Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts

Wednesday, 3 August 2016

OPINION POLL: Economic Hardship Heightening Domestic Violence In Nigeria – Survey

A recent Public Opinion poll conducted by NOIPolls Limited in partnership with Project Alert on domestic violence has revealed an increasing prevalence of domestic violence across Nigeria in recent times as reported by about 8 in 10 (78 percent) respondents.

The poll showed that domestic violence has been heightened by the economic hardship in Nigeria.

The poll measured the opinion of Nigerians on the increasing prevalence of domestic violence in Nigeria and the results showed that 78 percent of Nigerians nationwide stated that there is an increasing prevalence of domestic violence in Nigeria, and this view was evenly shared across gender, geo-political zones and age-groups.

Further results from the poll revealed that despite its prohibition by Section 34 (1) of the 1999 Constitution, which guarantees the rights of all against torture and other cold-hearted or degrading treatment; the largest proportion of the respondents (97 percent) who believe there is an increasing prevalence of domestic violence in Nigeria stated that domestic violence of men against women is highly/somewhat prevalent in the Nigerian society and this is the same across all geo-political zones.

Other segments of the respondents believe that men are also at the receiving end of domestic violence in Nigerian homes, as 47 percent stated that domestic violence of women against men is also prevalent.

The North-East geopolitical zone (79 percent) make up the highest proportion of respondents with this perception, although, 53 percent have a contrary opinion stating that domestic violence of women against men is non prevalent or non-existent in the Nigerian society.

Meanwhile, 79 percent also mentioned domestic violence against children is highly prevalent, and this is the same across all geopolitical zones.

The prevalence according to the study is highest in the South-West geo-political zone (86 percent) and lowest in the South-South zone (70 percent).

More findings revealed that 54 percent of Nigerians have suffered a form of domestic violence or know someone that has experienced domestic violence in their homes with majority of the victims being women as stated by 75 percent of respondents, although ‘men’ (16 percent) and ‘children’ (9 percent) are also known to be victims of domestic violence.

Moreover findings from a similar poll conducted by NOIPolls in 2012 which revealed that 4 percent of the respondents were victims and 29 percent indicated they know victims of domestic violence, potrays an increase in the occurrence of domestic violence in Nigeria when these figures are compared to recent figures.

An evaluation of the causes of domestic violence in Nigeria revealed that Nigerians perceive ‘economic hardship’ (42 percent), ‘misunderstanding between couples’ (21 percent) and ‘impatience’ (9 percent) as the main causes of domestic violence in Nigerian homes.

Furthermore, the poll revealed that victims of domestic violence do not take any action about their cases, implying that most domestic violence cases go unreported.

These victims do not take any action mainly ‘to avoid stigmatization’ (34 percent), while in other cases it could be as a result of ignorance and illiteracy of victims (21 percent), emotional attachment to their spouses and partners (18 percent) and fear of threat or insecurity (17 percent).

While several individuals, civil society organisations and other relevant stakeholders have risen to fight against the prevalance of this evil in the Nigerian society, Nigerians have suggested that the fostering of mutual understanding in marriages and relationships as well as proper enlightenment on marriage amongst other suggestions will play critical roles in reducing the prevalence of domestic violence in Nigeria.

Opinion Poll

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Tuesday, 26 July 2016

APC Govt Has No Effective Ecomomic Strategy – TMG

The Chairman of the Transitional Monitoring Group (TMG), Com. Ibrahim Zikirullahi, has said that the dwindling economic situation of Nigeria had clearly shown that the All Progressive Congress (APC) government had no effective strategies to address the problem.

TMG while briefing newsmen on the state of the nation, in Abuja, categorically said that although the economic mess is a creation of the Peoples Democratic Party (PDP) led government, there is absence of a well articulated policy to bring out Nigerians out of economic doldrums.

His words; “So far, it is clear that the All Progressives Congress (APC) government of change has no effective strategy to clear the economic mess that was created by the immediate past Peoples Democratic Party (PDP) led government.

“The reality of the absence of a well-articulated and coherent strategy to bring Nigeria out of its current economic doldrums would be seen in the excruciating crunch that is currently subjecting Nigerians to untold hardships.

