WAEC releases results for 2016 Oct/Nov exams with 38.5% candidates passing English, Maths

Only 38.5 % candidates have been announced to have passed, following the release of the 2016 West African Senior Secondary School Certificate Examination (WASSCE) for private candidates by the West African Examination Council (WAEC). WASSCE  candidate This result was announced, Friday, by the Head of WAEC’s‎ National Office, Olu Adenipekun in Lagos. According to the release, the 38.5 percent candidates obtained five credits including English Language and Mathematics.

Inflation Rises for 13th Straight Month to 18.48%, Unemployment Climbs to 13.9%

The country’s unemployment rate rose further to 13.9 per cent in the third quarter of the year (Q3 2016) compared to 13.3 per cent in the previous quarter, the National Bureau of Statistics (NBS) stated yesterday.

Unemployment rate was recorded at 12.1 per cent in Q1; 10.4 per cent in Q4 2015 and 9.9 per cent in Q3 2015.
It said a total of 27.12 million persons in the Nigerian labour force were either unemployed or underemployed compared to 26.06million in Q2 and 24.5 million in Q1 2016.

According to the statistical agency, economically active population or working age population (persons within ages 15 and 64) increased to 108.03 per cent in Q3 compared to 106.69 million in Q2, representing a 1.26 per cent increase over the previous quarter and a 3.57 per cent increase when compared to Q3 2015.

The labour force population (i.e those within the working age population willing, able and actively looking for work) increased to 80.67 million from 79.9 million in Q2 2016, representing an increase of 0.98 per cent in the labour force during the quarter.

By implication, about 782,886 persons from the economically active population entered the labour force in Q3.
However, the magnitude of increase between Q2 and Q3 2016 was smaller when compared to Q1 and Q2 2016, which was an increase of 1.39 million in the labour force population.

According to the employment/underemployment report for Q3 2016, which was released by the agency yesterday, the country’s underemployment rate or those working but doing menial jobs not commensurate with their qualifications or those not engaged in fulltime work and merely working for few hours, increased to 19.7 per cent from 19.3 per cent in Q2. That brought the underemployment population to 15.9 million.
Essentially, underemployment increased by 501,074 persons or 3.25 per cent in the period in review.

The labour force population was put at 80.67 million, meaning 27.36million persons within the economically active or working age population decided not to work for one reason or the other in Q3 2016, hence were not part of the labour force and cannot be considered unemployed.

The NBS said: “This is a marginal increase of 0.4 percentage points between
quarters 2 and 3 of 2016, and shows a steady rise in the rate since Q3 of 2015. During the reference period, the number of unemployed in the labour force, increased by 554,311 persons…Accordingly, there were a total of 27.12 million persons in the Nigerian labour force in Q3 2016, that were either unemployed or underemployed compared to 26.06million in Q2 and 24.5 million in Q1 2016.”

Meanwhile, the Consumer Price Index (CPI) which measures inflation further rose to 18.48 per cent (year-on-year) in November compared to 18.33 per cent in the previous month, the National Bureau of Statistics (NBS) stated yesterday.
It attributed the 0.15 per cent rise in headline index to increases in all the divisions which determine inflation.

Notably, the highest increases were recorded in housing, water, electricity, gas and other fuels and articles of
clothing, books, liquid fuel, passenger transport by air, motor cycles and shoes and other footwear.
The Food Sub Index increased also by 17.19 per cent (year-on-year) in November, up by 0.10 per cent from 17.09 per cent in October.

According to the CPI figures for the period under review, major food sub-indexes increased with soft drinks recording the slowest pace of increase at 7.76 per cent year on year.

Also, communication and insurance recorded the slowest pace of growth in November, growing at 5.61 per cent and 6.76 per cent year-on-year respectively.
The Urban inflation rose by 20.07 percent (year-on-year) in November from 19.91 per cent recorded in October, while the rural index increased by 17.10 per cent in November from 16.95 per cent in October.

