Federal Government of Nigeria To Link BVN With National ID Card By 2016

The federal government of Nigeria has disclosed its plan to link bank customers' bank verification numbers (BVN) with their national identity card data from next year.

Managing Director, Nigerian Interbank Settlement System (NIBSS) Mr. Ade Shonubi, disclosed this in a paper presented at the ongoing workshop for financial journalists organised by the Nigeria Deposit Insurance Corporation (NDIC) in Ilorin, yesterday.

Shonubi, who was represented by the Chief Risk Officer, NIBSS, Mr. Osioke Ojior, spoke on "Managing Risks of e-Banking."
He said the move would further strengthen efficiency in Nigeria's payment system.
According to the NIBSS boss, the objective of the BVN is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer's identity at the point of transactions.

The BVN scheme was launched in 2014. Shonubi noted that the benefits of the BVN project include credit check, know-your-customer, fraud management and transaction authentication. However, he listed categories of risks in the payment system to include strategic, preventable and external.

Meanwhile, in his presentation, the Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun, put the total number of agents enrolled in the mobile money sub-sector as at September 30, 2015, at 98,158. Also, the total number of mobile money subscribers as at the end of September was put at 24,389,263, with total volume of transactions at 76,952,409 and transaction value at N815,464,917,062.94.

Fatokun, pointed out that in Nigeria, as well as other developing countries, majority of the unbanked population have rely on cash or informal financial services which are typically unsafe, inconvenient and expensive.

Fatokun, whose paper was presented by an Assistant Director at the CBN, Mr. Olusola Agboola, said the CBN, noted the rapid growth of mobile telephony in Nigeria (over 120 million subscribers, according to the Nigerian Communication Commission), and the fact that majority of the unbanked have access to mobile phones. This, he said led to the adoption of mobile money in the country.

"One of the cardinal objectives of introducing mobile money in Nigeria is to stimulate financial inclusion. Financial inclusion enables underserved people and communities to have access to financial services that would enhance their economic opportunities; boost productivity in various sectors and, contribute to economic growth," he added.

http://www.thisdaylive.com/articles/fg-to-link-bvn-with-national-id-card-by-2016/223287/

Nigerian President And Vice Declare Asset Details Publicly.

President Muhammadu Buhari and Vice President Yemi Osinbajo, finally, disclosed details of their declared assets Thursday, bowing to growing public pressure for the new government to do so within its first 100 days.

Mr. Buhari had N30 million in his bank account before taking office on May 29, while Mr. Osinbajo had N94 million and $900,000, the presidency said in a statement Thursday, quoting details from the asset declaration forms filed by the two leaders at the Code of Conduct Bureau.

The president owns five houses in Kaduna, Daura, Kano and Abuja, and has two undeveloped plots of land, one in Kano and the other in Port Harcourt, his office said.

Mr. Buhari also has farms, an orchard, ranch, livestock including 270 cattle, 25 sheep, five horses, a variety of birds and a number of economic trees, according to the statement.

He has an unstated “number of cars”.  

Vice President Osinbajo owns 4-bedroom residence at Victoria Garden City, Lagos and a 3-bedroom flat at 2 Mosley Road, Ikoyi.

He also has a 2-bedroom flat at the popular Redemption Camp along Lagos-Ibadan Expressway and a 2-bedroom mortgaged property in Bedford, England.

Apart from his law firm, known as SimmonsCooper, he has shareholding in Octogenerium Ltd., Windsor Grant Ltd., Tarapolsa, Vistorion Ltd., Aviva Ltd. and MTN Nigeria – all based in Lagos.

The disclosures came as the president faces growing criticism from Nigerians who have condemned his failure to form a cabinet and make public his assets more than three months in office.

Public outrage escalated in recent days after it became clear Mr. Buhari’s appointments so far lacked regional and gender balance.

A former military ruler, Mr. Buhari rode to a historic election win over incumbent President Goodluck Jonathan on March 28, on his pledge to stamp out rampant corruption.

He cut the picture of a no-nonsense anti-corruption fighter, and with his flaunted lifestyle of an austere leader who had no plush homes in Nigeria and abroad.

Ahead of the 2015 elections, the president narrated how he took a bank loan to pay for his party’s nomination forms, which sold for N27 million.

For many Nigerians, weary of the country’s unimaginable level of government corruption, Mr. Buhari’s sincerity about confronting the monster needed to start with his public declaration of assets.

