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Yari Asks Governors to Get Ready for Recession, Draws Criticism

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The Chairman of the Nigeria Governors’ Forum, Abdulaziz Yari, has told the newly-elected governors to prepare for another cycle of possible economic recession by mid-2020.

The recession, according to Yari, who is also the Zamfara State governor, may not end until the third quarter of 2021.

Yari spoke in Abuja on Monday at the induction of new and returning governors which was organised by the NGF.

But the Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry disagreed with Yari on the looming recession that he predicted.

They questioned the basis on which Yari based his prediction that the country might go into another cycle of recession from 2020 to mid-2021 on.

However, Yari told the new governors that their tenure might not be a smooth ride due to paucity of funds to execute projects and also pay salaries in their respective states.

He said, “As some of us are exiting as helmsmen of our various states, let me quickly remind the new and returning governors that it may not totally be a smooth ride.

“On our part, we made a lot of achievements in infrastructural development and provision of social services because we enjoyed a relatively high oil price of about $100 to $114 dollar per barrel between 2011 and the middle of 2014.

“However, by mid-2014, the price of crude oil, which is sadly the main driving force of government’s expenditure, dropped to $75 per barrel. It, therefore, became very difficult for many states to even pay salaries of their workers.

“This scenario is a wake-up call for all of you to come amply prepared to face this kind of challenge especially since we are expecting the possibility of another cycle of recession by mid-2020 and which may last up to third quarter of 2021.

“Your good spirit of stewardship will make you contain the situation should there be one.”

Yari, who has won election as a senator-elect, said as members of the National Economic Council, the new governors must work hand in hand to boost the economy in tandem with the global best practices.

He regretted that he and his colleagues had faced the challenge or managing state economies that he said “totally dependent on accruals from the Federation Account” rather than exploring what he called viable alternatives to run the economy.

He said for most of the states, Internally Generated Revenue was nothing to write home about.

“You must, therefore, look inward by boosting your revenue generation base and also utilise them effectively for the execution of projects that would touch the lives of your people,” he told the newly-elected governors.

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Nigeria Outlines Nine Focal Areas to Guide Foreign Policy in Next Four Years

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Nigeria has identified nine priority areas that would guide its foreign policy actions in the next four years.

The Minister of Foreign Affairs, Geoffrey Onyeama, made this known in Abuja while briefing members of the diplomatic corps on the priorities of the Nigerian government.

The priority areas include building a striving sustainable economy; enlarging agricultural output, food security and export; as well as attaining energy sustenance and power.

Others include expanding transport and other infrastructural products; expanding business growth entrepreneurship and industrialisation; expanding access to quality education, affordable healthcare and productivity of Nigeria; enhancing social inclusion, reducing poverty; fighting corruption; as well as improving governance and security for all.

News Agency of Nigeria (NAN) reports that in the first term of the present administration, the government’s priority was in three key areas, namely: fighting corruption, tackling insecurity, and job creation.

He said Nigeria’s foreign policy would henceforth be realistic in terms of reflecting the domestic reality of putting “Nigeria First”.

“We promote within the African Union (AU) good governance, democracy, and protection of human rights.

“We are not in any kind of conflict with any country in the whole world and we have excellent relations with every member state of AU and UN.

“We believe firmly that peaceful coexistence and security are pre-conditions for economic development and prosperity.

“We believe that the UN and multilateralism are forces for good.

“We strongly support the UN, although we call for its reform especially to increase the number of its permanent members in its security council to include at least three African countries with veto powers,” he added.

The minister said more funds should be made available for UN peace-keeping operations.

Mr Onyeama, who said that the UN was doing a great job across many countries of the world, urged countries to continue to abide by UN resolutions, not choosing which ones to respect and which not to respect.

He condemned the use of force for the settlement of disputes and expressed strong support for institutions such as the International Court of Justice and the International Criminal Court for International conflict resolution.

He said international trade and economic diplomacy were the main focus of “our foreign policy.”

“We have to expand our trade; we have to innovate; we have to industrialise in order to lift our people out of poverty.

“We are striving to increase bilateral trade with all your countries very often within the framework of a bilateral commission.”

