SMILE Unveils 0702SMILE 4GLTE SIM, Brand Ambassador

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13/10/2016

Godfrey Efeurhobo MD/CEO Smile Communications

Smile Communications Nigeria limited has further pushed the notch of differentiation by giving practical expression to its status as an innovative full telecommunications services provider.

The company which has always had a valid number range and can do voice just like any other Mobile Network Operator has been misconceived by some as an Internet Service Provider (ISP).

However, Smile is the first Telecommunications service provider in West Africa to deploy the 4G LTE that enables it to provide the most advanced telecommunications technologies and standards available anywhere in the world using the 4G LTE network technology.

Its launch of the true 4G LTE network in Nigeria and indeed in West Africa in 2013 revolutionized the way Nigerians access the Internet.

Smile Nigeria, as noted by Godfrey Efeurhobo, the company’s Managing Director, in the recent past has unveiled a number of innovative Voice and Data services and is reinforcing its 0702 number range with the recent introduction of the lowest call tariff that allows its customers to make calls at 8kobo per second to any network from within and outside the country at the same rate, using SmileVoice App on any Smart Phone, and its 4G LTE SIM on Voice over LTE compatible handset. Smile, Efeurhobo stated ‘offers the best value proposition and experience to customers in Nigeria.

He stated that there are multiple benefits of using a Smile 4G LTE sim in the latest phones. “The Nigerian consumers” he stated, “can put their Smile 4G LTE Sim in the LTE handset, use their handset to make calls locally and to anywhere in the world, for Internet, video/music streaming/downloads and SMSs, all using one Smile bundle plan, which is a first in this market.

Beyond innovative practices driven by technology, Smile has also taken another bold step by way of a series of brand building initiatives, the latest of which is the adoption of Brand Ambassadors.

The first to be signed on as a Brand Ambassador for Smile is the versatile Radio/TV personality Mr. Steve Onu popularly known as Yaw. The choice of Yaw as brand ambassador for Smile Nigeria is coherent with Smile’s values for innovation, creativity, versatility and values of reliability, respect and service.

Efeurhobo stated that the new brand-positioning proposition accentuates Smile’s quest to expand its scope of operations, provide its customers with unrivaled quality service and contribute meaningfully to the growth and development of mobile broadband penetration in Nigeria.

These initiatives of Smile are designed to further entrench its position among the leading telecommunications companies in Nigeria. He also added that Smile remains the only telecom provider that allowed Voice calls and sms from a data package and the benefits include 8k / sec from home and abroad on the SmileVoice Only plan, free calls from aboard on the SmileVoice app which is available on the IOS and Google play store and many more and this gives Smile the unique positioning of offering bespoke and affordable propositions for Nigerians.

A multiple award-winning firm, the company is present in key Nigerian cities including Ibadan, Lagos, Abuja, Port Harcourt, Benin, Kaduna, Asaba and Onitsha.

Smile Nigeria was founded in 2008 with the transformative objective of using the best and most innovative technologies to provide its customers with high quality, easy to use and affordable communication services. Its vision and mission is to be the Broadband provider of choice in Nigeria and enable its customers to fully benefit from the Internet world.

Since it launched West Africa’s first true 4G LTE network in Ibadan in 2013, Smile has received accolades for its pioneering and innovative works. In October 2015, Smile became the first operator in West Africa to offer its customers Voice over LTE services thereby ensuring for them access to the growing global standard for voice and video calling.

Recently, the company was adjudged the Best Premium Quality Super Fast 4GLTE Mobile Broadband Service Provider of The Year 2016. This latest award followed in quick succession the earlier recognition of Smile Nigeria as ‘The Most Innovative Broadband Service Provider of the Year’ at the 2016 Titans of Tech Awards.

Adeosun:‘Commitment to Accountability, Transparency Non-Negotiable’

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13/10/2016

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The Minister of Finance, Mrs. Kemi Adeosun has challenged members of the accounting profession to join forces with the current administration in its bid to promote accountability and transparency in governance.

The Minister gave the charge on the day two of the 46th Annual Accountants Conference organized by the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja on Tuesday.

The theme of the conference is Accountability. Now, Nigeria, and it was attended by dignitaries including the Vice President, Mr. Yemi Osinbajo, Gombe State Governor, Alhaji Ibrahim Hassan Dankwambo, Ogun State Governor, Senator IbikunleAmosun and former Governor of Anambra State, Mr. Peter Obi, among others.

The Minister explained that the accounting body now has greater roles to play in the current dispensation, saying that the era when accountants just offered suggestions was over.

The Minister stated, “When things go wrong in the private sector, it affects just one company, but when things go wrong in the public sector, it affects the whole nation and that is why we must raise the bar for public financial management.

“The days when ICAN stayed in the background are gone. That is why I’m challenging ICAN to move from the background to the forefront. We need more accountants at all tiers of government and I think they have a very big role to play.”

She disclosed that the finance ministry under her watch has begun capacity building for the nation’s accountants by ensuring that larger firms partner with smaller and medium scale firms for any assignment.

“We need to build capacity within the smaller and medium-sized practices. In the Ministry of Finance, we have resolved that a large firm must partner with smaller firms for any assignment and the practice has started.”