On month-on-month basis, the urban index eased by 0.03 per cent while the rural index was also down by 0.05 per cent.
According to the NBS, the composite food index rose by 17.19 per cent in November 2016, mainly driven by increase in prices of imported foods, meat, bread and cereals and fish.

On a month-on-month basis, the food sub-index increase by 0.88 per cent in November from 0.86 per cent recorded in October.
It stated: “The average annual rate of change of the food sub-index for the twelve- month period ending in November 2016 over the previous 12-month average was 14.39 per cent (0.57 per cent) points from the average annual rate of change recorded in October (13.82 per cent).”

It said: “All Items less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce increased by 18.20 per cent during the month, 0.10 percentage points lower from the rate (18.10) recorded in
October as all key divisions which contributes to the index increased.
“On a month-on-month basis, the core sub-index rose by 0.71 per cent in November, down by 0.04 percentage points from the 0.75 per cent recorded in October.”

Access Bank’s Triple Honour at Emerging Markets Awards Shows Resilience, Says Analyst

Foremost African financial institution and one of Nigeria’s Tier 1 banks, Access Bank Plc has emerged as Nigeria’s biggest winner at the 2016 EMEA Finance Banking Awards held by leading financial publication, EMEA Finance magazine, which a market analyst described last night as the resilience of the bank despite the challenging macroeconomic environment.

A statement by the bank said it won in three categories awarded to financial institutions in the Pan-African Region: ‘CEO of the Year’, awarded to Access Bank’s Group Managing Director and CEO, Mr. Herbert Wigwe, ‘Best Bank in Nigeria’ and ‘Corporate Social Responsibility’.

Receiving the award on behalf of the bank at the annual African Banking Awards dinner held in London, the United Kingdom recently, Wigwe thanked the staff of Access Bank, acknowledging their support in achieving the goal of not only becoming one of the top three banks in Nigeria, but also for participating in the firm’s CSR activities that have touched the lives of thousands of Nigerians.

Wigwe said: “We are delighted to receive these prestigious awards. It is a testimonial to the hard work we have done in line with our five-year strategy to become the world’s most respected African Bank.

“2016 has been a remarkable year for the bank as we continue to receive both regional and international acclaim. We have reaffirmed our status as innovative industry pioneers equipped to help our customers take tomorrow today.”

Commenting on Access Bank’s impressive streak, EMEA Finance CEO, Christopher Moore said: “A repeat winner of our Best Bank in Nigeria award, Access Bank has become a Nigerian powerhouse, and one of the premier financial institutions in the country.
“Generating steep increases in revenues and profit growth over the past several years is no small feat, particularly with the strong negative macroeconomic headwinds.”

The hat trick comes after two recent big wins at the Business Day Awards where the bank was named ‘Bank of the Year’ and Access Bank’s Group Managing Director and CEO was also crowned ‘Bank CEO of the Year’.
“We are delighted to recognise Wigwe as our CEO of the Year in our African Banking Awards 2016 awards package,” Moore said.

“Leadership requires ambition, and Wigwe possesses this quality and much more. His years of dedication and commitment to the development of Access Bank have helped it to attract over eight million customers, to complete complex and strategically important financings, and to create an international presence,” he added.

EMEA Finance is a leading bi-monthly global industry publication that reports on the major financial events and happenings initiated and influenced by the international financial industry active in Europe, Middle East and Africa.
Wigwe has led Access Bank’s efforts to incorporate sustainability across all aspects of the bank’s activities.

In doing so, he also moved the entire sector forward, and now all of Nigeria’s banks, including the Central Bank of Nigeria (CBN), have adopted what is known as the Nigerian Sustainable Banking Principles.

NSE ends on losing streak, sheds N54bBln

Activities at the Nigerian Stock Exchange (NSE) ended for the week on a negative streak on Friday with the market capitalisation shedding N54 billion amid price loses.

