[dropcap]N[/dropcap]igeria has overtaken South Africa as the continent’s largest economy, a report by Bloomberg has shown.

Nigeria’s re-emergence as Africa’s biggest economy followed South Africa’s slump into its second recession in two years, as severe rolling power blackouts frustrate President Cyril Ramaphosa’s attempt to revive growth.

The ruling All Progressives Congress (APC) welcomed Nigeria’s new dominant economic status, which it attributed to the policies of President Muhammadu Buhari-led administration to stimulate growth.

The South African economy contracted 1.4 per cent in the fourth quarter of 2019, according to official statistics released on Tuesday, far outpacing analysts’ forecast of a 0.2 per cent decline.

The latest gross domestic product (GDP) figures, released by Stats SA, showed that the economy contracted by 1.4 per cent in the fourth quarter of 2019, which followed a contraction of 0.8 per cent in the third quarter of last year.

In addition to the shrinking economy, seven out of 10 industries in South Africa contracted in the fourth quarter as well. Only finance, mining and personal services grew, but not enough to prevent the country from falling into an inevitable recession.

The main sectors that hindered economic growth included the transport and the communications industry, which shrunk by 7.2 per cent and contributed to the 1.4 per cent fall in GDP.

The largest sector to contribute to South Africa’s recession was construction, which has declined for six consecutive quarters. However, agriculture also proved to be the economy’s main drag in 2019.

“The manufacturing industry dipped by 1.8 per cent and agriculture fell by 7.6 per cent, owed to late rains and heat waves. The electricity, gas and water supply industry also boomed in the fourth quarter. Mining experienced a slight growth of 1.8 per cent, which contributed just 0.1 of a percentage point to economic growth in the fourth quarter.

“The finance industry grew by 2.7 per cent, contributing 0.6 of a percentage point to South Africa’s overall growth,” a statement by South Africa’s statistics agency stated.
According to the Financial Times, the contraction came after a 0.8 per cent drop in economic output during the previous quarter, leading to South Africa’s second recession — defined as two quarters of negative growth — since 2018.

Owing to this, Bloomberg, in a report, noted that “to the question of whether South Africa or Nigeria, the two countries that account for almost half of sub-Saharan Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use for the West African nation.

“But now both the official naira rate of N306 per dollar and the weaker market exchange rate of around N360 that almost all investors use put Nigeria on top.

“Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth.

“GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used. South Africa’s economy went in the opposite direction.”

On the other hand, for South Africa, its full year expansion was 0.2 per cent, the least since the global financial crisis and even less than the central bank and government estimated. Based on an average rand-dollar exchange rate of 14.43 for the year, GDP was $352 billion.

“South Africa’s weak growth adds to pressure on the central bank to lower the benchmark interest rate at its Monetary Policy Committee meeting March 19, especially after the U.S. Federal Reserve’s emergency rate cut Tuesday amid risks from the spread of the Coronavirus.

“Projections show Nigeria’s economy will continue to grow faster than South Africa’s. While the International Monetary Fund cut its forecast for Nigeria’s 2020 growth to two per cent, from 2.5 per cent last month, due to lower oil prices, South Africa’s GDP is forecast to expand only 0.8 per cent,” the report said.

APC Hails Buhari’s Economic Policies

Meanwhile, the APC has hailed the economic policies of the Buhari-led administration following the re-emergence of Nigeria as Africa’s biggest economy.
The National Publicity Secretary of the party, Mallam Lanre Issa-Onilu, in a statement yesterday, said since the Nigerian economy exited recession in 2017, the country’s economic growth has not been a fluke but a result of deliberate practices and policies of the Buhari administration.

This, he said, has increased transparency in governance, diversification of the economy away from oil, improved fiscal management and a healthy protectionist approach which has aided the growth and increased the capacity of domestic producers and in turn, created jobs.

