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INTERNATI Vol. 1, No. 1



...Connecting the world

Tourism World tallest building

May/June, 2014







OUR MISSION International Opportunities magazine is published in Nigeria and our mission is to connect Nations and Investors worldwide, in order to facilitate local and international investments without stress. Moreover, to foster friendship and harmony in the world,we will continually focus on tourism windows in Nigeria and the international community, in order to increase trade and international cooperation and travels for the benefits of Nigerians and other citizens of the world.Subsequent editions will feature more information on the following sections: -WORLD INVESTMENT NEWS,POLICIES -TRADE LINK AND INVESTORS CONNECT -NIGERIAN COMPANIES INQUIRIES ON FOREIGN INVESTMENT -FOREIGN INVESTORS' INQUIRIES ABOUT NIGERIA -INTERNATIONAL TRAVEL INFORMATION etc. International Opportunities Magazine is published by Enirez Investment Nig. Ltd. For feedback,news and advert inquiries,please call 08164145000 or send email to Office Address: House 19,2nd Gate Road,Dutse Alhaji,Abuja. Tel: 07036893533, or We hope you will enjoy this edition of our magazine.Thank you. ESANEROVO AGBODO (PUBLISHER & EDITOR -IN - CHIEF.)

CONTENTS NEWS - Why Russia fears losing Ukraine...............4 - China - African Trade ................................5 COVER STORY -BEYOND REBASED FIGURES............................6 PERSPECTIVE -World Economic Outlook.............................7 US - Nigeria Trade statistics.........................8 IMF consultation with Nigeria.......................16 TOURIST SITES - Mystery Zuma Rock...................................18 - World tallest building..................................19 AGRICULTURAL OPPORTUNITIES - N200B available for Nigerian Farmers........20 - Cassava boom............................................25 ROADS’ TRANSFORMATION................30,31,36,37 INTERVIEW - Forbes Interview with Okonjo Iweala................32 INTERNATIONAL SCHOLARSHIP OPPORTUNITIES...45



Russia President Vladmir Putin

WHY RUSSIA FEARS 'LOSING' UKRAINE legal and diplomatic terms. Leaving aside potential Western military By: Marc Chandler options, such as resuming the ballistic missile here is a common perception that defense programs, moving NATO troops to Russia's move on Crimea shows its Ukraine's western border, and even sending new strength. A closer examination suggests weapons to Ukraine, there will likely be it is more complicated that it may seem. Like economic consequences. the bully at the school yard, the aggressiveness The consequences we have in mind are not conceals weaknesses. sanctions by government, but punishment by Putin: a bully hiding deeper flaws? impersonal market forces. Ironically, despite Photo Credit: plavevski / some claims that the US military buildup under Simply put, Russia felt threatened and for good Reagan led to the bankruptcy of the Soviet reason. The democratic coup in the Ukraine Union, arguably more robust analysis would threatened a potentially strategic loss for give a more decisive role to the collapse in oil Russia. For months, it had been using both prices in the mid-1980s (e.g., WTI fell below carrot and stick to pressure Ukraine, Moldova $10 a barrel). and Georgia from shifting more to the EU. With the exception of Singapore and Hungary, Reports indicate that Putin had drawn his own Russia has the highest amount of foreign line on Ukraine and made it clear to the EU and currency debt at about 12 percent of GDP. US that Russia would not accept a Ukraine in Rouble depreciation boosts the cost of servicing unfriendly hands. the debt, some of which is in corporate, not Yanukovych was brought to heel and at the last government hands. The dollar rose 8.25 percent minute embarrassed and frustrated the EU (and against the rouble the start of the year through by extension, the US) and struck a deal with early February. It has gained another 7 percent Russia. A democratic coup toppled since then. It is the second worst performing Yanukovych, and there are reasons to suspect currency against the dollar this year, behind the that Europe and/or the US may have helped Argentine peso. facilitate the political uprising. Among the first The currency depreciation, in the context of acts, the new government abolished Russian as political and economic uncertainty, has seen the second official language. Russian yields soar. The rouble denominated There was a realistic fear (on the part of Russia) 10-year yield has risen more than 100 basis that the new government would move to retract points, thus far this year, to 8.85 percent, the 2010 agreement that arguably was struck eclipsing the yield of South Africa. The dollar under duress, to renew and extend the Russia's denominated bond yield has risen 55 basis lease on the Sevastopol naval base. The lease, points to 5.11 percent. first struck by Yeltsin was to expire in 2017. The cost of insuring Russian (rouble) exposure Fisticuffs broke out in the Ukrainian parliament via the credit default swap market has risen over the issue that eventually led to a 25-year about 50 percent this year to more than 230 extension of the lease. basis points. This puts it within spitting distance The annexation of Crimea will make this issue of Turkey (233 bp), Hungary (242 bp) and moot, though at a cost. Prior to the annexation, Croatia (318 bp). Putin claims the mantel of the status quo power Russian equities are among the worst and forces the US and Europe to be the performing equity markets in the world so far revisionists. Annexation puts the shoe on the this year. MICEX is off 13 percent so far this other foot. It is a less defendable position in year, with a 17 percent slide since February 18.