More so, a transition committee set up by the president also advised Mr. Buhari to promptly deliver on his promise to declare his assets publicly.

But after taking office, Mr. Buhari dragged his feet.

The presidency explained he was awaiting verification of the declared assets by the Code of Conduct Bureau before making the details public.

A week away from the government’s 100th day, and faced by a distrustful public, the presidency and the ruling All Progressives Congress denied the president made any promise to Nigerians within his first 100 days in office.

A PREMIUM TIMES report Tuesday proved that claim was a lie.

The statement from the presidency on Thursday painstakingly highlighted how Mr. Buhari, as a former leader who also served as petroleum minister and head of the petroleum development fund, was worth so measly in a country where less important officials are worth several billions of naira.

Mr. Buhari has one bank account (with the Union Bank), no foreign account, no factory, no enterprises, and no oil wells, the presidency said.

It said the president has shares in Berger Paints, Union Bank and Skye Bank.

Two of his houses in his native Daura are mud-made, the statement said.

“He borrowed money from the old Barclays Bank to build two of his homes,” the presidency said.

“The documents also showed that the retired General uses a number of cars, two of which he bought from his savings and the others supplied to him by the federal government in his capacity as former Head of State.  The rest were donated to him by well-wishers after his jeep was damaged in a Boko Haram bomb attack on his convoy in July 2014,” the presidency added.

The personal vehicles of Vice President Osinbajo are one Infinity 4-Wheel Drive SUV, one Mercedes Benz and a Prado Jeep, the statement also stated.

Full details of the declaration would be available to the public after verification by CCB, it said.

Read the presidency statement in full below:

“Documents submitted by President Muhammadu Buhari to the Code of Conduct Bureau (CCB), show that the retired General has indeed been living an austere and Spartan lifestyle, contrary to what many might expect of a former Head of State of Nigeria and one who has held a number of top government positions, such as governor, Minister of petroleum and the head of the Petroleum Development Trust Fund (PTDF).

“The documents submitted to the CCB, which officials say are still being vetted and will soon be made public, show that prior to being sworn in on May 29, President Buhari had less than N30 million to his name. He also had only one bank account, with the Union Bank. President Buhari had no foreign account, no factory and no enterprises.

“He also had no registered company and no oil wells.

“The Vice President, Professor Yemi Osinbajo (SAN) who had been a successful lawyer before his foray into politics declared a bank balance of about N94 million and 900,000 United States Dollars in his bank accounts.

“President Buhari declared however that he had shares in Berger Paints, Union Bank and Skye Bank.

“This is entirely unlike what one might expect from a former head of state of a country like Nigeria.

“The documents also revealed that President Buhari had a total of five homes, and two mud houses in Daura. He had two homes in Kaduna, one each in Kano, Daura and in Abuja. One of the mud houses in Daura was inherited from his late older sister, another from his late father. He borrowed money from the old Barclays Bank to build two of his homes.

“President Buhari also has two undeveloped plots of land, one in Kano and the other in Port Harcourt. He is still trying to trace the location of the Port Harcourt land.

“In addition to the homes in Daura, he has farms, an orchard and a ranch. The total number of his holdings in the farm include 270 heads of cattle, 25 sheep, five horses, a variety of birds and a number of economic trees.

“The documents also showed that the retired General uses a number of cars, two of which he bought from his savings and the others supplied to him by the federal government in his capacity as former Head of State. The rest were donated to him by well-wishers after his jeep was damaged in a Boko Haram bomb attack on his convoy in July 2014.

“As revealed by the same forms, highlights of the Vice-President, Professor Yemi Osinbajo’s asset declaration include his 4-bedroom residence at Victoria Garden City, Lagos and a 3-bedroom flat at 2 Mosley Road, Ikoyi. The Vice President also has a 2-bedroom flat at the popular Redemption Camp along Lagos-Ibadan Expressway and a 2-bedroom mortgaged property in Bedford, England. Aside from these, the Vice President has no other landed properties on the form.
“Apart from his law firm, known as SimmonsCooper, the Vice-President also declared shareholding in six private companies based in Lagos, including Octogenerium Ltd., Windsor Grant Ltd., Tarapolsa, Vistorion Ltd., Aviva Ltd. and MTN Nigeria.