The News Agency of Nigeria (NAN) reports that market capitalisation which opened trading at N8.774 trillion lost N54 billion or 0.62 per cent to close at N8.720 trillion.

Also, the All-Share Index lost 157.31 points or 0.62 per cent to close at 25,333.39, compared with 25,490.70 recorded on Thursday.

Dr Glenn Prince-Abbi, Executive Consultant and Chief Executive Officer of Espera Global Corporation attributed the capital market headwinds to prevailing economic challenges and uncertainties.

Prince-Abbi said the stock market was a barometer used in measuring economic growth and development.

“These headwinds in the market are not stand-alone events which are cut off from the Nigerian economic ocean.”

Prince-Abbi said that the market could only experience improved growth and development with a healing of the economy.

Forte Oil recorded the highest price loss to lead the losers’ table, dropping by N6.20 to close at N62.80 per share.

Okomu Oil lost N3.88 to close at N36.20 and Dangote Cement dipped N1.51 to close at N159.99 per share.

Lafarge Wapco shed N1.40 to close at N42.70 and Julius Berger declined by N1.10 to close at N35 per share.

Conversely, Total topped the gainers’ chart with a gain of N22.85 to close at N245.85 per share.

Mobil followed with a growth of N7.95 to close at N208.97, while Presco garnered 22k to close at N44.70 per share.

Dangote Sugar rose by 19k to close at N6.20 and Africa Prudential appreciated by 13k to close at N2.92 per share.

However, the volume of shares traded improved by 48.87 per cent as investors staked N2.14 billion on 144.16 million shares traded in 2,459 deals.

NAN reports that this was against the 97.14 million shares worth N1.14 billion exchanged in 1,929 deals on Thursday.

A breakdown of the activity table indicated that FCMB Group emerged the most active with 33.97 million shares valued at N37.82 million.

Zenith Bank came second with an exchange of 20.03 million shares worth N280.99 million and Wema Bank sold 16.00 million shares valued at N8.33 million.

FBN Holdings accounted for 12.77 million shares worth N39.03, while Transcorp exchanged 7.39 million shares valued at N5.33 million.

Oil prices jump as planned oil production cuts start to materialise

Oil prices jumped on Friday as evidence increased that producers in the Middle East were informing customers of upcoming supply cuts as part of a coordinated effort to drain a global glut.

Brent crude futures were trading at 54.11 dollars per barrel, up nine cents from their last settlement.

U.S. West Texas Intermediate (WTI) crude was up 18 cents at 51.08 dollars per barrel.

Oil producers, including Kuwait, Saudi Arabia, and Abu Dhabi, who are key members of the Organization of the Petroleum Exporting Countries (OPEC), have started notifying customers.

They are telling customers that they would cut supplies from January as part of an effort by OPEC and other producers led by Russia to rein in a global fuel supply overhang and prop up prices.

“These greater projected cuts and our strong demand growth forecast lead us to forecast a normalisation in inventories and backwardation across the forward curve by next summer,” Goldman Sachs said on Friday.

‘Backwardation’ refers to trading where oil for future delivery is cheaper than that for imminent delivery.

Rice smuggling thrives in spite of ban

The smuggling of rice through the land borders has continued to thrive in Badagry area of Lagos State in spite of the Federal Government’s ban on the practice.

The News Agency of Nigeria (NAN) reports that markets along Badagry Expressway close to Seme border, are stocked with various varieties of smuggled rice, especially as the Christmas season approaches.

A smuggler, who identified himself as Sunday Egeseme, was seen offloading bags of rice from his car at Alaba Rago Market in Okokomaiko area of Lagos.

He described the business as “lucrative’’.

“We are messengers to the main owners of the goods who are in the Seme border.

“Transporting rice from Seme to customers in various location of the town is a fast moving business with good returns,’’ Egeseme said.

He, however, declined to say the exact amount it cost to ferry a bag of the commodity.

Egeseme, a driver, said that the Christmas period was the peak of the business as many families depended more on the consumption of rice.

