Thursday, September 10, 2015
Video - World Bank gives Nigeria money to rebuild after Boko Haram attacks
The World Bank is considering a 2.1 billion dollar loan to rebuild infrastructure in the northeast state of Nigeria that has been strongly affected by the Boko Haram insurgency. Boko Haram militants may have destroyed infrastructure worth over a billion dollars in the Nigerian state of Borno, since the group's insurgency began six years ago.
Nigerian military says it has wiped out all Boko Haram camps
The Nigerian military on Wednesday said it has destroyed all known Boko Haram terrorists’ camps and cells in the North East.
The Defence spokesperson, Rabe Abubakar, said this at his maiden news conference, adding that the camps were destroyed by troops operating in the region.
Mr. Abubakar said the terrorists have been “so militarily defeated and weakened” that they can never hold any part of the territory in that part of the country.
He said, “These terrorists have been subdued. Even if they are adopting other means and as they are re-strategising, we are also doing same.”
The defence spokesperson said the military had been coordinating air and ground assault to make sure that terrorists’ hideouts are completely decimated.
“As I am speaking to you, all the terrorists’ camps have completely been wiped out. So, right now they are completely in disarray, having no command and control of where to plan. We have even taken over the camps that most of them have even abandoned their bases and blended within towns and communities,” Mr. Abubakar said.
He also said some of the terrorists had been apprehended.
“We are making a lot of headways and a lot of achievements and people should know that Boko Haram is no longer strong enough to hold ground. Very soon this issue of whether they are in control of any territory in Nigeria or not will come to the open,” he said.
Mr. Abubakar, a colonel, assured Nigerians that no territory in the country will be taken captive by the insurgents.
He also said that significant progress has been made due to various strategies including morale boosting of troops by the chief of army staff, Tukur Burutai.
Mr. Abubakar said, “the issue of desertion, complaints of non-equipment and lack of morale and motivation are now things of the past”.
He noted that emphasis are now placed on credible training and retraining on the sanctity of human rights and protection of the combatants in the battle fields.
Premium Times
The Defence spokesperson, Rabe Abubakar, said this at his maiden news conference, adding that the camps were destroyed by troops operating in the region.
Mr. Abubakar said the terrorists have been “so militarily defeated and weakened” that they can never hold any part of the territory in that part of the country.
He said, “These terrorists have been subdued. Even if they are adopting other means and as they are re-strategising, we are also doing same.”
The defence spokesperson said the military had been coordinating air and ground assault to make sure that terrorists’ hideouts are completely decimated.
“As I am speaking to you, all the terrorists’ camps have completely been wiped out. So, right now they are completely in disarray, having no command and control of where to plan. We have even taken over the camps that most of them have even abandoned their bases and blended within towns and communities,” Mr. Abubakar said.
He also said some of the terrorists had been apprehended.
“We are making a lot of headways and a lot of achievements and people should know that Boko Haram is no longer strong enough to hold ground. Very soon this issue of whether they are in control of any territory in Nigeria or not will come to the open,” he said.
Mr. Abubakar, a colonel, assured Nigerians that no territory in the country will be taken captive by the insurgents.
He also said that significant progress has been made due to various strategies including morale boosting of troops by the chief of army staff, Tukur Burutai.
Mr. Abubakar said, “the issue of desertion, complaints of non-equipment and lack of morale and motivation are now things of the past”.
He noted that emphasis are now placed on credible training and retraining on the sanctity of human rights and protection of the combatants in the battle fields.
Premium Times
Wednesday, September 9, 2015
Video - New Super Eagles coach Sunday Oliseh records first win
Ahmed Musa opened the scoring with a penalty 10 minutes in before Moses Simon bagged his first international goal.
Nigeria claimed the first win of Sunday Oliseh's tenure on Tuesday as they saw off Niger in a 2-0 friendly victory at the Adokiye Amiesimaka Stadium.
Former Eagles ace Oliseh took charge in July and saw his spell at the helm get off to a disappointing start with a goalless draw against Tanzania earlier this month.
However, CSKA Moscow man Ahmed Musa struck from the spot before Moses Simon wrapped up the friendly win in Port Harcourt with his first Nigeria goal.
Musa carried Nigeria's main threat early on, testing Daouda Kassaly with a shot from distance before Anthony Ujah caused the visitors' defence more serious problems, earning a penalty 10 minutes in.
That was duly dispatched by Musa, but Nigeria struggled to consolidate their advantage until seven minutes from time when substitute Simon put the game to bed.
Having replaced Musa shortly after the hour, Simon latched onto a sloppy clearance to beat Kassaly with a fierce drive from inside the area, opening his international account in the process.
Oliseh's men now turn their attentions to their African Nations Championship first-round play-off with Burkina Faso in October.
GOAL
Nigeria to be removed from JP Morgan Emerging-Market Bond Index
JPMorgan Chase & Co. has excluded Nigeria from its local-currency emerging-market bond indexes tracked by more than $200 billion of funds, after restrictions on foreign-exchange transactions prompted investor concerns about a shortage of liquidity.