“This is not a small feat and should be celebrated by all. The All Progressives Congress (APC) congratulates the president, the APC family and indeed all Nigerians. Those expecting the worst and wishing the country ill-fortune should now give up. The task of developing a nation is a collective one. Politics should not drive Nigeria apart; it should unite us when the interest of our nation is involved.

“Of course, there are still a lot of challenges on the way. The journey is not going to be a walk in the park. That is not unusual, considering the level of decay our nation has sunk into under the watch of the Peoples Democratic Party (PDP) and the current efforts of the PDP leaders to slow down our progress as a nation. However, this government, under the capable hand of President Buhari, is single-minded and courageous enough to lead our country to the promised land,” the party added.

According to APC, the hugely successful anti-corruption efforts such as the implementation of a Treasury Single Account (TSA) that allows the government to better track and manage its resources and a more transparent government payroll and personnel system that eliminated duplication and “ghost workers” have alleviated poverty and made more cash available for critical infrastructure projects.

[dropcap]F[/dropcap]ollowing the spate of insecurity in the country, South South governors have agreed to float a regional security outfit to mitigate the ugly trend.

This was part of decisions reached at the South South governors Forum meeting held at Government House Asaba on Thursday, March 5, 2020.

Briefing the press after the meeting, the Chairman South South Governors Forum and Governor of Delta State Senator Ifeanyi Okowa said the issue of security and development was dear to the governors hence the need to come out with a formidable regional security outfit to guarantee peaceful coexistence.

He said Bayelsa, Rivers, Akwa Ibom, Cross River, Edo and Delta (BRACED Commission) would work out modalities on the operations of the proposed regional security.

Governor Okowa said the forum has resolved that all Commissioners of Health from States in the region will meet immediately to work out modalities on how to curtail the laser fever epidemic and the dreaded Corona virus disease that is currently posing global health challenge.

He said there was no known case of corona virus in South South region but there was need to take proactive measures.

The forum according to the chairman also called on President Muhammadu Buhari to constitute the governing board of the Niger Delta Development Commission NDDC to enable it perform its constitutional mandate effectively.

He said the forum resolved that the thirteen percent derivation must be taken out of the fund from oil proceed before the rest of the money is shared by Federal Accounts Allocation Committee, FAAC.

The forum resolved to provide logistics to revive the BRACED Commission because of its input in regional economic growth and collective development of the region.

The meeting had in attendance five Governors including that of Rivers, Edo, Akwa Ibom, Bayelsa and Delta while the governor of Cross Rivers was absent but represented by his deputy.

[dropcap]T[/dropcap]he House of Representatives on Wednesday, 4th March, passed to second reading a bill seeking for the establishment of a Federal University of Technology in Asaba, Delta State.

The Bill sponsored by the Minority Leader of the House, Hon. Ndudi Elumelu, is to provide quality technical education amongst others, for teeming youths of the region and Nigeria in general.

The bill is titled, ” A bill for an Act to Provide for Establishment of Federal University of Technology, Asaba, Delta State for the Promotion and Development of Technical Education in Nigeria and to make Comprehensive Provisions for its Due Management and Administration; and for Other Related Matters”.

Hon. Ndudi Elumelu moved for the second reading of the Bill and was seconded by Hon. Kingsley Chinda at the plenary presided over by the Speaker, Rt. Hon. Femi Gbajabiamila.

Leading the debate Hon. Elumelu stated that the Bill, which composes of 29 clauses and divided into five (6) parts seeks to establish the Federal University of Technology Asaba, Delta State, which will be charged with the responsibility to implement training for the development of technologist in the country, measure, evaluate students and make comprehensive provisions for its management and administration amongst others.

According to him, the desire for the university is to provide more opportunities and create a level playing field for all Nigerians seeking to gain technical education in the region which is not only the bedrock of development but also in line with the recommendations of the United Nations Educational Scientific and cultural organization (UNESCO), which says that a minimum of 26 percent of a country’s annual budget and 6 percent of the Gross Domestic Product (GDP) should be invested in funding education.

