UK to assist Nigeria on trade balance – Envoy

 

The British High Commissioner to Nigeria, Richard Montgomery has pledged the UK government’s commitment toward creating a balance of trade with Nigeria.

Montgomery made the pledge in an interview with the News Agency of Nigeria (NAN) in Abuja in the course of his visit to the Managing Director of the agency.

Trade balance is the difference between the value of exports and the value of imports of a country.

If exports exceed imports then the country has a trade surplus and the trade balance is said to be positive.

But if imports exceed exports, the country has a trade deficit and its trade balance is said to be negative

The British envoy, therefore, said that exploring oil alone would not create adequate jobs for Nigerians.

He said that exploring the abundant opportunities in agriculture through investment in the sector would improve quality and productivity as well as create job opportunities.

According to him, the exportation of agricultural produce will improve diversification and the livelihoods of Nigerians thus helping to achieve a positive trade balance.

“That is where we get a win-win. What is in your interest is in our own interest as well.

“The present economic challenge is difficult; it is a tough time already with a lot of inflation and unemployment in Nigeria.

“One upside of the recent change in the foreign exchange policy is the recent devaluation of the naira. Nigeria has now suddenly become very much competitive in the international market.”

He commended the decision by President Bola Tinubu’s administration to revive the nation’s economy to have provided Britain the opportunity to grow its trade, investment, and economic relations.

He said Britain would back Nigeria’s economic reforms to ensure success and build on its economic relations to boost the trade balance between the two countries.

“Years ago, the UK bought more oil from Nigeria and the trade balance might have been the other way.“But I think the UK buys less oil from Nigeria now. Nigeria’s oil is going to other countries.

“This brings me to the key question which is, what is the content of your export?

“We would like to help provide export opportunities for Nigerian businesses to the UK, partly as a component of your diversification strategy.

“Nigeria has done a fantastic job to diversify its economy, particularly in the South West of the country.

“I think there are lots of high-end and high-value potential in the creative industry, the artistic areas, and services.

“There is an opportunity for Nigeria in the future to develop goods and services that can be exported based on the digital economy with abundant agricultural land if committed to national standards on export.”

The Managing Director, News Agency of Nigeria, Buki Ponle (2nd left), British High Commissioner to Nigeria, Richard Montgomery (middle), Editor-in-Chief, NAN, Silas Nwoha (left), Managing Editor, NAN, Ephraims Sheyin (2nd right), and Muftau Ojo, Special Assistant to the NAN MD, Special Duties (left) pose for a picture when the British envoy visited the managing director in Abuja.

Montgomery stated that the UK recently inaugurated a new policy known as the Developing Countries’ Trading Scheme, which has been of immense benefit to Nigeria as it removed tariffs on lots of products from Nigeria.

“It is not huge, but significant and it is one of the most generous trade agreements from a wealthier G7-type country and Nigeria is one of the key potential beneficiaries. So that is the first step.

“There are other things we need to do because it is not just about tariffs, it is about exporters knowing how to export; who they can partner with in the UK, and whether they can meet the standards.

“We have put in place the Great Gate, an online one-stop-shop to give advice and we are hoping to help potential Nigerian exporters understand regulatory and quality issues that will enable them to export to the UK.u

“We will take the next step and enhance trade and investment.

“We have some work going on between the British Standard Institute and the Standard  Organisation of Nigeria, we want to make sure both sides understand each other’s regulations.

“This will also help exporters get the certification they need to export to the UK and also import from the UK.

“There is huge potential in the agricultural sector, particularly products such as cocoa, sesame and cashew.

“These types of products have huge demand in the UK, but lots of them come from Ghana and not from Nigeria.

“It is clear that Nigeria can do it. All we need to do is to smoothen the other to enable that export.

“We have an economic dialogue but we would like to convert that into an enhanced trade and investment partnership, and that will provide a basis to take forward this issue of greater trade.

“We can do more trade both ways and grow trade volume, but we also want a different quality of diversified trade and if we can hone Nigeria’s export potential, it would create more jobs and livelihoods.” (NAN)

Advertise with us /Share your article : Whatsapp: +2348146532265, Email: transviewmagazine@gmail.com

Security: I-G meets Squadrons Commanders on Monday

The Acting Inspector-General of Police (I-G), Mr Olukayode Egbetokun, has scheduled a meeting with the 79 Police Mobile Force Squadrons Commanders to brainstorm on his new operational strategies.