At Doyin Bus Stop market before Navy Gate Market, Okokomaiko, a trader who could not find space at the Alaba rice market, was seen taking delivery of the product from smugglers.

A driver simply known as Taiwo, who was exchanging banters with his colleagues for a successful trip, said his target was to make a lot of money before the end of the season.

“I run three trips before morning breaks and two in the day time if the road is good.

“The security officers are there but we still find our way unless one is a new person on the route,’’ Taiwo said.

Mrs Celine Ukachi, a rice seller at the Navy Gate Rice Market, said, “we are used to selling the Cotonou rice because it is easy to get than the local ones.

“If we see the local ones, we sell together with the Cotonou one so that everybody who wants anyone can buy,’’ Ukachi said.

The trader also claimed she had been in the business for four years. - Guardian

Five things to do with smartphones when offline

In many ways, your smartphone is more powerful than the computers of Apollo 11. While it won’t get you to the moon, you can be lightyears ahead if you use your phone to its full potential. That includes using it when you have no mobile or data connection.

Listen to podcasts

You can listen to music to pass the time or you can go with informative podcasts. One Android app that is yet uncovered is Podcast Addict. Using this app, you can search audio and video podcasts by keywords or networks, subscribe to your favourites, manually add RSS feeds or YouTube channels, import OPML files, and download episodes for listening or watching them offline.

Catch up on your reading list

If you’re like most people, you hardly have time to read all the interesting articles you come across on a daily basis. Maybe you can get through some of them if you started reading during your commute. While doing nothing or reading novels can be very relaxing, it’s not always the best use of your time. Plenty of applications support offline reading and syncing between your desktop and your smartphone, it’s just a matter of finding what works best for you.

Pocket

Pocket, formerly known as Read It Later, lets you save pretty much anything you can view in a browser, including articles and videos. You can even email content to your Pocket. When you have some Internet downtime, check your Pocket for entertainment.

Download: Pocket (free) for iOS, Android, Windows Phone, Blackberry, and more.

Readability

Do you already use the Kindle app to read books? With Readability, you can send articles from your desktop or its mobile apps to your favourite e-Book reader and read them on the go. Simply add kindle@readability.com to your Kindle approved email list, then send articles to your Kindle email address.

FeedMe

If you’re using RSS, you can go through your feeds with an add-free Android app that supports offline reading and Feedly. You’ll find more mobile RSS apps for various platforms in the Unofficial Feedly Guide.

Evernote

Did you know the web clipping service, Evernote, had an offline feature for mobile devices? It’s only available to Premium subscribers, but if you happen to be one, this is a feature you should take advantage of!

Improve your foreign language skills

Whether you’re a bloody beginner or have some basic skills, practising a foreign language has many benefits. Apart from being able to eventually speak a few sentences or even have a conversation, it’s also a great way to sharpen your memory and expand your horizon. With new words and phrases come new insights.

Duolingo

The question is, can you learn a new language using your phone? Absolutely! If you’re lucky, the language you’re interested in is offered by Duolingo. You can learn Spanish, French, Italian, German, or Portuguese with the most engaging, fun and best tool out there. And it’s completely free!

Babbel

If you’re not so lucky, give Babbel a try. Here, you can currently pick from 13 different languages. You can try the tool for free.

Play games to improve your memory

Is it possible to have fun and be productive at the same time? Kill two birds with one stone by playing games that sharpen your memory. Be sure to set an alarm, as time will fly as you are drawn into these brain teasers.

Edit your to-do lists

You can be all low tech and do this on a digital or even physical notepad, or you can employ an app. If you pay for Premium, you can use Evernote to manage your ‘To Do’ list, while your phone is offline. A free alternative that offers unlimited offline editing and one free sync per 24 hours is Remember The Milk.

Man kills, buries mother in soakaway

The Ogun State Police Command has arrested a 33-year-old man, Segun Ogunlusi, for allegedly killing his 60-year-old mother, Abimbola Ogunlusi, and later burying her in a soakaway.