Even before the recent developments, capital outflows frustrated Russian officials. Outflows have typically exceeded forecasts by the central bank and government. Last year, the central bank forecast $10 bln of outflows. Figures released in mid-January showed that the capital outflows were six times greater. At the same time, the current account surplus was more than halved to $33 bln. Putin, who claims to be a student of history, may be repeating some of the same mistakes of the Soviet Union with an apparent disregard of market forces; poor domestic investment opportunities, high inflation and high cost of capital weigh on growth. Last year, Russia recorded growth of a 1.3 percent, the lowest since 2009 and well below the government's target of 5 percent. Russia has accumulated a stockpile of foreign currency reserves. However, after peaking in 2011, near $544 billion, they have been trending lower, especially since the end of 2012. They stood just below $495 billion at the end of February. Reports of recent intervention warn of a further drawdown in reserves. At the same time, its current account surplus is trending lower, with last year's the smallest in a decade. Related: Russia Expects Weak Economic Growth For At Least 16 More Years Related: Russia vs. The US: Superpowers Bluff Over Ukraine? Russia is more integrated into the world economy than the Soviet Union ever was. This Is a source of non-statist pressure on Russia. A decline in oil prices would be particularly helpful in this regard. There are calls for the US to relax export restrictions on crude oil and natural gas. Such efforts may prove more important symbolically than substantively as it would take a few years to deliver LNG. Despite the increase in US output, the world's largest economy is still importing some 5.5 mln barrels of oil a day.





hina-Africa trade totalled more than $200 billion last year, said Chinese President Xi Jinping last week, reinforcing the nation's status as Africa's largest trading partner since 2009. Xi was speaking during a visit by Senegalese President Macky Sall to Beijing, and highlighted China's and Africa's continuing “friendship”, noting the importance of burgeoning trade and investment ties for both economies.AA "In 2013, Chinese-African trade surpassed the $200 billion mark for the first time, making China Africa's biggest trading partner," Xi said, as cited by AFP. Chinese direct investment in Africa also grew by 44 percent, he noted, claiming, “that all stands witness to the endlessly renewed vitality of Sino-African friendship, to the scale of the potential for co-operation and the excellent outlook for the new kind of Sino-African strategic partnership.” Since 1995, mineral products have dominated China's imports from African countries, with Angola and South Africa being China's main African trading partners. Chinese companies also operate nearly two

