NIGERIA RANKS THE WORLD’S 20TH ECONOMY IN 2014

New data  recently published by the International Monetary Fund (INF) in its World Economic Outlook, shows that Nigeria ranks at the 20th Economy in the World in 2014 in terms of Gross Domestic Product (GDP) Purchasing Power Parity (PPP).

The Gross Domestic Product (GDP) is the value of all final goods and services produced within a nation in a given year. A nation’s GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. According to the World Bank’s “Global Purchasing Power Parities and Real Expenditures. 2005 “, “A purchasing power parity (PPP) between two countries, A and B, is the ratio of the number of units of country A’s currency needed to purchase in country A the same quantity of a specific good or service as one unit of country B’s currency will purchase in country B. PPPs can be expressed in the currency of either of the countries. In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the U.S. dollar (US$) most commonly used as the base or “numeraire” currency”

Also, the Country which recently rebased its economy rants number 17 and 21 in Real GDP Growth and GDP Currency Prices respectively.

With this report, it looks like Nigeria is not waiting for the year 2020 to be among the top 20 Economies in the world.

The report also ranked China as the number 1 Economy in the world, overtaking the United States of America.

Israelis, Palestinians join forces to combat Ebola

JERUSALEM (AFP) – Israeli and Palestinian officials met at the weekend to draw up an action plan to prevent the Ebola epidemic from spreading to the territories they control, the Israeli military said Sunday.

During the meeting (on Saturday evening), updates were exchanged between the parties and transfer of information was agreed upon by way of additional meetings to take place in order to further track the issue,” said COGAT, the defence ministry unit responsible for Palestinian civilian coordination.  

 One proposal to combat the disease was for Israel to provide courses in advanced epidemiology for Palestinian and Jordanian medical staff, a health ministry official said on condition of anonymity.

  Ebola has killed more than 4,000 people this year, nearly all of them in the West African countries of Liberia, Guinea and Sierra Leone, according to the World Health Organisation (WHO).

  “There are contacts with the Israeli side regarding this within the context of WHO’s instructions on fighting this virus, which is a global task,” said Assad Ramlawi of the Palestinian health ministry.

  “There are common crossings and we have contacts on this, nothing more or less,” he told AFP.

  Israeli Prime Minister Benjamin Netanyahu held a meeting Sunday with health, military, police, border crossings and other relevant officials over the epidemic.

  “We are taking a certain number of measures to isolate any sick people from countries at risk and to treat them of course,” Netanyahu said in a statement. “This is a global epidemic and we are cooperating with other states.”

  Efforts to counter the spread of the disease would focus on border crossings and Ben Gurion International Airport, near Tel Aviv, said the statement.

  There have been no reported cases of Ebola in Israel or the Palestinian territories.

  Israel is a popular destination for African Christians, with around 43, 000 of them having visited the country since the start of the year, according to the tourism ministry.

  And Russia expects to produce three Ebola vaccines within the next six months, Health Minister Veronika Skvortsova said on Saturday.

  “We have created three vaccines… and we think they will be ready in the next six months,” the minister said on Rossiya 1 television.

  “One of them is already ready for a clinical trial,” she said.

One of the vaccines was developed from an inactive strain of the virus, the minister added.

The current outbreak of Ebola, the worst on record, has claimed more than 4,000 lives since the start of the year, mainly in the West African nations of Guinea, Liberia and Sierra Leone.

 There is no licensed treatment for the highly contagious disease, but several countries are trying to develop an effective vaccine.

 Russia, which has not had any cases of Ebola, sent a team of scientists and a mobile laboratory to help fight the disease in Guinea at the end of August.

 Russia has also implemented a protection plan against the virus, which it stepped up in July, according to the minister.

  Seventy-one Russian airports were equipped with thermal cameras to detect the first signs of the virus, she said.

  More than 450 students from West Africa studying in Russian universities were under constant surveillance, she added.

 Guardian

Israelis, Palestinians join forces to combat Ebola

JERUSALEM (AFP) – Israeli and Palestinian officials met at the weekend to draw up an action plan to prevent the Ebola epidemic from spreading to the territories they control, the Israeli military said Sunday.

During the meeting (on Saturday evening), updates were exchanged between the parties and transfer of information was agreed upon by way of additional meetings to take place in order to further track the issue,” said COGAT, the defence ministry unit responsible for Palestinian civilian coordination.  