In giving justification for the establishment of the University, Hon. Elumelu who represents Aniocha/Oshimili Federal Constituency of Delta State in the House of Representatives, said that “Asaba in Delta state is one of the few state capitals without a federal university despite its advancement, population and strategic location” adding that the need to address the technologically disadvantaged situation in the area has also necessitated the desire to propose the institution.

Elumelu, who described the bill as a straight forward legislation, urged members to support the establishment of the institution in Asaba, as the site of the College of Education (Technical) being proposed for its location already “has facilities that can meet the standard of a University, hence the need for the upgrade”.

He listed the facilities to include, School of Vocational Studies, Standard and Well Equipped Functional Library, Administrative blocks, Staff quarters, Lecture Theatres, Shuttle buses, Multipurpose hall, Health centre, Technical works building and Playing grounds amongst others and appealled for overwhelming support from members to vote the bill for second  reading.

Members unanimously voted in favour of the Bill which was passed for second reading and subsequently referred to the House Committee on Tertiary Education for further legislative action.

[dropcap]R[/dropcap]ecently, more Nigerians have joined in the call for the actual defeat of the Boko Haram insurgents, arrest and prosecution of bandits and kidnappers and the return of enduring peace and security in the country. They also believe that this can only be achieved if there is a total restructuring of the country’s security architecture.        

DESPITE the assurances from the military and the officials of government that Boko Haram insurgents have been decimated and that the perpetrators of various heinous crimes, including banditry, kidnapping and that the perpetrators would be arrested and punished, the daily reports of the activities of the insurgents and the bandits have proved otherwise and this development is responsible to the recent protests and demands for changes to be effected in the security architecture of the country.

The latest protect on Sunday, March 1, 2020, was by the Catholic Bishops of Nigeria, which led thousands of their followers and other Christians to march through some streets of Abuja to protest against the worsening insecurity in the country.

The protesters, who wore black attires, denounced the barbaric killings of Christians by the Boko Haram insurgents and the incessant cases of kidnapping for ransom in the country.

Speaking after the protest, the President of the Catholic Bishops Conference of Nigeria (CBCN)), Most Rev. Augustine Akubeze, said: “We embarked on a peaceful protest on behalf of over 50 million Catholics and over 100 million Christians in Nigeria. We are protesting against the brutal killings of innocent Nigerians by Boko Haram and terrorist herdsmen, who are invading people’s farmlands forcefully. We are gathered here to register our protest against the kidnappings for ransoms in every part of Nigeria.

“We are gathered to mourn the women, babies, children and men who have been killed by the terrorists. We are gathered to let the Federal Government of Nigeria know that we are tired of hearing from them that Boko Haram has been technically defeated even when they still attack with impunity. Even local and international security experts have concluded that the terrorists use weapons that are very sophisticated. Our protest is part of our religious obligations to speak prophetically against whatever is against God’s commandment.”

According to him, the silence of President Muhammadu Buhari on “the worsening insecurity problem in the country is sowing and breeding a seed of mistrust, and the longer it stays, the more you lose those who could have given you the benefit of the doubt”.

“As things stand now, it appears only a few Nigerians can defend you with reasons, only a few Nigerians can argue that your silence is not an endorsement of the barbaric actions of the terrorists and criminals,” he said.

The bishop urged Buhari to listen to the “cries of Nigerians, and also listen to the National Assembly, which has unanimously called on you to change the security chiefs and take more proactive actions to prevent terrorist attacks in the country, especially in the North East.”

He advised Buhari to seek foreign help over the raging attacks on Nigerians as well as reassure the citizens that there was no agenda to Islamise them by not “giving an undue advantage to a section or religion and its adherents bearing in mind that Nigeria is a secular state”.

The Catholic Bishops Conference and the Christians are not alone in this agitation as the main opposition Peoples Democratic Party, PDP, had earlier staged some protests and asked Buhari to resign for “failing to secure the nation’ and putting her democracy under threat”.