It was gathered that the incident occurred on Tuesday, December 13, 2016,  on Oketunde Street, Molatori, Ogijo, in the Sagamu Local Government Area of the state.

The suspect was said to have been arrested following a report from his younger sister, Yetunde Ogunlusi.

The state Police Public Relations Officer, Abimbola Oyeyemi, said Yetunde had reported to the police that she left their mother at home when she was going to work on Tuesday, December 13, 2016.

The spokesman for the police added that when the complainant got back home at about 7.15pm, she could not find her mother.

Oyeyemi said, “She further stated that when she inquired from her elder brother, Segun, who was at home with their mother, the explanation given by her brother was not satisfactory enough.

“Based on her report, the Divisional Police Officer, Ogijo Division, Ahmed Tijani, led a team of policemen to the house situated on Oketunde Street, Molatori, Ogijo, and the suspect was promptly arrested.”

Oyeyemi said during investigation, the police discovered that the Segun stabbed his mother to death and hurriedly buried her in a soakaway very close to the house.

“The reason for his action is still under investigation,” Oyeyemi added.

The PPRO said the state Commissioner of Police, Ahmed Iliyasu, had directed that the case be transferred to the homicide section of the State Criminal Investigation and Intelligence Department, Eleweran , Abeokuta.

Maid flees with baby, dumps her in Kaduna garden

A maid, Cynthia Shamang, has been arrested in Kaduna for absconding with Amarachi, the one-year-old baby of her employer, Mrs. Kachi Mbagwu.

The 17-year old was arrested alongside her father in Kaduna and handed over to the police in Abuja.

Cynthia was apprehended by the police on Wednesday in Kaduna. She fled with Amarachi on December 10, 2016 after her boss went for the annual Shiloh service at the Living Faith Church, Dutse Alhaji, Kubwa, some kilometres away.

Mbagwu told Northern City News on Thursday that the maid abandoned Amarachi at a deserted garden in Kaduna, saying the baby cried throughout the night, adding that a security guard around the area rescued her the next morning.

It was learnt that the guard was afraid to rescue the child that night because the garden was known be infested with snakes and other dangerous animals.

The relieved mother stated that Cynthia had barely spent three days with her when she absconded with her daughter.

She said she returned from the church to find the house deserted and her daughter and the maid nowhere to be found.

“We circulated the incident on WhatsApp and other social media platforms asking people to assist in finding the girl. We later learnt that a security guard who heard my baby’s cries at a deserted garden rescued her the next morning and took her to the NTA station in Kaduna which broadcast it,” she narrated, adding that she was contacted by those who identified her child.

Mbagwu said Amarachi was in good condition, noting that she was however dehydrated. “I am about taking her to the hospital for check-up, but she seems alright,” she said.

Asked the reason Cynthia gave for her action, she said, “The maid said she didn’t want to work as a maid anymore and that she went away with my child because she didn’t want to leave the girl alone in the house.”

The Federal Capital Territory police spokesman, Anjuguri Manzah, confirmed the arrest of the maid, saying investigation had commenced into the matter.

Rivers rerun: Controversy trails leaked audio tape

Controversy has greeted a leaked audio recording in which a voice bearing a striking similarity with that of Rivers State Governor, Nyesom Wike, was heard admitting bribery and threatening to kill electoral officers in the December 10 rerun elections in Rivers State.

The All Progressives Congress on Thursday said the leaked audio recording confirmed its worst fears that the elections were rigged.

It noted that revelations contained in the said recording, made public by an online newspaper, Sahara Reporters, on Thursday, provided evidence of alleged unwholesome practices.

The party also said the audio recording was a pointer to the fact that the governor might have compromised the integrity of the electoral process and the integrity of his office as Chief Security Officer.

This was contained in a statement signed by the APC’s National Publicity Secretary, Bolaji Abdullahi, in Abuja.