She stated that one of the measures put in place by the current administration was to ensure that the nation’s public finance management was better enhanced. According to her, a lot of lessons have been learnt from past mistakes; hence the implementation of a set of robust public finances management policies.

“One of the things we have done since we came to the office was to ensure that our public finance management is better enhanced. We didn’t really have early warning signals from where we were headed. I think if we had better data, we wouldn’t be here today.”

The Federal Government of Nigeria was one of the few countries without risk based independent internal audit. We started with the Presidential Initiative on Continuous Audit. On assuming office, we found there were little controls, no audit and no reconciliation.

These are the basic tools for reconciling expenditure with payroll. As a, result, we found thousands of payroll entries of people who are not supposed to be there. We therefore have to move the Presidential Initiative on Continuous Audit into formal independent-risk based internal audit.

We also set up the Efficiency Unit and I have to thank ICAN for its support. We have been able to drive down our costs considerably. The savings are creating head room clearly needed to be invested to fund capital projects which will grow the economy,” the Minister stated.

Red Star Express Marks 24th Anniversary

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13/10/2016

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Group Managing Director of Red Star Express Plc, Sola Obabori has praised the foresight of those who built the Red Star brand from the scratch saying their tenacity has brought the company to its present state of growth.

Speaking on the 24th year anniversary of the company on 12th October 2016, Obabori stated that the unique vision of Dr. Mohammed H. Koguna, Mazi, Sonny Allison, Mr. Patrick Nwosu, Olorogun Eddy Olafeso and other investors who took the risk to start this company, has survived several seasons and cycles. He also thanked all the tireless efforts of all staff who have served the company both past and present, for the commitment, resilience, passion for excellence and enthusiasm for growth.

“Our focus at this time, despite the challenging business environment, is to build Red Star Express from a Good To Great Company, positively impacting lives and businesses, within and outside the shores of Nigeria”, he said.

He noted that “we must refuse to rest on our oars as there are yet many grounds to conquer and together we would improve our processes in line with global best standards, innovate new products and services to delight and exceed customers’ expectations and invest not only in ourselves but also in this great Company for the future”.

In a related development, TNT has selected Red Star Express as a new service provider in Nigeria as of October 7, 2016, for its international range of services to and from more than 200 countries worldwide. This has also been approved by the management of TNT (Bahrain) E.C effective from October 7, 2016, after assessment of TNT’s existing operations and future market requirements.

“This means that Red Star Express will now offer TNT’s international range of services to and from more than 200 countries worldwide” according to CyrilleGibot, TNT External Communication Manager.

Sola Obabori stated that the appointment has provided a bigger platform that will boost the logistics industry especially in Nigeria because the TNT team members bring 70 years of diverse experience, which, combined with that of Red Star Express with its well-grounded road network will make the selection a success story.

Already, the TNT sales, operational and technological systems integration with that of Red Star Express have been concluded and this has allowed TNT clients in the country to continue to enjoy TNT’s high valued delivery services and at the same time benefit from Red Star Express’ partnership with FedEx that has lasted over 20 years.

China Southern Airline Orders 787 Dreamliners for $3.2B

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13/10/2016

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Boeing and Guangzhou-based China Southern Airlines signed a purchase agreement for 787 Dreamliner aircraft valued at $3.2 billion.

The airline, currently number one by passenger numbers in Asia-Pacific, decided on purchasing the 787-9 version (list price – $271 million). The aircraft will be delivered in the 2018-2020 timeframe, according to a statement from the carrier.

The Guangzhou-based carrier already operates 16 Dreamliners, which make up only a small fraction of the 684-strong fleet, currently the largest in the region.

Global Airlines Financial Monitor: September 2016

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13/10/2016

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The latest financial results indicate that industry profitability and cash flow remained solid in Q2 2016, although the industry profitability cycle is showing signs of peaking;
Global airline share prices rose by 0.9% in September, but remain well below where they started the year;
Brent crude oil prices rallied towards the end of September following an agreement by OPEC to cut oil output. A rebalancing in the market is slowly taking place, with prices expected to trend upwards weakly in the years ahead;
The intense downward pressure on passenger yields looks to have eased during the middle months of 2016, in keeping with the change in the trend of oil prices;
The premium segment continues to offer a buffer for overall airline financial performance. Premium airfares have held up better than those in economy on many of the main premium routes so far this year;
Developments in passenger traffic continue to reflect the net influence of a number of factors. The upward trend in traffic has eased, but the seasonally-adjusted industry-wide load factor remains at historically high levels;
Conditions for air freight have improved from earlier in the year, but wider weakness in world trade volumes continues to present a stiff headwind. Low loads continue to keep cargo yields and revenues under pressure

‘World Bank Must Expand Capacity to Tackle Global Challenges’

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11/10/2016

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The World Bank Group must become “better, stronger, and more agile” to confront major global challenges over the next 15 years, while also working to end extreme poverty, boost shared prosperity, and achieve the Sustainable Development Goals and the Paris Climate Change Agreement.

That was a key message of the Development Committee, a ministerial-level forum of the World Bank Group and the International Monetary Fund, in a communiqué released at the close of the institutions’ Annual Meetings.

