The Central Bank of Nigeria, CBN, has said Bureau de Change operators can source foreign exchange from oil companies, exporters, or other agencies as well as individuals.
The apex bank stated this days after it announced that it will no longer sell foreign currency to money changers.
This was also confirmed by the umbrella body of BDCs in the country Association of Bureau de Change Operators of Nigeria (ABCON).
Acting president of the association Aminu Gwadabe stated that the modalities for accessing the foreign exchange will be issued to BDCs this week.
Data from the Nigerian Stock Exchange, NSE, as of December 31, 2015, showed that the nation’s stock market lost heavily in key indicators in 2015.
Precisely, its Market Capitalization, which opened trading for the year at N11.478 trillion, lost N1.63 trillion to close the year’s business at N9.851 trillion.
Likewise, the All- Share Index slid by about 17.36 per cent to close trading at 28,642.25 points, as against the opening index of 34,657.15 points.
Reviewing the stock market performance for 2015, the NSE Chief Executive Officer Oscar Onyema, explained that the significant plunge was as a result of continued depreciation of the naira against the dollar and uncertainty around the direction of economic policies, which fueled already prevalent bearish sentiments in the Nigerian capital market.
The data further showed that NSE Banking Index was the worst hit, plunging 23.6 per cent, followed closely by the NSE 30 Index and NSE Main Board Index, (both down 17.6 per cent); showing that all the NSE market indices performed poorly, relative to their 2014 performance, except for NSE Industrial Index which saw an uptick of 1.3 per cent.
The market for new equity listings was flat throughout the year, with only four new equity listings, one on the Main Board, and three ETFs. In contrast, five companies were delisted in 2015, bringing the number of listed companies and number of listed equities to 184 and 190, respectively.
Turnover volume declined through 2015 by 17 per cent, with equities turnover declining 28.8 per cent to N952.8 billion ($4.8 billion), and a foreign and local participation rate of 54.24 per cent and 45.76 per cent, respectively, in total value traded.
In the NSE bond market, market capitalisation jumped by 32.7 per cent to N7.14 trillion ($35.82 billion) as corporates took to the debt market to raise a total of N112.0 billion ($562.0 million) in 7 new listings; majority from financial services sector.
The Federal and State Governments raised N76.5 billion ($383.7 million) and N35.8 billion ($179.6 million) in debt capital, respectively.
The consumer price index showed that as at December 2015, inflation stood at 9.6 per cent year-on-year in December, up 0.2 percentage points from November, the National Bureau of Statistics revealed on Sunday, January 17.
According to the NBS, the increase in the headline index was driven by higher prices within key divisions which contribute to the index, particularly imported food items and drinks, as well as clothing and footwear and transportation as a result of intermittent PMS supply shortages.
Food price inflation accelerated to 10.6 per cent year-on-year in December 2015 from 10.3 per cent in November.
All major food groups which contribute to the Food sub-index increased at a faster pace during the month with the exception of the Milk, Cheese and Eggs group, the NBS said.
Inflation had risen to 9.4 per cent in November after a drop to 9.3 per cent in September, moving further out of CBN single digit target band.
According to analysts at Financial Derivatives Company Limited, who say inflation is expected to rise to 9.5 per cent, exchange rate pressure, intermittent fuel scarcity, policy uncertainty and trade restrictions contributed to a higher consumer price index in December.
“Increased demand due to seasonal festivities resulted in higher food prices. Furthermore, the fuel scarcity that spilled over from November led to a spike in transport fares.”
Similarly, analysts at Standard Chartered Bank say sampling shows a 0.64 per cent rise in inflation, noting that items subject to foreign exchange restrictions, such as rice and tomato paste recorded the highest price gains with price increases of between nine to 18 per cent between June and December 2015.
Meanwhile the Nigeria’s inflation rate climbed to the highest in more than two years in September as food prices soared, exceeding the central bank’s target for a fourth month.
Global oil prices are set for a continued free fall this week after Iran said it was ready to add half a million barrels a day to crude exports after international sanctions were lifted this weekend.