He said, “The leaked audio recording showing the Rivers State Governor, Nyesom Wike, admitting to bribing some electoral officials and threatening to kill them if his instructions were not followed, has confirmed the fears raised by the All Progressives Congress in the countdown to the recently conducted December 10, 2016, legislative rerun elections in the State.

“Going by the revelations from the leaked audio recording, it is obvious that Governor Wike might have engaged in unwholesome conducts that might have compromised the integrity of the electoral process and undermined his office as the Chief Security Officer of a state.

“The only logical conclusion from this, therefore, is that the electoral victories of the Peoples Democratic Party might have been achieved through underhand dealings and intimidation of officials.”

The statement recalled that the APC alerted security agencies to reports of massive arm build-up and sinister plots by Wike and the PDP.

It said, “On December 6, 2016, the APC alerted security agencies to reports of a massive arms build-up and other sinister plots that Wike and the PDP planned to execute on the day of the legislative rerun elections in Rivers State.

“Nigerians have watched with grave concern how the process of the just concluded legislative rerun elections has led to the deaths of ordinary citizens in the state, including security officers. The statement that Governor Wike appeared to have made on the record has now pointed directly at where responsibility should be placed for the violence that attended the election.”

The APC also argued that the audio recording provided evidence that the allegation by the Rivers State Government and the Peoples Democratic Party of an assassination threat on Wike and the allegation by Wike that APC governors funded violence in the state during the election might have been deliberately contrived to hide the role the governor played in the violence that attended the election.

It also urged security agencies to do the needful and ensure that the sponsors and perpetrators of violence, no matter how highly placed, were brought to justice.

But the Rivers State Government has denied the allegation that Wike threatened to kill an official of the Independent National Electoral Commission.

The Rivers State Commissioner for Information, Dr. Austin Tam-George, said on Thursday that the governor never made any contact with INEC officials in person or through the telephone.

Tam-George argued that the online outfit, Saharareporters.com, engaged in an audio impersonation of the governor, using a voice changer technology.

 “We categorically deny these latest allegations as a sick fabrication, an outright lie. Governor Wike never made any contact with INEC officials in person or by telephone.

“Saharareporters.com is the online propaganda bullhorn of the All Progressives Congress. Their publications are typically false and the writers are professional hawkers of fiction.

“No one would have thought that the APC and its cowardly media allies would resort to an audio impersonation of Governor Nyesom Wike, using a voice changer technology.

“The voice changer technology is often used by teenagers mainly in South Korea and Japan to launch innocent technological pranks at each other, mainly for laughs.

“The APC and Saharareporters.com are inmates in the prison of their own lies. We reject the latest blackmail by the APC,” he added. - Punch

Rivers rerun poll: Police officer, orderly beheaded

The 6 Division of the Nigerian Army on Saturday said that a deputy superintendent of Police, Alkali Mohammed, of the Mobile Police Unit 48 was beheaded along with his orderly at Ogba/Egbema/ Ndoni Local Council during Saturday’s bloody Rivers rerun elections.

“The patrol vehicle was taken away with weapons, three policemen escaped while five were missing in action. This is the same area where soldiers of 34 Brigade were ambushed on November 20, 2016 when a soldier was killed," said
the General Officer Commanding the 6 Division of the Nigerian Army, Major General Kasimu Abdulkarim.

“Also on November 21, 2016, four personnel of Nigeria Security and Civil Defence Corps (NSCDC) were killed and their weapons carted away. These attacks are reasonable evidence of violations of breach of law and order, which portray the area as a flashpoint.

“Despite these barbarism, soldiers acted with civility and professionally guaranteeing peaceful election.”

Abdulkarim said the alleged killing and mass arrest by soldiers in Tai, Ogoni, Gokhna-Ogoni local councils were false. He stated that it was true that soldiers of 6 Division Nigerian Army provided security during the Rivers State Legislative Re-run election, but the allegations made by some respected politicians regarding deep involvement of soldiers during the elections were aimed at tarnishing the positive image of the Army.

