London Stock Exchange

(Bloomberg)

The U.K. economy is heading for its fastest expansion since the onset of the financial crisis, economists said as they upgraded their forecasts for growth through 2015.
Gross domestic product will rise 1.3 percent this year and 2 percent in 2014, compared with predictions of 1 percent and 1.7 percent previously, according to the median of 48 economists in a monthly survey by Bloomberg News.

That pace of growth for next year would be the fastest since 2007, before the start of a slump that has left output more than 3 percent below its peak.
For Bank of England Governor Mark Carney, the question is how quickly this recovery can lower the country’s unemployment rate after he introduced forward guidance last month and linked the jobless rate directly to the policy stance.

That measure hasn’t yet been effective, according to more than two thirds of economists in a separate survey.
“The consensus forecast has moved a long way very, very quickly,” said Jens Larsen, an economist at RBC Capital Markets in London and a former BOE official.

“If you get a very powerful recovery, the arguments for guidance, for the extended period of low rates, just look so much weaker. It’s a bit of a communication challenge.”
The economists in the Bloomberg survey see GDP growth accelerating to 2.4 percent in 2015.

Consumer spending will rise 1.6 percent this year and in 2014, while exports will increase 1.8 percent and 4.7 percent.
Guidance Framework
Bloomberg reports that under its so-called forward guidance, the nine-member Monetary Policy Committee has said it won’t consider raising the benchmark interest rate from a record-low 0.5 percent until unemployment falls to 7 percent, which they don’t see happening until late 2016.
That projection is being challenged by recent data, and economists are more optimistic, with 19 of 31 forecasting that it will fall below the threshold before 2016.
Data this week showed the unemployment rate fell to 7.7 percent in the three months through July from 7.8 percent in the second quarter.

The labor-market report also showed that jobless claims in the past two months have fallen by the most since 1997.
Government figures today showed construction output, which accounts for 6.3 percent of the economy, climbed 2.2 percent in July.

In the second quarter, new building orders surged almost 20 percent from the previous three months, boosted by demand for homes as well as wind turbines and solar farms. Overall housing orders between April and June were the strongest since the fourth quarter of 2007.
Difference of Opinion
BOE policy makers say productivity will pick up as the economy recovers, meaning companies will get more output from their existing workers, which will limit the pace of hiring.

Carney said yesterday that a difference of opinion between the central bank and other forecasters is “natural.”
“The market had a more positive view of the rate at which unemployment will come down and a more pessimistic view of productivity,” he said at a hearing of the Treasury Committee, a panel of lawmakers that scrutinizes the BOE.
Economists’ more positive outlook for the U.K. follows economic growth of 0.7 percent in the three months through June as well as a continued strengthening of services and manufacturing this quarter.
- Thisdaylive

Read more...

Nigeria's Minister of Finance, Ngozi Okonjo-Iweala

If Nigeria and South Africa keep growing at their current paces, Nigeria could replace South Africa in the Group of 20 (G20) countries within nine years, according to Stanlib chief economist Kevin Lings. In a recent note he says: “It is entirely feasible that, by then, Nigeria’s economy will have overtaken South Africa’s, making it eligible for G20 membership, possibly at the expense of South Africa. “

The G20 is a group of 19 advanced and developing countries plus the EU, set up in 1999. South Africa is the only African country to be represented.

Lings points out that 20 years ago, the domestic economy was 7.5 times the size of the Nigerian economy, in dollar terms. But by the end of 2012 it was only 1.4 times the size of Nigeria’s.

“This narrowing of the gap is mainly because Nigeria’s economic growth rate has accelerated meaningfully in recent years, though off an extremely low base, while South Africa’s growth rate has moderated.”

According to Nigeria’s central bank, growth in gross domestic product (GDP) averaged 6.8 percent between 2005 and 2013. From 2005 until the global recession of 2008/09, South Africa’s growth rate averaged a little over 5 percent. Since then it has not topped 3.5 percent.

Nigeria’s central bank said the fastest growing segments were wholesale and retail trade, and telecommunications. Nigeria’s 170 million people make it the most populous country in Africa and the seventh-biggest in the world.

This creates a massive market, attracting investment from across its borders, including from South Africa, which is becoming increasingly aware of the opportunities in servicing this population.