 One proposal to combat the disease was for Israel to provide courses in advanced epidemiology for Palestinian and Jordanian medical staff, a health ministry official said on condition of anonymity.

  Ebola has killed more than 4,000 people this year, nearly all of them in the West African countries of Liberia, Guinea and Sierra Leone, according to the World Health Organisation (WHO).

  “There are contacts with the Israeli side regarding this within the context of WHO’s instructions on fighting this virus, which is a global task,” said Assad Ramlawi of the Palestinian health ministry.

  “There are common crossings and we have contacts on this, nothing more or less,” he told AFP.

  Israeli Prime Minister Benjamin Netanyahu held a meeting Sunday with health, military, police, border crossings and other relevant officials over the epidemic.

  “We are taking a certain number of measures to isolate any sick people from countries at risk and to treat them of course,” Netanyahu said in a statement. “This is a global epidemic and we are cooperating with other states.”

  Efforts to counter the spread of the disease would focus on border crossings and Ben Gurion International Airport, near Tel Aviv, said the statement.

  There have been no reported cases of Ebola in Israel or the Palestinian territories.

  Israel is a popular destination for African Christians, with around 43, 000 of them having visited the country since the start of the year, according to the tourism ministry.

  And Russia expects to produce three Ebola vaccines within the next six months, Health Minister Veronika Skvortsova said on Saturday.

  “We have created three vaccines… and we think they will be ready in the next six months,” the minister said on Rossiya 1 television.

  “One of them is already ready for a clinical trial,” she said.

One of the vaccines was developed from an inactive strain of the virus, the minister added.

The current outbreak of Ebola, the worst on record, has claimed more than 4,000 lives since the start of the year, mainly in the West African nations of Guinea, Liberia and Sierra Leone.

 There is no licensed treatment for the highly contagious disease, but several countries are trying to develop an effective vaccine.

 Russia, which has not had any cases of Ebola, sent a team of scientists and a mobile laboratory to help fight the disease in Guinea at the end of August.

 Russia has also implemented a protection plan against the virus, which it stepped up in July, according to the minister.

  Seventy-one Russian airports were equipped with thermal cameras to detect the first signs of the virus, she said.

  More than 450 students from West Africa studying in Russian universities were under constant surveillance, she added.

 Guardian

Jonathan is a honest man, he hasn’t stolen public funds and he has declared his assets– Abati

The Special Adviser to President Goodluck Jonathan on Media and Publicity, Dr. Reuben Abati, has once again while reacting to naming of Jonathan as the sixth richest President in Africa with an estimated worth of $100m by an American website, Richestlifestyle, has said his boss is a decent man who hasn’t stolen public funds.

Abati said this while speaking during a Channels Television programme on Sunday.

When asked about the listing of Jonathan, Abati said those behind the list were mischievous and wanted to potray Jonathan as a corrupt President.

“What that Internet site and those copy-cat media houses tried to do was to give the impression that the President is corrupt. The site even said the leaders they had listed stole their people’s wealth. It’s absolutely untrue. President Jonathan has not stolen anybody’s wealth.

“He is a very honest and decent man. Those who know him knows that he is not in office to amass wealth but to serve Nigerians to the best of his ability and to leave a legacy that the present and the next generation would be proud of,” said Abati.

He also said Jonathan was still considering suing the website for libel as the website only did a retraction but failed to apologise to the President.

On Jonathan’s asset declaration, Abati said his boss has declared his asset but will not do so publicly as it is against the law, saying anybody looking for information on his assets should go to the Code of Conduct Bureau.

$9.3m Arms Deal: You are giving Oritsejafor a bad name, CAN blasts FG

The Christian Association of Nigeria, CAN, South-West Chapter, has accused the Federal Government of giving President of the association, Pastor Ayo Oritsejafor, a bad name over the use of his private jet to procure arms in South Africa.

It would be recalled that the South African government seized $9.3m cash flown in to their country by two Nigerians and an Israeli with Oritsejafor’s jet on 15 September.

The chairman of the South-West chapter of the association, Archbishop Magnus Adeyemi Atilade in a communiqué signed in Osogbo, the Osun state capital, said the whole issue looked like a set-up as Pastor Ayo Oritsejafor whose jet was hired to purchase the arms is not government official and didn’t have control of the jet when it was hired.