This is contained in a statement issued by Force Public Relations Officer, CSP Olumuyiwa Adejobi on Sunday in Abuja.

He said the meeting will hold on Monday at the Force Headquarters, Abuja

Adejobi said the meeting is to update the commanders on new operational strategies for improved training, deployments and enhanced tactical engagements for better public safety and general security in the country.

He said the I-G had pledged to improve the general security of lives and property in all ramifications.

“The I-G has reiterated the commitment of the Nigeria Police Force, under his watch, to attain its primacy in the internal security architecture of Nigeria

“In furtherance of his vision and painstaking drives to achieve his goals, the I-G will be meeting with Commanders of the Police Mobile Force Squadrons Commanders on Monday,”he said.

Adejobi however noted that I-G had also said the present leadership of the force had outlined an array of policing approaches that would be of immense importance to public safety. Source (NAN)

Advertise with us /Share your article : Whatsapp: +2348146532265, Email: transviewmagazine@gmail.com

OYO PMS: Makinde insists on peace in the state

 The former chairman of the Oyo State Parks and Garages Management System (PMS) Mukaila Lamidi aka Auxiliary has pledged his readiness and those of his supporters to support and toe the peace line agreed to by the joint meeting of the road workers unions held at the instance of the Oyo State government at the House of Chiefs in lbadan.

Auxiliary, who spoke today on telephone monitored on Fresh Fm.radio program from his hiding as he had earlier fled after he was declared  wanted by the operative for the violence unleashed on attendees  at the lkolaba governor Makinde's  residence meeting to foster peace among factions of the road workers unions.

Stakeholders who attended the peace meeting at the House of Chiefs that included Alh. Gbolagade Akinsola Tokyo  , Alh. Kasali  Ajisafe Lawal, Alh. Abideen Olajide (Ejiogbe) Alh. Were from NURTW, Road Transport Employers Association of Nigeria ( RTEAN) and representatives of tricycles and motorcycles (okada) riders, pledged their total commitment to a peaceful existence of the difference factions operating in peaceful atmosphere free of rancour..

That Lamidi spoke from hiding proved that he  has realize how feeble and weak his violence stance could be the unwinning fomula in his present dillema.

He cannot win. He should surrender to the police.

The  communique issued at the all stakeholders peace meeting agreed that the state government must set up a technocrat body to supervise the working of the joint committee set up to foster peaceful coexistence and effective  delivery of life improving service in the transportation sector of economy in the state.

   . 

Google Expands Flood Alerts to 80 Countries

Google announced the expansion of its Flood Hub platform to cover 80 countries worldwide, including the addition of 8 new countries in Africa. To date, 23 African countries are on the Flood Hub. This expansion comes as part of AI-enabled efforts to address the devastating impacts of floods and provide critical support to vulnerable communities. 

The Flood Hub platform now offers forecasts of up to 7 days in advance, for the benefits of over 460 million people globally. This expansion will extends the reach of Flood Hub's valuable services to countries such as Brazil, Nigeria, Pakistan and Thailand.

The Flood Hub platform has been available in several African countries prior to this expansion, including Angola, Burkina Faso, Cameroon, Chad, Democratic Republic of Congo, Ghana, Guinea, Ivory Coast, Liberia, Malawi, Namibia, Nigeria, Sierra Leone, South Sudan, South Africa, and now, with the expansion, it encompasses 60 additional countries. The new countries include Burundi, Eswatini, Guinea Bissau, Lesotho, Madagascar, Rwanda, Senegal, and Zimbabwe. The inclusion of these countries will ensures a broader range of African communities facing high flood risk and extreme weather conditions can benefit from Flood Hub's accurate and timely flood forecasting services.

Floods claim tens of thousands of lives and cause billions of dollars in damages each year across the world. Their impacts are particularly severe in low-resource regions that often lack effective early warning systems. By equipping governments, aid organizations, and individuals with advanced flood forecasting tools, Flood Hub empowers communities to take proactive measures and make informed decisions to reduce the devastating effects of floods.