The committee representing the Bank Group’s 189 member countries said the global development landscape will face “critical shifts” in the future, driven by climate change, natural disasters, pandemics, migration, and fragility, conflict and violence, urbanization and demographic changes. Addressing these changes will require more collaboration with others and more resources, it said.

Acknowledging an environment of “sluggish” global economic growth and geopolitical and economic uncertainties, the committee also called on the Bank Group and the International Monetary Fund (IMF) to work with countries to “enhance synergy among monetary, fiscal and structural reform policies, stimulate growth, create jobs, and strengthen the gains from multilateralism for all.”

The committee’s message capped two days of meetings of the Bank and IMF shareholders – including most of the world’s countries. Ahead of the meetings, the Bank Group released a flagship report on poverty, shared prosperity, and inequality, and World Bank Group President Jim Yong Kim outlined his vision to accelerate development and the fight against poverty for his second term in a speech at the Brookings Institution.

Kim said the Bank is increasingly involved in development challenges beyond its traditional mandate, including major new initiatives to address the refugee crisis, climate change, and the threat of pandemics.

Challenges, he said, include technological change and the automation of work, which could impact jobs and the ability of developing countries to compete globally. By 2030, it’s projected that almost half of the world’s poor will live in countries affected by fragility and conflict. Emerging markets and low-income countries currently face an annual infrastructure financing gap of up to $1.5 trillion, said Kim.

He asked member countries at the Annual Meeting plenary session to give the Bank flexibility to “solve the most important problems and make sure we have the financial capacity to change the world for the poorest and the most marginalized.”

Over the last 70 years, the World Bank has been able to leverage $15 billion in paid-in capital to provide $600 million in loans, and so increase the amount of assistance available to developing countries. The Bank Group’s private sector focused arm, IFC, leverages its capital 20 times, and the Multilateral Investment Guarantee Association (MIGA) leverages its shareholder equity 39 times, according to a paper on the Bank’s “forward look,” submitted to the Development Committee.

The committee said that it would consider options to strengthen the financial position of the Bank no later than the 2017 Annual Meetings October 13-15, 2017, in Washington.

It urged the Bank Group to “help create markets, particularly in the most challenging environments, and to mobilize private resources, including through guarantees, especially for quality infrastructure, and for small and medium enterprises.”

Kim, who was appointed last month to a second term as president of the Bank, outlined a plan to accelerate inclusive and sustainable economic growth, increase investments in human capital, and foster resilience to global shocks and threats.

He said private sector financing will be critical and the Group would aim to mobilize private sector investment in the most challenging sectors and countries, and do “much more to tackle some of those risks that constrain the private sector in these markets.”

“I want you to know that going forward, we will be much more aggressive in putting on the table, capital and specific instruments that can reduce risk. In doing so, we feel that we can create new markets and encourage investors to venture into countries and projects that they never would have considered before,” Kim said.

NSE Organises First Market Data Workshop

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11/10/2016

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Oscar Onyema, CEO, Nigerian Stock Exchange

The Nigerian Stock Exchange in collaborationwith Independent Software Vendors (ISVs) and Market Data Vendors (MDVs) is set to host its inaugural Market Data Workshop, on Tuesday, October 18, 2016 at The Civic Center, Victoria Island, Lagos. The workshop aims to increase awareness on the critical role of Market Data in making sound investment decisions on both the buy and sell sides.

The workshop themed “Understanding Market Data for Savvy Investing and Wealth Creation”

coincides with the 3rd anniversary of X-GEN, a next generation trading platform that has

contributed to increasing market access, order flow and market transparency.

Attendees at the

workshop will include investors, market data aggregators, exchanges, market regulators,

government agencies, dealing members, telecommunication operators and other stakeholders

from the capital market ecosystem.

According to the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, the delivery of market

data to users is highly time-sensitive and requires specialized technologies designed to handle the

collection and throughput of the massive data streams.

“At the NSE, this effort is underpinned by our ‘next generation’ trading engine, X-Gen, which was built in collaboration with NASDAQ in 2013. X-Gen is not only built to trade a wide range of securities, it is extendable to multiple interfaces for the consumption of market data.

It is this system that we rely on daily to deliver approximately 2.5GB worth of data to our various domestic and global market data consumers.”

Speaking on the event, the Executive Director, Market Operations and Technology, NSE, Mr. Ade

Bajomo, said “the conference brings to fore the critical application of market data in making sound

investment decisions whilst highlighting the various data products available in the Nigerian

marketplace, thereby allowing investors to maximize their wealth creation opportunities. This is a

must attend event for all market participants.”

Some of the confirmed speakers for the event include: Dr. Yemi Kale – Statistician General of the

National Bureau of Statistics of Nigeria, Uwa Agbonile – Managing Director, Infoware Limited,

Obiora Anyichie – Global Trybe Solutions, Natasha Punwani – Business Manager, Bloomberg; and

Kemi Oluwashina – Director, ARM Securities.

Ade Ewuosho, Head of Market Services Department, NSE noted that, “the Exchange in

collaboration with technology driven institutions and stakeholders in Nigeria will continue to

provide business solutions that will thrive on market data, technology and innovation, to meet the

diverse business needs. We are hopeful that attendees will gain valuable insight that will help

them realise the significance of data to decision making.”

