Nigeria’s Imports Drop on Renewed Drive to Encourage Local Production

The import substitution policies being driven by the Central Bank of Nigeria (CBN) and the federal government appear to be yielding results, as a country assessment report on Nigeria by the International Monetary Fund (IMF) has indicated that a sharp decline in imports contributed to a modest recovery in Nigeria’s external current account balance in the first half of 2016.

Although the report showed that Nigeria’s exports declined by 14 per cent in the first half of 2016, it revealed that imports fell more than proportionately by 25 per cent in the first half of this year, compared to the same period last year.

Also, the foreign trade report released yesterday by the National Bureau of Statistics (NBS) showed that the country’s total value of merchandise trade rose to N4.72 trillion in the third quarter (Q3) of 2016, representing an increase of 16.3 per cent, or N661.5 billion, compared to N4.06 trillion recorded in the preceding quarter of the year.

According to the NBS, the country’s balance of trade still remained negative despite the improvement, as the rise in exports in the quarter only helped to reduce the existing deficit trade balance from N484.23 billion in the preceding quarter to -N104.14 billion in the third quarter.

The IMF report, which detailed an assessment of Nigeria’s macroeconomic situation, was prepared for the African Development Bank (AfDB) by the Fund, as part of the conditions for the country to access the $1 billion budget support loan from AfDB.

 The document, dated September 30, 2016, was made available by a presidency source yesterday.
The AfDB in November released the first tranche of the loan amounting to $600 million.
It was also gathered that the country is aggressively working towards securing an additional $2.5 billion budget support loan from the World Bank, just as it finalises plans for its $1 billion Eurobond issue for the first quarter of next year.

Read More: thisdaylive

Drop In Oil Production Bad For Nigeria’s Economy- Kachikwu

Minister of State for Petroleum, Dr Ibe Kachikwu, has identified seven key implementation strategies to boost the petroleum industry and enhence export of refined products by 2019.
Kachikwu, who spoke at the Presidential Quarterly Business Forum between the Private Sector and the Economic Management Team (EMT) in Abuja on Monday, listed policy and regulation; business environment and investment drive; transparency and efficiency; stakeholder management and international coordination as of primary concerns of the ministry.
Represented by Mr Johnson Awoyemi,, the Senior Technical Adviser of the ministry, the Minister identified peace and security in the Niger Delta region as being crucial in the programme.
Others, according to him, include engaging in gas revolution as well as increasing refineries and local production capacity.
“Oil and gas will drive diversification but the drop in oil production to 1.56 billion barrels per day from the annual estimate of 2.2 billion barrels per day will negatively affect growth.’’
The Minister stressed the need to empower the Niger Delta region and ensure peace in the region by stopping militancy and enhancing the attainment of national aspirations in oil and gas production.
Kachikwu said that several companies in the sector are indebted in royalties to the tune of about four billion dollars. He said there was need for policies on oil, gas, downstream and fiscal reform, adding that the proposed petroleum industry bill (PIB) had become very imperative.
Kachikwu said there were challenges in the oil and gas sector which led to drop in the nation’s GDP growth from 6 per cent to 4 per cent, stressing that this had led to shortage of funds for providing critical infrastructure.
He explained that the 29 per cent decline in oil production has resulted in the loss of 700,000 million barrels per day.

Read More: sunnewsonline

The Reconciled Duo, P- Square, About To Drop A New Hit

Guess this new hit will make more waves than their previous split. Well, our favourite dynamic duo are back and this time they are counting down.

Peter Okoye gave us a signal on their new hit/ video. He posted what seemed like a scene from the new video. All braced up and anticipating for the new sound… a dose of the duo that we missed.

See his IG post below:

Anyone Notice Alicia Keys At The VMAS Not Wearing Any Drop Of Makeup?

Back in May, Alicia Keys wrote an essay for LennyLetter in which she announced that she was no longer going to be wearing makeup, as part of a journey to uncover herself and stop trying to fit societal expectations.

“[Being photographed without makeup on was] the strongest, most empowered, most free, and most honestly beautiful that I have ever felt,” she wrote. “I hope to God it’s a revolution. Cause I don’t want to cover up anymore. Not my face, not my mind, not my soul, not my thoughts, not my dreams, not my struggles, not my emotional growth. Nothing.”

If you thought that she would have made an exception for the VMAs, you thought wrong. Alicia Keys walked the red carpet completely au natural Sunday night.

And she didn’t change her look when she took to the stage to present the award for Best Male Video, while sharing an inspiring poem and accapella performance in honor of the 53rd anniversary of Martin Luther King’s “I Have a Dream” speech.

Credit: cosmopolitan

450 Year Old Church Emerges From Reservoir After Water Levels Drop

Due to a drought in southern Mexico, water levels have dropped so much that a 450-year-old church looks as if it has risen from the ground.

The water levels around the abandoned 16th Century church in Chiapas are so low that the place of worship is now visible above the water.

The church known as The Temple of Santiago or The Temple of Quechula, disappeared beneath 100 feet of water after a dam was erected in the late 60s to make the Nezahualcoyotl reservoir.

Now, the levels have dropped by 80 feet.

Tours of the church are now being given by local fisherman that brings people around by boat. The church looks like a floating island in the water.

Credit: InsideEdition

Ebola: Weekly Infections Drop To Single Figures

The two African countries still battling Ebola have both recorded weekly infections in single figures for the first time since the peak of the epidemic, the United Nations said on Tuesday.

Guinea and Sierra Leone each reported nine new cases in the seven days up to Sunday, in sharp contrast to six months ago, when the government in Freetown was registering upwards of 500 weekly infections and its neighbour was also going into triple figures.

The UN Ebola envoy David Nabarro said it was the first time since June last year that the total weekly infections across both countries had dipped below 20.

“Guinea has never been massively high but this is extraordinary progress,” Nabarro told reporters in Senegalese capital Dakar.

“For those of us involved in this we’ve got used to having good news one week and bad news the next week, so we’re not starting to celebrate yet, but we are feeling positive.”