To further enhance flood preparedness, Google is expanding flood alerts through Search and Maps notifications, ensuring that individuals have convenient access to timely and critical flood information. This expansion aims to empower more people to take necessary precautions and safeguard lives and property.

"We recognize the significant impact that floods have on communities worldwide, especially in regions with limited resources and vulnerable populations," said Yossi Mattias, VP Engineering & Research and Crisis Response Lead. "We are committed to expanding the reach of the Flood Hub platform to support these communities and provide accurate flood forecasting that can help save lives and protect livelihoods."

Since 2019, nonprofit organizations have been working with Google.org to establish offline alerting networks, acknowledging the limited access to cell phones or the internet in some communities. These networks are designed to leverage trained and trusted community volunteers who play a crucial role in amplifying the reach of Flood Hub's warnings. As a result, even individuals without digital connectivity are able to receive life-saving flood alerts, ensuring their safety during times of crisis.

UK court sentences Ekweremadu to 10 years in prison

The Old Bailey on Friday, May 5th, sentenced former Deputy Senate President of Nigeria Ike Ekweremadu to nine years and eight months in prison over an organ trafficking plot, BBC Pidgin reported.

The United Kingdom court also sentenced Ekweremadu's wife, Beatrice, to four years and six months while the doctor who assisted them, their medical 'middleman' Dr Obinna Obeta, bagged 10 years jail term, and the court also suspended his medical license.

 Ike Ekweremadu with his wife  Photo credit: Ike Ekweremadu Source: Facebook

This verdict is coming after the court convicted Ekweremadu, his wife and Obeta in March 2022 over the organ-trafficking plot, noting the couple and the doctor brought one 21-year-old man to the UK from Lagos.

The court convicted Senator Ike Ekweremadu, 60, his wife Beatrice, 56, and Dr Obinna Obeta, 50, saying they conspired to exploit the man for his kidney, in the first of such case under modern slavery laws.

 The Old Bailey, a central criminal court in the United Kingdom (UK), was set to deliver a verdict today in the landmark case involving Ekweremadu, his wife, Beatrice and Dr Obeta, who were convicted for organ trafficking in March.

This verdict is the first of its kind in the UK criminal court system.

Earlier, the International Human Rights Commission (IHRC) appealed to the Government of the United Kingdom for leniency in the sentencing of Ekweremadu, alongside his wife Beatrice and Dr Obinna Obeta.

Ambassador at Large and Head of Diplomatic Mission to the Federal Republic of Nigeria, H.E. Ambassador (Dr.) Duru Hezekiah said Ekweremadu is a patriotic Nigerian who has served the Nigerian Senate thrice since 2003.

S/Court nullifies naira policy, says old notes valid till Dec 31

The Supreme Court has put to rest the controversies and confusion over the Central Bank of Nigeria (CBN)'s naira redesign policy.

Today. The Supreme Court  invalidated the naira redesign policy.

The court made the declaration  while delivering judgment in a suit instituted by three states of the federation.

A seven-member panel of the apex court held that the old N200, N500 and N1000 remain valid legal tender until December 31, 2023.

Some state governors had dragged the federal government to the apex court as Nigerians suffer the effect of the policy.

Supreme Court  judgement on the CBN's Naira redesign policy today, Friday, March 3. Photo credits: PIUS UTOMI EKPEI/AFP, Olukayode Jaiyeola/NurPhoto Source: Getty Images

At least three state governors, Nasir El-Rufai of Kaduna , Yahaya Bello of Kogi and Zamfara State Governor, Bello Matawalle who  also arrived the Supreme Court for the crucial verdict are present in the court.

Advertise with us /Share your article : Whatsapp: +2348146532265, Email: transviewmagazine@gmail.com

Top Nigerian banks downgraded by Moody's rating agency

 

Moody’s Investors Service, an International rating agency had devalued nine banks in Nigeria following its downward review of the country’s rating last week.

 Credit: Damina Source: Getty Images

The agency downgraded the nine banks from B3 to Caa1, the long term deposit ratings, issuer ratings as well as the senior unsecured debt ratings, according to a statement by the Moody on Tuesday, January 31, 2023.