thousand enterprises in more than 50 African countries, claiming to employ at least 300,000 Africans. They have built at least 60,000 kilometres of roads and 3.5 million kilowatts worth of power stations in the continent. Related: China Sent $75 Billion In Secret Aid To Africa Over Last Decade: Study Related: West Could Lose Business to China Because of Colonial Attitudes, Says Zuma "China's imports from Africa last year changed little," told Li Wentao, a researcher with the Institute of African Studies at the China Institutes of Contemporary International Relations, to the China Daily. "That's because the country's economic development needs the primary products of energy and resources that accounted for about 70 percent of the continent's exports.” “On the other hand, China's exports to Africa are shifting toward products with higher technology, such as mechanical and electrical products, motorcycles, televisions, cellphones and equipment." The trend is becoming clearer and is driven mainly by fast economic growth in Africa, Li added. "Africa's consumption has improved

significantly in recent years. At the same time, Chinese products have had the advantage of being cheap but of good quality. In recent years some Chinese businesses have moved to establish their brands and standards in Africa." Li Jinzao, vice-minister of commerce, says Africa's economic integration has provided new scope for bilateral cooperation in broader sectors and at a higher level. Economic cooperation between China and Africa is going through a period of rapid growth and change, he says. "A highlight is that bilateral trade in services has grown rapidly in recent years. More Chinese tourists are visiting Africa, while African aviation and logistic services are going into China,” he said. Nevertheless, China's growing role in the region has also sparked tensions in some countries. Last year, for instance, the Zambian government seized control of a Chinese-owned coal company due to poor compliance with safety and environmental standards. In 2012 workers at the mine also killed a Chinese manager during rioting over work conditions.

Why Seplat IPO was Oversubscribed Seplat Petroleum Development Company's shares will begin trading today on the official trading list on the Nigerian Stock Exchange (NSE), while the company's chairman, Dr. A.B.C. Orjiako, will ring the closing bell to signal the end of its first trading day. The company's shares will also begin unconditional trading on the London Stock Exchange (LSE) today. The dual listing of the company's shares on the NSE and LSE follows the successful completion of its IPO, which was oversubscribed. Seplat, which announced its intention to float its shares on March 11, had sought to raise $500 million and then get listed on the NSE and LSE. Its listing on the LSE is significant in many respects because it is the first such listing of a foreign company on the exchange in a decade, a feat made possible by Seplat's very strict adherence to best corporate governance principles. On March 28, the company announced that the indicative price range for its initial public offer had been set at N535 to N700 per ordinary share for shares to be listed on the official trading list of the NSE and 195 pence to 255 pence per ordinary share for shares to be traded on the LSE's main market. The offer comprises a base offering and an over-allotment option. The base offer sought to raise gross proceeds of about $500 million, equivalent to 300.9 million pounds and N82.5 billion. The over-allotment option, the company said, would represent 15 per cent of the final amount allocated to the international offering in the base offer. Facts and figures that have emerged following the successful completion of the book building exercise, indicated that the Seplat offer was hugely successful and massively oversubscribed. On April 9, the company announced that its offer price had been set at N576 per ordinary share for shares to be listed on the NSE and 210 pence per ordinary share for shares to be traded on the LSE's main market. Based on the offer price, the total market capitalisation of Seplat at the commencement of conditional dealings will be approximately £1.14 billion (N313 billion), excluding the exercise of the over-allotment option. The base offer raised gross proceeds of approximately £300.9 million (equivalent to $500 million), while the over-allotment option shall

