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Economist forecasts better performance for Naira

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By Our Correrspondent with agency reports
An economist, Prof. Hassan Oaikhenan of the Department of Economics and Statistics, University of Benin, said the foreign exchange environment would likely witness some favourable effects in 2018.
He predicted that there would be massive inflow of foreign exchange into the country as politicians would need them to fund their electioneering campaigns ahead of 2019 general polls.
Oaikhenan, however, said the inflationary trend might continue in view of the increased liquidity or excess cash in circulation.
“As we approach 2019, we expect that a lot of money will be released into the system on account of political activities that year; that has potential implications for the economy.
“We are likely to see the repatriation of foreign exchange that has been kept away by some of these politicians, that is also likely to have a favourable effect on the naira.
“It means that naira will experience slight appreciation.
“There will be so much liquidity as a result of financing the election in the succeeding year, so inflation would persist” he said.
Oaikhenan decried the poor performance of the energy sector in outgoing year.
He said the economic outlook for the coming year would remain bleak if urgent steps were not taken to address the challenges in the power sector.
According to him, the power sector has held the industrial sector down.
He said that there was serious disconnect between the principles of the 2017 budget and its implementation.
The don called for full liberalisation of the energy sector to encourage competitiveness and allow more investors to come in.
According to him, current activities of power generating and distribution companies have not justified the privatisation policy.
“The outlook is generally bleak; it is not particularly promising, especially from the backdrop of the fact that not much is achieved in the outgoing year.
“Events in the energy sector are pivotal to the national economy, so it does not call for so much optimism.
“I will score the implementation of the 2017 budget low, the evidences are there; infrastructure development is particularly not impressive, it is not hard for us to see that the roads are in bad shape.
“The energy sector did not fare well, power outage characterised the system and that adversely affected the industrial sector negatively with high running cost.
“As a result poor performance of the energy sector, the contribution of the industrial sector to the Gross Domestic Products (GDP) did not go beyond 20 per cent which it had hovered over time” he said.
He said that power generation had reached an irritating dimension where it appeared that there are no quick fix approaches to it.
“The system as it is configured now cannot generate electricity to satisfy the need of the industrial sector and the entire economy.
“There is a disconnect between the budget as proposed and the implementation proper that brings the question of how religious the government follows its budgets in a bid to trigger economic development.”
He called on President Muhammadu Buhari to consider reshuffling his cabinet and look beyond his party for experts that could provide answer to some of the national economic questions.

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Super Eagles: Chelle Explains Decision to Invite New Players

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Super Eagles head coach Éric Chelle has defended his decision to hand opportunities to several new players during the Unity Cup and the international friendly against Poland, saying the move is part of efforts to strengthen the national team.

According to DAILY POST, Chelle included eight home-based players in his squad for the Unity Cup invitational tournament as he continues to assess new talents capable of improving the team.

Players such as Femi Azeez, Owen Oseni, Arthur Okonkwo, and Rafiu Durosinmi all made their debut appearances during the competition.

Banik Ostrava defender Abdullahi Bewene also earned his first cap for the Super Eagles in the friendly against Poland, while Genk defender Christian Akpan received a late invitation for the upcoming friendly against Portugal.

Speaking to the Super Eagles media team, Chelle said the inclusion of fresh faces is aimed at raising the quality and competitiveness of the squad.

“We have analysed our game over the past year and have tried to bring in players who can help the team grow,” Chelle said.

“We need to improve because, for me and for everyone, it is often the smallest details that make the difference between being the best team and winning a trophy.”

The Malian tactician has continued to experiment with his squad since taking charge, with a focus on building a stronger and more competitive team ahead of future international competitions.

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“I Left the Frying Pan for Hellfire” — Senatorial Aspirant Laments Exit from APC to NDC

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Ehiozuwa Agbonayinwa, an aspirant for the Edo South Senatorial seat under the platform of the Nigeria Democratic Congress (NDC), has expressed deep frustration over his experience in the party, describing his defection from the All Progressives Congress (APC) to the NDC as “moving from the frying pan into hellfire.”

Speaking on Arise NewsNews Day programme on Friday, the former member of the House of Representatives alleged that despite winning the party’s senatorial primary election, he is now being prevented from appearing on the ballot.

Agbonayinwa further accused the NDC’s national leader, Senator Seriake Dickson, of reneging on earlier encouragement for him to contest the Senate seat on the party’s platform. According to him, Dickson personally persuaded him to purchase the party’s expression of interest and nomination forms, only to later deny ever doing so.

“I have moved from the frying pan into hellfire,” Agbonayinwa said.

“After efforts to reach a consensus failed, we proceeded to a direct primary election. Party leaders brought all the aspirants together and encouraged us to step down for one another, but no agreement was reached.

“We went through a rigorous process. I understand the party is relatively new, but in all my years in both the APC and PDP, I have never witnessed this kind of situation. The primary election was held on May 29, and as of June 5, the results have still not been officially announced.”

The former lawmaker said he was particularly disappointed by the role allegedly played by Dickson, whom he described as a longtime friend and respected associate.

“Before joining the NDC, I reached out to Senator Seriake Dickson and later visited him at his residence. During our discussion, he asked why I could not pursue a Senate seat under the NDC platform.

“At the time, I was considering contesting for the House of Representatives, but after his suggestion, I told him I would consult with my political leaders. After doing so, I informed him of my decision and thanked him. To my surprise, the same person who encouraged me to obtain the nomination form has now claimed he never made such a recommendation,” he stated.

Agbonayinwa maintained that the handling of the primary election process has left him frustrated and disillusioned, raising concerns about transparency and internal democracy within the NDC.

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Some Nigerians Have Turned Insecurity Into a Commercial Venture — PDP Chieftain

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A chieftain of the Peoples Democratic Party (PDP), Anthony Ehilebo, has expressed concern over the worsening security situation in Nigeria, alleging that some individuals now view insecurity as a profitable enterprise.

Speaking on News Central’s Politics HQ on Friday, Ehilebo said the failure of authorities to bring perpetrators of major terrorist attacks and kidnappings to justice has contributed to the continued spread of insecurity across the country.

He cited the abduction of schoolgirls in Borno State and the attack on students in Buni Yadi as examples of incidents in which those responsible have not been adequately held accountable.

“When Boko Haram kidnapped girls in Borno State, till today we have not found those responsible and held them to account. Buni Yadi happened and nobody was held to account, and it spread to other schools,” he said.

Ehilebo noted that insecurity in Nigeria has evolved into different dimensions, including terrorism driven by extremist ideology and criminal activities motivated by financial gain.

“There are multiple facets and there is one that is solely domiciled within terrorism and if you look at the literal translation of Boko Haram, it means western education is haram according to radical Islamic teachings,” he stated.

He also alleged that some people now engage in kidnapping and related crimes for economic reasons, citing a recent case involving a senior special assistant in a state government who was reportedly arrested for allegedly staging her own abduction in an attempt to obtain ransom from the government.

“It has now become an industry and a commercial venture for some and for some it has become literally a religious thinking process,” he said.

The PDP chieftain argued that the lack of consequences for criminal acts has encouraged the persistence of insecurity, stressing that stronger political will is required to address the challenge effectively.

“The bottom line that has kept this is the consequence, which is almost driven by political will,” he added.

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