In contrast, South Africa’s population is estimated at 51.1 million (5.7 percent of the population in sub-Saharan Africa), making it the fifth most populated country in Africa, Lings says.

Location, location, location

A study carried out by economists from Economic Information Services and led by Capetonian Barry Standish has “proved” that the property industry maxim “location, location, location” is spot on.

Standish’s team, commissioned by the V&A Waterfront to uncover its economic impact on the local environment, used the “Hedonic methodology”, which employs the comparative price per square metre to arrive at it findings that on average Cape Town’s waterfront increased neighbouring property values by R2.8 billion.

The study found that residential properties within a 1.5km radius of the waterfront were worth R123 056 more than similar properties elsewhere, and commercial properties were worth R1.14 million more.

Residential properties within the V&A Waterfront precinct were worth R3.6m more than similar properties elsewhere in Cape Town.

Standish reported: “There is anecdotal evidence to suggest the V&A Waterfront provided the catalyst for the significant upgrading of surrounding suburbs such as Green Point and De Waterkant.”

Reacting to these findings, V&A Waterfront chief executive David Green said: “Aside from the obvious benefit to property owners, the report also highlights the knock-on effect for the city of Cape Town in respect of property rates, which in turn has a benefit for residents and businesses in greater Cape Town. In addition to this ripple effect, the V&A Waterfront is the city’s largest ratepayer.’’

The total potential annual rates generated within a 1.5km radius of the waterfront has been estimated at just short of R250m in 2012. In more than 10 years, the waterfront had added nearly R200 billion to the GDP. It had created about 17 000 jobs directly and a further 16 000 indirectly.

Success also drives success. Recent residential sales for the new Silo residential development is 80 percent sold in little more than three months, which is about three times the pace at which developments are sold outside the waterfront.

It proves that the waterfront’s economic “ripple effect” works too.

Banking on reputation

Banks in South Africa have emerged from the global financial crisis with their reputations not only intact but generally enhanced.

It was not entirely of their own doing, of course, but they managed to avoid becoming embroiled in the sorry mess that was the subprime crisis. Thus there has been no discussion here of banks being too big to fail as there has been in Europe and the US.

However, when it comes to bank results’ season, it is impossible not to realise how big our banks are.

They are enormous and complex entities that have their fingers entwined in every aspect of the economy.

But, while it no doubt pleases the local regulators that they have big entities to oversee, the size of the four major banks makes it virtually impossible for journalists to do anything other than a superficial job in covering their results. Not so much a case of too big to fail as too big to cover.

The need to focus on the big picture means that lots of fascinating information tends to be overlooked.

Such as way back on page 90 of the FirstRand results released yesterday, you discover that “building and property development” has the highest rate of non-performing loans as a percentage of advances. It has 7.16 percent compared with mining, which has a rate of 0.54 percent.

Agriculture’s non-performing loan rate is down to 2.96 percent from 3.40 percent, which either means that the farmers are better off this year or that FirstRand has cut back its lending to them.

And then there’s the 2 500 innovations reported at FNB. This is an amazing “fact” and in line with what you’d expect from an innovation leader.

Of course, the big question for many FNB clients is whether or not its horrendous new website is included as one of the 2 500. page 19
- The Business Reporter

Read more...

President, MAN, Chief Kola Jamodu

Nigerian manufacturers have disagreed with the trade terms of the European Union, describing them as capable of hindering the nation’s industrial growth.

The new trade agreements, Common External Tariff (CET), Community Levy and the Economic Partnership Agreement (EPA), which are still being negotiated, are designed to become operational in respect of business relationship between EU and Economic Community of West African States (ECOWAS) countries.

MAN explained that the CET could compromise the needed protectionist profile required to safeguard the interest of the nation’s industrialists.

The association’s Director-General, Rasheed Adegbenro, expressed the hope that a consensus that would favour Nigerian industries would become feasible in the new CET regime.

The CET is a precursor to a regional customs union, which is predicated on the harmonisation and convergence of national fiscal, monetary and trade policies of member states for the attainment of economic integration by the 15-nation economic community with a combined population of more than 300 million people.

