EU LIFTS BAN ON BEANS IMPORT FROM NIGERIA BY JUNE ON MARCH 21, 2016

By Chioma Obinna Lagos — Indications have emerged that the ban on exportation of beans produce to the European Union countries, EU, imposed on Nigeria by the European Food Safety Authority, will be lifted by June this year. The development came weekend following the visit of a EU / Dutch team to the Central Laboratory of the National Agency for Food Drug Administration and Control, NAFDAC, in Lagos. The team was in the country to inspect the procedures of the regulatory agency to ensure that future export of beans and other agricultural produce from Nigeria meet the standards of importing countries. The European Food Safety Authority had in mid-2015 banned some agricultural produce which included beans from Nigeria, citing that the rejected beans were found to contain between 0.03mg per kilogramme to 4.6mg/kg of dichlorvos pesticide, when the acceptable maximum residue limit is 0.01mg/kg. Speaking during the visit, the Acting Director General, NAFDAC, Mrs. Yetunde Oni noted that the ban has no doubt resulted in a huge economic loss to Nigeria; although she insisted that the beans which resulted in the ban were smuggled out of the country and did not pass through her agency. “The ban was placed about a year ago due to high insecticide residue in beans but let me sound a note of caution here that the beans that were rejected never passed through NAFDAC, they were beans produce smuggled out of the country. “The ban has brought about a huge economic loss in the sense that Nigeria has large expanse of land, we have a lot of farmers that produce beans and the beans are not able to go out.” She reiterated that agricultural produce that passes through the agency never gets rejected because of the rigorous process it goes through before certification.

MAN STEALS 7-MONTH-OLD BABY

MAN STEALS 7-MONTH-OLD BABY Operatives of the Gender Department of Lagos State Police Command are currently investigating a 26-year-old man for allegedly kidnapping a seven months old baby. Vanguard learned that the suspect, identified as Happiness Umaru, was intercepted at Eric Moore in Surulere by policemen attached to the Rapid Response Squad, RRS, at about 10p.m. on March 16. It was gathered that during interrogation Umaru initially claimed to be the biological father of the baby. He later confessed that he found the baby around Ijora Railway, when he went into a bush to answer the call of nature. After the case was transferred to the Gender Department for further investigation, officers from the unit visited the scene of the incident, where they located the biological mother of the baby. Mother’s account The suspect, Happiness Umaru and the stolen toddler. The suspect, Happiness Umaru and the stolen toddler. According to the mother of the baby, Patricia Victor, “I laid my seven months old baby (Favour Victor) on the bed inside my house at about 8p.m., to buy food for my son. “By the time I returned with the food for my older son, my baby had disappeared. I raised alarm and neighbours joined me in the search all thorough the night, but we did not find him. “I did not know that police officers had arrested the man who stole my baby. Luckily, when they came the next day to investigate the case, they located me.” The baby has been released to the mother, while Happiness Umaru, the suspect, will be charged to court today.

Economy: Tough choices face CBN policy committee today —Analysts On March 21, 2016 8:35 am

Economy: Tough choices face CBN policy committee today —Analysts On March 21, 2016 8:35 am By Emeka Anaeto, Economy Editor LAGOS — As the Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, meets today and tomorrow to review economic and monetary developments since its last meeting in January, and take some measures, some financial institutions and economic analysts have indicated hard choices in the face of worsened macroeconomic headwinds. Key focus of the MPC deliberations would include exchange rate management, interest rate restructuring and liquidity management strategies. Since the last meeting of the MPC, all the variables and figures following their last decisions have turned negative and increasingly adverse. While the exchange rate in the official market has been maintained stable administratively, the parallel market had witnessed its worst instability in decades. Similarly, while the apex bank had deliberately induced high liquidity in the banking system with the expectation that this would result in availability of funds for the real sector at lower interest rate, the reverse has been the case. Against these circumstances, economists at FSDH Merchant Bank said last weekend that “MPC is faced with difficult monetary policy choices going by the current economic developments in Nigeria and the short-to-medium term outlook.” According to them, notwithstanding the conflicting signals and arguments in favour of currency adjustment, interest rate hike, and other issues, the MPC needs to act quickly to boost investors’ confidence in the Nigerian economy. Making its recommendations, FSDH stated: “We continue to support naira exchange rate adjustment to around US$/N230-US$/N240 and measures to increase yield. For other macroeconomic issues, the bank made some further recommendations. “The current low GDP growth rate justifies monetary policy easing to boost growth though this will not support the current of rising inflation rate and weak exchange rate. “The appropriate policy response to the rising inflation rate is to hike rates. This move may conflict with the growth objective of the CBN and Federal Government of Nigeria, FGN. “The fundamentals of the oil market still tend towards lower oil prices in the short-term. Therefore, the revenue of the FGN and the value of the Naira still face significant external shocks. “While the MPC does not have any control over oil price, an increase in rates and adjustment in the exchange rate may reduce speculative demand for foreign exchange. “In the short-term, the adoption of an acceptable exchange rate that will attract foreign investors will boost the external reserves.” Reacting to the challenges facing today’s MPC, economists at Afrinvest West Africa, a Lagos-based investment house, said: “This meeting is coming against the backdrop of renewed optimism in the global economy, albeit tepid; sustained sub-optimal domestic economic performance and elevated headwinds on potential real economic growth and consumer purchasing power.” Afrinvest economists outlined the various policy options open to the MPC which include, holding all rates constant and continue to harp on structural reforms and policy coordination with the fiscal arm; adjusting the MPR upwards by 100 to 200 basis points so as to compensate investors for lowered real return and attract foreign private capital or; increase the Standing Deposit Facility, SDF, rate by 200 basis points, while leaving other rates constant, to force an upward movement in the yield curve and mop up liquidity in the financial system. Read more at: http://www.vanguardngr.com/2016/03/economy-tough-choices-face-cbn-policy-committee-today-analysts/

CBN chief praises Zenith Bank support for non-oil export

CBN chief praises Zenith Bank support for non-oil export

The Central Bank of Nigeria (CBN) Deputy Director, Trade and Exchange Department, W. D. Gotring has ranked Zenith Bank Plc high among non-oil export supportive banks. Speaking at international trade seminar organised by Zenith Bank Plc in Lagos, with theme: 'Exporting for growth: Opportunities in non-oil export', he called on the government and other stakeholders to diversify the economy from oil by growing the non-oil export segment of the economy. He also urged other banks to emulate Zenith Bank's commitment to real sector development and non-oil segment of the economy. He, however, urged banks to deepen funding for non-oil segment of the economy to boost the volume of forex receipts and economic stability. Group Managing Director/CEO of Zenith Bank Plc, Peter Amangbo, expressed the commitment of the lender to build non-oil export service excellence in the trade and investment sectors. This, he said, would lead to stability and growth of the economy. He said Nigeria is faced with the task of improving its Balance of Trade (BoT) by focusing on the non-oil exports since the sharp drop in oil prices in the international commodities market opened up the vulnerability of the nation's economy. For him, increasing the country's non-oil exports will help the economy rebound, create jobs, engender long-term prosperity, support sustainable economical, social and environmental growth while contributing to the development of many states. 'Zenith Bank will continue to make significant contributions in the non-oil sector. We are focused, will embrace and evolve solutions that facilitate non-oil export. We will do more to help manufacturers, farmers, and entrepreneurs sell made-in -Nigeria products and services globally to benefit the economy,' he said.