This event is sponsored by Bloomberg, Infoware, Global Trybe Solutions, ARM, Samsung, GTI,

Wapic Insurance, Zanibal and Ntel.

About NSE

The Nigerian Stock Exchange services the largest economy in Africa, and is championing the development of Africa’s financial markets.

The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services, and more.

The Nigerian Stock Exchange continues to evolve to meet the needs of its valued customers, and to achieve the highest level of competitiveness.

It is an open, professional and vibrant exchange, and the Entrepreneurial Growth hub of Africa. The Nigerian Stock Exchange aspires to be Africa’s foremost securities exchange, connecting Nigeria, Africa and the world.

$300m Fund Created to Support Africa’s Energy Sector

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11/10/2016

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Standard Bank of South Africa (SBSA), the Overseas Private Investment Corporation (OPIC) and Wells Fargo Bank announced the creation of a $300 million fund which focuses on financing energy and infrastrcuture projects in Africa.

The fund will invest at least $150 million in the Power Africa initiative developed by President Barack Obama while about $100 million will be used to develop strategic infrastructure projects in the energy sector.

“Power and infrastructure played a crucial role in the economic development of Africa. We are delighted to be part of such an important initiative and look forward to working with OPIC and Wells Fargo to promote sustainable economic growth and to make a real difference to the lives of the people of Africa,” said Sim Tshabalala, SBSA director.

—Gwladys Johnson

Boeing, Qatar Airways Ink $18.6bn 100 Aircraft Deal

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11/10/2016

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Boeing and Qatar Airways announced an order for 30 B787-9 Dreamliners and 10 B777-300ERs, valued at $11.7 billion (€10.47 billion) at list price. The airline also signed a Letter of Intent for up to 60 737 MAX 8s, valued at $6.9 billion (€6.17 billion) at list prices.

The announcement builds on Qatar Airways’ current fleet of 84 Boeing aircraft, a combination of 787s and 777s, all delivered over the last nine years. With this new order, Qatar Airways increases its firm order backlog of Boeing wide-body airplanes from 65 to 105, including 60 777Xs.

The Boeing Company announced deliveries across its commercial and defense operations for the third quarter of 2016. During the third quarter, the Seattle-based company sold 188 commercial airplanes, dominated by the narrow-body B737 family of 120 deliveries, followed by 36 B787 family.

Qatar Airways’ relationship with Boeing was renewed in 2006. The airline was the first to operate the 787 in the Middle East and is a launch customer for the 777X. With the commitment for the 737 MAX 8, it would be the first Boeing single-aisle airplane model to join Qatar Airways’ fleet in more than 15 years.

Adeosun: ‘Infrastructure Spending Will Unlock Growth in Nigeria’

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10/10/2016

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The Minister of Finance, Mrs. Kemi Adeosun has assured Nigerians that the focus on infrastructure spending by President Muhammadu Buhari administration will unlock the desired growth in the country.

The minister, in an interview with CNBC on the sidelines of the IMF/World Bank Annual Meeting in Washington DC, United States last Friday also said the Federal Government is making significant progress in its negotiation with the World Bank and the African Development Bank for budget support.

She said: “We have applied for is budget support facility from the World Bank and with the AfDB. AfDB is at the advanced stage and for the World Bank, we have submitted a letter of development policy. Hopefully we are going into negotiation as next steps here. ‎We are therefore on course with raising the concessionary financing we wanted.”

Giving details of the funding plans for the 2016 budget, Mrs. Adeosun said: “What we have is budget support facilities, which we designed ourselves. We are on course. We are going first to domestic market, followed by the Concessionary market, then to the Eurobond market; we are very much on course.“

She stated that the Federal Government has already spent about N770 billion on capital between the time the budget was passed in May and that the government was planning the next release.

According to her, “this is being funded by a combination of our IGR and the money raised from domestic market which will be complemented with what we will raise from international market.”

The minister expressed confidence in the ability of the Federal Government to achieve its economic plan within the set time frame.

She was quite optimistic “as when we started this journey, the plan was around fiscal consolidation and trying to remove the economy from consumption-driven to investment-driven. We are beginning to see the dividends in terms of reducing our recurrent expenditure, with releases into fiscal space to allow us take care of infrastructure”

She reiterated on infrastructure. “It is the key to growth and on the fact that the money was released to major projects; roads, rail, airports etc. ‎Infrastructure will unlock the needed growth in the economy.”

The minister described the current stability in crude oil price as a good development for the Nigerian economy.

She said: “The oil price has stabilized, of course a good news in the short term and in the middle term. We expect the oil price to be stable, it is good for us, we need predictability of revenue. One of the problems we face now is that oil price is very volatile and our revenue is volatile. Predictability will enable us plan.”

In spite of this optimism, the minister said Nigeria has learnt its lesson from its recent experience. She said: “We have learnt our lessons; we have seen the oil price gone up as high as $110 in the past and the lesson we have learnt really is it is not about how high the oil price is or how low but how well we spend the money and then we have spent a lot of time to reform how we spend. In terms of our planning, we have been conservative. I believe the benchmark staying well below $50 so that we are safe and we are not subject to any fluctuation in oil price.”

