import Bank (Afreximbank) has advised Nigeria and other African countries to leverage on technology in monitoring the activities within their borders

President of the Afreximbank, Prof Benedict Oramah stated this while speaking at the second edition of the African Investment Forum, which opened in Johannesburg, South Africa, on Monday.

Oramah, when responding to a question on the relevance of the African Continental Free Trade Area with the border closure by Nigeria, expressed confidence that Nigeria would resolve the issues with its West African neighbours before AfCFTA’s commencement in July 2020.

He said: “Trade deals on AfCFTA will start July 1, 2020. Nigeria will resolve its border challenges before then.”

Oramah further noted that the continental trade agreement was important in turning African countries to developed economies.

He expressed confidence that Nigeria would not turn its back on the agreement which it had signed.

He said: “Nigeria will resolve its border challenges before then. Nigeria has signed the agreement and will not take the agreement lightly. Even in marriages, there can be challenges. The border closure is a temporary measure.”

Recall that President Muhammadu Buhari in July signed the African Continental Free Trade Area (AfCFTA) agreement at the 12th extraordinary session of the assembly of the union on AfCFTA and the first mid-year coordination meeting of the African Union (AU) and the regional economic communities (RECs) in Niamey, Niger Republic.

What you should know: By the agreement,  the nation’s products and services will be exported beyond its borders, it also allows other manufacturers to export products into Nigeria.

However, with the on-going border closure in the country, it can not be ascertained if the Federal Government would back out by next year, 2020.

The Federal Government has continued to insist that only the first phase of the border closure ends on January 31st, as it is ready to shut its border as long as it takes until the neighbouring countries learn to respect the rule of fair trade.

Meanwhile “a tripartite committee is to be convened and hosted here in Nigeria, comprising the delegation- committee from Benin republic, from Niger and Nigeria.

“Each country will come with the heads of the ministries of a foreign affair, interior, finance, the customs, immigration and the NIA, the security segment”, to discuss the conditions the Federal Government has listed out for the reopening of its borders, the Minister of Foreign Affairs, Geoffrey Onyeama had stated.

Economy

COVID-19 Vaccine: Crude Oil Extends Gain to $48 Per Barrel on Wednesday

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Oil prices rose further on Wednesday as hope for an effective COVID-19 vaccine and the news that the United States of America’s President-elect, Joe Biden has begun transition to the White House bolstered crude oil demand.

Brent crude oil, a Nigerian type of oil, gained 1.63 percent or 78 cents to $48.64 per barrel at 11:50 am Nigerian time on Wednesday.

The United States West Texas Intermediate (WTI) crude oil rose by 1.36 percent or 61 cents to $45.52 per barrel.

OPEC Basket surged the most in terms of gain, adding 3.16 percent or $1.37 to $44.75 per barrel.

This was after AstraZeneca, Moderna and Pfizer-BioNTech announced the positive results of their trials.

Moderna and Pfizer had claimed over 90 percent effective rate in trials while AstraZeneca said its COVID-19 vaccine was 70 percent effective in trials but could hit 90 percent going forward.

The possibility of having a vaccine next year increases the odds that we’re going to see demand return in the new year,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Also, the decision of President-elect Joe Biden to bring Janet Yellen, the former Chair of Federal Reserve, back as a Treasury Secretary of the United States is fueling demand and strong confidence across global financial markets.

President-elect Biden’s cabinet choices, particularly Janet Yellen’s Treasury Secretary position, are adding to upside momentum across a broad space of asset classes,” said Jim Ritterbusch of Ritterbusch and Associates.

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Economy

Seyi Makinde Proposes N266.6 Billion Budget for Oyo State in 2021

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The Executive Governor of Oyo State, Seyi Makinde, has presented the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly on Monday.

The proposed budget titled “Budget of Continued Consolidation” was said to be prepared with input from stakeholders in all seven geopolitical zones of Oyo state.

Governor Makinde disclosed this via his official Twitter handle @seyiamakinde.

According to the governor, the proposed recurrent expenditure stood at N136,262,990,009.41 while the proposed capital expenditure was N130,381,283,295.63. Bringing the total proposed budget to N266,6444,273,305.04.

The administration aimed to implement at least 70 percent of the proposed budget if approved.

He said “The total budgeted sum is ₦266,644,273,305.04. The Recurrent Expenditure is ₦136,262,990,009.41 while the Capital Expenditure is ₦130,381,283,295.63. We are again, aiming for at least 70% implementation of the budget.”

He added that “It was my honour to present the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly, today. This Budget of Continued Consolidation was prepared with input from stakeholders in all seven geopolitical zones of our state.”

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Economy

World Bank Expects Nigeria’s Per Capita Income to Dip to 40 Years Low in 2020

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The World Bank has raised concern about Nigeria’s rising debt service cost, saying it could incapacitate the nation from necessary infrastructure development and growth.

The multilateral financial institution said the nation’s per capita income could plunge to 40 years low in 2020.

According to Mr. Shubham Chaudhuri, Country Director for World Bank in Nigeria, the decline in global oil prices had impacted government finances, remittances from the diaspora and the balance of payments.

Chaudhuri, who spoke during the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Government, said while the nation’s debt is between 20 to 30 percent, rising debt service remains the bane of its numerous financial issues and growth.

Nigeria’s problem is that the debt service takes a big part of the government revenue,” he said.

He said, “Crisis like this is often what it takes to bring a nation together to have that consensus within the political, business, government, military, civil society to say, ‘We have to do something that departs from business as usual.’

“And for Nigeria, this is a critical juncture. With the contraction in GDP that could happen this year, Nigeria’s per capita income could be around what it was in 1980 – four decades ago.”

Nigeria’s per capita income stood at $847.40 in 1980, according to data from the World Bank. It rose to $3,222.69 in 2014 before falling to $2,229.9 in 2019.

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