consist of 10,336,183 new shares, representing 15 per cent of the final amount allocated to investors outside Nigeria (the “International Offering”) in the base offer. The over-allotment option can be exercised for a period of 30 calendar days from April 9. With its IPO success, Seplat has not just heralded a new era in the Nigerian exploration and production field, it will enjoy many advantages, especially a significant reduction in its debt to equity ratio because, according to the prospectus, “The company intends to use the net proceeds of the global offer as follows: (i) US$48 million to repay in full all outstanding amounts under its shareholder loan from Maurel and Prom International S.A. (MPI).” Reacting to the development, Orjiako said: “We are delighted with the support shown and happy to welcome a range of blue chip investors to our share register. Despite a challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home for leading Nigerian indigenous E&P players.” On his part, Seplat's Chief Executive Officer, Mr. Austin Avuru, said: “We are already a leading indigenous independent company in our home market but the opportunities opening up in Nigeria for companies like ours are significant.” As the company stated in its intention to float announcement, the net proceeds of the global offer would primarily be used to acquire and develop new acquisitions, and/or pay down any additional debt raised in connection therewith, of both onshore and shallow offshore acreages, assets and joint venture farm-ins. Approximately $48 million shall be used to pay down, in full, a shareholder loan from MPI. All these would help Seplat realise its growth objectives as indicated in the prospectus, which include to maximise production, reserves and cash flows from operated assets; pursue a focused acquisition and farm-in strategy; and commercialise gas production. The full admission of the ordinary shares to the official trading list of the NSE, under the ticker symbol “SEPLAT ” and to the official list of the Financial Conduct Authority (FCA) as well as trading on the main market for listed securities of the LSE under the ticker symbol "SEPL" and the commencement of unconditional dealings are expected to take Continued on pg 6

INTERNATIONAL OPPORTUNITIES NEWS BEYOND THE FIGURES: HOW GOODLUCK JONATHAN IS GROWING THE NIGERIAN ECONOMY There is no doubt that Nigeria, with an estimated population of 170 million people and with about 44 percent youth population, and an average economic annual growth rate of 7% over the past decade is currently the preferred investment destination in Africa. Figures have spoken; the Nigerian economy is the largest economy in Africa and this is a fact. The recently rebased Gross Domestic Product (GDP) of Nigeria puts the economy worth about $510 Billion. However, some analysts believe that the figure is supposed to be even higher given the fact that most small scale businesses were not taken into consideration in arriving at the official figures released. Moreover,considering the fact that 2010 was taken as the rebasing reference year,therefore did not capture Nigeria's economic growth from 2010 till at least the last quarter of 2013,there is the need to review this period to further assess the development strides of Nigeria. Coincidentally, the period in review is the period that President Goodluck Jonathan came into power ,therefore to adequately assess the period in question is to appraise the administration of Jonathan toward developing Nigeria since then. Continued from pg 5 SEPLAT IPO place today. Seplat was founded in 2009 by Shebah Petroleum Development Company Limited and Platform Petroleum (Joint Ventures) Limited for the purpose of investing in Nigerian oil and gas opportunities Maurel and Prom, a French independent oil company, subsequently acquired a 45 per cent equity interest in SEPLAT . This interest was later spun-off to form Maurel & Prom Nigeria S.A (now Maurel and Prom International). In July 2010, Seplat acquired a 45 per cent participating interest in, and was appointed operator of, a portfolio of three onshore producing oil mining leases (OMLs 4, 38 and 41) located in the Niger Delta. In June 2013, the company entered into an agreement for the acquisition of a 40 per cent participating interest in the Umuseti/Igbuku marginal field area located within OPL 283 in the Niger Delta. Seplat is one of the leading indigenous oil and gas operators in Nigeria with an average gross operated oil production of 51,400 barrels per day (bpd) as at December 31, 2013 having grown from 13,900bpd in August 2010. The company's average gross gas production in 2013 was 99 million standard cubic feet per day (MMscfd). Seplat is targeting gross operated oil production from its existing assets of 85 mbpd by the end of 2016. Seplat's successful IPO and dual listing on the LSE and NSE clearly signpost a new era in the Nigerian E&P market and sets the company apart as a veritable benchmark for others to follow.