She said that apart from dealing with some of the issues in the Niger Delta region, there has been a fundamental change in how the government finances the oil industry.

“In the past, there were joint ventures which were funded from the treasury and it is called the cash-call arrangement. We need to get out of cash calls.

“There is private money available which can be used to fund oil exploration and we have signed agreement through the NNPC with oil majors to do the modified arrangement where we borrow money from the local market, pay for further private capital and we will get oil output. More importantly for us, it releases the output because one of the challenges in Nigeria was that we were not meeting up with the cash call arrangement, we couldn’t meet our obligations and that means the quantity of oil we could have been producing, we weren’t producing it. By moving out into the private space where there is money, I don’t see any reason why we won’t be able to meet our quota.”

The minister also expressed the belief that Nigerians will soon begin to see the flexible exchange rate regime of the Central Bank of Nigeria.

The minister, who admitted holding series of meetings with the monetary authorities said:

“I think the CBN itself has said it is committed to a flexible exchange rate, we do need to make some adjustment and am confident that they will do so and it will address the shortage, but what is driving the shortage is oil price because 90 percent of our foreign exchange proceeds are from oil, so with a more sustainable oil price and getting quantity back up that’s the sort of confidence market needs.”

Mrs. Adeosun also believe the process will create the environment that is attracting foreign direct investment. She said this the macro policies around infrastructure because that’s where the opportunity lies. She believed companies would come and open their factories if they know they can move their goods.

“Companies will come and open their factories if for example, they know that the ease of doing business, getting a company registered has become a lot easier and the Minister for Trade and Investment has made a commitment to sorting out some of those bottle necks that are actually stopping investment coming in, so we are confident that flows will come back and that will ease up the foreign exchange challenges.”

Vulnerable to Federal Reserve hiking by the end of the year?

She said the Federal Reserve’s hiking of rate would not affect the Nigerian economy negatively in view of the plans being put in place by the current administration.

She said: “I think, we looked at the market and we have got negative interest rate in Japan, a lot of pension money on a negative rate, am not sure how much the Fed will do that will harm those flows. We saw the Ghana deal, that closed four times over-subscribed. I think that there is appetite for Africa, for African investment and I think as long as we can put together a compelling macro investment story, I think there is enough money out there to meet our needs.”

NEXIM: ‘Nigeria Must Rethink Oil Dominance to Achieve Economic Growth’

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10/10/2016

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Mr. Bashir Wali, Acting MD/CEO, NEXIM Bank receiving a plaque of honour from Mr. & Mrs. AdegboyegaAwomolo (SAN) at the 3rd Edition of AdegboyegaAwomolo& Associates Annual Colloquium, which held on October 4, 2016 at Shehu Musa Yar’Adua Centre, Abuja

Mr. Bashir Wali, Acting managing Director, Nigerian Export-Import Bank (NEXIM) says Nigeria must move away from the dominance of oil in order to achieve sustainable economic growth and development.

Wali said at the 3rd edition of AdegboyegaAwomolo Annual Colloquium in Abuja that the International Monetary Fund (IMF) has also advised that given that oil is an exhaustible resource, oil producing countries need to develop other sectors to take over as oil and gas resources dwindle.

‘The key lesson from the foregoing is that Nigeria must move away from the dominance of oil to ensure sustainable growth and development. Besides the problem of revenue volatility, the oil sector, being an enclave, is incapable of generating the required jobs to address the growing problem of unemployment – particularly among the youth. Nigeria must therefore redouble its steps towards economic diversification by promoting increased production and exports in other key sectors, particularly agriculture, solid minerals and other sectors that have been identified as key drivers of economic growth.’

The full text of the Speech by Mr. Bashir Wali is reproduced below under ‘FOR THE RECORD’ title.

ATCON Lists Challenges to Telecom Growth in Nigeria

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10/10/2016

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The Association of Telecommunications Companies of Nigeria (ATCON) has listed the various challenges impeding sustainable development of the telecom sector in Nigeria.

Mr. OlusolaTeniola, the President of ATCON made the presentation in Lagos at a reception by ATCON in honour of Professor Umar Danbatta, Executive Vice-Chairman, Nigerian Communications Commission (NCC).

The strategic reasons to specially welcome Danbattato the industry by ATCON were

focussed on the following:

To offer Professor Umar Danbatta, Executive Vice Chairman, Nigerian

Communications Commission the opportunity to share his plans for the

industry with the relevant stake holders.

To give the industry the opportunity to meet with him and share some of the

challenges that are impacting negatively on the telecom industry in Nigeria.

And finally to formally introduce Professor Umar Danbatta, Executive Vice

Chairman, Nigerian Communications Commission to captains of the industry.

Our association, which is the umbrella body for all Telecommunication companies

operating in Nigeria, is glad to welcome you and wish you a very successful tenure.

We pledge our commitment to work with you and the commission to sustain the

growth and development of the Telecommunication industry in Nigeria.

