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UNCTAD Tasks African Countries On Debt Management

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The United Nations Conference on Trade and Development (UNCTAD), has urged African countries to continue strengthening their macroeconomic fundamentals for the avoidance of more debt traps in the future.
UNCTAD gave the advice in its globally presented 2016 Economic Development in Africa Report, entitled “Debt Dynamics and Development Finance in Africa’’.
The report which was also presented in Lagos by the United Nations Information Centre (UNIC), also evolved measures aimed at pursuing structural transformation to avoid debt trap.
“As a result of the high costs in financing Sustainable Development Goals, the importance of domestic debt in development finance has gained prominence.
“However, this also highlights the importance of maintaining debt sustainability and preventing debt distress.
“Debt channelled to investments for Sustainable Development Goals should be given more flexibility,’’ it said.
The report said that it was imperative for African countries to raise adequate levels of financing for development from domestic and external sources, to meet development goals.
It also recommended the leveraging of domestic and external debt, without compromising debt sustainability.
The report also enjoined African countries to lower current account deficit, as well as lessen exposure to commodity price volatility through export diversification.
The 156-page report with detailed case studies of Nigeria, Ghana, Kenya, Tanzania and Zambia, also advised African countries to combat corruption and misappropriation of funds.
It also recommended the need for them to design sound investment programmes with carefully selected projects, for speedy implementation.
The report said that it was also needful for the countries to promote greater efficiency in government’s spending and revenue collection.
The Director of UNIC, Mr Ronald Kayanja, had before the public presentation of the report, said that the 2030 Development Agenda would guide global collective action for sustainable development for 15 years.
According to him, Africa will need between $600billion to $1.2trillion every year to achieve the goals.
“There are worrying signs that people in Africa are increasingly unhappy with the state of their countries’ economies.
“High inequality, stagnant incomes, not enough jobs for the youths, and too little cause for optimism, stoke legitimate fears for the future for many in Africa.
“I hope with this report, policy makers in Africa will focus more on how to generate the needed resources to ensure that we meet the global goals by 2030, ‘’ he added.

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Stakeholders Meet To Assess Nigeria’s Preparedness For AFCFTA

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Stakeholders are expected to converge in Lagos today to take a look at the Nigeria’s preparedness to maximize the gains of the African Continental Free Trade Area (AfCFTA). 
The Tide learnt that stakeholders will be converging at the instance of a popular online newspaper, Primetime Reporters, to assess the progress made so far by the Federal Government through the National Action Committee on AfCFTA agreement.
The event which is the Third Annual Lecture and Awards of the online medium has as its theme: “Assessing Nigeria’s Preparedness to Maximize the Gains of AfCFTA.” 
The event will also witness conferment of awards on eight eminent Nigerians who have distinguished themselves in various fields of human endeavours.
The Managing Director/Editor-In-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, made this known in a statement made available to The Tide in Lagos on Monday.
According to him, the event will hold at the National Institute of International Affairs (NIIA), Kofo Abayomi Street, Victoria Island, Lagos beginning from 10.00am.
Nwadinamuo said that the event would be chaired by a renowned legal practitioner, Barr. Osuala Emmanuel Nwagbara of the Maritime and Commercial Law Partners, Lagos, while the Director General, Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, would be the lead paper presenter.

By: Nkpemenyie Mcdominic, Lagos

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EFCC Nabs 419 Kingpin Over N250m Fraud

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The Economic and Financial Crimes Commission (EFCC), has arrested a leader of a deadly 419 syndicate, Abayomi Kamaldeen Alaka (a.k.a Awise) over an alleged attempt to swindle an innocent Nigerian of N250 million. 
The Tide learnt that the syndicate operates from a shrine at Ashipa Town, near Abeokuta, Ogun State.
According to a statement made available to The Tide in Lagos on Sunday, by the EFCC, Awise’s arrest followed a petition by his victim, Juliet Bright who lost N250m to the fraudster after she was tricked to provide money for sacrifices and invocations to heal her of an ailment.
The statement said Bright was introduced to Alaka by one Akinola Bukola Augustina (a.ka. Iya Osun) whom she met on Facebook in the course of her search for solutions to her health challenge. 
What drew her to Augustina was the latter’s post under the name, Osunbukola Olamitutu Spriritual Healing Centre.
 Once Bright contacted Augustina, the latter promised to heal her if she could pay N16 million. 
The victim paid the money through an Access Bank account belonging to one Mohammed Sani, who later turned out to be a Bureau De Change Operator.
After paying the money without receiving healing, Augustina transferred the victim to other members of the syndicate, notably Awise. 
Bright revealed that she met Awise at his shrine in Ashipa Town and was hypnotized and subsequently transferred various sum through bank accounts and in cash to the suspect and his syndicate members, until she lost N250 million to them.
Despite all the monies collected from her, her health conditions has never improved.

By: Nkpemenyie Mcdominic, Lagos

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Expert Wants Farmers To Grow Plant Produce For Export

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An expert in Quarantine Agriculture, Dr Vincent Ozuru, has advised Nigerian farmers to give more attention to growing plants produce that could be exported.
He said that plant like the hibiscus, popularly known as Zobo is on high demand in some countries around the world, today.
Ozuru who gave the advice while speaking to aviation correspondents at Port Harcourt International Airport, Omagwa, noted that some plants produce, particularly hibiscus, had yielded huge revenue to the Federal Government through export.
According to him, Nigeria exported about 1,983 containers of hibiscus to Mexico alone in 2017 and earned $35 million within nine months of that year.
The agricultural quarantine expert explained that the export of the plant had a setback as a result of storage pest discovered by the Nigeria Agricultural Quarantine Service in some consignments.
“The issue has now been taken care of and the export is resuming again, and all matters have been resolved with the stakeholders across the value chain.
“Mexico is the largest importer of Nigerian hibiscus, and our farmers should brace up to the challenge.
“The good news is that Nigeria has a vast growing belt in hibiscus, and the harvest is available all year round.
“We need to take advantage of this opportunity to earn foreign exchange for ourselves and for the country at large, even with the commitment of the present administration to diversify the economy”, he said.
Ozuru called on Nigerian farmers to show more commitment to the growing of export produce and also endeavor to get ready information on it in order to increase their income.

By: Corlins Walter

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