The prospect of Iran pumping the market with more crude had already hit prices last week, pushing Brent crude below $30 a barrel, to $29.20 by Sunday, January 17.
Iran’s return to the international oil market may worsen the global oil glut as the country looks to ramp up its crude oil exports with estimated 500,000 barrels per day.
Iran’s president, Hassan Rouhani, lauded a “glorious victory” as his country relished reconnecting to the global economy following the formal announcement, late on Saturday, that sanctions were ending thanks to moves by Tehran to scale back its nuclear programme.
Echoing Friday’s sell-off on commodity and global stock markets, shares in the Middle East tumbled yesterday.
Saudi Arabia’s Tadawul index plunged more than 6% as the latest drop in crude prices intensified worries over the economic outlook for the major oil producer.
In Egypt, shares extended last week’s losses on broader worries over emerging markets and the EGX 30 index was down 3%.
The lifting of sanctions includes an end to an EU embargo on imports of Iranian oil and yesterday the country confirmed it was geared up to raise exports.
“With consideration to global market conditions and the surplus that exists, Iran is ready to raise its crude oil exports by 500,000 barrels a day,” the deputy oil minister, Amir Hossein Zamaninia, was quoted as saying by the Shana news agency.
Oil prices have almost halved in the last six months amid concerns about oversupply and reclining demand on the back of a weaker global economic outlook and a downturn in China, the world’s biggest energy user.
One of Nigeria’s most capitalized financial institutions,Fidelity Bank Plc, has said it intends to intensify support for Micro and Small Medium Enterprises, MSMEs, through initiatives channeled towards raising their level of competitiveness.
The bank hopes to increase its loan book in 2016 by aggressively lending to MSMEs which have been touted to be the engine of growth for the economy.
Speaking at the Fidelity SME Forum, a weekly radio talk show programme on Inspiration FM. Radio Lagos, Managing Director/ Chief Executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo, disclosed that the bank currently boasts of a 50 percent SME loan to deposit ratio, which is an indication that it remains highly committed to supporting MSMEs in Nigeria, particularly in the area of access to finance.
He explained that Fidelity Bank’s SME deposit liability which is in excess of N120 billion and loans in excess of N60 billion are clear testaments to the bank’s commitment to the sector.
Okonkwo pointed out that the bank has made significant headway in the disbursement of the Central Bank’s MSME Development Fund as 70 customers have already accessed requisite credit to expand their business. “We are currently one of the top two (2) leading banks in the disbursement of the Fund”, he added.
According to him, Fidelity focuses more on productive segments of the economy where margins are not robust. This move, he added helps MSMEs in these industry to vertically optimise the performance of their respective businesses.
“The structure and pricing of the funds provide us the window to finance SME related transactions, which otherwise would have been expensive to finance from our balance sheet for the SMEs”, he explained.
Propelled by its one-on-one business advisory services and other capacity building initiatives, Okonkwo, said the lender has one of the strongest SME franchise in Nigeria, Africa’s largest economy by GDP.
The 2015 financial year was one of the most challenging for the Nigeria’s Organized Private Sector (OPS) as difficulties in the business environment, foreign exchange crisis, funding constraints, policy inconsistency among other glitches almost stifled many operators.
Particularly, the last six months was considered as the most difficult period for the operators, who, according to the Lagos Chamber of Commerce and Industry (LCCI), lost about N1.46 trillion in stalled business activities resulting from forex shortages.
This cuts across the private sector operators including fast moving consumer goods, steel, furniture, pharmaceuticals and manufacturing.
According to National Bureau of Statistics (NBS), Nigeria’s real Gross Domestic Product (GDP) fell to 2.84 per cent in the third quarter of 2015, compared to 6.23 per cent in the same period in 2014. In fact, sectors like manufacturing and the services slipped into recession after recording successive declines over the last three quarters in 2015.
The Manufacturers Association of Nigeria (MAN), noted that the movement in manufacturing activities followed dismal performance of Nigeria’s macro-economy in 2014, which was ascribed to crude oil price crash during the period.