The first phase of removing Africa’s biggest economy from the Government Bond Index-Emerging Markets, or GBI-EM, will take place at the end this month followed by a full exit by the end of October, the New York-based lender said in a statement sent to Bloomberg on Tuesday by spokesman Patrick Burton.
Nigeria’s central bank under Governor Godwin Emefiele introduced several foreign-exchange trading restrictions from December to stem the drop of the naira amid weaker oil prices. The country is Africa’s largest producer of crude, which accounts for about 90 percent of exports and two-thirds of government revenue. JPMorgan placed Nigeria on index watch in January, saying the foreign-exchange measures made it more difficult for foreign investors to replicate the gauges.
Currency Reaction
The country will “lose a significant chunk of regular portfolio inflows,” Gareth Brickman, a market analyst at ETM Analytics NA LLC in Stamford, Connecticut, said in a e-mailed note on Wednesday, estimating that more than $3 billion of Nigerian bonds will need to be sold. “The pressure will most certainly be back on the bank to allow the official naira rate to be at a lower, more sustainable level. Whether this comes with a more liberalized foreign-exchange regime is now anyone’s guess.”
Nigeria will not be eligible for re-entry for at least 12 months from the date of exclusion, JPMorgan said. The country has a 1.5 percent weighting in the biggest GBI-EM index, which is tracked by $183.8 billion of funds, according to the bank.
“Investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” JPMorgan said in the statement. “As a result, Nigeria will be removed.”
The naira weakened 20 percent to a record low of 206.32 per dollar in the year through Feb. 12. Extra curbs introduced by Emefiele after that slashed trading in the interbank market and have seen the currency stabilize at an average of 198.93 since the beginning of February.
“We would like to strongly disagree with the premise and conclusions upon which the decision rests,” Ibrahim Mu’azu, a spokesman for the Abuja-based central bank, said in a statement on Tuesday.
Nigeria has already introduced an order-based, two-way foreign-exchange market to stabilize the naira and limit speculation, according to the statement.
“Despite these positive outcomes, JPMorgan would prefer that we remove this rule; even though it is obvious that doing so would lead to an indeterminate depreciation of the naira,” Mu’azu said.
Emefiele repeatedly said that Nigeria wanted to remain in the indexes and that there’s enough liquidity in the currency market for foreigners to buy and sell naira bonds. Average yields on those securities rose 11 basis points to 16.04 percent on Sept. 7, the highest among 18 countries included in the GBI-EM indexes, according to data compiled by Bloomberg.
‘Big Blow’
“This will place additional pressure on the currency and even more upward pressure on domestic yields,” Stephen Bailey-Smith, head of Africa strategy at Standard Bank Group Ltd., said by phone from London.
JPMorgan included Nigeria in the GBI-EM in October 2012 after Emefiele’s predecessor, Lamido Sanusi, removed a rule that foreign buyers of naira bonds had to hold them for at least a year. Foreign holdings of the country’s local debt surged as a result to a peak of about $11 billion in 2013 before falling to $3 billion today, Samir Gadio, head of Africa strategy at Standard Chartered Plc., said by phone from London.
The exclusion hurts Nigeria just as President Muhammadu Buhari, in power since May, prepares to announce his cabinet, according to Ronak Gopaldas, head of country risk at Rand Merchant Bank. Buhari said he would have ministers in place by the end of the month.
“The move is a big blow to the country’s prestige and will result in negative market sentiment and capital outflows,” Johannesburg-based Gopaldas said in an e-mailed response to questions. “The performance of the currency, stock market as well as yields on the country’s debt are all expected to be adversely affected.”
Bloomberg
The first phase of removing Africa’s biggest economy from the Government Bond Index-Emerging Markets, or GBI-EM, will take place at the end this month followed by a full exit by the end of October, the New York-based lender said in a statement sent to Bloomberg on Tuesday by spokesman Patrick Burton.
Nigeria’s central bank under Governor Godwin Emefiele introduced several foreign-exchange trading restrictions from December to stem the drop of the naira amid weaker oil prices. The country is Africa’s largest producer of crude, which accounts for about 90 percent of exports and two-thirds of government revenue. JPMorgan placed Nigeria on index watch in January, saying the foreign-exchange measures made it more difficult for foreign investors to replicate the gauges.
Currency Reaction
The country will “lose a significant chunk of regular portfolio inflows,” Gareth Brickman, a market analyst at ETM Analytics NA LLC in Stamford, Connecticut, said in a e-mailed note on Wednesday, estimating that more than $3 billion of Nigerian bonds will need to be sold. “The pressure will most certainly be back on the bank to allow the official naira rate to be at a lower, more sustainable level. Whether this comes with a more liberalized foreign-exchange regime is now anyone’s guess.”
Nigeria will not be eligible for re-entry for at least 12 months from the date of exclusion, JPMorgan said. The country has a 1.5 percent weighting in the biggest GBI-EM index, which is tracked by $183.8 billion of funds, according to the bank.
