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Former Finance Minister Ngozi Okonjo Iweala mocks Buhari’s APC led Government

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Former Finance Minister Ngozi Okonjo Iweala mocks Buhari’s APC led Government

Former Finance Minister Ngozi Okonjo IwealaI has said she finds it funny that most people don’t know why Nigeria economy went into recession.
According to her, they love the incompetent lies about the past government ruining everything.
“It’s also myopic to think
that if Jonathan were to still be in power, we would be worse off.

“The truth about Nigeria’s recession is this; it was caused by the president’s unguided rhetoric and uncultured body language.”

According to her, “There is nothing we are buying today that that we weren’t buying 5 years ago, therefore it’s not our purchase that put pressure on Naira but withdrawal of funds by foreign
investors.

She observed that after the election, the president created instability with his unguided
statements about how everyone is
corrupt and how everyone is going to jail.
Continuing the former minister said it was instability that made foreign investors to liquidate their investment and change their money to dollars.

She explained that in the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.

“Even though some of them were not
ready to run away, but want their
money in dollars to save their
investments from devaluation, the
president gave a bad signal by
banning deposit of foreign currency
into dormiciliary accounts.
“That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush.”

To make matters worse, she indicated that the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out.
“That was the nail in the
coffin which facilitated the
emergence of free FALL.In the end, foreign investors took over $80B out of the economy within a short period and everything went
down to free fall.
“To those who believe it will be worseif Jonathan is still there, you are all wrong. Policy continuity and political
stability will not let billions of
dollars leave our shores within such tiny time frame.
“Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market.’

She indicated that it was the fear of the unknown created by
PMB that is responsible for the economic downturn not low oil price.
“Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit.
“Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge.”

“Funny enough they are all suffering today because of the bad policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians.
“For your information, if your
president “continues” with his
unguided rhetoric, Naira will go
down to N1000/1 $. But we thank
God, he is no longer talking.”

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Economy

AEC urges African Govts. to invest in home-made products as post COVID-19 strategy

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AEC urges African Govts. to invest in home-made products as post COVID-19 strategy

By Mustapha Sumaila

The African Economic Congress (AEC) has urged African Governments to invest in home-made products as a means of fast-tracking development as post COVID-19 strategy to recover economy.

The Founder and Chief Executive Officer of AEC, Mrs Nancy Nnaji said this in a statement in Abuja on Monday.

Nnaji said this suggestion was part of recommendations of various speakers
at the just concluded 2nd Edition of the annual conference held recently by AEC.

The meeting had the theme: “Post COVID-19: Africa in the New Economic Order”.

She said the conference had also recommended that Africans should prioritise research as a tool for sustainable development on the continent.

According to her, Africa is advised to move for self-reliance in the coming years, by harnessing and leveraging its abundant resources both human and materials to drive economic transformation.

She said the meeting noted that agricultural sector was key to Africa’s economic transformation and by developing it, abundant resources could be provided to finance the 2063 African union agenda to curb unemployment, food shortage, malnutrition and extreme poverty.

The founder stated that “Africans are also enjoined to be educated on the technical know-how to improve agriculture on the continent.

“Governments must increase the yearly allocated budget for agriculture and promote private sector engagement to avoid inadequate funding.

“To increase the level of value addition of food exports, there must be an investment in innovation and technology around local processing and infrastructure building.

“There is need for digital literacy skills, critical thinking skills, technical skills, soft skills, entrepreneurial skills, and certification programmes should be incorporated into the learning curriculum in all levels of education to produce self-reliant and employable graduates” she added.

Nnaji also added that the conference advised on the need to improve broadband connectivity to support interactive online learning and teaching. (NAN)

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Hope for border reopening dims as agric minister reiterates indefinite closure

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Hope for border reopening dims as agric reiterates indefinite closure

The Minister of Agriculture, Mohammed Sabo Nanono, has said that the Federal Government was not ready to reopen the borders, so as to boost the country’s agricultural sector.
He stated this, at the flag-off ceremony of the distribution of agricultural inputs to farmers affected by the recent flood in Kebbi State on Saturday.
He said Nigeria borders will remain locked and the key thrown into the lagoon.