The Association of Telecommunications Companies of Nigeria (ATCON) is interested

in the continuous development of the sector but there are some issues that have

constituted a threat to investment friendly and enabling environment for our members, such as:

National Broadband Plan – implementation
Approval of draft National ICT Policy
Foreign Exchange impact viz-a-vie network roll-out
Proposed 9% Communication Service Tax bill
Local content within ICT sector
Dumping of counterfeit phone –Anti-Counterfeiting Measures

The sixth point is a new growing problem for the industry:

We plead with Government to put in place anti-counterfeiting measures such

as the facilitation of integrated web portal based IMEI-IMSI collection to stem

the menace of sub-standard or unrecognised mobile phones circulating in

Nigeria with the obvious consequences of poor quality of service, loss of

revenue to the government, loss of business by OEMS and loss of jobs as well in

Nigeria mobile market, for instance we have more than twenty mobile phone

brands that do not have NCC type approval certificate to operate in Nigeria.

This unregistered/unapproved brands have over one hundred and fifty mobile

phone models circulating in Nigeria.

In addition, we have note that 10% of fake mobile phones products of some of

the popular mobile phone brands are circulating in Nigeria.

Finally, it is worthy to also share with you tonight that ATCON will be going through a

rebranding effort in order to showcase our commitment as a strong and united

association.

We have revamped our website with a contemporary look and also tonight we will be launching our ATCON news (a dedicated portal that will invariablyimprove public perception of the association as well as increase media visibility for

members).

Ecobank Renews Health Partnership with Global Fund

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10/10/2016

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Ecobank Transnational Incorporated, the leading Pan-African financial institution, through its Foundation, has renewed its partnership with the Global Fund to Fight AIDS, Tuberculosis and Malaria for a further three years.

The relationship between the two organisations began in 2011,and the new agreement formalises Ecobank’s support for the Global Fund’s work in Africa.

A selected high-level audience composed of business leaders and development experts were present at the signing ceremony on September 16 2016, in Montreal, Canada.

The event, ‘Changing Africa: Enabling growth through the private sector’, led by the Chief Executive Officer of the Ecobank Foundation, Ms. Julie Essiam, took place on the side-lines of the Global Fund’s Fifth Replenishment Conference.

According to the terms of the agreement, Ecobank Foundation will work with the Global Fund to build the partnership into an engagement and advocacy platform for organisations and individuals who share a vision of accelerating the transformation of Africa.

Ade Ayeyemi, Ecobank Group Chief Executive Officer, pledged $3 million at the Global Fund’s Fifth Replenishment Conference in Montreal. Canada’s Prime Minister Justin Trudeau hosted the event attended by Heads of State, government officials and hundreds of private sector and development leaders from across the globe. The Fifth Replenishment raised $12.9 billion with a goal of saving 8 more million lives.

Mr. Ayeyemi said: “Our job as bankers is to build the technical infrastructure that brings tens of millions more Africans into a more formal financial system. Ecobank’s founding fathers established a Pan-African bank to support Africa’s transformation. We are pleased to renew our productive partnership with the Global Fund. I am confident that we are a step closer to enabling prosperity across Africa.”

Through its Foundation, Ecobank will continue to take a prominent role with the Global Fund To Fight against AIDS, Tuberculosis and Malaria on the African continent.

Julie Essiam, Chief Executive Officer, Ecobank Foundation signed the agreement with Mark Dybul, Executive Director, Global Fund.

She said: “The Ecobank Foundation is pleased to be part of a historic moment with the Global Fund and what we are trying to do in Africa, which is to create a “thriving Africa”, and a prosperous continent. It is important for the private sector to collaborate to ensure that we use our platforms to unlock funds which will deliver sustainable progress and prosperity to Africa.”

Programmes supported by the Global Fund partnership have put 9.2 million people on antiretroviral treatment for HIV, provided 15.1 million people with TB treatment and distributed 659 million mosquito nets to protect families from malaria.

Mark Dybul, Executive Director, Global Fund said: “We are excited about the Ecobank partnership, which improves the impact of our grants in numerous ways. When you workto advance financial management, all the way down to sub-recipients in rural areas, that’s hugely important for development.”

The Global Fund is an organisation designed to accelerate the end of HIV/AIDS, tuberculosis, and malaria as epidemics. As a partnership between governments, civil society, the private sector and people affected by diseases, the Global Fund mobilises and invests nearly US$4 billion annually to support programmes run by local experts in more than 100 countries and supports attainment of the Sustainable Development Goals adopted by the United Nations.

About the Ecobank Foundation

The Ecobank Foundation (www.EcobankFoundation.org) was created to positively impact the lives of people across Africa.

Established by the Ecobank Group, the leading pan-African bank, the Ecobank Foundation is positioned to contribute towards the continent’s transformation, particularly in the communities in which the bank operates.

The Ecobank Foundation partners with organisations to provide relevant experience and expertise in the field of health, education and financial inclusion.

FOR THE RECORD: Global Economy Beyond Oil: NEXIM Bank’s Perspectives on the Challenges and Solutions

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Business Journal

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10/10/2016

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By Bashir Wali

The oil market has been quite volatile since the turn of the century, with oil price rising from about $28per barrel in 2000 to a peak of $140pb in 2008, before declining in the wake of the global economic crisis. Oil price fell to about $42pb in 2009 before recovering again and reaching a peak of about $125pb in 2012.