“According to details shown on the form, the Vice-President has about ninety four million naira, nine hundred thousand US dollars and nineteen thousand pounds in Nigerian Banks with the foreign currencies kept in local domiciliary accounts. His personal vehicles are one Infinity 4-Wheel Drive SUV, one Mercedes Benz and a Prado Jeep.

“As soon as the CCB is through with the process, the documents will be released to the Nigerian public and people can see for themselves.”

Signed :

Garba Shehu
Senior Special Assistant to the President (Media and Publicity)

Culled from Premium Times News

North, South Korea Reach Agreement To Ease Tensions

North and South Korea agreed early on Tuesday to end a military standoff that sparked an exchange of artillery fire and had ratcheted up tension on one of the world's most heavily-fortified borders.

Under an accord reached in the early hours, following more than two days of talks, North Korea expressed regret over the recent wounding of South Korean soldiers in landmine blasts and Seoul agreed to halt anti-Pyongyang propaganda broadcasts.

North Korea also agreed to end the "semi" state of war it had declared. The two sides will hold follow-up talks to discuss a range of issues on improving ties, the joint statement said.

Both sides began rolling back heightened military postures at noon (0300 GMT), Seoul's defense ministry said.

"It is very meaningful that from this meeting North Korea apologized for the landmine provocation and promised to work to prevent the recurrence of such events and ease tensions," said Kim Kwan-jin, national security adviser to South Korean President Park Geun-hye, who headed Seoul's delegation.

Pyongyang had denied laying the landmines, and in the statement did not explicitly take responsibility for them. However, any expression of regret by the North, better known for its bellicose rhetoric, is rare.

The marathon talks at the Panmunjom truce village inside the Demilitarised Zone (DMZ) separating the two Koreas began on Saturday, shortly after Pyongyang's deadline for the South to halt its propaganda broadcasts or face military action.

"They both made compromises. South Korea did not get an apology, they got a statement of regret about the injury, which they can spin as an apology," said John Delury of Yonsei University in Seoul.

"The more important point is maintaining this channel and reopening the relationship. This is hardly going to be easy to implement, but it’s a landmark agreement which lays out a path."

Seoul and Pyongyang have remained technically in a state of war since the 1950-53 Korean war ended in a truce, not a peace treaty.

THAW?

Inter-Korean relations have been all but frozen since the 2010 sinking of a South Korean warship, which killed 46 sailors, that Seoul blames on the North. Pyongyang denies responsibility.

On Tuesday, the two sides also agreed to arrange reunions of families separated by the Korean War during upcoming autumn holidays and in future.

"What's important now is to carry forward specific projects agreed by South and North smoothly through follow-up talks so as to ease tensions between South and North," Park's presidential office quoted her as saying.

Halfway through a single five-year term that has been buffeted by crises and a stumbling economy, Park appears to have gotten a lift from Seoul's tough stance with the North, with her approval rating rising to 41 percent in a Realmeter poll conducted last week.

Improving ties with the reclusive and impoverished North have been largely unsuccessful is one of Park's key goals. But her efforts, so far, have been largely unsuccessful.

Numerous sticking points remain, from the North's nuclear program and Seoul's sanctions following the ship sinking. There have also been comparatively minor sources of conflict, such as South Korean activists distribution of anti-North leaflets and the suspension of South Korean tours to Mount Kumgang in the North.

Asked early on Tuesday about the prospect for a summit meeting between Park and the North's young leader, Kim Jong Un, the South's national security adviser said it was "not the time" to discuss that.The two Koreas have not held a summit since 2007.

LANDMINES AND LOUDSPEAKERS

The rise in tensions began early this month, when the landmine explosions in the DMZ wounded two South Korean soldiers.

Days later, the South began blasting anti-Pyongyang propaganda from loudspeakers along the border, reviving a tactic that both sides had halted in 2004.

The standoff reached a crisis point on Thursday when the North fired four shells into the South, according to Seoul, which responded with a barrage of artillery fire.

Pyongyang then made its ultimatum that Seoul halt the broadcasts by Saturday afternoon or face military action, but on that day the two sides agreed to hold talks between top level aides to the leaders of the two countries.

Even as talks were proceeding, North Korea deployed twice the usual artillery strength at the border and had around 50 submarines away from base, the South's defense ministry said. South Korea had also increased its military readiness.

Washington and the United Nations welcomed the agreement, as did Beijing, Pyongyang's main ally.