“Several shooting were recorded in some communities such as Bodo, the home town of the secretary to the State Government, B-dere and Mogho in Gokhana LGA, including snatching of ballot boxes,” he said.

“He explained that Nigerian Army troops were in no way involved in any form of ballot box snatching, neither were they involved in the escort of politicians as alleged. According to him, the army acted swiftly in response to security breaches in order to enforce the law, provide aid to the Nigeria Police and other security agencies especially in areas like Abonema, Etche, Gokhana, Ikwere, Eleme, Tai, Khana and Omoku, among others.

Recession: FG Unveils 10-Point Roadmap to Reset Economy

The federal government has unveiled a 10-point fiscal roadmap, designed to stimulate the economy and set it on the path of recovery and growth.
Highlights of the roadmap were rolled out by the Minister of Finance, Mrs. Kemi Adeosun, who represented the Vice President Yemi Osinbajo, at the annual dinner of the Lagos Business School. Adeosun itemised the fiscal policies and actions being taken to tackle the key barriers to economic growth.

A major component of the roadmap is to replace administrative measures on the list of 41 items with fiscal measures to reduce demand pressure on foreign exchange (forex) at the parallel market. The Central Bank of Nigeria (CBN), in its wisdom, had barred importers from assessing forex, particularly the United States dollars, for the 41 items via the official window, a measure, which had generated intense controversy. Though the measure was applied in good faith by the monetary authority, it pushed importers to sourcing forex from the parallel market, which led to forex shortage and inadvertently affected the value of the naira and the economy.

But with the federal government’s decision to reconsider its policy on the 41 items, the expectation, according to the roadmap, is that there would be a reduction in the demand for US dollars to ramp up forex supply.
Speaking at the session, which was attended by industry leaders across key sectors of the economy including oil, banking and telecoms, Adeosun said, “The Federal Government’s Fiscal Roadmap is addressing barriers to growth that will drive productivity, generate jobs and broaden wealth creating opportunities to achieve inclusive growth.”

She stated that the President Muhammadu Buhari administration was determined to convert Nigeria to a productive economy from the one that is consumption driven. To do so, she pointed out, the federal government would tackle the infrastructure deficit to unlock productivity, improve business competitiveness and create employment. The minister stated that the government would actively partner the private sector to achieve this by use of a number of new funding platforms. These, according to her, include the Road Trust Fund, which will develop potentially tollable roads, and the Family Homes Fund, which is an on-going PPP initiative for funding of affordable housing.

In addition, Adeosun detailed a revision to the tax provision that allows companies to receive tax relief for investment in roads on a collective basis. She explained that the existing provision that enabled companies to claim relief for road projects had only been taken advantage of by two companies, Lafarge and Dangote Cement. This was because few companies were large enough to fund roads alone.

The revision, she noted, would now allow collective tax relief such that companies would be able to jointly fund roads, subject to approval by FIRS and the Ministry of Works, and share the tax credit. This would be particularly attractive to firms in clusters such as industrial estates, many of which are plagued by poor road conditions.

She emphasised the role of infrastructure in creating inclusive growth, explaining the current barriers to growth in agriculture, solid minerals and manufacturing. She stated that the drivers of inflation were structural and were being addressed through the focus on power, rail and road infrastructure.

Adeosun also outlined measures planned to deal with the problem of hidden liabilities, which were affecting the banking sector and efforts to revive the economy. The minister explained that the conversion from cash accounting to IPSAS (International Public Sector Accounting Standards) had unveiled unrecorded debts owed to contractors, oil marketers, exporters, electricity distribution companies and others. These liabilities were estimated at N2.2 trillion and would be addressed with a 10-year Promissory Note Issuance programme in conjunction with the Central Bank of Nigeria. This measure would be subject to a rigorous audit process of all claims to ensure validity and mitigate fraud and the impact of past corrupt practices.