Seplat is one of the leading indigenous oil and gas operators in Nigeria

The administration of President Goodluck Jonathan has invested heavily in infrastructural development across Nigeria. From roads' construction to railway development and Airports renovation,the Jonathan's administration has fared well according to an economists Mr. Wilson Aki in Abuja. Nigerian export has increased dramatically since the year 2010,courtesy of the trade policy of the federal government to support export of non oil products to complement the export of crude oil which is the mainstay of the economy. In order to ensure stable power supply In Nigeria as a way of promoting industrialisation and enhance productivity of citizens,the privatisation of the power sector was completed last year, although not without its challenges. Today, the former Power Holding Company of Nigeria (PHCN) is now unbundled into generation and distribution companies mandated to ensure constant power supply to all the sections of the country. Also,in the tertiary educational institutions alone,the federal Continued on page 17

Nigerian Stock Exchange and the London Stock Exchange (through a GDR programme). Also , the bank said its cons ervat ive appr oach to Pete Amangbo bank Zenith Bank MD ing Nominee had been exe mpli fied by its robu st Zenith Bank Plc has recorded 200 per cent capital adequacy ratio of 26 per cent as at over-subscription of its $500m Eurobond December 31, 2013, strong liquidity ratio of issue. The $500m Eurobond is under a $1bn 64 per cent, prudent loan to deposit ratio of 55 Global Medium Term Note programme per cent and strong risk management culture. announced by the bank on April 1, 2014. Meanwhile, Zenith Bank said two leading The bank's week-long investors' roadshow, rating agencies, Standard and Poor's Ratings coordinated by Goldman Sachs and Citibank, Services and Fitch Ratings, had rated both the received an overwhelming endorsement by a programme and the first tranche of $500m diversified group of global investors from issued as BB- and B+, respectively. Europe, the United States, Africa, Asia and the Standard and Poor's Ratings Services had in Middle East, Zenith Bank said in a statement. its 2013 Issuer Rating of Zenith Bank noted According to the statement, investor's that “the main constraint on Zenith's Ratings perception of Zenith's domestic market is the Sovereign ratings of Nigeria…” leadership and its strong balance sheet defined The GMTN programme gives Zenith the by its liquidity, asset quality and capital opportunity to raise up to $1bn out of which a adequacy are among the major factors driving first tranche of $500m has been issued. the overwhelming acceptance of the bank's This offer is priced at a coupon rate of 6.25 first ever debt issue. per cent payable every six months, the first The bank stressed that it remained innovative $500m tranche has an effective date of April but prudent and customer-service focused. 22, 2014 and maturity date of April 22, 2019 This, the bank, said elicited investors' appetite and is 100 per cent redeemable on maturity. for its shares currently trading on both the Continued on page 39 ZENITH BANK'S $500M EUROBOND OVER-SUBSCRIBED




lobal activity strengthened during the second half of 2013, as anticipated in the October 2013 World Economic Outlook (WEO). Activity is expected to improve further in 201415, largely on account of recovery in the advanced economies. Global growth is now projected to be slightly higher in 2014, at around 3.7 percent, rising to 3.9 percent in 2015, a broadly unchanged outlook from the October 2013 WEO. But downward revisions to growth forecasts in some economies highlight continued fragilities, and downside risks remain. In advanced economies, output gaps generally remain large and, given the risks, the monetary policy stance should stay accommodative while fiscal consolidation continues. In many emerging market and developing economies, stronger external demand from advanced economies will lift growth, although domestic weaknesses remain a concern. Some economies may have room for monetary policy support. In many others, output is close to potential, suggesting that growth declines partly reflect structural factors or a cyclical cooling and that the main policy approach for raising growth must be to push ahead with structural reform. In some economies, there is a need to manage vulnerabilities associated with weakening credit quality and larger capital outflows. Is the Tide Rising? Global activity and world trade picked up in the second half of 2013. Recent data even suggest that global growth during this period was somewhat stronger than anticipated in the October 2013 WEO. Final demand in advanced economies expanded broadly as expectedmuch of the upward surprise in growth is due to higher inventory demand. In emerging market economies, an export rebound was the main driver behind better activity, while domestic demand generally remained subdued, except in China. Financial conditions in advanced economies have eased since the release of the