“Rather than abate, the current economic realities have further accentuated the poverty, which millions of Nigerians in 2015 voted to keep at bay. Demeaning stories of Nigerians who are now forced to engage in theft of cooked food in desperate moves to deal with hunger, calls for urgent attention.

“TMG calls on the Federal Government to discard the endless experimentation based on pet economic theories, which do not reflect the realities of the Nigerian condition. Nowhere is this more apparent than in the current instability and chaos that have characterised the management of the foreign exchange market.

“With so much uncertainty and confusion, the Central Bank of Nigeria has shown very little acumen in being able to stabilise the system. Beyond knee jerk experimentation, the nation’s monetary policy is yet to get any nuanced intervention aimed at calming the market.

“So with each new approach almost on a weekly basis, the Naira on the watch of the current monetary policy makers, slides further, with dire implications for the purchasing power of Nigerians.”

It said; “It is therefore not surprising that inflation is currently galloping out of control, putting basic goods and services beyond the reach of the ordinary Nigerian.

“It is pertinent to note however that there are political dimensions to the current failed attempt to put the economy on the path towards recovery.

As far as we are concerned, as long as monetary policy remains in the hands of those who were silent and did nothing when the financial resources of the nation were being plundered during the immediate past administration, the solutions proffered would continually produce results that show vestiges of the disastrous past.”

“The reasoning behind the President’s decision to allow the current Governor of the Central Bank, who virtually opened up the vaults of the Central Bank to looters, to continue to dictate the direction of the economy, leaves much to be desired.

“In fact, in many other sectors, several discredited actors who were part of the mess Nigerians were forced to live within the immediate past government, were allowed to remain in the system. Currently, many of them are mutating and worming their ways into sensitive position from where they will continue to use their old habits to dash the expectations of Nigerians.

“Nigerians expected a radical shift in the approach to governance, and it is clearly not what they are currently seeing. The seriousness of the Nigerian situation requires a radical change in which fresh minds would galvanise and move the nation in a new direction,” he alleged.



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Ailing Economy: We’ve Learnt Our Lesson In A Hard Way – Buhari

President Muhammadu Buhari while receiving a Special Envoy from the President of Islamic Republic of Iran, Mohammad Javad Zarif, at the State House, has stated that Nigeria has learnt the hard way on how to diversify its economy.


Buhari said government was working hard to live up to the challenges faced by the Nigerian economy within a short period.


He said, “The progress made by Iran within a short period of 30 years is really commendable. Within the period, you have been able to harness gas flaring, and you are now exporting. You have recorded strides in security, manufacturing, agriculture and technology.


“You have also achieved a lot in nuclear research. I must also congratulate you for successfully negotiating with America and the European countries on the development of your nuclear energy.


“In Nigeria, we are learning. We are learning the hard way through hardship, and we are learning very quickly on how to explore other sectors of the economy like gas, solid minerals and agriculture for growth.


“We are grateful for your support and cooperation in opening up the Nigerian economy for diversification,’’ he said.
In his remark, the Iranian envoy who is also the Minister of Foreign Affairs, said the Iranian government would support the ongoing restructuring of the Nigerian economy.


“We are very keen to see a better and stronger relationship with Nigeria, which is the largest country in Africa and a major global player,’’ he said.


Monday, 25 July 2016

Mr. President Is About The Economy Not Corruption

I felt a bit miffed at the president’s Eid-el-fitr message not because it lacked compassion or empathy but because it lacked a departure from his strongly held minimalist view of our daily reality. In all sincerity, I have made a solemn promise not to throw empty criticism at Mr. President and only lend my voice to matters in which common sense is clearly shrugged away to accommodate political vacuity.

The message read thus: “I am not unaware of what Nigerians are going through and I want to use this medium to commend the amazing sacrifices of Nigerians in the face of temporary economic and social challenges and also reassure Nigerians that my government is working assiduously towards providing basic needs and other amenities. Let me also use this opportunity to reaffirm that we will not relent in the fight against corruption and we will ensure that all appropriate and legal measures are deployed to root out this malaise”.