At the March meeting in Praia, Cape Verde, regional ministers of finance had endorsed a new five-band tariff regime for West Africa, after 10 years of internal negotiations, driven by the technical committee of the Commissions of the ECOWAS and the eight member West African Economic and Monetary Union (UEMOA), following the 2006 decision by the ECOWAS Heads of State and Government.

The new tariff regime covers 5899-tariff lines with the rate ranging between zero and 35 per cent for the 130 tariff lines that fall into the category of specific goods that contribute to the promotion of the region’s economic development.

Under the new regime, five per cent duty is applicable for 2146 tariff lines under the basic raw materials and capital goods category 10 per cent for the 1373 tariff lines that qualify as intermediate products category; while 20 per cent duty is reserved for the 2165 tariff lines under final consumer products.
- Vanguard

Read more...

Russian President, Vladmir Putin

(Reuters) - Russia warned the United States on Sunday against repeating past mistakes, saying that any unilateral military action in Syria would undermine efforts for peace and have a devastating impact on the security situation in the Middle East.

The Russian Foreign Ministry said its statement was a response to U.S. actions to give it the option of an armed strike against Syria.

It drew a parallel between reports Syrian President Bashar al-Assad's forces had used chemical weapons and Washington's 2003 intervention in Iraq following accusations by then-President George Bush's administration that Iraqi leader Saddam Hussein's government possessed weapons of mass destruction.

"We once again decisively urge (the United States) not to repeat the mistakes of the past and not to allow actions that go against international law," the ministry said.

"Any unilateral military action bypassing the United Nations will ... lead to further escalation (in Syria) and will affect the already explosive situation in the Middle East in the most devastating way."

Moscow said any military action would severely hamper joint U.S.-Russian efforts for an international peace conference to end a civil war that has killed more than 100,000 people.

"The threat to use force against the Syrian regime sends the (Syrian) opposition conflicting signals," the ministry said. "All sponsors of the opposition, which have influence over it, must seek the fastest possible agreement from Bashar al-Assad's opponents to hold talks."

U.S. President Barack Obama met his security advisers on Saturday to debate options following reports of the alleged chemical attack. U.S. naval forces have been repositioned in the Mediterranean to give Washington the option of an armed strike.

Syria's opposition accused Assad's forces of gassing many hundreds of people - by one report as many as 1,300 - on Wednesday. Syria said earlier on Sunday it had agreed to let the experts visit the site.

Russia, which has suggested that Syrian rebels may have carried out the attack, also said on Sunday that assigning blame too soon over the alleged poison gas strike would be a "tragic mistake", before a U.N. investigation on Monday.

Read more...

Washers and Dryers

(Reuters) - Orders for long-lasting U.S. manufactured goods recorded their biggest drop in nearly a year in July and a gauge of planned business spending on capital goods also tumbled, casting a shadow over the economy early in the third quarter.

The report on Monday added to other data for July on industrial production, housing starts and new home sales that have suggested economic growth this quarter will probably not accelerate as much as economists had hoped.

"So far, things aren't looking that great," said Millan Mulraine, senior macro strategist at TD Securities in New York. "We are expecting a bounce in growth, it can still come, but it may not necessarily be in the first month of the quarter."

The Commerce Department said durable goods orders dropped 7.3 percent as demand for items ranging from aircraft to computers and defense equipment fell.

It was the biggest decline since last August and snapped three consecutive months of gains.

Orders for durable goods - items from toasters to aircraft that are meant to last three years or more - had increased 3.9 percent in June. Economists had expected orders to fall 4.0 percent last month.

Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, fell 3.3 percent, breaking four straight months of gains. It was the biggest drop since February.

Orders for these so-called core capital goods increased 1.3 percent in June. Economists had expected this category to rise 0.5 percent in July.

The decline in demand suggested the manufacturing sector, which hit a speed bump early in the year, will probably not bounce back as quickly as many economists had anticipated.

The report was at odds with a survey from the Institute for Supply Management released earlier this month that showed new orders at their highest level in more than two years in July.

Still, it was the latest sign that economic growth might not accelerate much from the second quarter's 1.7 percent annual pace. Industrial output was flat in July, while residential construction increased less than expected and new home sales tumbled last month.

SHIPMENTS FALL

Troublingly, the durable goods report showed that shipments of core capital goods, which are used to calculate equipment and software spending in the government's measure of gross domestic product, fell 1.5 percent in July.

