Monday 30 November 2020

NIGERIA ECONOMY RECESSION 2020

 

Nigeria economy has slipped into recession having contracted a real GDP of -6.1% and -3.6% in 2nd and 3rd Quarters 2020 respectively, from National Bureau of Statistics (NBS) November 21, 2020.

This is being attributed to the effects of the widespread drop in spending as a result of decline in economy activities due to lockdowns, disruptions in global supply chains, business failures, flood, weaker currency, herder-farmer clashes and rising unemployment.

Inflation is also on the high side with the current measuring 14.23% in October 2020, 13.71% in September 2020, 8.06% in 2014, 9.01% in 2015, 15.68% in 2016 & 16.52% in 2017 (recession years), 12.09% in 2018, 11.40% in 2019 (Consumer Price Index CPI of NBS)


The current trend can be changed through expansionary macroeconomics policies of increased money supply, increased government spending, decreasing taxation and disciplined government spending (please add your own).

Although, a prolonged recession leads to depression, the ongoing recession in Nigeria is believed would be a short one going by the resumption in economic activities as the economy is being opened. For instance, Q2 GDP was -6.1% and Q3 GDP was -3.6%.

It must be noted that Japan, the 3rd world economy slipped into recession April/May 2020 having contracted a real GDP of 3.4% from January to March 2020, mainly due to the effect of COVID-19 impact on economic activities.

According to TheCable, other countries experiencing recession are: USA, UK, India, Brazil, Russia, South Africa, Austria, Germany, Switzerland, Belgium, Canada, Denmark, Estonia, Finland, Hungary, Ireland, Italy, Latvia, Lithuania, Mexico, Netherlands, Norway, Romania, Spain, Peru, Turkey, Israel, Poland, Czech Republic, Thailand, Singapore, Malaysia, South Korea, Australia, Portugal, France, Indonesia and Hong Kong.

Sunday 7 January 2018

FIRE GUTS SAIPEM CAMP, WRPC WARRI, AGAIN!

Wednesday, January 3, 2017 was a sad day for some residents of NNPC owned Saipem Camp, located opposite the Warri Refining and Petrochemical Company (WRPC), Ekpan-Warri, Delta State, Nigeria.


The fire incident was said to have either caused by someone who was carelessly using an electric cooking stove or power surge at the apartment of an occupant. The occupant was said to have failed to contain the fire and also failed to raise timely alarm.


The fire started around the mid-day and raged heavily till around 4pm. It destroyed no fewer than 20 fabricated buildings. Although no life was lost, the residents, who are majorly Army Officers, Police Officers, the SSS, etc, their families an other civilian lodgers, were affected by the fire as their properties worth millions of naira and vital documents, were lost to the inferno.



A portion of Fidelity Bank was also badly affected by the fire, the bank's remaining structure was saved by the Fire Service Operators which later arrived the scene after the incident.


Office, documents and items of the NNPC Staff Refinery Multipurpose Cooperative Society was also razed down by the inferno, because it was housed by in one of the fabricated buildings.


ALL NEWS gathered that, the fire triggered some gun self-discharge from some apartments belonging to Armies and Policemen, and further scared sympathizers from efforts to rescue some properties and contain the fire. The late arrival of Fire Services was also said to have caused the fire to spread beyond control.


There was similar incidence of such fire on April 27, 2009


As at the time of filling this report, there was yet an official statement from NNPC, whether investigation to unravel the root cause of the fire has commenced and efforts to prevent future occurrences are being put in place.



Wednesday 8 February 2017

SPEED LIMITERS’ ENFORCEMENT; FRSC COMPLICATING NIGERIANS WOES- Drivers Lament




The deadline for the Federal Road Safety Commission to commence the enforcement of the speed limiting devise for every vehicle in Nigeria has began on February 1, 2017, beginning first with the commercial vehicles.
Speed Limiting Devices are fixed mechanically or electrically to the vehicle engine management functions. It relies on data received from sensors that supply “road speed” information to the primary board - thereby signaling the requirement to restrict ‘specific’ engine management performance.
“You cannot exceed the pre-set speed limit of your car in case of emergency; you can only use defensive driving techniques”, answered FRSC on the FAQ in the Commissions Website.
When fully operational, below will be the speed limits (highest speed) of vehicles in Nigeria;
Commercial Vehicles – 90km/hr
Truck/Lorry – 60km/hr
Private vehicles – 100km/hr
Although the enforcement has began, and most of the commercial vehicles caught are still being shown mercy, at the discretion of the officers on duty; many commercial vehicle owners and the general vehicle owners across the country are crying out that introduction of the devise would bring more economic hardship to them rather than the road accident reduction it intends to curtail.