"We're going to judge the North by its actions," U.S. State Department spokesman John Kirby told a briefing. "It was a very tense several days."

North Korea is under U.N. and U.S. sanctions because of repeated nuclear and missile tests, moves that Pyongyang sees as an attack on its sovereign right to defend itself.

 Culled from Reuters News

Living Without Limits By Brian Tracy

The starting point of great success and achievement has always been the same. It is for you to dream big dreams. There is nothing more important, and nothing that works faster than for you to cast off your own limitations than for you to begin dreaming and fantasizing about the wonderful things that you can become, have, and do.

As a wise man once said, “You must dream big dreams, for only big dreams have the power to move the minds of men.” When you begin to dream big dreams, your levels of self-esteem and self-confidence will go up immediately. You will feel more powerful about yourself and your ability to deal with what happens to you. The reason so many people accomplish so little is because they never allow themselves to lean back and imagine the kind of life that is possible for them.

A powerful principle that you can use to dream big dreams and live without limits is contained in what Elihu Goldratt calls the “Theory of Constraints.” This is one of the greatest breakthroughs in modern thinking. What Goldratt has found is that in every process, in accomplishing any goal, there is a bottleneck or choke cord that serves as a constraint on the process. This constraint then sets the speed at which you achieve any particular goal.

What Goldratt found is that if you concentrate all of your creative energies and attention on alleviating the constraint, you can speed up the process faster than by doing any other single thing.

Let me give you an example. Let us say that you want to double your income. What is the critical constraint or the limiting factor that holds you back? Well, you know that your income is a direct reward for the quality and quantity of the services you render to your world. Whatever field you are in, if you want to double your income, you simply have to double the quality and quantity of what you do for that income. Or you have to change activities and occupations so that what you are doing is worth twice as much. But you must always ask yourself, “What is the critical constraint that holds me back or sets the speed on how fast I double my income?”

A friend of mine is one of the highest-paid commission professionals in the United States. One of his goals was to double his income over the next three to five years.

He applied the 80/20 rule to his client base. He found that 20 percent of his clients contributed 80 percent of his profits, and that the amount of time spent on a high-profit client was pretty much the same amount of time spent on a low-profit client. In other words, he was dividing his time equally over the number of tasks that he does while only 20 percent of those items contributes 80 percent of his results.

So he drew a line on his list of clients under those who represented the top 20 percent and then called in other professionals in his industry and very carefully, politely, and strategically handed off the 80 percent of his clients that only represented 20 percent of his business. He then put together a profile of his top clients and began looking in the marketplace exclusively for the type of client who fit the profile; in other words, one who could become a major profit contributor to his organization, and whom he in turn could serve with the level of excellence that his clients were accustomed to. And instead of doubling his income in three to five years, he doubled it in the first year!

So what is holding you back? Is it your level of education or skill? Is it your current occupation or job? Is it your current environment or level of health? Is it the situations that you are in today? What is setting the speed for you achieving your goal?

Remember, whatever you have learned, you can unlearn. Whatever situation you have gotten yourself into, you can probably get yourself out of. If your real goal is to dream big dreams and to live without limits, you can set this as your standard and compare everything that you do against it.

The three keys to living without limits have always been the same. They are clarity, competence, and concentration.

Clarity means that you are absolutely clear about who you are, what you want, and where you’re going. You write down your goals and you make plans to accomplish them. You set very careful priorities and you do something every day to move you toward your goals. And the more progress you make toward accomplishing things that are important to you, the greater self-confidence and self-belief you have, and the more convinced you become that there are no limits on what you can achieve.

Competence means that you begin to become very, very good in the key result areas of your chosen field. You apply the 80/20 rule to everything you do and you focus on becoming outstanding in the 20 percent of tasks that contribute to 80 percent of your results. You dedicate yourself to continuous learning. You never stop growing. You realize that excellence is a moving target. And you commit yourself to doing something every day that enables you to become better and better at doing the most important things in your field. Concentration is having the self-discipline to force yourself to concentrate single-mindedly on one thing, the most important thing, and stay with it until it’s complete.

The two key words for success have always been focus and concentration. Focus is knowing exactly what you want to be, have, and do. Concentration is persevering, without diversion or distraction, in a straight line toward accomplishing the things that can make a real difference in your life.

