IMF (uts Nigeria, other sub-Sahara FG attracts N450bn fund to agric sector Africa's 2012 growth forecasts
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TONY AILEMEN, Abuja
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...sees growth at 5.4% in 2012 !lIb&halaAfiica's eoonomJes wU expand at .~r.lIeln
2012 chan earl er projeaed. undennined bj global finandal distreu BlId a 'luggish remvery In South J\frica. the International M onetruy P\.Ind (IMF) said on ~ 1ooMy. Arrla's gnwtb has re mained abu~ 5 perc:enr In !he ~""""""""",. strong prbs b its natural resoun:es. br:ll:ertp M!I'l13nO!lWId
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In fts laIcst lqiorlaI &»IlOOlk:: CUIook. the IMF becase 5.4 pemert growth this year &om 5..1 pr!lt:eOt in 2011 Il5prev1ouipom;t'aionswere5.9 and 5.5 pera!Ill. respeaiYeiy. "'e gruwt't outlook fol'"
FG to deploy troops to Guinea Bissau
MaylB
2012 II lIomewhat less fa· vourable than outlined In the October 2011 RegIonal Scooomic Outlook. with the growth profectlon for 20 12 DOW CUt by alrnosc one-half ill percentage poim. drivt!n in large pan by the weaker economic outlook for South Africa." the IMP said. Growth In Afri ca'il eco-
COYerYlnpoR~nations
5UCh III Ivory Coast ,hould help boost the continent', eamom lcaatvityin 20l2.. Siem Leone and Niger
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of 35.9 and 14 percen!. respeaivdy. oO-produc:en major~oflheexpanskn
IkonomlesrdianlOll non~resourceslUeexpe
I1endng f'asl:er growth but are
new IIllIIhI:s whBe ~
-But r.Jpid eIpansion of these groups may, In some cases. have ourpaced supervisory capacity. UndeT adverse economic condJdoni 8CID5IS the region. these bankIng grounds could become a channel for cross-border romaglon.- the IMF said. Countries with fast-eJ!· panding loan boob should prioriti§e ~ngthening the resfilence of their financial secIOtS, the IMF saId. pushing for cross-border supervision In the region.
western finandal~the
also suffering the W1'lI9: voIaIflity in exports, revenues and GDPexparuion. the IMF said The fi.md also sakllhe rapid ezparulon of pan-African banks may be cause lOr mnoem In counoics with poor ......tion.
Umilu18 aou-border cantagIon.such all rin8-fencing at-
However, an upturn In drougIll-h1t East Afrlca. fresh output In new natural re IIOlIIa' pJOdl.lCeJSsuch as Nigt!" and Siefn. Leone and re-
BanIai!llJdl.SoulbAfrIca's Standard Bank. Togo--based &:obankanclKcnya'sJ([]Jhave been widening their reach, irlaeasInBmmpedtion in !heir
Ing subsidiaries' resources could be added 10 II n!Yiew or existing banking-resolution frameworks; the IMF said.