October 2013 WEOwith little change since the announcement by the U.S. Federal Reserve on December 18 that it will begin tapering its quantitative easing measures this month. This includes further declines in risk premiums on government debt of crisis-hit euro area economies. In emerging market economies, however, financial conditions have remained tighter following the surprise U.S. tapering announcements in May 2013, notwithstanding fairly resilient capital flows. Equity prices have not fully recovered, many sovereign bond yields have edged up, and some currencies have been under pressure. Turning to projections, growth in the United States is expected to be 2.8 percent in 2014, up from 1.9 percent in 2013. Following upward surprises to inventories in the second half of 2013, the pickup in 2014 will be carried by final domestic demand, supported in part by a reduction in the fiscal drag as a result of the recent budget agreement. But the latter also implies a tighter projected fiscal stance in 2015 (as the recent budget agreement implies that most of the sequester cuts will remain in place in FY2015, instead of being reversed as assumed in the October 2013 WEO), and growth is now projected at 3 percent for 2015 (3.4 percent in October 2013). The euro area is turning the corner from recession to recovery. Growth is projected to strengthen to 1 percent in 2014 and 1.4 percent in 2015, but the recovery will be uneven. The pickup will generally be more modest in economies under stress, despite some upward revisions including Spain. High debt, both public and private, and financial fragmentation will hold back domestic demand, while exports should further contribute to growth. Elsewhere in Europe, activity in the United Kingdom has been buoyed by easier credit conditions and increased confidence. Growth is expected to average 2Ÿ percent in 201415, but economic slack will remain high. Download the data for Figure 1 (csv file). In Japan, growth is now expected to slow more gradually compared with October 2013 WEO projections. Temporary fiscal stimulus should partly offset the drag from the consumption tax increase in early 2014. As a result, annual growth is expected to remain broadly unchanged at 1.7 percent in 2014, given carryover effects, before moderating to 1 percent in 2015. Overall, growth in emerging market and developing economies is expected to increase to 5.1 percent in 2014 and to 5.4 percent in 2015. Growth in Chinarebounded strongly in the second half of 2013, due largely to an acceleration in investment. This surge is expected to be temporary, in part because of policy measures aimed at slowing credit growth and raising the cost of capital. Growth is thus expected to moderate slightly to around 7½ percent in 201415. Growth in India picked up after a favorable monsoon season and higher export growth and is expected to firm further on stronger structural policies supporting investment. Many other emerging market and developing economies have started to benefit from stronger external demand in advanced economies and China. In many, however, domestic demand has remained weaker than expected. This reflects to varying degrees, tighter financial conditions and policy stances since mid-2013, as well as policy or political uncertainty and bottlenecks, with the latter weighing on investment in particular. As a result, growth in 2013 or 2014 has been revised downward compared to the October 2013 WEO forecasts, including in Brazil and Russia. Downward revisions to growth in 2014 in the Middle East and North Africa region, and upward revisions in 2015, mainly reflect expectations that the rebound in oil output in Libya after outages in 2013 will proceed at a slower pace. In sum, global growth is projected to increase from 3 percent in 2013 to 3.7 percent in 2014 and 3.9 percent in 2015. Download the data for Figure 2 (csv file). I in 2013 or 2014 has been revised downward compared to the October 2013 WEO forecasts, including in Brazil and Russia.