When you allow yourself to begin to dream big dreams, creatively abandon the activities that are taking up too much of your time, and focus your inward energies on alleviating your main constraints, you start to feel an incredible sense of power and confidence. As you focus on doing what you love to do and becoming excellent in those few areas that can make a real difference in your life, you begin to think in terms of possibilities rather than impossibilities, and you move ever closer toward the realization of your full potential.

How One CEO Went From a Teenage Runaway Living In An Indian Slum To Founding a Billion-Dollar Company

Ambarish Mitra was living in Munirka, a slum in the southwest corner of Delhi. He had been there for seven months when he spotted an ad in the newspaper for an "e-business" competition — what they were calling internet businesses in 1997, Mitra recalls.

The 17-year-old applied to the business-plan contest, submitting his idea to empower women by connecting them to the internet free. His return address was in the slum, near the water tank, he says.

Mitra did not know that this ad would be his exit route.

With one initial public offering under his belt, Mitra now has a billion-dollar augmented-reality advertising company, Blippar. He has been photographed with the British royal family. His newest phone was personally delivered by Xiaomi vice president Hugo Barra, who arrived in a Tesla being driven by an Uber driver.

Mitra is long past the slums, thanks to the ad he spotted that put it all in motion. But in 1997, with that application floating somewhere in the mail, Mitra's focus was on one thing: surviving.

Mitra grew up in a middle-class Indian family, which prioritized education over wealth. His mother was a homemaker, a singer, and a painter. Mitra's older sister took after her and went to study the arts in college. She now runs a successful Indian dance school in an Atlanta suburb.

Mitra's father used to hand him copies of Businessweek and Forbes magazines. The elder Mitra was an inventor in his own right, having found a way to reuse coal slurry in one of the largest Indian coal-mining towns, and he wanted his son to follow in his footsteps to study engineering.

Mitra, though, was captivated by the internet — and not very great at school. While the drawers of his desk were filled with Backstreet Boys and heavy-metal cassette tapes, business books piled up next to his computer. His two favorite books his father ever gave him were on the collapse of IBM and a book on controlling your destiny.

 It's still the same as it was when he ran away from home in 1997.

After witnessing the birth of the internet, Mitra idolized Bill Gates. He read "Business the Bill Gates Way" and Gates' "The Road Ahead." Next to his computer, he kept a framed photo pulled from Fortune magazine, showing Gates and Warren Buffet.

"I was beginning to worship people like Bill Gates, like hardcore idolized him," Mitra said. "I actually had an image of him on my study table while people had Madonna and Samantha Fox and all these people in that generation. I had a picture of Bill Gates."

The lure of the internet put Mitra at odds with his father, who wanted him to study engineering. He had a great childhood and a totally functional, fun-loving family, he says, but he was also a bit of a rebel and wanted more out of his life.

"My parents wanted me to be an engineer, and I wasn't interested in that," Mitra says. "It became so hectic that one day, I just ran away from home and started living in the slum in Delhi.

Living in the slums, Mitra went door-to-door in the city selling magazine subscriptions by day — a lesson in handling rejection, he says now. At night, he worked in a tea stall.

The two jobs netted him around $1.50 a day. He stayed in touch with his sister so she could tell his parents he was alive. Otherwise, he was on his own.

"I became a man as a boy very quickly," Mitra says. "One quality that I acquired, which runs directly in the DNA of Blippar, is that I became completely fearless. Nothing scares me. When you go through violence like I did, and you come out the other side, it makes you stronger."

Seven months into his life as a runaway, Mitra noticed the newspaper ad. He applied to the contest, submitting his plan to connect everybody with the internet to empower women.

It was a "noble topic" for a young person, Mitra said, but it had deep roots in his upbringing.

His grandmother and her four sisters had all received college degrees and rode scooters through the crowded Indian streets. They were a rare sight for 1920s India, but Mitra had grown up realizing how education empowered women. The internet was an extension of that.

Three months later, Mitra found out that his plan to connect the world won.

"Absolutely to my shock and surprise and delight," Mitra says. "It was life-changing."

He won some money and borrowed the rest from a friend's dad who was a banker. Mitra then launched his internet portal: Women Infoline.

The company gave free internet access to women with low wages, subsidizing it with ads.

It soon took off as the tendrils of the tech boom made their way to India. By 2000, a 20-year-old Mitra had grown his company from its newspaper ad start in the slums to an IPO in India.