The association identified high cost of credit, poor power supply, high cost of alternative energy and non-availability of local input material as major challenges to the growth of the sector.
It stated: “The average cost of borrowing charged to manufacturers during the period was high and at double digit, which is discouraging to further investment or re-tooling in the manufacturing activities.
“Local raw materials content of manufacturing in the second half fell below the performance in the first half of the year. The scenario obviously highlights the non-diversification and the mono-product nature of the Nigerian economy, which needs to be urgently addressed. It also underscored the negligence in developing the non-oil sector and the non-optimisation of the potentials of the abundant petroleum oil resources in the country.”
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Job Title: Sr Sales Excellence Mgr EPG
Job #: 952553 Location: Lagos, Nigeria
Purpose
The Sales Excellence Manager (SEM) role is a critical role that has the left-right perspective of the business that will provide critical business and leadership experience.
The SEM Manager role is a key member of the Area/Subsidiary Leadership Team, acting as a strategic and trusted advisor, and sales coach, running and transforming the business in partnership with the Segment Lead.
The SEM Manager is a change agent, operationalizing company strategy , leading behavior and culture change and landing seller role accountabilities.
The SEM Manager runs a rigorous and disciplined business, constantly extrapolating business insights that accelerate segment priorities, optimize operational processes, increases seller productivity and capability, coaching to drive impact growth, revenue and share.
Key Responsibilities
Shifting focus from operations to growth and transformation: Key responsibilities include but aren’t limited to:
Operational Excellence:
Manages Budget Cascade
Manages Quota Process and Cascade
Manages Segmentation Process
Drives pipeline standards and hygiene
Orchestrates and Manages the ROB
Manages Customer/Partner Planning Rhythm
Manages T-36-or T-12 and OTRRR process
Manages the forecast
Sales Leadership:
Maximizes Budget investments and resource allocations, lands blueprint
Advisor to sales leaders in understanding compensation and quota allocations
Leads , drives and monitors Segment growth and recovery planning
Drives and Monitors Pipeline Health
Operationalizes strategy by mainstreaming Consumption in to the ROB, driving quality
Coaches and reviews on account/partner plans
Leverages TLI’s, and other business insights to identify COE and growth opportunities
Coaches on cross-sell/upsell opportunities, growth & recovery
Enables Sales and Services alignment
Engages with Sales teams, Customers and/or partners to accelerate deals, share operational practices and improve overall pipeline health
Change Management:
Strategize and support design, requirements and landing of WW processes and tools in partnership with M&O, UES
Partners with UES and SMSGR to ensure readiness plan quality
Derive BI from corporate assets to give Segment LT a POV of trends in the business beyond line of sight to forecast future direction.
Experiences Required
Key Experiences, Skills and Knowledge:
Professional Competencies: Adaptability, Customer Focus, Drive for Results, Influencing Impact, Judgement, Collaboration, Executive Maturity, Value Selling, Analytical Problem Solving
Experience: 5+ years of related experience in: Sales management/Leadership, Change Management, Business Transformation – Business Management/ Planning
Education
Bachelor’s Degree, MBA/Master’s a plus with focus on Economics, Finance, Organizational Management, Business Management.
Professional Training: Six Sigma training/certification is a plus.
Application Closing Date
Not Specified.
How to Apply
interested and qualified candidates should APPLY
Garki Hospital Abuja is owned by the Federal Capital Territory Administration (FCTA). It was closed in 2001 for full renovation. In March 2007, a concession agreement for the management and operation of the new Garki Hospital Abuja was signed between FCTA and Nisa Premier Hospital, after a competitive bidding process. This is in line with the Federal Government’s Public Private Partnership (PPP) Policy. Today Garki Hospital Abuja is a model 100plus bedded hospital in the FCT breaking barriers and setting the pace in both general and specialized services.