Perhaps the words of O Henry, Love and business and family and religion and art and patriotism are nothing but shadows of words when a man is starving, underpins the very premise of my argument. Again, Nigerians are being congratulated for their sacrifices in difficult times, what needs to be asked though, is if such burdens will climax with better days. In any case, as for me and my house, we will remain skeptics until proven otherwise by the government of the day. Of more concern, however, is the fixation of Mr. President on the fight against corruption. Without a doubt, corruption is a must kill but I also share the concern of Hon. Yakubu Dogara, that convictions have hardly been made even in the sight of overwhelming evidence of the culprits admittance and willingness to return stolen funds.

Neither the president nor his towering integrity can prosecute any war against corruption; he has no choice than to rely on the institutions saddled with such statutory obligation. The best the president can do is to empower such institutions and let the chain off the neck of the proverbial dog. It is not enough to make public declarations that merely romanticises the populace and whips sentiments but rather a case of putting your money where your mouth is. The president will be guilty of living in the clouds if he thinks that he can champion a successful fight against corruption without a reform of the Police Force, the judiciary and a healthy working relationship with the legislature to pass into law the propositions of the executive.

Hence, a continuous focus on a fight technically outside the arena of the president will be simply straining at a gnat and ignoring a whole camel, a typical case of Nero fiddling while Rome burns. Someone needs to remind Mr. President that it’s about the economy, about job creation and an improved livelihood, nothing else at this junction matters. I quite agree with Olatunji Ololade in his Friday’s column in The Nation newspaper, when he said “Buhari seeks to eradicate diseased plants from the nation’s fields of enterprise even as he sows sickly seeds under the roof of the Nigerian barn house”.

One of the greatest economists of the 18th and 19th century, John Maynard Keynes argues that in a recession of significant magnitude, it is necessary for the government to intervene and actively stimulate the economy. He was famous for recommending that the government should pay people to dig holes in the ground and fill them up because it doesn’t matter what they do as long as the government is creating jobs.

Quite frankly I understand the president’s fascination, if not obsession with corruption and never will I doubt his sincere passion for a nation he fought and bled for but he must come to terms with the fact that strong nations are not built on the integrity of an individual, even if that individual is the president, but on a continuous investment in the people in whom the government derives its authority from.

I therefore urge the president to maintain his stance on corruption but give a closer attention to the economy. Mr. President also needs to remember that economic deprivation, stagnation or exclusion will ultimately lead to social and political catastrophe, the very demon he is fighting very hard to expel.
Mr. Ayodele Adio, a social critic, wrote from Lagos. 


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Saturday, 23 July 2016

Get Right Hands To Fix Economy, Not Classmates From Katsina – Ezeife Tells Buhari


Dr. Chukwuemeka Ezeife, a former permanent secretary and state governor has warned President Muhammadu Buhari to do away with selfish tendencies in his appointments.

Ezeife warned that Nigeria’s economy was in crisis, “We have to adopt long-term planning on where we want the country to be,” he told Daily Trust in an interview.

“I support the Central Bank of Nigeria as they want naira to float as having two prices for foreign currency.

“This will deter somebody who buys hard currency from the bank and comes out to sell on the black market.

“There is the need for an economic advisory council, they advise economic ministry and the presidency.

“We should avoid ‘dogon turanci’ at seminars, workshops but to develop the country’s agric, industry.”

The elder statesman further urged that, “Buhari should get the right people and not his classmates from Katsina only.” 



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Wednesday, 20 July 2016

MUST READ: Nigeria’s economy to shrink on Brexit, says IMF


The International Monetary Fund (IMF) has projected that Nigeria’s economy is to shrink by -4.1 per cent growth this year, down from the earlier projection of 2.7 per cent, to berth at a negative growth rate average of -1.8 per cent following Britain’s exit from the European Union (EU).

According to the IMF, which is the global economic policy advisory establishment, this means that Nigeria’s economy will be in full recession this year.

Concerning the sub-Saharan African commodities-reliant countries, the IMF said: “The outlook for other emerging and developing economies remains diverse and broadly unchanged relative to April. That said, gains in the emerging group are matched by losses in low-income economies. Indeed, low-income countries saw a large downward revision in 2016, in large part driven by the economic contraction in Nigeria and also worsened outlook in South Africa, Angola and Gabon. “

Monday, 18 July 2016

Blame Niger Delta Crisis For Slow 2016 Budget Implementation – Presidency


The Special Adviser to president Mohammadu Buhari on media and publicity, Mr. Femi Adesina on Sunday night at a phone-in Programme on Channels television attributed the slow implementation of the 2016 budget to the crisis in the Niger Delta region, saying that the economy has been largely affected.