Shipments had dropped 0.8 percent in June. While shipments tend to decline in July because not all components in this category are seasonally adjusted, economists noted the drop last month was the largest since 2008.

Forecasting firm Macroeconomic Advisers lowered its third-quarter GDP growth estimate by two tenths of a percentage point to a 1.8 percent rate. Barclays cut its GDP growth forecast to a 1.9 percent rate from 2.1 percent.

Economists said while the drop in core capital goods orders could attract the attention of some Federal Reserve officials, it was unlikely the U.S. central bank would step away from a plan to start reducing its monthly bond purchases before the end of the year.

Some blamed the weak July data on a recent spike in interest rates in anticipation of a reduction in the Fed's bond buying, which many think will come at its next meeting on September 17-18.

"When looking for signs that interest rate increases are too much for the economy to handle, durable goods, like housing, are a leading indicator of weakness in the broader economy," said Chris Low, chief economist at FTN Financial in New York.

"We expect the Fed is determined to start reducing the size of asset purchases regardless, in part because the market has already begun to reverse some of the recent rate pressure without the Fed's help."

U.S. Treasury debt prices rose on the data, pushing yields lower, while the dollar fell against the yen. U.S. stocks were up marginally.

Durable goods orders in July were held down by a 19.4 percent plunge in bookings for transportation equipment. That reflected a 52.3 percent drop in orders for civilian aircraft.

Boeing received orders for 90 aircraft in July, down from 287 aircraft the prior month, according to information posted on its website. Orders for motor vehicles gained 0.5 percent after rising 0.2 percent the prior month.

Even excluding transportation, demand for long-lasting manufactured goods was weak almost across the board.

There were declines in orders for computers and electronic products, and demand for electrical equipment, appliances and components also fell. Orders for machinery and primary metals were flat.

Orders for defense capital goods plummeted 21.7 percent in July after hefty gains in the prior months.

Read more...

Sierra Leonean President, Ernest Bai Koroma

Sierra Leone exported $102 million worth of diamonds in the first half of 2013, up from $71 million in the same period last year, largely due to higher output from the country’s main producer, the National Mineral Agency said on Friday.

 The government collected $5.1 million in taxes in line with the mining code’s 5 percent levy on exports, highlighting progress in channelling diamond revenues through the government. “At the end of the first half of 2013, exports exceeded those of 2012 by 42.95 percent, an improvement of $30.71 million,” Ibrahim Mohmed, who oversees the diamond sector at the NMA, told Reuters.

 ”The total diamonds exported amounted to 331,471 carats valued at $102,205,588,” he said. Sierra Leone exported 296,334 carats of diamonds in 2012. The NMA said that increased production from Koidu Holdings had been primarily responsible for the rise in output.

 Koidu is Sierra Leone’s only commercial pit mining operation. It is privately-owned by Israeli diamond trader Beny Steinmetz’s BSG Resources through its Octea diamond unit.

 Kimberlite, or industrial, production accounted for 62 percent of the diamond exports with a total of 205,834 carats over the six month period. Other artisanal production accounted for the rest, producing some 125,637 carats.

 The United Nations in 2003 lifted a worldwide ban on diamonds exported from Sierra Leone and the country is now a member of the Kimberley Process.

 The Kimberley Process certification scheme was established by the industry, producer countries and civil society groups in the wake of diamond-fueled wars in Angola, Sierra Leone and Liberia to ensure that revenues from diamonds sold on the world market were not financing violence.

- BusinessDay

Read more...