We are requesting for applications from suitable qualified candidates for the following vacant positions:
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We are recruiting to fill the following positions below:
Massive sell pressure rocked the equities listed on the Nigerian Stock Exchange, NSE, as the market hit a new 3-year low of N8.087 trillion with a loss of N1.209 trillion in a week.
Index movement that the NSE All-Share Index and market capitalization slid by 13 per cent to close the week at 23,514.04 basis points and N8.087 trillion respectively.
Likewise, all other Indices finished lower during the week, with the exception of the NSE Alternative Securities Market Index that chalked up by 0.07 per cent to close at 1,204.49 points.
According to 2016 outlook of CardinalStone Research, local intervention, exchange rate stability and NSE market initiatives will primarily influence equity market performance in 2016.
The financial firm’s believed that increased local retail and institutional participation will be a key determinant of market recovery in 2016.
It further opined that the recovery of the equities market in 2016 will depend on increased local participation by both retail and institutional investors (pension fund managers etc).
Account holders can now transfer Foreign Currency Cash deposits made into their domiciliary accounts via Internet Banking, Mobile App or at any branch nationwide.
Amount to be transferred is however subject to a daily cumulative limit of $10,000.
The new policy has been communicated to bank customers.
In the latter part of 2015, the Central Bank of Nigeria, CBN, had banned cash deposit into domiciliary accounts.
Bureau de Change operators have said decision of the Central Bank of Nigeria, CBN to stop dollar sales to them portends grave implications for the economy.
This was disclosed at the end of a national delegate meeting of the Association of Bureau De Change Operators of Nigeria (ABCON) held in Lagos on Friday, January 15.
Acting President of the association, Aminu Gwadabe, who briefed the media at the end of the meeting attended by zonal leaders across the country said the decision will lead to emergence and taken over of bureau de change operations by black market operators which he said is dangerous to the nation’s economy.
His said: “First is the spike in the parallel market exchange rate from N270 to N290 per dollar within three days of its pronouncement and now N305 per dollar. Over time, this would lead to increased scarcity of dollars even for legitimate activities and further depreciation of the naira”.
Gwadabe added that given the import dependency of the country and the inability of importers to access dollars in the official market, the increased exchange rate would aggravate the inflationary pressure in the economy as prices of goods and services will rise in response to the continued depreciation of the naira.
“Despite the banning of 41 items from the nations foreign exchange market, the CBN has not been able to meet demand for legitimate items even in the official foreign exchange market. The result, according to a recent report by Recap, is that Nigerian banks are battling with dollar obligations in excess of $5 billion.
Giant telecommunications operator, MTN Nigeria, on Friday, January 15, in Lagos said that it is willing to restore relations with the telecoms regulator, the Nigerian Communications Commission (NCC), regardless of the current situation in the industry.
Speaking to newsmen in Lagos, newly appointed Chief Executive Officer, Ferdinand Moolman, and Corporate Service Executive, Aminat Oyagbola, noted that MTN had utmost confidence in NCC and holds the regulator in high esteem, emphasising that MTN was ready to restore good terms with the regulator.
Oyagbola said the approach to reconciliation is to correct any area where the firm had erred in the past.
Said she: “The approach is to take the steps lined up to move the industry forward, correct where we have erred in the past, ensure good business relationships with all stakeholders in the industry. It starts with a show of good faith; speaking the truth. We want to restore and generate more goodwill,” she stated.
The new CEO added that the fine issue was very critical for MTN to resolve, disclosing that the fine is about 95 per cent of their total revenue for a year.
The telecommunications company appealed to affected subscribers in the on-going re-registration of Subscriber Identification Module (SIM) cards, stressing that the whole process would end well for subscribers, the operator and the industry as a whole.
Moolman said it had become expedient that MTN have a solid database of its subscribers as a basis for the next phase of the telecommunications revolution, especially in the area of broadband provisioning.
The federal government has released N7.5 million to finance the businesses of small scale entrepreneurs engaged in tools fabrication in Aba Abia State.
The senator representing Abia South senatorial zone in the National Assembly, Senator Enyinnaya Abaribe who disclosed this at the Aba Urban Development summit at the Enitona Hotels Aba said that the federal government was prepared to encourage local fabricators of machine, tools, and spares.