The impact of the budget signed into law is yet to be felt and Adesina stated that the government had started off negotiations with the militants to find lasting solution to the restiveness in the region.

"Yes the budget has been passed. The intention is to implement that budget as much as possible but then the circumstances are making it difficult because projections are not being met because of what is happening in the Niger Delta and other parts of the economy.

"But as much as possible the government would still adhere to that project as much as revenue will permit and allow.

"Every option is on the table. There was never a time anything was ruled out. All the options were on the table. You will recall that when some South South leaders visited the President led by King Alfred Diete-Spiff, he also disclosed that he had encouraged the security agencies to dialogue with the militant and the leadership of that region.

"So there was never a time that anything was ruled out,since the insurgency began there had always been dialogue," Adesina explained.

Sunday, 10 April 2016

FAYOSE CENSURES PRESIDENT BUHARI'S TRIP TO CHINA



Ekiti State Governor, Ayodele Fayose, has raised the alarm over President Mohammadu Buhari’s scheduled trip to China.

Mr. Fayose said the president was visiting the Asian country to borrow $2 billion as part of the N1.84 trillion programmed to be borrowed to finance the 2016 Budget, describing the move as an attempt to mortgage the future of Nigeria and its people.

Friday, 8 April 2016

OSINBAJO SOLACE NIGERIANS, SAYS NO MORE AUSTERITY MEASURES



Vice President of Nigeria, Yemi Osinbajo says the federal government has no desire to impose austerity measures on Nigerians, stating that government will rather stimulate the economy via other means. solaces

The Vice President made this known while speaking at the The Nation’s First National Economic Forum held in Lagos on Thursday.

Wednesday, 6 April 2016

'REALITY IS THAT I HURT MORE THAN EVERY NIGERIAN AT THE FILLING STATIONS' - KACHIKWU




The Minister of State for Petroleum Resources and Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Ibe Kachikwu, yesterday, stated that the fuel crisis will end this weekend.

Kachikwu said the scarcity of fuel in Lagos and Abuja will come to an end by April 7, while that of Sokoto, Warri and Port Harcourt will end over the weekend.

Tuesday, 5 April 2016

Sunday, 28 February 2016

Wednesday, 13 January 2016

NAIRA FALLS TERRIBLY TO N300 - $1 USD ON THE PARALLEL MARKET

The Nigerian Naira has plummeted to a three-and-a-half low against the US Dollar, to N300 – $1 on the parallel market.



The record slump in value has been attributed to the Nigerian Central Bank’s move to curb the supply of dollars in the country.

Governor of the NCB Godwin Emefiele said foreign reserves stood at around $28 billion compared with $37 billion in June 2014, and that the bureaux de change operators were depleting them at a rate of $28.4 million per week.

“This is a huge hemorrhage on our scarce foreign exchange reserves, and cannot continue,” Emefiele told a news conference in the capital Abuja.

The price of crude oil also recently dropped briefly below the widely watched $30-per-barrel level on Tuesday, extending a selloff that has sliced almost 20% off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint.

Ongoing tension between two of the world’s biggest oil suppliers Iran and Saudi Arabia is also likely to mean that the market will remain volatile, which will inevitably lead to a weakened Naira as crude oil production accounts for 78% of Nigeria’s economy.

Tuesday, 12 January 2016

WHEN IMF VISITS, TEARS FOLLOW

By Owei Lakemfa



International Monetary Fund (IMF) Managing Director, Madam Christine Lagarde was on a four-day visit to Nigeria from January 4. She claimed  it was a friendly visit:  “I’m not in Nigeria to  negotiate for IMF loans but to promote fiscal discipline  and favourable  monetary policies” Making the visit look like some holiday for herself, and husband, Monsieur  Xavier Giocanti, she even visited the  Mother Theresa Children Home, Abuja where on behalf of the IMF she donated a hefty sum of $7,500 to  demonstrate that “We at the IMF, we care about