fficial trade statistics released recently by the United States of America Department of trade indicate a steady rise of export figures of goods from Nigeria to the United States.The worth of goods exported to the US from Nigeria rose almost to 520 million Dollars in February 2014 from the 366 million Dollars recorded in January. Meanwhile, the import figures reduced tremendously during the same period giving Nigeria a balance of trade advantage over the United States. The steady increase in exported goods to the US was also seen in the 2013 figures released as shown in the table below. By January of 2013, the worth of export figures from Nigeria was about 437 million Dollars while import figures from the US was a whopping 1.6 billion Dollars giving the US a trade balance advantage of about 1.1 billion Dollars. But by the end of October in 2013, the worth of Nigeria’s export of goods to the to the US has increased to about 675 million Dollars while the import figures went down to 756.3 million Dollars. By the end of November of the same year the import figure further went down to about 467 million Dollars while the worth of export was 618.5 million Dollars. December 2013 figures for export was 544.3 million Dollars while import figure was 235.4 million Dollars giving Nigeria a balance of trade advantage of 308 million Dollars. This edition of International Opportunities magazine is featuring the trade statistics form 2004 to February 2014.Table continue fro page 9 to 14.

2 0 1 4 : U . S . t r a d e in g o o d s w it h N ig e r ia

N O T E : A ll f i g u re s a r e in m i ll io n s o f U . S . d o l l a r s o n a n o m in a l b a s is , n o t s e a s o n a l ly a d j u s t e d u n le s s o t h e r w is e s p e c i f ie d . D e t a il s m a y n o t e q u a l t o t a ls d u e t o r o u n d in g . M o n th

E x po rts

I m p o rts

B a la n c e

Ja n ua r y 2 0 14

3 6 6.5

3 8 3 .2

- 16 .7

F e b rua ry 2 01 4

5 1 8.9

2 6 7 .1

2 51 .8

T O T A L 2 01 4

8 8 5.4

6 5 0 .3

2 35 .1

2 0 1 3 : U . S . t r a d e in g o o d s w it h N ig e r ia N O T E : A ll f i g u re s a r e in m i ll io n s o f U . S . d o l l a r s o n a n o m in a l b a s is , n o t s e a s o n a l ly a d j u s t e d u n le s s o t h e r w is e s p e c i f ie d . D e t a il s m a y n o t e q u a l t o t a ls d u e t o r o u n d in g . M on th

E x po rts

I m p o rts

Ja n ua r y 2 0 13

43 6 .5

F e b rua ry 2 01 3 M arch 2 0 1 3

B a la n c e

1 ,5 44 .5

-1 , 1 0 8 . 1

43 4 .8

8 81 .3

- 4 4 6.5

55 0 .2

1 ,4 06 .3

- 8 5 6.1

A p r il 2 0 1 3

39 5 .7

1 ,3 50 .7

- 9 5 4.9

M ay 2 0 1 3

38 0 .5

1 ,0 21 .6

- 6 4 1.1

Ju ne 2 0 1 3

54 8 .5

1 ,7 47 .5

-1 , 1 9 9 . 0

Ju ly 2 0 1 3

65 4 .3

8 22 .9

- 1 6 8.6

A ug u s t 20 1 3

75 1 .3

7 50 .9


S e p te m b e r 2 0 1 3

48 9 .3

7 38 .8

- 2 4 9.5

O c to b e r 2 0 1 3

67 0 .4

7 56 .3

- 8 5.9

N o ve m b e r 20 1 3

61 8 .5

4 67 .7

1 5 0.8

D e c e m b e r 20 1 3 T O T A L 2 01 3

54 4 .3

2 35 .4

3 0 8.9

6 ,47 4 .5

1 1 ,7 23 .9

-5 , 2 4 9 . 4

INTERNATIONAL OPPORTUNITIES 2012 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month




January 2012




February 2012




March 2012




April 2012




May 2012




June 2012




July 2012




August 2012




September 2012




October 2012




November 2012




December 2012







TOTAL 2012

2011 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month




January 2011




February 2011




March 2011




April 2011




May 2011




June 2011








August 2011




September 2011




October 2011




November 2011




December 2011




TOTAL 2011




2010 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month
















April 2010








June 2010








August 2010




September 2010




October 2010




November 2010




December 2010




TOTAL 2010




INTERNATIONAL OPPORTUNITIES 2009 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month