“Investors who track the GBI-EM series continue to face challenges and uncertainty while transacting in the naira due to the lack of a fully functional two-way FX market and limited transparency,” JPMorgan said in the statement. “As a result, Nigeria will be removed.”
The naira weakened 20 percent to a record low of 206.32 per dollar in the year through Feb. 12. Extra curbs introduced by Emefiele after that slashed trading in the interbank market and have seen the currency stabilize at an average of 198.93 since the beginning of February.
“We would like to strongly disagree with the premise and conclusions upon which the decision rests,” Ibrahim Mu’azu, a spokesman for the Abuja-based central bank, said in a statement on Tuesday.
Nigeria has already introduced an order-based, two-way foreign-exchange market to stabilize the naira and limit speculation, according to the statement.
“Despite these positive outcomes, JPMorgan would prefer that we remove this rule; even though it is obvious that doing so would lead to an indeterminate depreciation of the naira,” Mu’azu said.
Emefiele repeatedly said that Nigeria wanted to remain in the indexes and that there’s enough liquidity in the currency market for foreigners to buy and sell naira bonds. Average yields on those securities rose 11 basis points to 16.04 percent on Sept. 7, the highest among 18 countries included in the GBI-EM indexes, according to data compiled by Bloomberg.
‘Big Blow’
“This will place additional pressure on the currency and even more upward pressure on domestic yields,” Stephen Bailey-Smith, head of Africa strategy at Standard Bank Group Ltd., said by phone from London.
JPMorgan included Nigeria in the GBI-EM in October 2012 after Emefiele’s predecessor, Lamido Sanusi, removed a rule that foreign buyers of naira bonds had to hold them for at least a year. Foreign holdings of the country’s local debt surged as a result to a peak of about $11 billion in 2013 before falling to $3 billion today, Samir Gadio, head of Africa strategy at Standard Chartered Plc., said by phone from London.
The exclusion hurts Nigeria just as President Muhammadu Buhari, in power since May, prepares to announce his cabinet, according to Ronak Gopaldas, head of country risk at Rand Merchant Bank. Buhari said he would have ministers in place by the end of the month.
“The move is a big blow to the country’s prestige and will result in negative market sentiment and capital outflows,” Johannesburg-based Gopaldas said in an e-mailed response to questions. “The performance of the currency, stock market as well as yields on the country’s debt are all expected to be adversely affected.”
Bloomberg
Nigeria President Muhammadu Buhari considering closing some Nigerian embassies
Nigeria could see a reduction in its foreign missions after President Muhammadu Buhari on Tuesday ordered a review of the country's diplomatic postings overseas.
A presidential committee will look at "the number of essential missions Nigeria needs to maintain abroad so that appropriate standards and quality can be maintained", a statement from his office said.
Buhari, 72, took over as head of Africa's biggest economy and most populous nation in May and is keen to tighten government spending to reduce a yawning deficit caused by a slump in global oil prices.
He said the need for some of the missions was "questionable" and asked whether keeping embassies and consulates "with dilapidated facilities and demoralised staff" was wise.
No specific missions were mentioned.
"Let's keep only what we can manage. We can't afford much for now. There's no point in pretending," he said after meeting senior foreign ministry officials in the capital, Abuja.
Buhari has built a reputation as a no-nonsense campaigner against corruption and has sought to crack down on excesses that have built up over the years in government and state-run companies.
In June, the president vowed to "restore sanity to the system" after claiming the previous administration had left the treasury "virtually empty" through graft and mismanagement.
He also said on Tuesday action would be taken against former government ministers and others using diplomatic and official passports illegally.
"Something has to be done so that we can get back our respectability as a country," he said.
"Some people carry official passports and get involved in all sorts of negative acts. We need to do something about it."
AFP
A presidential committee will look at "the number of essential missions Nigeria needs to maintain abroad so that appropriate standards and quality can be maintained", a statement from his office said.
Buhari, 72, took over as head of Africa's biggest economy and most populous nation in May and is keen to tighten government spending to reduce a yawning deficit caused by a slump in global oil prices.
He said the need for some of the missions was "questionable" and asked whether keeping embassies and consulates "with dilapidated facilities and demoralised staff" was wise.
No specific missions were mentioned.
"Let's keep only what we can manage. We can't afford much for now. There's no point in pretending," he said after meeting senior foreign ministry officials in the capital, Abuja.
Buhari has built a reputation as a no-nonsense campaigner against corruption and has sought to crack down on excesses that have built up over the years in government and state-run companies.
In June, the president vowed to "restore sanity to the system" after claiming the previous administration had left the treasury "virtually empty" through graft and mismanagement.
He also said on Tuesday action would be taken against former government ministers and others using diplomatic and official passports illegally.
"Something has to be done so that we can get back our respectability as a country," he said.
"Some people carry official passports and get involved in all sorts of negative acts. We need to do something about it."
AFP
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