Paul Biya, Cameroonian President

The government claims the churches threaten the security of the country.
The Cameroonian government has started a massive crackdown on Pentecostal churches in the country as President Paul Biya claims they threaten the security of the country.
The CNN is reporting that Mr Biya has ordered the country’s military to ”permanently shut down all Pentecostal church denominations in the nation’s capital, Yaounde, and the North West Regional capital, Bamenda, which have the largest Christian populations in Cameroon.”
According to the CNN, more than 50 churches have been closed so far with the government aiming to close about a 100.
“We will get rid of all the so-called Christian Pentecostal pastors who misuse the name of Jesus Christ to fake miracles and kill citizens in their churches. They have outstretched their liberty,” Mbu Anthony Lang, a government official in Bamenda, told CNN Wednesday.
Mr. Anthony says of the over 500 Pentecostal churches in country, only 50 are legal.
“I want the government to stop these pastors who use mysterious powers to pull Christians and kill then for more powers. All my children have ran away from the Catholic Church in search for miracles, signs and wonders,” said Mih Theresa whose 9-year-old daughter died last Sunday at the Winners’ Chapel in Bamenda during exorcism to cast out “numerous demons” in control of her life.
The Winners’ Chapel is owned by David Oyedepo and is one of the biggest Pentecostal churches in Nigeria.
Mveng Thomas told the CNN that his marriage ended abruptly after a Pentecostal pastor told his wife to leave. He said the pastor described him as an “unrepentant devil.”
A regional governor, Adolphe, L’Afrique told the CNN that police had arrested a pastor for abducting 30 children in Bamenda. The pastor claimed he wanted to remove the children from bad society, Mr. L’afrique told the CNN.
Government officials also claim that some pastors tell their congregation not to seek professional medical treatment for diseases.
“How can a pastor say the sick needs no medical doctor? We need sanity in our Christian lives,” Nyang Blaise, a youth leader for Biya’s ruling party, CPDM, told CNN.
“My mother’s condition is worsening after doctors confirmed she had cancer. She is dying silently, and yet we cannot persuade her to see a doctor for proper treatment, against her pastor’s wish,” said Deborah Tanyi, whose mother was told by her pastor not to get medical treatment for her cancer.
Pentecostal churches however said the government’s move is driven by “insecurity about the churches criticism of the government.”
On Wednesday, Pentecostal pastors in Bamenda and Douala marched against the government’s crackdown.
“Authorising only the Catholic, Presbyterian, Baptist, Muslim, and a few other churches, is a strict violation of the right to religion,” said Boniface Tum, a Bishop of the Christian Church of God in Yaounde.
 - CNN

Read more...

Nigeria's Minister of Foreign Affairs, Olugbenga  Ashiru.

The £5000 Visa-Bond is in response to the £3000 visa bond regime due to be imposed on Nigerian travellers by the UK.  

Three months to the commencement of the £3000 visa bond regime due to be imposed on Nigerians travelling to the United Kingdom, the Federal Government may have perfected plans to impose a £5,000 visa bond on prospective British citizens visiting Nigeria.

This is in retaliation to the new but controversial immigration policy of the UK scheduled to commence in November 2013.

The Home Office of the United Kingdom, recently classified Nigeria, India, as “high risk” and placed a £3,000 bond on every Nigerian visiting Britain.

The bond will be forfeited to the British government if an immigrant overstays his permit.

More than two million Nigerians are residing in the UK.

Uproar had greeted the immigration policy described as “discriminatory” since its announcement in June.

Nigeria is one of the countries put on the British “high-risk-list”. Others are India, Ghana,Bangladesh, Pakistan and Sri Lanka.

The countries are slated for the pilot scheme of the new immigration policy to check immigration abuses.

A reliable source at the Nigerian High Commission in London told National Mirror that the refusal of the British Government to backpedal on the visa bond compelled Nigeria to fight back.

The Minister of Foreign Affairs, Ambassador Olugbenga Ashiru, had earlier assured that Nigeria would react appropriately if the policy was eventually implemented.

The source, who is a senior officer of the High Commission but did not want his name mentioned, told our correspondent in London that Nigeria had officially protested to the British government over the policy.

He, however, said that there was no sign that the British would rescind the decision.

“As a responsible country, we have protested officially against the discriminatory policy to the British government. But from all indications, there is no going back on the policy. We have tried to make them see reasons on the need to review the new immigration policy, but it is like a done deal.

“Don’t forget that Nigeria has threatened to retaliate if the policy is implemented. So, we are only waiting for the implementation and the modalities of the new British immigration policy. But I can assure you that the Nigerian government won’t fold its hands. We would even raise the stake beyond the £3,000 they are asking Nigerians to pay as bond. We are looking at £5,000 as visa bond for UK citizens visiting Nigeria. This is our plan, which is subject to the approval of the Federal Government,” the source told National Mirror yesterday.