Henceforth, the minister said that measures would be put in place to prevent recurrence of such a problem by ensuring that contracts are managed in a manner that firms have assurance over when they would be paid. She cited the fact that many contractors were owed as a reason that many of those recently paid by government were slow in remobilising to site. According to her, “Some contractors had not been paid in the past 4 years and in some cases the banks they were owing, refused them access to the funds released, causing delays.”

She explained further that those receiving the Promissory Notes would be expected to provide a material discount to government. The issuance was a solution to a long term problem that was ‘a drag on economic activity’.

Adeosun gave assurances that, despite the current challenges facing the Nigerian economy, the outlook is positive due to the strong fundamentals and the on-going reform programme. She reiterated that the federal government was determined to create an enabling environment and put in place supportive policies to return to growth in 2017 including greater alignment of monetary and fiscal policies.

HAPPY Eid-El Maulud

CBN to unveil N30bn agric/SME fund in January

The Central Bank of Nigeria has said it will, together with the Deposit Money Banks, set up a new fund to boost agriculture and the Small and Medium-sized Enterprises in the country, targeting at least N30bn for the first year.

The Governor, CBN, Mr. Godwin Emefiele, disclosed this on Saturday at a press briefing after the eighth Bankers’ Committee annual retreat in Lagos.

He said the Agriculture/SME Fund would be unveiled on January 1, 2017, but the money would not be available until around March or April after the DMBs’ audited accounts would have been presented to the public.

Emefiele, who is also the Chairman of the Bankers’ Committee, said the committee would continue to promote an efficient and stable economy to deliver price stability, financial system stability, financial inclusion and economic growth.

According to him, the committee has defined goals for 2017 to include supporting government’s efforts to develop adequate infrastructure to engender viable and productive SMEs, and increasing access and cost of funding, particularly to the agriculture and manufacturing SMEs.

He said, “We will identify opportunities to provide funding and necessary support for agriculture and manufacturing SMEs, including structures and systems to improve the ease of regulatory compliance.

“The central bank will, together with the banking sector, establish an agriculture/SME fund from contributions of a portion of profit after taxes of Deposit Money Banks as a deliberate strategy to support the funding and access to finance by the SMEs and primary agriculture.”

The governor said the modality for the fund, which will operate as an equity fund, would be worked out by the Bankers’ Committee and communicated in due course.

He said the committee would continue to focus on capacity building and expansion as well as deepening awareness of available information infrastructure.

The communiqué issued at the end of the retreat, “Efforts will include providing industry-focused SME financial skills curriculum to develop financial and business capacity; promoting the need for capacity building; promoting the use of payment systems; providing shared structures for basic financial records; and providing the use of new and existing financial infrastructures for access to credit.

“Over the next few days, the Bankers’ Committee will finalise the strategy, governance framework action plan and assign responsibilities for implementation of the committee’s programme for 2017 that will achieve the desired results and outcomes.” - Punch

Oil prices soar to $58 on global output cut deal

Oil prices shot up over four per cent to their highest level since 2015 early on Monday after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001 .

They jointly reduced output in order to rein in oversupply and prop up the market.

Brent sweet crude futures, the international benchmark for oil prices, soared to 57.89 dollars per barrel in overnight trading between Sunday and Monday, its highest level since July 2015.

U.S. West Texas Intermediate crude futures also hit a July 2015 high of 54.51 dollars a barrel.

With the deal finally signed after a year,the market’s focus will now switch to compliance with the agreement.

ANZ bank said that Saudi Aramco, Saudi Arabia’s state-controlled oil company, had informed customers that their allocations would be reduced in January 2017, in line with the recent OPEC production cut agreement.”

OPEC has said it will slash output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting around 486,000 bpd in a bid to end overproduction .

Oversupply has dogged markets for over two years and pushed the economies of many oil exporting countries into crisis.

On Saturday, producers from outside the 13- country OPEC group agreed to reduce output by 558,000 bpd, short of the initial target of 600,000 bpd .