mE GUARDiAN, Monday,June 6, ;ion
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SI Moneyline P20
Business Interview P62
FinBank sets October deadline for recapitalisation
Industrialisation as antidote to poverty
Nigeria, others, record 22 per cent increase in trade HE value of merchandise trade in Nigeria and T other World Trade
sonal variations.
equipments,
consumer
settle to a more modest 6.5
recession ,in 2010,ft
70 economies, representin&
''The value of trade reached for the first time a level superior to the pre-crisis maximum of July 200S", it added. Nigeria's export volu me was about $45.43 billion. Major export items included crude oil, cocoa and timber. The United Kingdom and the United States of American were t he largest trade partners for Nigerian exports. Due to high international
goods and food products were the major imports. WTO said that short-term merchandise trade values were not seasonally adjusted . "Seasonal patterns therefore considerably affect the quarter on quarter and month on month developments in world trade, and this in turn affects comparisons between the trade developments in individual regions and econo~ies", it added. WTO sa id in its yearly report
per cent expansion in 2011. It said that the sharp rise in trade volumes last year ena bled world trade to recover to its pre-crisis level but not its long-term trend and WTO economists believe the recent series of important events around the world lend a greater degree of uncertainty to any forecast. The report hinted that following the record-breaking 14.5 per cent surge in the volume of exports in 2010
from the financial crisis is still with us. High unemployment in developed economies and sharp belttightening in Europe will fuel protectionist pressures. WTO Members must continue to be Vigilant and resist these pressures and to work toward opening markets rather than closing them", he added. WTO expects world trade
Organisation (WTO) members have increased by 22 per cent in the first quarter of this year, compared the 17 per cent rise achieved in the same period of 2010. - The value of world mercha ndise trade was 17 per cent higher in the fourth quarter of 2010 against the 'correspond ing period of 2009. WTO, in its first quarter 2011 report released at the weekend, stated that available monthly statistics for about
oil prices, Nigeria's import trade was able to balance export revenue. The country's imports grossed is S42.1 billion. Machinery, heavy
released recently that following the record-breaking 14.5 per cent surge in the volume of exports in 2010, world trade growth should
world trade growth should settle to a more modest 6.5 per cent expansion in 2011. The figures show how trade has helped the world escape
more than 90 per cent of world trade, showed that merchandise trade rose sharply in March 20ll , reflectmg in good part sea-
By Ros.lin. Ok.r.
Director-General Lamysaid.
wro
Pascal
"However, . the hangover
flows to continue to recover, bUilding on the large gai ns of 2010, with slower but still slightly above average growth in 2011. uHowever, recent events in
the Middle East and Japan have raised the le.vel of global economi c uncertainty a nd tilted the balance of risk towards the downside. WTO economists' baseline projections for world merchandise trade in 2011 would see exports grow by 6.5 percent, with shipments from developed countries increasing by around 4.5 per cent and those from developing economies and the CIS aavancing 9.5 per cent.
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Jonathan may unveil agenda for capital market today By Mos.s Ebos.l.
ARRI NG last minute changes, President Goodluck Ebele Jonathan may ring the opening bell for today's transactions on the floor of the Nigerian Stock Exchange (NSE). Sources told The Guardian las\ night that the develop-
B
' . . mentis in commemoration
of 50th anniversary of trading activities in the market. The source explained that the president is a,}so expected to unveil his agenda to boost investors' interest in the market and by extension the economy. According to the higbly placed sources, the president may have discovered that the best way to create employment and sti mulate the economy is to empower the private sedor. Also, most foreign investors are more at home with transactions on the exchange because of Its "international dimension" to business activities.
The source said ·Our market can only make progress if investors have full confidence in it. International investors are very key in this regard . So, the president visit is very key and timely". The Guardian enquiry revealed that the visit put together by the Director General, Secu riti es and Exchange Commission (SEC) and tlie Chief Executive Officer, NSE, Mr Oscar Onyema. . The Nigerian Stock Exchange, formerly known as the Lagos Stock Exchange .(!,SE) was established in '1960, shortly after Nigeria's independence by some foremost business minds, CONTINUED ON PAGE 16
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Executive Secrelary and Chief Execulive Officer, Nigerian Conlenl Oevelopmenl and Managing Moniloring Board (NCBMB), Ernesl Nwapa (left); Group Managing Direclor and Chief Exec ulive Officer, Uniled Bank for Africa Pic, Philips Oduoza; Group Managing Oireclor and Chief Execuliv. Officer, Firsl Bank of Nigeria Pic, Bisi Onasanya; Managing Direclor, Shell Pelroleum Oevelopmenl Company of Nigeria Umiled (SPOC) and Counlry Chair for SHELL Companies in Nigeria, Muliu Sunmonu; and Ihe Execulive Direclor, Zenilh Bank PiC, Elias Igbin-Akenzua, al lhe formallaunching!signing ceremony of Ih. SHELL Contraclor Support Fund (KOBO), in Port Harcourt, Rivers SIal., al Ihe weekend.
South I<orea plans $400m agric project in Ekiti MAJOR initiative that
could bolster agriculturA al development in Ekiti State in particular and the country in general was, at the weekend, unfolded by the South Western state government. Under an international long-term arrangement.. Investors from South Korea have entered into dIscussions with the Eklti State government to invest in the agriculture sector in the state to the tune of aboutS400 million (N60 trillion).
The proposed transformation of agriculture codenamed Green Wealth AgTlcultural Project (GWAP), IS expected to generate not less than 25,000 jobs in the first year and help boost farm yield in the state.. The Investors, who were led by Mr. Kyungj SooMoon,. who_is the Chief Executive Orllcer (CEO) of SYN~OP International Limited, held an InteractIVe session with Ekiti State governor, Dr. Kayode Fayeml and other top offiCials of his administration over the
weekend. The project facilitator, Dr. Adebayo Adewusi, explained that the model had never been used in any part of Africa before now, pointing out that it would focus more on graduates who would be engaged to produce for comll)erclal purposes. He explained, that the $400 million to be plo~ghed into the project, while 30,000 hectares of land would also be needed forthe scheme: Other features of the project, according to Adewusi,
include farm settlements, health facilities for the participants and agriculture/farmers' academy. Soo-Moon noted that the project is aimed at poverty eradication, rood security and job provision, adding that a minimum of 125,000 jobs would be provided under the scheme in four years. He added that the investors would hap.dover the project to the Ekitl State government after three years of managing it, explaining further that the scheme is also expected to
provide free construction materials as well as tools for rural farmers. The Korean business executive disclosed that SYNCTOP would buy all agricultural produce generated from tlie project. Fayemi said his administration has always looked forward to thIS type of meeting on the exploitation of natural resources of the state noting that the business proposal has a semblance with administration's plan for modem CONTINUED ON PAGE 16 I
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