This stand is bound to strain the diplomatic relations between Britain and its former colony,Nigeria.

Early this year, British Prime Minister David Cameron chided Nigeria for passing anti-gay bill and threatened to cut aid to the country.

Also, Cameron recently berated Nigerian leaders for the mismanagement of the country’s huge natural resources.

But the Ministry of Foreign Affairs’ spokesman, Ogbole Amedu Odeh, denied knowledge of the £5,000 visa bond.

“I’m just hearing that from you. I’m not aware of any £5,000 visa bond for British citizens,” Odeh told National Mirror on phone yesterday.

“Nigeria has not got official correspondence from the British government. Anytime Nigeria gets official communication on the policy, we will react appropriately.”

Meanwhile, Nigerians in the UK under the umbrella of the Central Association of Nigerians in the United Kingdom (CANUK) have said that if this bond is implemented, wrong people will be targeted.

In an interview with National Mirror in London, CANUK Chairman, Bimbo Folayan, said: “On the visa bond, we have expressed our feelings that this is not a right policy. We feel that the wrong people are being targeted. We believe that this will be counter-productive and we think this is more political, more economical than immigration related.

“We have protested to the Commonwealth Office, they have listened to us and they promised to get back to us.

“Because of the present situation of British economy, it is probably another way for the Home Office to make money. But that will be to the detriment of genuine travellers. The £3,000 bond will only swell the purse of the British government.”

They, however, opposed the planned retaliation of the British immigration policy by the Federal Government of Nigeria.

Folayan added: “Our position is that two wrongs cannot make a right. I believe that Nigerian government should not retaliate wrongly. Three times this year, I have gone to Nigeria with British investors. So, it means if I’m going to Nigeria, I will have to look for £5,000 visa bond for each of the visitors.

“So, this can only hurt Nigeria. This can hurt investment inflow in Nigeria. We do not support the £5,000 proposed visa bond. Either way, from the British government or Nigerian government, we do not support the policy.

“Policies are made and can be changed. If this is injurious to the economy of the UK, they have to change the policy. I don’t see anything cast in stone on the matter.”

The group, however, said that there was no basis for Nigerians to come to UK illegally.

“The region of the world that is enjoying growth is Africa and that is where the focus is. In UK, we are not recording so much growth and the economic forecast is not too promising.

“So, everybody is feeling the pain. There are not many jobs in the UK any more. There is actually no basis for any youth to leave Nigeria and live in UK illegally because, one, there are no jobs. Two, if you come illegally, that is even worse because you cannot get a job without relevant papers like work permit whereas there are opportunities in Nigeria,” Folayan said.

Nigerians also decried their being labelled as “high risks”. “Nigeria is not high risk. The vast majority of Nigerians living in UK are students, workers and those born in the country. That is not to say that there are no illegal immigrants.

“We strongly feel that Nigeria is not a high risk country regardless of the statistics they might have gathered. We object to targeting a few countries, calling them ‘high risk’.

“We do not support illegal immigrants. We actually encourage Nigerians in the UK to regularise their papers. We’re also in the forefront of encouraging Nigerians living in UK illegally to embrace the opportunity that have been provided by the International Organisation of Migration (IOM), for them to go back home and live more meaningfully than staying in UK without getting a job because of lack of regular papers.”

The group noted that the £3,000 bond would only embolden desperate people rather than serve as deterrent.

 - National Mirror

Read more...

Minister of Foreign Affairs, Amb. Olugbenga Ashiru (l) with his Brazilian counterpart, Mr Antonio De Aguierpatriota,during a bilateral meeting in Brazil

The second  Nigeria-Brazil Business Summit 2013 kicks off today Tuesday August 13, 2013 in Rio de  Janeiro.
Participants drawn from across the country in Nigeria started arriving  Rio on Saturday, but most of them, including the President of the  Kaduna Chamber of Commerce, Shaddrack Madlion,  Opeyemi Agbaje, CEO RTC Advisory Services Limited and newspaper columnist, and several others,  trooped in on Monday night.

The event is being organised by Nigeria-Brazil Centre for for Business, Culture and Cooperation. The CEO of this chamber of commerce, Mr Michael Olusegun Akinruli has promised that Nigerian participants will have a lot to take home from this year`s event.