nomk~lOWewaslikdy
to be a relatM!fy modest 2.7
pertEnl this ,-r and 3.4 percent in the next. held back by ilS rcllanoe on trade with Europe and dose Unb with
Fund_
-atrafve medtanisms for ~almedld~
icy InltJaled by the ~,
ugh the CentRl BankofMgeria (CBN) hantlraCIed f'/4SO billion III single digli interet rate lOr farmers. President GoodIuck Jonathan stated this on Monday at the inauguration of the Agriculllll1ll Transformation Implementalion Council at the CoundI Q\ambers of the Presidential VIDa. Ahuja. The president said he wID personally malr the council, which Is expected to provide ~ght £Of the ~i1 agricultural transformation agendaofhisadminl5uadon. Known as Nigerian Incentive-Based rusk Sharing for Agricuhuntl lending (NTRSAL) facility. the Initiative was carried OUt by the ceo· tral bank. working with the
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d plans to fiu5trare !he runera dbts to uansbm the SCI.lIlI; wwed to -deal decisMIf with ~one~asaJnsltherur rent reb:msiD thesec:ux
"I am hearing unpleasant stories of some compa· nIes working to &USuate our agrlcuhuntl trans(onnadon agmda. Let me state in very dear terms that the Fedcrnl Government will deal dedsM!Jy with such sltuations: "Nigerian agriculture Is heading In the right: direction. 1Iv!reisstillmudtto~hence
theneedforaDsmkrhoIderslO rome together and engender the needed synergy to unlock and unleash the huge potential of the sccttw'"
~ Nestle
Nestle Nigeria PLCm_
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Mlnisuy of Agriculture and RumI Development NIRSAL Is eKpeCIed to ~on the N450 billion new financing &om banks into the agrirul-
AUDITED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2012
."..,.~"" said thai. r~ ",ill de-
pkJyb"OO(l5toc.. · jnea BjsRa··OIl tr bebe May lB, as pan oI lis
oornrniDnmc., ~mn sriruIionaIorderInthalOOlll'Cy. Motwnmed announced this al the 30th Ordinary
Meeting of the ECOWAS Committee of ane& of Qe. I'enceStaffIn AOOja on Mon-
dRy. He said lhUl the. troops for Mall are aho ready. but that the COt1l1lrl'wu awallin8 signal &om the OCOWAS for
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1he minister restated Nigeria'sconunittnenl tothe r!$tomtion of peace and order In those: countties. a.~ as the prnmodorl or9Odo-ewl'lornic and polilkal ~t of
wen
%
41% 42%
20,383,51;6
Revenue Gross Profit Result from Operating Activities
89% 416% 113% 33%
Net A n ance Income (Cost ) Profit Before Income Tax
Income Tax Expense Profit forthe Period
.1 40% COMMENTS ON THE RESULTS
~B8sed o~ the adoption of the Intern ational Financi al Reporting Standards (I FRS) In Nigeria In 2012
we have prepa ad
th~
p::::~~::,~,~~~cJal Statements for the period ended 31st Marc h 2012 In c ompliance with the pro'v l s lons of the I~S, i n
dlerepon.
He said lhaI. blternal confIlcb In .ome member awes within the region were affecting irs desire 10 achieve polltJca1 and economic de-
To faclUtate useful comparison . the figures f o r the period ended 31st March 2011 have been restated In acc ordance with the p",.vlslons of IFRS. The detailed interim Financial Statements prepared in line with lAS J.4 w i ll be available on th C' , we sit., www.nesU.swa.coml.n1l ny.stor-s/nlgeri a. e o mpany 5
Poly, ""My !fam'" In reti.. . t 65,10yealS
is expected
~~11~~I~;~~' ~:~::'UII~'far r:q~lred i n the fi1t quarter for the transition to a new National Warehouse which th e Company Is facilitated b th . s es nves tment or a new Distribution Centre Is designed to manage the capacity In c r eas.s
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~a~ t~~o=:~~s~:~::~~':~~: ;~~:~~h'::h,:,::d:r!~~~:~tr~:~~~o~:~~U~~~~~:;e~~ :ad~e:~lt
a;:r~:::;"':::'~:::;:~~~·f~~'~~'\': ::~~t~:::;:'~::~;;'C;:~~' ~::~~:!.~no~~:i~I:::::~:~~~~~I~U~~h";,l:,"x?'::~;~~';,~I:~ ~h: adj~~~:~~~nt
commented that natural growth has also been positive and In excess of 25% year on y . al" afte;
rellden t G~od l uck Jonathan yl!!llerday
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assented law for university profelfOr5 and non academk: amff to retire at 70 years and 65 )'tU'I; prlndpal of6c:en lO~a single~ ,....""'~
'1eIchcn In poIyttchnk:& and coOcge ~ education are 10 min! at 65, e:ce:npted &om mirln8afie1' 15yem IeI'Vb. accrocUns 10 the lnwassented to",._
Dated thi s 26th day of April 201 2. By Order of the Board
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BODE B . A:tEKU, ESC Company SecretarylLegal Manager NesUe Nigeria Pic 22·24, Indusbial Avenue, lIupeju, Lagos.
~ Nestle
Good Food , Good Ufe