"When this happened, I did this peace treaty with my father," Mitra says. "I said, 'I will come back, but I will do whatever I want.' They were very proud of me behind the scenes."

Mitra won't reveal how much money he made in the IPO, allowing only that it was insignificant in today's world but a lot of money for the year 2000 in any country. His resignation shortly after the IPO helped him get out before the tech boom collapsed a year later.

At age 20, pockets flush from the IPO, Mitra was lured to London by the glamour of British life and its culture. Four days after arrival, Mitra started working as a retail associate at the Top Shop clothing store on Oxford Street. Then he spent some time helping the British government build out its intranet, and he tried his hands at another couple of startups.

But in 2008, as the financial crisis hit worldwide, Mitra was almost bankrupt. He found himself having to get a "proper job," as he calls it.

Amb

Mitra and Omar Tayeb outside the pub where they came up with the idea for Blippar.

He joined Axa, an insurance company, working his way up to become head of innovation, but he continued to hang out with Omar Tayeb, a friend from a previous startup.

They were at a pub when they made a joke about having the Queen come to life on a pound note, and Tayeb, who was thankfully sober, remembered it, Mitra says.

They turned it into a party trick, where a photo scan on the phone would turn the Queen on a £20 note into an animated photo of their friends. Mitra's "eureka moment" came when he realized that they shouldn't be obsessing over a bank note. Any image could become animated.

Tayeb and Mitra came up with $200,000 to launch, investing all of their money in the new startup, which they called Blippar.

It worked, and the company's latest $45 million round of funding in March 2015 has catapulted the company to a $1.5 billion valuation.

To say Mitra is bullish on Blippar is an understatement. He tells Business Insider he will never sell to Google or even his idol, Gates, and Microsoft, because what he is doing "is bigger than the internet itself."

It's not running away as a teenager, though, that brought him the success — it's the relationships he has formed since and the timing, he says.

"You can never fire a missile from a kayak," Mitra says. "I think I found my warship. I had the right people and the right mix to build this business."

While the teenage runaway college dropout is a great archetype of tech entrepreneurs, Mitra doesn't recommend it — and wouldn't make the choice again.

For one, he knows the decision hurt his mom a lot.

"It's a human behavior to celebrate success coming out of tough environments because it gives us hope," Mitra says. "But at the end of the day, the majority of the time when you make decisions like this, things will go wrong. It's not important to be smart. It's about building relationships around you. It goes a long way in life if you actually truly care about your immediate environment and people who care about what you do."

While Mitra has cycled through wearable devices, there's one bracelet he has never taken off. A random priest with a long beard gave it to him on the street and told him it was for happiness and prosperity. He has worn the same copper bracelet that is carved into snake heads every day since he was 12.

 

Ghana And Japan Overtake Nigeria In Yam Exports

Ghana has overtaken Nigeria in yam exportation as the quality of the produce from Nigeria has dropped due to high dependent on traditional planting system, the International Institute of Tropical Agriculture has said.

The institute’s Project Manager, Yam Improvement for Income and Food Security in West Africa, Dr. Nobert Maroya, said this in Ibadan during a meeting of the IITA’s scientists with top seed production companies from different parts of the country.

He, however, said that the project had developed high ratio propagation technologies such as vine cuttings, aeroponics and bioreactor to address the constraints of quality and multiplication in seed yam production.

Maroya told participants that for Nigeria to profit from the huge financial gain in yam exports, it must develop efficient seed production, distribution and quality assurance systems.

These, he stressed, were the steps taken by Japan and Ghana that placed them ahead of Nigeria among the yam exporting nations.

He said, “In Japan, beer and spirit are extracted from yam. Japan is now producing yam by using vine, which the farmers plant with machine. The way they are going, they will soon become the biggest producer of yam even though it originated from Nigeria and other parts of Africa.

“Ghana yam exporters have an association that determine quality and quantity of yam meant for export. Nigeria began the exportation of yam a long time ago when the product was being exported to Europe from Nasarawa State. At a point, the yam was rejected because of low quality.

“Many yam producers in Nigeria now want to go back to that era. But we need organisation. The IITA cannot help in exportation business. Ghana is well organised and they maintain the market. The farmers are getting their foreign currency; Nigeria can do the same.”