Senator Abaribe who said the summit was timely and the theme “Extracting Practical Solutions to Unlocking the Potentials of Aba” apt and hoped that the recommendations will be adopted and implemented.
Declaring the summit open, Governor Okezie Ikpeazu said there is an urgent need for collective effort to return Aba, the commercial nerve centre of the state to its former glory.
He recalled with nostalgia a time when every spare part that could not be found any where in the country would be brought to Aba and be fabricated locally, made in Aba textiles exported to other parts of Africa and international investors saw the city as an investors destination.
According to him, Aba remains one of the best places to invest in and stated his readiness to provide investors the right environment that would grow their businesses.
The Governor stated that Aba occupies a strategic position in the economic development of not only Abia state but the South East generally, adding that his dream is to develop Aba into a mega city.
Every city has its style, customs, dialect and Lagos, Nigeria, is no different. From the traders at Oshodi to the street vendors on Broad Street,Marina, Lagosians are in a class by themselves when it comes to lingo. The streets of Lagos, one of the busiest in the country, are swamped with people who use these slangs frequently and tourists find it hard to understand.
Visiting Lagos and looking to grasp the most basic street slangs? Jovago.com, Africa’s No.1 online hotel booking site offers 10 popular phrases you are mostly likely to hear while shopping at the Island market, or visiting friends in Yaba. This street lingo outline is sure to help you settle in, relax and really enjoy the amazing things that Lagos has to offer.
Oyinbo
Translated as ‘white person’, you are bound to hear this phrase around you if you fit the description. While most slangs are transitionary, this is one slang that has stood the test of time. Sometimes, it could be used as a cheeky reference to someone who is not accustomed to the street life or a foreigner. It is however neither an offensive word, nor is it used as an insult.
Dash
Nigerians on the street of Lagos use this word a lot. Its meaning is a far cry from the original English transaltion which is “to run or rush”. Dash is commonly used when the person is asking for a gift or tip and it is also used to refer to a bribe.
Go-slow
This is a common Lagos patois which has spread through the country. It is no secret that Lagos is notorious for its traffic jams and so its inhabitants now refer to the dilemma as ‘Go-slow’. If you are stuck in traffic, do not be surprised if the driver starts to complain about being stuck in a ‘Go-slow’.
Ma binu
Originally a Yoruba phrase, ma binu has now become a slang used by people on Lagos street despite their ethnicity or citizenship. The slang which translates as “please” is used especially when you have offended someone and would like to be forgiven. It comes in very handy in situations where you are accosted by policemen or road thugs. It works a lot faster than just saying “please”.
Oga
Most people use this word as a sign of respect or praise particularly for the male gender, the word means “Boss” or “Sir”. It is used by vendors and traders on the street to appeal to the inner ‘lordness” of the prospective buyer and get him to spend some ‘Benjamins’. It can also be used sarcastically to mock someone. Lagosians also use the word to refer to a man when they do not know his real name.
Wahala
This is a favorite slang on Lagos street. The word is used to mean ‘trouble’. Most time you will see people complaining make statements as: ‘ See me, see wahala oh!” literally meaning ‘look at me, look at trouble’. Another way this slang is commonly used is in the phrase ‘no wahala’, meaning there are no troubles or worries.
Abi
This slang is so abrupt that most people tend to miss it in conversations, however, it is used all around Lagos, not just the street. The frequently used slang usually translates as the questions ‘isn’t it?’. Most times, it is used to confirm an assertion, justify a claim or verify an agreement.
Drop
A common phrase used to mean taxi, especially when you are not looking to share; ‘Drop’ is commonly used on the streets of Lagos. If you are looking to get a taxi on Lagos Street and you don’t know where to get one, it is preferable to ask someone where you can get a “drop” rather than a taxi. Also, drop is a term used to refer to getting off a bus or taxi. If you are taking a public bus for instance, rather than say you would light to alight at a junction, it best to say drop: “I’ld like to drop here”.