The FRSC boss, Boboye Oyeyemi in a recent chat, appreciated the National Assembly for giving the initiative the necessary supports. He was satisfied that the implementation would greatly reduce road crashes on Nigeria roads by 65%.
The price of this devise is being rumoured to be from N40,000 and thereabout, and this price depends on market forces and the accredited marketer/technician who will install the devise on your vehicle.
However, commercial vehicle owners are appreciating the development, but complaining that the initiative is insensitive to the plight of Nigerians.
One Commercial driver simply identified as Great corroborated the views of his colleagues, saying,” five thousand naira is okay for the device but forty thousand naira is too much, especially at this time. We can’t afford it. I have maintenance of my vehicle and family to take care of. If they insist, many of us will park our vehicles. That forty thousand naira should be for flashy cars not commercial drivers.”
Mr. Godwin, who shuttles Warri and Port Harcourt said, “if they force us to install the device, we too will increase the price for the commuters, it is as if this government is just looking for a way to kill us. That was how they forced us to buy new plate numbers with Nigeria map inside, two years ago, they are just making money from our head because nobody to fight for the common man”.
The Chaiman of Uvwie Central Motor Park NURTW, Comrade Francis Arhiyo also bared his mind on the development during a recent chat the DAILY Post.
Arhiyo stated that the NURTW and Commercial drivers are not comfortable with the development and cannot afford the device at an exorbitant rate of forty thousand naira due to the harsh economic condition of the country.
Arhiyo noted that the commercial drivers were ready to comply with the FRSC directives as ” It’s a welcome development” but warned that the commercial drivers should not be coerced into purchasing the device.
” You cannot tell a driver who ply the road from here to Benin, Sapele, Ore to come and buy speed limit device of forty something thousand naira. It is not done. If they are talking about five, ten thousand naira, I think it will be welcomed. But for that amount, I think it is on the high side for my drivers to comply with. They should bring it down so that it will be convenient for them to purchase.
” As at the day before yesterday, we had a complaint from one of my drivers that on their way to Ore, FRSC blocked the road asking for this speed limit device and the amount is on the high side. They should bring it down so that it will be convenient for them to purchase.”
Arhiyo stated that no commercial vehicle has been impounded by the FRSC yet, just as he claimed that the private motor parks have not also complied with the directives.

Saturday 17 December 2016

SEE DATES OF BIRTHS AND AGES OF NIGERIAN GOVERNOR, PRESIDENT AND VP?

As President Muhammadu Buhari marks 74th Birthday today, I feel like bringing to you the date of birth and age of all the 36 State Governors in Nigeria, the President and the Vice President.


ELIGIBILITY OF GOVERNORS: A person shall be eligible for the office of Governor if he or she is a citizen of Nigeria by birth, at least 35 years of age, is a member of a political party and is sponsored by that political party. The constitution limits state governors to only two four-year terms in office.


ELIGIBILITY OF PRESIDENT: A person shall be eligible for the office of President if he or she is a citizen of Nigeria, at least 40 years of age, is a member of a political party and is sponsored by that political party. The constitution limits the President to only two terms of four years each in office.


S/NO
STATE
GOVERNORS
DATE OF BIRTH
AGE
1
Abia State
Okezie Ikpeazu
18-Oct-64
52
2
Adamawa State
Jibrilla Bindow
16-Jun-63
53
3
Akwa Ibom State
Udom Gabriel Emmanuel
11-Jul-66
50
4
Anambra State
Willie Obiano
8-Aug-55
61
5
Bauchi State
Abubakar Mohammed
11-Dec-56
60
6
Bayelsa State
Seriake Henry Dickson
28-Jan-66
50
7
Benue State
Samuel Ortom
23-Apr-61
55
8
Borno State
Kashim Shettima
2-Sep-66
50
9
Cross River State
Prof. Benedict Ayade
2-Mar-69
47
10
Delta State
Ifeanyi Okowa
8-Jul-59
57
11
Ebonyi State
Dave Umahi
1-Jan-64
52
12
Edo State
Godwin Obaseki
… ... ...
57
13
Ekiti State
Ayo Fayose
15-Nov-60
56
14
Enugu State
Ifeanyi Ugwuanyi
20-Mar-64
52
15
Gombe State
Ibrahim Hassan Dankwambo
4-Apr-62
54
16
Imo State
Owelle Rochas Okorocha
22-Sep-62
54
17
Jigawa State
Badaru Abubakar
29-Sep-62
54
18
Kaduna State
Nasir Ahmad el-Rufai
16-Feb-60
56
19
Kano State
Abdullahi Umar Ganduje
25-Dec-49
67
20
Katsina State
Aminu Bello Masari
29-May-50
66
21
Kebbi State
Abubakar Atiku Bagudu
26-Dec-61
55
22
Kogi State
Yahaya Bello
18-Jun-75
41
23
Kwara State
Abdulfatah Ahmed
29-Dec-63
53
24
Lagos State
Akinwunmi Ambode
14-Jun-63
53
25
Nasarawa State
Umaru Tanko Al-Makura
… Aug-52
64
26
Niger State
Abubakar Sani Bello
17-Dec-67
49
27
Ogun State
Ibikunle Oyelaja Amosun
25-Jan-58
58
28
Ondo State
Olusegun Rahman Mimiko
3-Oct-54
62
29
Osun State
Rauf Aregbesola
25-May-57
59
30
Oyo State
Isiaka Abiola Ajimobi
16-Dec-49
67
31
Plateau State
Simon Lalong
5-May-63
53
32
Rivers State
Ezenwo Nyesom Wike
13-Dec-67
49
33
Sokoto State
Aminu Waziri Tambuwal
10-Jan-66
50
34
Taraba State
Arch. Darius Ishaku
30-Jul-54
62
35
Yobe State
Ibrahim Geidam
15-Sep-56
60
36
Zamfara State
Abdul-Aziz Yari Abubakar
1-Jan-69
47
 ...
 ...
 ...
... 
... 
 
President
Mohammadu Buhari
17-Dec-42
74
 
Vice President
Prof Yemi Osinbajo
8-Mar-57
59