“This year´s theme: Nigeria:Dialogues for Creating a Collective Platform for Business Cooperation, is organized to create the necessary platform for mutual investments and sustainable bilateral economic relationship between Brazilian and Nigerian business leaders and public officers,“ said Akinruli.

The event is scheduled to hold from the  August 13 to 15, 2013. The Summit is a unique opportunity to showcase the wide range of Investment and Trade opportunities in Nigeria and Brazil. It has been tailored to be a follow up to the recent signing of several agreements between the Brazilian and Nigerian presidents. The first edition of this Summit took place in 2011 in Belo Horizonte, Minas Gerais, Brazil.

Brazilian and Nigerian governments are putting in progressive efforts to better foster every ties between both nations  Economic, Political, Education and Culture. This is evident in the recent signing of Bilateral Agreements between both countries covering areas such as Agriculture and Food Security, Petroleum, Power, Bio-fuel, Mining, Culture and Education,Trade and Investment and Aviation.

The recent visit of the Brazilian President in February, 2013 to Nigeria established a mechanism of strategic dialogue between both countries, and it is Brazil`s intention to boost not only bilateral trade, but also partnerships in the area of technology, science, and to strengthen and stimulate industrial productivity.

Akinruli  explained: “Brazil also wants to establish partnership in the area of electricity given her ability in hydroelectric generation and construction of transmission system. Brazil is also considering new financing instruments, investment in infrastructure and wants to expand the country presence in all areas of development in Nigeria.“
The vanguard

Read more...

Robert Mugabe, President of Zimbabwe

                          Robert Mugabe has ruled Zimbabwe since 1980.
Zimbabwe’s President, Robert Mugabe, has denied charges of rigging the July 31 elections after he and his party scored a landslide victory over the opposition.
During the general elections, Mr. Mugabe won 61 per cent of the vote and his Zanu-PF party gained more than 70 per cent of the 210 elected seats in the parliament.
In his first public speech after re-election at a rally for Heroes’ Day, Mr. Mugabe thanked Zimbabweans for securing and defending the country’s heritage by voting overwhelmingly for his party.
The Heroes’ Day celebration is relevant to the Zanu-PF as it is the party that participated in the struggle against the white-ruled Rhodesia and won the independence of present day Zimbabwe.
The veteran president has ruled Zimbabwe since its 1980 independence. But the inauguration was postponed after his main rival, Prime Minister Morgan Tsvangirai, approached the country’s top court to challenge the poll’s outcome.
According to the law, the court will rule on the case in 14 days and only after that can the new president be sworn in.
Mr. Tsvangirai and his MDC-T party is alleging that several irregularities, including a “manipulated” voters’ roll were used by Mugabe and his party to rig the elections.
But many analysts predict that Mr. Tsvangirai’s efforts to challenge the results will be fruitless as the African Union (AU), the Southern African Development Union (SADC) and many African states have largely endorsed the election and urged all parties to accept the results.
Mr. Tsvangirai, who is demanding an election re-run, said he had prepared a dossier of evidence to support his claims of vote fraud which he will present to SADC and the AU.
Mr. Mugabe warned that Mr. Tsvangirai and his party should be careful in their poll challenge as they may end up exposing themselves. He said after defeat by Tsvangirai’s MDC-T party in 2008 polls, his Zanu-PF party regrouped and strategised on how to reclaim power from the MDC-T.
“After our defeat in 2008, we realised that we were dining with thieves. And now we know and we will never give power to thieves,” Mr. Mugabe said.
The president-elect also promised to revive the economy, particularly in the mining and manufacturing sectors, and to improve working conditions of civil servants and liberation war heroes.
“The Mining Promotion Corporation and an exploration company would be set up to coordinate exploration activities in the country,” he said.
“The exploration company will build an inventory of bankable mining projects,” he said.
He urged Zimbabweans to work for the success of the upcoming UN World Tourism Organisation General Assembly to be co-hosted by the country and Zambia in the coming days.
In the aftermath of the party’s victory in national elections, Mr. Mugabe urged Zimbabweans to direct their energies to the accelerated development of the country and to remain vigilant in safeguarding the country’s national heritage.
(Xinhua/NAN)

Read more...