lHEGUiIRIlWI, FrldaJ< )uIy 27,2012
)15
Bllsiness AutoWheels P44
Business Travel P46
2013 Nissan AJtima : Sustaining mechanical strength with class
Airlines, travel agencies renew rivalry over commission
IOSCO consultative
-
gui~eli!1es for
oenvatives
.. .....
."iE lf1trmatlonal J.Ofpnl:ydon or Smuidc:s CommlsikJn (KlSO). In col-
~boration Wllh Basel Commltl~ on Banking SupcrvtsiOn. IYS publw.ed a mnsuIQ~~pt'ron margin requlremtflt:!i fOr non-antnd-
Iy<ltoamJdmViltJYU IOSCO that In lOO9, the c;.
~nm
20 Icadm iniwltd a refonn progr.unm< 10 mI.« "" .".
temlc risk of OVer-Tli~ Countt!r (OTC) derivatives
~"""" Sp«lflally. me~rtS
a mlmber o(
"el'C' agrffd to
tnhancr the fransparency and ~don 6f ore dmva· dyes, rneluding mandato!), antrillooring; 1I~. rn.aOd.itory clC'aT' ing ~ulrement:s will caprurr. only moo...rdlSl!d arc
dermma
NoMtaIld.udis~
products
will thus, conUflllt to be noncrntrdlly clean:I1 imd will remiun subject to bilater.tl counter piny ns.... manage-
mn"
Also In lOll, the (;.lQ leaders ~to~margln~ui~
mrnlS
de.Jfl'd
on
n(!n-<enlr<1l1y.
Oil ..... Ga.... Miprit ~ SlJnIIIit Group (l«SU), FrIIIk NrIoIke ok. (left); QIiIf u.:w.. Ofb'. ElisIIaI NIpriI.
lor .......... _
of E** tolhllESGofb, 1tIlAp.,....,.
s:r- E..... nI a.n-t. NESG. f oUsha PhIpI.. cbq:_ ~ WIn by_
d~nQtiW'.s to tJ\~
~ifif.~~~
Nigeria to procure $l.2bn cassava, 1 .h.. Chin =~:~Qir~= rice processing pants I I om . a the dtm'illMSmJ.Jicra..
by refiKting the gener.ally
~~ ~~~entrall)'"
The consultative paper lakl OUt ~ set of high 1M] prind. pies on marglnlnl' pr.actlces and trtaone.m or COllillf:r.aI, pronnr_1 mar<rln mj"ulrcmenl(;;.;;'nun<en':"I. Iy4Nred denvaoVt's, These policy proposals are aniculned tli.roug) a sel of !try prtndples thAt primarily sedt to msure thai approprf. alt matJtirung p~ttkes will btestablished lOr all non<l.':n1~1Iy.c1um:1 orc derivative transacdon$. These prtndp{e:s wlUapply 10 111 trarwcdons dial Involve elthrt fI~ Hrns or S}'S'
Fn. . . . ,...., AIqt "'I"tIE "_"",1 Go'-mm,"' 1 h. rnJ ... has unfolded plans to Import 18 cassav.a proctSslng plants from Chlrw. as pan of efforu to add value to the commodit): The Minister of AgTirulwre ar.d Rural IkYeiopmenl. Dr. Aklnwunml Adeslna, who dlsdos~ this when the President of Cllina Bank of lkvdopmem, Wang Weldong. led a delegation to his office in AbuJa. said that the govemmenlis ilIso In the pnxessof~ulringIOOinteglated ria mills frOm the far
"mIGU, Import,m "0"-
""""'nrounlJ)<
,"d
CONTlIlUED ON PAGE 16
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a.de$1na d1sckJs;ed that the rit.-e and cassav.a processing
mills ilrc won.h SU billion, Nigeria spends $3 billion yearly to import rice noLing that negotiations are and President Goodluck Jonathan wants that ongoing between Nigeria ) d and ailna upon·lmport ~ to be reduced through Deal rice pro uction Bank on the financing deal and processing. for the procurement. HesallllhaltheCilSSaQand riafartm'rsproduceu.smet. bank. rice proc6Sing mills wouJd ftc tonnes per hecurc, as He said: -v.It. an ro-invest In be Installtd In differenl ~ru agalns!: the 2.5 metric tonnes the 100 ria mills, the 18 high ofthecoun~loreductfood per hKUrc produced in qualltyfiourpl'1XeSSingmili5 Import depeildem profile of Nlgerta.. and In hybrid rice, you can thHounU}t He ~. solicit~ assi§o- .scale up )'01Jr support for us -Nigeria spends S3 billion lana from the d\inese gov- on ria, I will like toseeChIna. ~.uj)l to impon rice and emment In boosting rice pm- co·openLing with NlgeiU In PrHldent GoodJuck. ducOon In NI~.t. the areas of Biotechnology, lonathan wants tNt to bt While urgmg the China power gener.atJon for rfc-e reduced through loal rice Dnrdopmem Bank to and casgYOt proc6Sing mills productionanaproassing.- Increase Its finandng rrom aodlntheare.aofrurafdevelhe said. thecunt'nt$]OO million [oS) opmenl, so as to erase rur.al
Th<m'"",uOOkdth.o'du<
to advancemem of 00 pmduttlon In China, Chinese
bUlIo ... h",ld th, Nlg",,"
govemmem is willing to part· ner with the d~eropm~nt
povmy."