The minister disclosed that the ministry was building an online business machine portal to promote and facilitate cross-border trade.

According to him, global climate action has posed a lot of threat to lives.

He said the Lake Chad which had been a major source of livelihood for more than 30 million people, had shrunk by 90 per cent due to climate change.

He noted that irregular migration has been condemned and possible measures have been put in place to address it.

On border closure, the minister said the issue would be resolved very soon and that it would be a win-win situation for stakeholders.

He thanked the diplomats for their support and assured them of the Nigeria’s continued support.

(NAN)

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Buhari Embarks on First 2020 Foreign Trip, Departs for UK Today

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President Muhammadu Buhari will depart Abuja on Friday for London to participate in the inaugural UK-Africa Investment Summit holding on January 20.

The President’s Special Adviser on Media and Publicity, Femi Adesina, in a statement in Abuja on Thursday, said the event would be hosted by the British Prime Minister, Boris Johnson.

The organisers said the event is expected to bring together African leaders, international business chief executives and heads of international organisations “to create new partnerships that will deliver more investments and jobs” to the benefit of people and businesses in African countries and the United Kingdom.

“Apart from highlighting new perspectives on UK-Africa Partnership for Prosperity, issues of Sustainable Finance and Infrastructure; Trade and Investment; Future African Growth Sectors and Clean Energy and Climate, are expected to dominate presentations and discussions during the Summit.

“With the expected take-off of the African Continental Free Trade Area (AfCFTA) in mid-2020, the London investment summit will provide Nigeria with the opportunity to project itself as a leading investment destination for new industries.

“In addition, the summit will deepen Nigeria-United Kingdom investment ties post-Brexit given that Africa currently represents just two per cent of British trade activity, with Nigeria accounting for only 10 per cent of that total,” Mr Adesina stated.

He further disclosed that the Nigerian delegation to the investment meeting will showcase what the federal government had done through policies and legislation to improve the investment and business climate in the country.

While in the United Kingdom, the presidential aide said, Mr Buhari will meet with the Head of the Commonwealth, Prince Charles in Glasgow, Scotland.

“The president and his delegation will also have bilateral meetings with Prime Minister Johnson as well as heads of multilateral organisations,” he added.

He said the president would be accompanied to the Summit by Governors Yahaya Bello, Muhammad Inuwa Yahaya and Okezie Ikpeazu of Kogi, Gombe and Abia States, respectively.

Also on the presidential entourage are the Minister of Foreign Affairs, Geoffrey Onyeama; Minister of Industry, Trade and Investment, Niyi Adebayo, and the Minister of Finance, Budget and National Planning, Zainab Ahmed.

Others include the National Security Adviser (NSA), Babagana Monguno, and the Director General of the National Intelligence Agency (NIA), Ahmed Rufai Abubakar.

Mr Buhari is expected back in Abuja on Thursday.

(NAN)

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Power Grid Collapses Twice in Two Hours, Worsens Nationwide Blackout

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The nation’s power grid collapsed twice in two hours on Thursday, worsening the blackout being experienced by consumers in parts of the country.

The grid, which is being managed by government-owned Transmission Company of Nigeria, has continued to suffer system collapse over the years amid a lack of spinning reserve that is meant to forestall such occurrences.

The TCN announced that a system disturbance occurred at about 12.34pm on Thursday, affecting some parts of the country.

“As at 1:10pm, supply was restored to Abuja and most parts of the affected areas. The TCN is still working to completely restore and stabilise the nation’s grid,” it said.

Ikeja Electric and Eko Electricity Distribution Company, two of the nation’s distribution companies, had earlier on Twitter informed their customers about the cause of the outage in Lagos.

“Dear customer, the outage you’re experiencing is due to a system collapse of the grid which occurred this afternoon at 12.36hrs. All parts of IE’s network are affected. Efforts are ongoing to restore the grid. Kindly bear with us,” Ikeja Electric said.

The Disco, in another tweet two hours later, said another system collapse was recorded at 2.15pm, adding that restoration efforts were ongoing.

Total power generation in the country stood at 4,236.3 megawatts as of 6am on Wednesday, according to latest data from the Nigerian Electricity System Operator.

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