He said: “Nigerian farmers have been performing well by producing such food items as rice, millet, guinea corn, and Shea butter, among others. We are not ready to reopen the borders, which is why the Federal Government is ready to support the dry season farming to regain what farmers lost to the flood disaster.”
The Chairman, Senate Committee on Aviation, Senator Adamu Aliero, supported the continued closure of borders, to encourage the growth of local rice farming.
He commended federal and state governments for supporting flood victims in the state.
The Kebbi State Governor, Senator Atiku Bagudu Abubakar, represented by the Deputy Governor, Col Ismail Yombe Dabai (rtd.), thanked the Federal Government for the kind gesture. He assured me of equal distribution of the items.
He appealed to the Federal Government to increase the quantity of the items, to enable them to go round the affected people.
The items shared included rice, millet, guinea corn, and beans, among others.

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Economy

AfDB, Synergos inaugurate machine for cassava peel conversion in Kogi

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AfDB, Synergos inaugurate machine for cassava peel conversion in Kogi


By Friday Idachaba
The African Development Bank (AfDB) in partnership with Synergos Nigeria and International Livestock Research Institute (ILRI) has inaugurated a prototype maciine for conversion of High Quality Cassava Peels into feed ingredients for animal feeds.

The News Agency of Nigeria NAN reports that the prototype was inaugurated at the High Quality Cassava Peels (HQCP) Centre in Ejule, Ofu Local Government Area of Kogi on Friday.

Country Director of Synergos Nigeria Mr Victor Adejoh, in his opening remarks at the inaugural ceremony said the innovation aimed at addressing issues of environmental pollution and income support for women.

Adejoh said that Synergos Nigeria was implementing the project in partnership with ILRI with funding from AfDB as part of the bank’s implementation of its “Technologies for African Agricultural Transformation (TAAT)”.

The Country Director who was represented by Mrs Lydia Oyewole, Synergos Project Facilitator, hinted that TAAT’s developmental objective was to scale up agricultural technologies with Livestock component as one of the key compacts to achieve the objectives.

He said that the prototype waste-to-wealth innovation to be run by Small Scale Women Farmers Organisation of Nigeria (SWOFON) would be enable production of high quality cassava peel (HQCP) feed ingredients thereby, circumventing cassava peel drying constraints.

The prototype machine which is the second in the state with the first, located at Ojapata, Ankpa Local Government according to him, is based on principle of grating; dewatering, fermentation; pulverizing, sieving and drying.

“These steps essentially replicate the age-long processes involved in making cassava pulp safe for human consumption and storable and also conforms with the code of practice for the reduction of Hydrocyanic acid in cassava and cassava products (FAO, 2013a)

“Cassava peels waste has been recognized for ages as a potential animal feed, but with little utilization because of its cyanide content when consumed wet or its mycotoxins content when improperly dried”, he said.

Adejoh noted that the machine would produce dried high quality cassava peel mash (fine and coarse) feeds with four to six months shelf-life and suitable for poultry, fish, pigs, goats, sheep and cattle.

The state Commissioner for Agriculture Mr David Apeh, called on the women to utilise the prototype pricessing facilitie at their doorstep to increase their livelihood support and better their lives instead of idling away.

Apeh represented by Ichaka okolo, Director, Agric Services, also called on AfDB, Synergos, ActionAid and other partners and agencies to increase their interventions in Agribusiness initiative for overall development the state.

Earlier earlier in her address, SWOFON Coordinator in the state Hajia Sefiya Yahaya called on the Federal and and State Governments to accord women farmers their rights and make land available to them as a right rather than privilege saying, “Our land is our right.”

NAN reports that representatives of the state Fadama office, ActionAid Nigeria, Rice Farmers Association of Nigeria (RIFAN) and various women groups witnessed the inauguration and gave goodwill messages. (NAN)

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