The PDP’s national chairman, Uche Secondus, who led the party members during their protests at the embassies of the United Kingdom and the United States in Abuja, said that there was an urgent need to seek international intervention to help improve security and the Nigerian judicial system.

He explained that the party was in full support of its Senate minority leader, Senator Eyinnaya Abaribe, who asked President Buhari to resign his office for “failing to solve the security challenges in the country”, years after Nigerians voted the APC.

The PDP Chairman said “Mr President has lost control of security” and that Nigeria was “in danger and we are in trouble”.

“Today we back our minority leader asking that Mr President should resign because he has lost control,” Secondus told journalists recently in Abuja.

Speaking in the same vein, the Northern Elders Forum, NEF, had in February accused President Buhari’s administration of failing to secure the citizens from the incessant attacks by bandits and other terrorist groups.

The NEF Convener, Professor Ango Abdullahi, lamented that poverty, particularly in the north, and massive social security have worsened under this administration.

“With this type of mindset, it is difficult to see how President Buhari can accept the challenge to radically improve his handling of our security situation.

“Nonetheless, we believe that Nigerians must continue to raise our voices and organise through all legitimate means to demand that the administration addresses major failings in his perception of our situation and his response to our demands for our rights to security,” he told journalists after the group’s meeting in Zaria.

In addition, some Nigerians have also called for major restructuring of the security architecture of the country and the removal of the Service Chiefs. They also called for coordination between the various

arms of the military in their battle against insurgency as well as the deployment of new formations to take over from the current formation fighting the insurgents in the Northeast.

But in their usual defence of government’s position on any issue, the Special Adviser to President on media and publicity, Femi Adesina, described the statements by the Northern Elders Forum as comments from a quasi-organization that boasts of no credible membership, and its leader is akin to a general without troops.

Adesina said in a recent statement that “hearing that title, northern elders forum, you would think the body was a conglomeration of true elders. But the truth is that NEF is just Ango Abdullahi, and Ango Abdullahi is NEF.

He noted that before the 2019 presidential election, the ‘one-man army’ called NEF had shown its antipathy against President Muhammadu Buhari, and its preference for another candidate, yet they all got beaten.

According to Adesina, the Northern Elders Forum is merely waving a flag that is at half-mast and that President Buhari steadily and steadfastly focuses on the task of retooling Nigeria.

In his own defence, Adesina’s colleague, Garba Shehu said that President Buhari was the best man to destroy the Boko Haram insurgents in the northeast and bring an end to their carnage in Nigeria.

“President Buhari is going to finish off these terrorists. He alone can do it,” Shehu assured in a statement he issued earlier in January.

Reacting to the call by Senator Enyinnaya Abaribe asking President Buhari to resign for ‘failing to secure the nation’, Shehu said that “if a leader like President Buhari needs to resign, there are millions of other Nigerians who need to resign, including the lawmaker”.

He accused Abaribe of unlocking the door to enable the escape of traitorous and treasonable suspects.

Shehu further claimed that Abaribe’s party ‘raped’ the nation and left it collapsing in 2015, adding that President Buhari has been fixing things up since he came into office.

He noted that the President is working hard to keep Nigeria and Nigerians out of the harm terrorists have unleashed in the entire Sahel and Sub-Saharan Africa and assured that the reign of terror will soon come to an end with the support of Nigerians and her foreign friends.

Speaking on the issue of insecurity, with particular reference to the role of Boko Haram and the Islamic State in West Africa (ISWAP), the Minister of Information and Culture, Lai Mohammed, called for support for the gallant men and women, “who are making all the necessary sacrifices to keep us safe”.

The minister told journalists in Abuja at a news conference late in February that Boko Haram and the ISWAP “have recently changed their strategy, in the wake of their ceaseless pounding by the military”. At its peak, Boko Haram, in particular, was a fighting force, conquering and keeping territory, installing and deposing Emirs and also collecting taxes. It had the capability to take the battle to many states, mostly in the north, as well as the Federal Capital Territory, where it bombed the police headquarters, the UN Complex, shopping complex and motor parks.