A major urban town and capital city of Nasarawa State, Lafia is an old pro at capturing the hearts of its visitors.
Formerly known as Lafia Beri-Beri and then Anane – a small town of the Arago people – Lafia became the capital of a prominent local chiefdom in the early 19th century.Modern Lafia is a collecting point for sesame seeds, soybeans, and a trading center for yams, sorghum, millet, and cotton. Besides farming, cotton weaving and dyeing are traditionally important activities of the town’s permanent inhabitants while Fulani herdsmen bring their cattle to graze in the vicinity during the dry season.
According to the 2006 census results, the town has a population of 330,712 inhabitants and is the largest municipality in Nasarawa state. In addition to the emir’s palace, Lafia has a central mosque, a Roman Catholic secondary school, and a government health office. If you are visiting Nigeria’s central region, spend quality time looking through these environs to see the town’s true colors. If you love Lafia, it will definitely love you back.
TOP THREE ATTRACTIONS
The emir’s palace
The emir’s palace, located in the outskirts of Lafia is inhabited by the Emir who is the revered traditional leader and paramount ruler in the area. Although the palace was severely damaged by a fire in 2013, it has been refurbished.
The central mosque
A majority of the inhabitants of Lafia are Muslims, and the central mosque is the preferred center for religious activities and worship.
Lafia Township Staduim
The Lafia Township Stadium is home to Nasarawa United, Nasarawa State’s most famous a football club , nicknamed Solid Miners. A multi-use stadium, It is based in Lafia, has a capacity of 5,000 people, and is currently used mostly for football matches.
LODGING
From the looming, ancient beauty of Lafia to the soft bustle of its inhabitants, accommodation options are diverse and plentiful. Most travellers will find that prices here are reasonable, even for the higher end lodges. Also, most hotels these offer incredible deals on Jovago.com for those travelling on strict budgets. Choose your base carefully depending on your priorities – not everywhere is close to a major sight.
SHOPPING
Lafia may not be a shopper’s paradise as it may not offer as much fun as neighboring towns and cities; however, you are bound to find affordable items from the local shops and markets. The stores located across the city, stock everything from food items to footwear, furnishing and clothes.
DINING
Like most towns in Nigeria, Lafia has some local foods which adventurous tourists are bound to enjoy. The streets are rich with street food vendors and bukkas where local delicacies are offered. There are also a number of fast foods and proper restaurants.
FUN FACT
Lafia boasts of coal deposits in the southeastern part of the town. Tin and columbite are also mined nearby.
The Nigerian Stock Exchange, NSE Boss,Oscar Onyema has said that the capital market lost over 30 billion dollars in market capitalization to global crude oil slide.
Onyema, who spoke at the NSE 2015 Market Recap and 2016 Outlook on Thursday in Lagos, said that the amount was lost between June 2014 when the slide started and now.
He said that other factors that contributed to the loss apart from the persistent oil fall were volatile foreign exchange, currency slide, macro-economic concerns and political risk.
Onyema said that 2015 was uneasy for the global economy expected to have grown at 3.1 per cent against 3.4 per cent in 2014.
He listed the three biggest contributors to the global slowdown as normalisation of monetary policy by the U.S. Federal Reserve; slump in commodity prices and slowdown in China.
He said the global economy is poised for moderate economic growth in 2016.
Onyema said that emerging markets witnessed recession amid weakening oil and other commodity prices.
He said the nation’s economy grew by four per cent in 2015 in spite of weak emerging market growth rates, coupled with domestic security challenges, declining oil prices and volatile currency trend.
The Nigeria Customs Service, NCS, has recorded 467 seizures worth N2.7 billion in an intense battle against smugglers.
Also, no fewer than 316 suspects have been arrested by the Zone C in connection with smuggling of contraband into Nigeria.
Besides Imo State capital, Owerri, which serves as its operational headquarters, Enugu, Abia, Delta and Edo States are also in Zone C.