The current decline which started at about mid-2014, has been attributed to weak global economic recovery and product oversupply, following the US shale oil programme. The current price downturn is expected to be quite protracted.

The global oil price decline has had mixed impact on the world economy. While oil-importing countries have benefited from lower operating costs, revenue decline in oil-exporting countries has impacted adversely on economic growth.

Data from the International Monetary Fund (IMF) shows major oil-producing countries have either slid into recession or experiencing declining growth.The IMF has advised that given that oil is an exhaustible resource, oil producing countries need to develop other sectors to take over as oil and gas resources dwindle.

In Nigeria, inspite of the increased diversification of the production base, Nigeria remained a mono-product economy, with the oil andgas sector contributing about 70% of government revenues and over 90% of export revenues.

The collapse of the global oil market in 2014, has triggered recessionary pressures in Nigeria, characterised by: 1). Lower government revenues with attendant budgetary pressures at various levels of government. 2). Decline in export revenues, which fell from $97.82billion in 2013 to $55.01billion in 2015, with further decline expected in 2016. 3). Deterioration of macro-economic variables with Naira exchange rate devaluation, rising inflation and higher interest rates.

The key lesson from the foregoing is that Nigeria must move away from the dominance of oil to ensure sustainable growth and development.Besides the problem of revenue volatility, the oil sector, being an enclave, is incapable of generating the required jobs to address the growing problem of unemployment – particularly among the youth.

Nigeria must therefore redouble its steps towards economic diversification by promoting increased production and exports in other key sectors, particularly agriculture, solid minerals and other sectors that have been identified as key drivers of economic growth.

To promote non-oil exports, there is the need to address some of the critical issues and challenges impacting the non-oil sector. There is the preponderance of only about six primary commodities, accounting for the bulk of exports from Nigeria over the last 5 years, out of the huge array of exportable products in the Agricultural, Solid Minerals and Services sectors.The primary products– Cocoa, Rubber, Leather, Shrimps/Fish and Cotton account for about 53% of non-oil exports.Aluminium/Carbonate accounts for 4.2% and the commodity is the 6th largest of the non-oil exports.

Huge informal trade, estimated annually at about US$12billion by Nigerian Export Promotion Council (NEPC), makes it impossible for many exporters to access finance and other export incentives to grow their businesses. There is also the issue of limited market access; Europe remains the key market for Nigerian non-oil exports, while exports within the African region remain below 15%.

Another major challenge of the non-oil export sector is access to credit.Data on sectoral distribution of loans by banks in the last seven years indicates that export loan peaked at N852billion in 2008, before declining to N795 billion in 2009, and has dropped consistently since then, reaching a low of N122 billion in 2014.

In percentage terms, loans to the export sector averaged only about 0.4% of the total Deposit Money Bank loans to the private sector over the last 5 years, which shows some correlation between the decline in non-oil sector loans and lower non-oil export revenue receipts.Besides the high cost of funds, Deposit Money Banks are generally unable to provide medium- to long-term funds needed to support the growth and development of the non-oil export sector.

As part of efforts to arrest the declining trend in non-oil export revenues and boost investments in the sector, the Central Bank of Nigeria (CBN) recently approved two funding schemes and appointed NEXIM Bank as the Fund Manager. The funds are the N500 billion Export Stimulation Facility (ESF) – Newly Introduced, which has tenor of up to 10 years for project finance facility inclusive of moratorium of 2 years. The ESF will also provide working capital/stocking loans,which shall be for a maximum tenor of one year with the option of roll-over not exceeding twice. Interest rates for loans with up to three-year tenor and loans for more than three years are capped at 7.5% and 9% per annum, respectively.

The other facility is the N50 billion Export Rediscounting & Refinancing Facility, which is an enhancement of existing N1.225 billion RRF being operated by NEXIM Bank from inception in 1991. The RRF is a window available to commercial banks for a maximum tenure of 360 days. Export bills or transactions shall be discounted or refinanced at an “all-in” rate of a maximum of 6% per annum, with NEXIM Bank allowed a maximum spread of 3%.

Other strategic initiatives of the Bank, which aim at facilitating trade and promoting non-oil exports, include the Regional Sealink Project. This is being facilitated by the Bank, in collaboration with the Federation of West African Chamber of Commerce & Industry (FEWACCI), the Nigerian Shippers Council &Transimex, to address the transport and logistics challenges impinging trade. NEXIM Bank is involved with the Borderless Alliance Initiatives. This is a regional partnership with the USAID West African Trade Hub, which aims at removing non-tariff barriers to trade through advocacy and information sharing.

NEXIM Bank is involved in the Creative & Entertainment Industry Intervention Programme, which the Bankdeveloped to unlock the huge opportunities in the Creative & Entertainment Industry in Nigeria through funding and capacity building initiatives.

NEXIM Bank has recently been in a collaborative effort to introduce factoring in Nigeria. Factoring isa financial transaction involving purchase of receivables from an exporter with the “factor” assuming full credit and collection responsibility. Global factoring transaction in 2015 was €2.3trillion, with Africa contributing only 0.7%. The major players in Africa are South Africa, Tunisia, Morocco, Egypt and Mauritius. Nigeria did not feature in the African Statistics.