The association also called for the questioning of the National Security Adviser, Sambo Dasuki, Defence Minister, Aliyu Gusau, to explain what they knew about the deal and the seized $9.3m cash by the South African Government.

“Dasuki and Gwarzo should be questioned and they should provide urgent answers to this national embarrassment to Nigerians,” it said.

Today.ng

FG Generates N2.6tn in Three Months

The total federally-collected revenue in the second quarter of 2014 stood at N2.602 trillion, according to a report by the Central Bank of Nigeria (CBN).

The central bank’s economic report for the second quarter of 2014, obtained monday, showed that the amount represents an increase of 4.3 per cent above the level in the preceding quarter.

It, however, declined by the same margin when compared with the proportionate quarterly budget estimate. The development relative to the quarterly budget estimate was attributed to the fall in non-oil revenue.

Also, at N1.795 trillion, gross oil receipts, which constituted 69 per cent of the total fell by 0.7 per cent, below the receipts in the preceding quarter, but rose marginally by 0.2 per cent above the proportionate budget estimate.

The development relative to the budget estimate was attributed, largely, to the increase in other oil revenue during the quarter under review.

According to the report, non-oil receipts (gross), at N806.45 billion (31.0 per cent of the total), fell below the proportionate budget estimate by 13.1 per cent, but rose above the level in the first quarter of 2014 by 17.4 per cent.

Furthermore, the report pointed out that the decline in non-oil revenue relative to the proportionate budget estimate was, due largely, to the decline in receipts from Education Tax and FGN Independent revenues.

“Of the gross federally-collected revenue during the review quarter, the sum of N1,625.88 billion (net deductions and transfers) was transferred to the Federation Account for distribution among the three tiers of government and the 13.0 per cent derivation fund.

“The federal government received N769.48 billion, while the state and local governments received N390.29 billion and N300.90 billion, respectively. The balance of N165.20 billion went to the 13 per cent derivation fund for distribution among the oil-producing states,” it added.

Meanwhile, provisional data indicated that growth in the key monetary aggregate was sluggish at the end of the second quarter of 2014.
Developments in banks’ deposit and lending rates were mixed during the review quarter. The value of money market assets outstanding increased, due largely, to the rise in FGN Bonds. Developments in the Nigerian Stock Exchange (NSE) were mixed.

Provisional data indicated that growth in the key monetary aggregate was sluggish at the end of the second quarter of 2014.
Relative to the level at the end of the first quarter of 2014, broad money supply, (M2), grew by 1.5 per cent to N15.928 trillion compared with the 0.2 per cent at the end of the preceding quarter, but contrasted with the 0.5 per cent decline at the end of the corresponding quarter of 2013.

The development relative to the preceding quarter reflected, largely, the respective growth of 1.1 and 4.5 per cent in foreign assets (net) and other assets (net) of the banking system, which more than offset the effects of the 1.1 per cent decline in net domestic credit.

Thisday

Bayelsa Court Bars British Lawyer From Oil Spill Suit

Justice E.G. Omokuro of a Bayelsa State High Court, Sagbama Division, has restrained a British lawyer, Mr Martyn Day, from representing 7,400 residents of Bodo Community of Rivers state in an oil spill compensation suit filed against the Shell Petroleum Development Company of Nigeria Limited.

The judge gave the order while ruling on a Motion Exparte brought before the court against the Briton by a Nigerian lawyer, Mr Affinih Peter Egbegi and his law firm, A.P Egbegi and Co.

Delivering the ruling, the judge said:”An interim injunction is further granted restraining the defendant (Day) whether by himself or otherwise from interfering with 7,400 clients of the claimant resident in Bodo Community of Nigeria who had donated and executed irrevocable power of attorney on the claimant (Egbegi) to represent their interest in respect of losses suffered as a result of 24 Trans-Niger Operational Spills in 2008, pending the determination of the Motion on Notice filed in the suit.”

Omokuro also granted the claimant leave to serve the Writ of Summons, Statement of Claims, Written Statement and all other court processes on Day at his London address.

The judge also ordered that the said court processes could be served on the defendant through DHL Courier or any other expected mail delivery outfit in Nigeria and that such service upon proof shall be deemed good service.

He consequently fixed the hearing of the Motion on Notice on October 29, and directed that both parties in the suit are to make their respective appearances.

In his statement of claims, Egbegi asked the court for a declaration that the power of attorney vested in him by his 7,400 clients in the community is irrevocable.