According to the minister, soon after assuming office on May 29, 2015, Buhari directed the Command and Control centre to relocate from Abuja to Maiduguri and rallied the support of our neighours as well as the international community. This yielded immediate results as Boko Haram was not only decimated, but all the territory under its control was recovered. The insurgents also lost the capability to carry out the kind of spectacular attacks they were used to, and then resorted to attacking soft targets, including churches and mosques as well as schools.

“But in the wake of a renewed onslaught by our tireless military against Boko Haram and their ISWAP allies in recent times, the insurgents have apparently changed their strategy: They have started targeting Christians and Christian villages for a specific reason, which is to trigger a religious war and throw the nation into chaos. Apparently, they have realized how emotive and divisive religion can be, when exploited by unscrupulous persons,” he said.

The minister also said that the renewed vigour by the military in the war against the insurgents was paying off handsomely, especially, the killing of top ISWAP leaders at two separate meeting venues at Marte Local Government in Borno State a few days ago

As laudable as some of these military successes may appear to be, Nigerians are consistent in their demands for the actual defeat of the insurgents, release of the Nigerians in their captivity, including the schoolgirls and the restoration of enduring peace and security in the country.

[dropcap]T[/dropcap]he World Health Organisation (WHO) has advised people to use contact-less technology instead of cash as banknotes may be spreading coronavirus.

The infectious COVID-19 could be carried on the surface of banknotes for several days, the WHO warned on Monday night.

To stop the spread of the disease, people should use contactless payments where possible and wash their hands after handling cash, a WHO spokesman said.

The Bank of England also recognised that banknotes “can carry bacteria or viruses” and encouraged frequent hand washing.

Last month banks in China and Korea began disinfecting and isolating used banknotes as part of efforts to stem the spread of the deadly virus.

Ultraviolet light or high temperature is being used to disinfect and sterilise banknotes, before the cash is sealed and stored for up to 14 days before being recirculated, China’s central bank said at a press conference.

[dropcap]N[/dropcap]ot many people knew about Louis Odumegwu Ojukwu, but a greater number of people knew his son, Late Chief Emeka Odumegwu Ojukwu .

Sir Louis odumegwu ojukwu , the first-ever recorded Nigerian Billionaire. He was considered the wealthiest person in Nigeria and Africa as at that time. His Net-Worth calculated to be Over 4 billion dollars as of 1950s.

He was also either chairman or on the board of directors of some of Nigeria’s most profitable companies such as Shell Oil Nigeria Limited, Guinness Nig. Ltd, Nigerian National Shipping Lines, Nigerian Cement Factory, Nigerian Coal Corporation, Costain West Africa Ltd, John Holt, Nigerian Marketing Board amongst others

He started his professional career at the agricultural department before leaving to join John Holt as a Tyre sales clerk before diversifying into the textile and transport sector exhibiting the entrepreneurial spirit of the South East.

He was also reportedly the first Nigerian Billionaire man to own a Mercedes Benz in all of Nigeria then. Starting as a low-level employee to a billionaire shows that hard work, focus and determination pay off. It was also reported that his Rolls Royce was used to carry the queen of England on her first visit to Nigeria, he was the only African man that own a limousine.

The record of his Net-Worth at a time was not able to be calculated, because he was into real estate and owns up to 70% of landed properties in Lagos.

[dropcap]A[/dropcap] Federal Capital Territory High Court, Abuja has suspended Adams Oshiomhole as the National Chairman of the All Progressives Congress, APC.

Justice Danladi Senchi ordered the suspension on Tuesday.

Mr Senchi said Mr Oshiomhole should remain suspended pending the determination of the susstantive suit seeking his perpetual removal as chairman of the party.

Details later…