TheassisUnce, according to him could be achi~
~~h~l~~e~:n~ China. W~ldong remarked thai China and Nigeria are: agro. based countries, ururing that theChlnese gow:mmem would render the needed asslstana. He said some of the other areu Nigeria .and ChinO! could partner are farmland development and the producdon of fertiliser and use, lusl like In the Chlnest jute system Ltudlng the Agricultur.ti Tran$forIlYllon Agenda of the Feder.al ~t, he said the bank would discuss
"",,'''Ing '1r.I1~"
'0'
Nigeria's agricultu~1 produw In Otlna.
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NACCIMA bemoans sector operators' inability to access intelVention funds and
a, ADelhOlh
.
ry1-IE nation·s pm'ate .sector l ~r haw be.!r crowded out 0 v.uiow Ifl.ervelilion runds, u th .. National Association or Chlmbers of Conuneru, Industry, Mines and .a.gr1culture (NACOMA) complained ~ttrdiJy lhat theoperatorH~~reyeuoben·
elil ~lgnincantJy Trom the facllldes bemg rr ade avail·
able
by
GCM'mm~nL
the
Feder.al
The assocLa.tlon listed the Intervention funds to include NlOO Billion Small and Mtdium Enterprises C~II Guar.a n tee: Scllemes (SMECGS): ~ and Airline Intervention Fund (PAIA In.. tiatlve; N200 billion Restructuring and Refinancing Facility (RRf): Commercial Agriculture
(nodlt Gu.arantee: SCheme stated that the Inabill!y to (CACS) and Nlgerian.KCeSS the IntervwUOn funds IncemlYr-&scd Risk Sharing pose a latof challenge; to rUI System Agr1cultur.a1 Lending .sector operators as finandaJ (NI RSAl.~ Institutlons meilflttodlsburse SpealdngtoloumaJisuonlhe the funds were waI)'ofprovid. on the fon.h<oming malden Ingcredlt to thlslargetgroups bl·Annual dialogue tagged: for a numberof reason.s. "The Impact of~melll Acrordi ng to him, the banks Imervt'ntion Fu nds In [he btllevtd that !he I?rlvate sec· Transformation of the todackstherequisllecoUater. Nigerian Economy". ~kitnt aJ forloanas th~opcrators, by ofNACOMA, Ik Iferbert Nay!. the perceplion or the Iin.andiil
lrutitut:ions,do not have a fo:· malty rcco«ted and audited finaridal history to be used to assess the profitability and cash fiowofthebwlness.lllty may lack fonnal regI$ITiltlon doCuments for-thelrbuslnesses and rent agTtCment.s. for thelrp.kJtsorbulldlngs to help idenUJy and locate lhe busi·
ness". .Besides. the IinanciallnstilUo UOM vI~ prm.te S«lor as
highlY risky to rompensalt IOrthiS risk the loans typIcally made available to MSMEs have high collattr.LI requl~ menlS, Iligh Imerest rates~d shonloanmarurlties.lnsome Instances. to reduce the risks, loans are typically l1l<Kkavall· ableto private firmsopuadng Intherea l .sectorsthata~per· celved to be less risky and CONTlNU ED ON PAGE 16