The Customs Area Controller (CAC), Federal Operation Unit (FOU), Owerri, Imo State, Comptroller Victor David Dimka, who disclosed this in a statement said the featwas in line with its responsibility of nipping all forms of smuggling activities both in the South-East and South-South zones of the federation in the bud.
According to him, the 467 seizures of illegally imported items have an overall Duty Paid Value (DPV) of N2.7 billion in year 2015.
The CAC revealed that while 316 suspects were arrested in connection with the smuggling while one suspect was successfully convicted in court. He added that not less than 23 cases are now in court for the same purpose of which no fewer than seven cases were won by NCS.
Dimka revealed that underpayment recovered for some items stood at N130 million. According to the Customs chief, an analysis of the seizures made within the year involved 343 vehicles; 378 bales of bags/suitcases with 466 pieces; 6,472 pieces of imported used tyres; 8,855 cartons of foreign frozen poultry products; and 2,758 bales of imported textile materials.
Others were 10 cartons of foreign beverages/juice; 2,584 bags of 50kg imported rice; 6,747 pairs of foot wears; 45 cartons of electrical/electronic equipment; 108 cartons of foreign vegetable oil; 1,387 packages of foreign furniture with 126 pieces; and 412 cartons of foreign soaps and detergents.
The immediate past President Goodluck Ebele Jonathan was on Thursday, January 14, honored by the Southern Christian Leadership Conference in Atlanta, Georgia.
He was awarded with the Presidential Award in recognition of his leadership in advancing human rights, social justice and the fight for universal freedom.
The SCLC, founded by the late American Civil Right leader, Dr. Martin Luther King Jr, in January 1957 is currently led by Dr. Charles Steele Jr.
The event is part of the activities leading up to the celebration of Dr. Martin Luther King Jr Day on Monday, January 18th, 2016.
Before his remarks at the event, Dr. Jonathan met privately with the president of the SCLC.
The president of the SCLC, Dr. Charles Steele Jr proposed to work with the Goodluck Jonathan Foundation to advance the cause of peace around the world and to bridge the gap between people of color in the Diaspora and Africa.
Former President Jonathan responded that his vision is to help stabilize and promote democracy and peace in Africa. He went on to say that without peace you can not have economic progress.
JonathanLutherHe revealed that this was the reason he pushed for Nigeria’s intervention to ensure peace in various African nations such as Côte d’Ivoire while he was in office.
Dr. Goodluck Jonathan and President Steele then agreed to collaborate along the lines suggested by the former Nigerian President.
The Chief Executive Officer of the Nigerian Stock Exchange, NSE, Oscar Onyema on Friday, January 15 advised investors to take a portfolio approach to investing in the market.
The Nigerian stock market has lost about N1.2 trillion in capitalisation since the beginning of the 2016 to headwinds resulting from declining oil prices at the international market and foreign exchange challenge in the country.
However, presenting the NSE 2015 market recap and 2016 outlook in Lagos, Onyema said the current state of the market creates both challenges and opportunities for investors.
“We believe that taking a portfolio approach to investing provides the best risk adjusted alternative for participating in the capital market. As such, we want to ensure that the NSE provides a repertoire of products that will allow investors to create well diversified portfolios of uncorrelated asset classes,” he said.
According to the NSE, the negative performance of the stock market is a reflection of the domestic economy and to some extent, international economic performance. He said assured investors not to panic, saying once there is recovery in economy, the stock market will equally bounce back.
“It would have been more worrisome if the economy is going down and the stock market is going up. But what is currently happening is a reflection of the heath of the nation’s economy,” he said.
Looking ahead, Onyema said while the anticipate 2016 to be a challenging year for the market and the domestic economy, “We intend to continue our collaborative efforts with the new administration and other private sector players to create a framework for financing the Nation’s infrastructure and capital requirements. Additionally, we plan to work with the FGN to ensure that the appropriate messaging is conveyed to the investor community.”
The NSE boss said the exchange will in 2016 will focus on executing its strategy in order to continue to provide a credible platform for financing the economy.
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