Egbegi also asked for” a declaration that the defendant, not being a legal practitioner within the meaning and provision of the Legal Practitioners Act Cap L11, Laws of the Federation of Nigeria 2004, is not entitled to receive clients anywhere in Nigeria or purport to act for them in any matter at all in Nigeria.”

He asked the court to declare all actions hitherto taken by the defendant on behalf of the claimant’s 7,400 clients as null and void.

The claimant further asked for a declaration that the defendant and his agents are liable for prosecution under the provisions of the Legal Practitioners Act and the Immigration Act.

PM news

2015: Youths in Kolga/yenagoa endorse Chief of Staff Bayelsa House, Abuja for House of Reps

Youths in Kolokuma/Opokuma and Yenagoa federal constituency have declared their support for present chief of staff Bayelsa House, Abuja, Chief Diekevie B. Ikiogha for the forthcoming House of Representatives election under the platform of the Peoples Democratic Party. 

The youths numbering about 200 made the endorsement at a meeting saying “it has become too obvious and undeniably clear that there is no other candidate in the constituency that can influence electoral victory in the area like Chief Diekevie B. Ikiogha going by his antecedents, pedigree, track records and unblemished history of several years standing, and humane 

nature that has no political boundary.” 

They noted that if such visionary leader was given the opportunity to represent the federal constituency at the national level, opportunity beyond human imagination would get to the people.

They also urged all PDP members to close ranks and support the move aimed at ensuring that the chief of staff wins election to the national assembly, stressing that those who had such ambition should withdraw from it as the youths in the area would never support such person other than Chief Diekevie Ikiogha.

Addressing journalists after the meeting, chairman of the forum, General Orukari Sele stated that they endorsed Chief Ikiogha in a unanimous decision for Yenagoa/Kolokuma/Opokuma federal constituency due to his decent public track records. 

“With this endorsement, the youths have spoken because our stake in any election plays a leading role and he is already there, waiting to be sworn-in at the green chamber in the national assembly,” General Darikoro concluded. 

Nigerian pilot

2015: Atiku buys 27.5m presidential nomination form

Former vice-President, Atiku Abubakar, on Monday picked All Progressive Congress (APC) nomination form to contest the presidential election primaries on the party’s platform.

NAN reports that Atiku is the first candidate to pick the nomination form on the party’s platform.

Atiku, speaking to journalists after picking the form charged the party leaders to ensure a level play ground for all presidential aspirants before and during the party primaries.

In his remarks he said: “Mr Chairman, I need not let you know my political antecedents as far as the provision of a level playing field for every member of this party because that is the only thing or one of the things that will make us different from the ruling party.

“Anyone who believes he has the democratic right should be given that opportunity to exercise that right. It is left to the members of this party and the Nigerian public to make a decision.

“Mr Chairman, it is my therefore my singular honor and privilege to hand over to you or your representative two receipts: one, presidential expression of interest and the second one, presidential nomination form all totaling N27.5million”.

He said he believed he could go on to receive his forms and then go onto the next stage.

The National Chairman of the APC, Chief John Oyegun in his remarks prayed for a day when other Africa nations will see Nigeria as the ultimate before others in the comity of nations.

He prayed God to give Nigerians a leader that will have the interest of the people at heart.

Oyegun also assured that the party is looking forward for a contest that is totally rancour free, believing that one of them will eventually emerge with others joining hands to make sure that Nigeria becomes the pride of black nations.

PM news

Angola to overtake Nigeria as Africa’s largest oil producer – IEA

Nigeria, the largest Oil producer in Africa is set to be overtaken by Angola the continent’s second largest producer of Oil by 2016.
The International Energy, IEA, in a report published yesterday said that Nigeria would lose the top position at least temporarily, largely due to oil theft and governance issues.

The IEA projects that Angola will overtake Nigeria as the region’s top oil producer from around 2016, a status Nigeria won’t reclaim until the mid-2020s.
The Agency said that the drop is much as a result of domestic issues in Nigeria as will in part be due to an expected increase in production in Angola.

According to IEA, it estimated that Nigeria currently loses 150,000 barrels a day to oil theft, the equivalent of $5 billion a year adding that partly to regulatory uncertainty, the delay in signing the Petroleum Industry Bill.

IEA’s Chief Economist Fatih Birol said, “What will put Nigeria second are uncertainty over the Nigerian investment framework, oil theft and governance issues.”

Nigerian Pilot