Maroya, however, said that the objective of the IITA was to help increase the quality of the produce, adding that there must be quality control in each stage of yam production.

The YIIFSWA coordinator said that yam production and foreign earnings from exportation would improve rapidly if the newly developed system was embraced by farmers.


http://www.punchng.com/business/business-economy/ghana-overtakes-nigeria-in-yam-exports/

China Stuns Financial Markets By Devaluing Yuan

China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second consecutive day, triggering fears the world’s second largest economy is in worse shape than investors believed.

The move sent fresh shockwaves through global markets, pushing shares sharply lower and sending commodity prices further into reverse as traders feared the move could ignite a currency war that would destabilise the world economy.

There were widespread losses in Asia, and in Europe stock markets suffered falls of about 1%, with the FTSE 100 tumbling almost 2% at one stage.

The Chinese currency hit a four-year low on Wednesday after the People’s Bank of China set the yuan’s daily midpoint even weaker than in Tuesday’s devaluation.

With the bank having said that Tuesday’s move was a “one-off depreciation”, the rapid drop in the value of China’s currency – about 4% in the past two days – dealt a blow to appetite for risky assets, and markets across the region plunged amid concerns that Beijing has embarked on a damaging currency war.

The unexpected yuan devaluation saw Chinese stocks slump in Hong Kong, with the Hang Seng China Enterprises Index sliding 2.6%, extending its loss this quarter to 15%. The Shanghai Composite Index lost 1% to 3,886.32 and the CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.2% to 4,016.13 points.

Shares in airlines were hit particularly hard as investors feared a weaker yuan would contribute to higher fuel bills. Air China lost 4.4% while rivals China Eastern and China Southern dropped close to 6%.

Contributing to the slump were worse than expected economic figures with fixed-asset investment falling short of expectations. The crucial gauge on the country’s growth came in at 11.2% for the first seven months from the same period last year, acording to official data. Economists had forecast a rise of 11.5%.

China’s factory output for July also missed expectations, coming in at 6% year-on-year growth instead of the 6.6% expected. Adding to the slew of bad data was retail sales for July, which amounted to approximately 2.43tn yuan, up 10.5% from June, but also short of market expectations of a 10.6% rise.

The Nikkei stock market index in Japan fell 1.6%; South Korea’s Kospi was down 0.56%.

The Australian dollar, often seen as a proxy for the Chinese economy, fell again to a fresh six-year low of US$72.25c, having been sold off heavily on Tuesday. The US dollar, on the other hand, rose strongly again against all Asian currencies. Key industrial and construction materials nickel, copper and aluminium hit six-year lows.

“China’s currency moves will hurt appetite for risky assets such as equities and commodities,” Rajeev De Mello, head of Asian fixed income at Schroders in Singapore, said.

“While it is too early to say whether this is the beginning of a sustained devaluation of the yuan, other central banks may be forced to follow suit and that may trigger a fresh round of currency weakening around the emerging world.” 

Spot yuan fell to 6.43 per dollar, its weakest point since August 2011, after the central bank set its daily midpoint reference even weaker than Tuesday’s devaluation. The currency fared worse in offshore trade, touching 6.57.

The central bank, which had described the devaluation as a one-off step to make the yuan more responsive to market forces, sought to reassure financial markets on Wednesday that it was not embarking on a steady depreciation.

“Looking at the international and domestic economic situation, currently there is no basis for a sustained depreciation trend for the yuan,” the PBoC said on Wednesday.

Tuesday’s devaluation followed a run of poor economic data and raised market suspicions that China was embarking on a longer-term slide in the exchange rate. It was the biggest one-day fall in the yuan since a massive devaluation in 1994.

A cheaper yuan will help Chinese exports by making them less expensive on overseas markets. Last weekend, data showed an 8.3% drop in exports in July and that producer prices were well into their fourth year of deflation.

The International Monetary Fund said China’s move to make the yuan more responsive to market forces appeared to be a welcome step and that Beijing should aim to achieve an effectively floating exchange rate within two to three years.

Beijing has been lobbying the IMF to include the yuan in its basket of reserve currencies, known as Special Drawing Rights, which it uses to lend to sovereign borrowers. This would mark a major step in terms of international use of the yuan.

“Greater exchange rate flexibility is important for China as it strives to give market forces a decisive role in the economy and is rapidly integrating into global financial markets,” an IMF spokesperson said.

Culled From The Guardian