NEXIM is therefore working towards developing factoring as an alternative trade finance instrument and MSME financial inclusion strategy in Nigeria.The Bank, in collaboration with the FSS 2020 Project Management Office, the relevant departments in CBN and other stakeholders are currently working to produce a draft Factoring Bill to enhance the development of this product in Nigeria. This is expected to contribute towards making Nigeria a major player in the African factoring market, which is expected to grow from €24billion in 2012 to €90billion in 2017.

NEXIM Bank is actively promoting the solid minerals sector. Collaborative arrangements are on-going with the Miners’ Association of Nigeria and other stakeholders on how to mitigate the infrastructure gap to commence high volume exports on a sustainable and competitive basis. In this regard, we are pursuing arrangements to help realise the potentials of annual exports of about one million tonnes of coal, iron ore and lead/zinc using self-propelled and/or dry bulk cargo barges in the dredged inland waterways channels from Lokoja / Ajaokuta to Burutu Port, through the support of Nigeria Shippers’ Council and Nigerian Inland Waterways Authority (NIWA).

Partnership arrangements amongst Miners’ Association of Nigeria, European Offtake Consortium being anchored by PWC Mining / Liebherr Group, Burutu Port Owners, Akewa Group and NEXIM / Sealink are on the verge of closure. And discussions with the Regional Sealink Project partners aim to extend the terms of the tripartite MOU to include provision of barges along the inland waterways to move both solid mineral products and other cargoes from Lokoja and Containerised cargoes to Lokoja.

Barges can be used on the navigable inland waterways to evacuate millions of tonnes of solid mineral products like iron ore, coal, columbite and lead/zinc amongst others,thereby bridging the infrastructure gap. The dredged waterways from Lokoja and Ajaokuta River Ports to Burutu Port can accommodate 5,000 to 10,000 tonnesbarges,which is equivalent to 166 to 333 30-tonnnes trailers.

Furthermore, discussions are ongoing with the leather trade associations – Leather and Allied Products Association of Nigeria (LAPAN) and Association of Leather and Allied Industrialists of Nigeria (ALAIN)– on how to revamp and enhance higher value addition to the leather value chain.It is expected that the provision of funding support would have an immediate impact of enhancing exports of leather products through enhanced working capital funding and financial support to re-open or upgrade shutdown factories.

NEXIM Bank is also working with stakeholders on steps towards minimizing the problem of rejection of Nigeria’s agricultural exports in Europe and other markets. In this regard, we are having discussions with major investors to resuscitate and commence the production of Jute Bags in the country for packaging of exports.

Given the current economic structure and resource endowment, Nigeria has the capacity to boost its non-oil revenues and promote sustainable inclusive growth and development. However, this will require concerted efforts by both the government and the private sector. The Nigerian Export-Import Bank is already working with other government agencies to address some of these challenges and boost support to the non-oil export sector.

The Bank has started to receive applications, under the new funding intervention schemes, and has so far processed requests in excess of N30billion.NEXIM Bank,therefore, seeks and welcomes partnership opportunities with entrepreneurs and project promoters in identifying and funding viable projects, particularly in the areas of Manufacturing, Agro-processing, Solid Minerals & Services.

Being Full text of the presentation by Mr. Bashir Wali, Acting Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM) at the 3rd Edition of AdegboyegaAwomolo& Associates Annual Colloquium, which held on October 4, 2016 at Shehu Musa Yar’AduaCentre, Abuja.

ADB President, Adesina, Receives African Passport

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Business Journal

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06/10/2016

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The President of the African Development Bank Group (AfDB), Akinwumi Ayodeji Adesina received his copy of the African Passport in Abidjan on Wednesday, 5 October 2016, hailing the occasion as a clear signal of Africa’s move toward integration.
“It is such a delight to be able to have an African Passport,” Adesina said, noting that it is a recognition of the critical role played by the AfDB and other African institutions that are linked to the African Union.
Noting that most Africans require visas to travel to at least 38 countries on the continent, Adesina says the move is an economic decision to break the walls that separate African peoples, making it impossible to carry out socio-economic activities. “It will reduce the cost of doing business on the continent,” he added.
Adesina, who recounted an incident in which he was detained overnight at an African airport for lack of visa, said, “Africa is home to Africans and when one is at home, one should be able to move around one’s home.” “This is an indication to me that all the walls that separate us will go down,” he said.
Until now, and contrary to the practice in other continents, non-Africans find it easier to move around the continent than Africans themselves do.
Speaking earlier after presenting the Passport on behalf of the African Union Chairperson, AfDB Secretary-General and former AU legal affairs Director, Vincent Nmhielle, said that the passport is part of the African Union’s 2063 agenda for “a continent with Seamless borders.”
He said the passport which comes in three versions – Diplomatic, (red), Administration (Blue) and Ordinary (green) is being issues to heads of state and staff of African institutions to enable them travel around the continent “on short notice.” “The travel document will eventually be issued to all Africans who apply for it,” he said.
So far, Seychelles, Mauritius and Rwanda have open visa policies.
The Africa Visa Openness Report 2016 published by the AfDB and the AU shows on average Africans need visas to travel to 55% of other African countries, can get visas on arrival in only 25% of other countries and don’t need a visa to travel to just 20% of other countries on the continent.

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