 Moody’s also changed the banks’ outlook on the long term deposit ratings; issuer ratings as well as senior unsecured debt ratings.

The New York-based agency stated that the devaluation of the the long term ratings of the banks shows a combination of two reasons - the weakening operating environment, reflected in the agency’s rating of Nigeria’s economy from ‘Very Weak to Very Week+, and the link between country’s creditworthiness from B3 Caa1 and the banks balance sheets based on their holdings of sovereign debt securities.Per the statement by Moody’s, the revised Macro profile for Nigeria reflected its expectation that depressed and uncertain oil production outflows in the face of flight to quality and government’s expenses will be affected.

Moody’s rating comes amid report that fraud from payment channels in Nigerian banks have surged by 208 per cent in three months.

The total amount of money lost to fraudulent transactions and activities in Nigeria has increased in the three months ending September 2022.

The report courtesy of the Financial Institutiosn Training Centre (FIITC) stated that the amount increased from N1.2 billion in previous quarter to to N3.6 billion in the third quarter and the amount involved went up to N9.62 billion.

The report said:

“There was an increase reported in both the total amount involved in and the actual or expected amount lost to fraudulent activities,” it said.

The e-naira is the primary source of fraud within the banking system, adding that there was sustained increase in the amount lost in bank braches, according to a report by Businessday.

Other channels of fraud in the banks are PoS, ATMs, Web and Mobile bank apps.

Breaking down the report, FIITC said fraud from ATMs accounted for N222 million, bank fraud increased to N3,71 billion, mobile fraud N1.67 billion and PoS accounted to N393 million.

The bank customer deposits by top banks in Nigeria grew by 33.53 per cent to N49 trillion in the first nine months of 2022 from N37 trillion in the year before, data extracted from the Nigerian Exchange Group reveals.

A BusinessDay report on listed banks on Nigerian Exchance Limited shows that Access Holdings, Ecobank Transnational Incorporated, Zenith Bank, UBA, First Bank FCMB, Union Bank and Sterling Bank reported the highest value of customer deposits in the first nine months of 2022.

Top Nigerian lenders are competing to attract about N2.7 trillion outside the formal sector, leveraging the six weeks window provided by Central Bank of Nigeria (CBN) to replace old naira notes.

Advertise with us /Share your article : Whatsapp: +2348146532265, Email: transviewmagazine@gmail.com

Osun Tribunal:lNEC speaks on Osun governorship election petition BVAS Server Report

  Following the ruling of the Osun state governorship election petition tribunal and the discrepancy that followed the Bimodal Voter Accreditation System (BVAS), the Independent National Electoral Commission (INEC) has spoken.

The tribunal sacked Governor Ademola Adeleke of the Peoples Democratic Party (PDP) after removing over-voting and adding new votes for Gboyega Oyetola of the All Progressives Congress.

 Photo Credit: Gboyega Oyetola, Ademola Adeleke Source: Twitter

Oluwole Osaze-Uzzi, a former director of the Voter Education and Publicity of INEC, disclosed this on Monday, January 30 while speaking on the Channels Television Programme, Sunrise Daily.According to him, the discrepancy should not have come up in the 2022 governorship election in Osun state.

According to Osaze-Uzzi, a certified copy of the initial server report was obtained by the APC before the transmission of the initial data report by the BVAS hardware.

He also pointed out that the tribunal ruling was not a unanimous judgment.

He said:

“The second [tribunal] member – the honourable justice who dissented from his two colleagues – said, ‘I would rather use the primary source of this information, and the primary source of this data is actually the machine itself,'” the INEC official said.

“It is basically a computer. So, rather than go to the server where it transmitted data, I would use the printout from the machine itself.

Earlier reports has it that Gboyega Oyetola of the APC has been declared the authentic winner of the July 2022 Osun governorship election at the tribunal on Friday.

Oyetola, who is often referred to as Baba Jeje, was seen taking new dance steps with some traditional vibes.

The APC chieftain's mood was seen immediately after the tribunal sacked Governor Ademola Adeleke of Osun state.

Advertise with us /Share your article : Whatsapp: +2348146532265, Email: transviewmagazine@gmail.com