January 2009




February 2009




March 2009




April 2009




May 2009




June 2009




July 2009




August 2009




September 2009




October 2009




November 2009




December 2009




TOTAL 2009




2008 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month




January 2008




February 2008




March 2008




April 2008




May 2008




June 2008








August 2008




September 2008




October 2008




November 2008




December 2008







TOTAL 2008

2007 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month




January 2007




February 2007




March 2007




April 2007




May 2007




June 2007




July 2007




August 2007




September 2007




October 2007




November 2007




December 2007







TOTAL 2007

INTERNATIONAL OPPORTUNITIES 2006 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month




January 2006




February 2006




March 2006




April 2006




May 2006




June 2006




July 2006




August 2006




September 2006




October 2006




November 2006




December 2006







TOTAL 2006

2005 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month




January 2005




February 2005




March 2005




April 2005




May 2005




June 2005





July 2005




August 2005




September 2005




October 2005




November 2005




December 2005







TOTAL 2005

2004 : U.S. trade in goods with Nigeria NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Month




January 2004




February 2004




March 2004




April 2004




May 2004




June 2004




July 2004




August 2004




September 2004




October 2004




November 2004




December 2004







TOTAL 2004

INTERNATIONAL OPPORTUNITIES Continued from page 7 World Economic Outlook in 2013 or 2014 has been revised downward compared to the October 2013 WEO forecasts, including in Brazil and Russia. Downward revisions to growth in 2014 in the Middle East and North Africa region, and upward revisions in 2015, mainly reflect expectations that the rebound in oil output in Libya after outages in 2013 will proceed at a slower pace.In sum, global growth is projected to increase from 3 percent in 2013 to 3.7 percent in 2014 and 3.9 percent in 2015. NOT YET OUT OF THE WOODS Turning to risks to the forecast, downside risks old ones discussed in the October 2013 WEO and new ones remain. Among new ones, risks to activity associated with very low inflation in advanced economies, especially the euro area, have come to the fore. With inflation likely to remain below target for some time, longer-term inflation expectations might drift down. This raises the risks of lower-than-expected inflation, which increases real debt burdens, and of premature real interest rate increases, as monetary policy is constrained in lowering nominal interest rates. It also raises the likelihood of deflation in the event of adverse shocks to activity. Downside risks to financial stability persist. Corporate leverage has risen, accompanied in many emerging market economies by increased exposures to foreign currency

liabilities. In a number of markets, including liquidity provision, including targeted lending, several emerging markets, asset valuations would strengthen demand and reduce financial could come under pressure if interest rates market fragmentation. Repairing bank balance rose more than expected and adversely sheets through the Balance Sheet Assessment affected investor sentiment. exercise and recapitalizing weak banks and In emerging market economies, increased completing the Banking Union by unifying both financial market and capital flow volatility supervision and crisis resolution will be remain a concern given that the Fed will start essential for confidence to improve, for credit to tapering in early 2014. The responses to the revive, and to sever the link between sovereigns related December announcement have been and banks. More structural reforms are needed relatively muted in most economies, possibly to lift investment and prospects. helped by the Fed's policy communication and In emerging market and developing economies, re-calibration (including revisions to forward recent developments highlight the need to guidance). Nevertheless, portfolio shifts and manage the risks of potential capital flow some capital outflows are likely with Fed reversals. Economies with domestic weaknesses tapering. When combined with domestic and partly related external current account weaknesses, the result could be sharper capital deficits appear particularly exposed. Exchange outflows and exchange rate adjustments. rates should be allowed to depreciate in Turning to policies, ensuring robust growth response to deteriorating external funding and managing vulnerabilities remain global conditions. When there are constraints on priorities despite the expected strengthening exchange rate adjustment because of balance of activity. sheet mismatches and other financial fragilities, In advanced economies, policy priorities or large pass-through to inflation because of remain broadly those discussed in the October monetary policy frameworks that lack 2013 WEO. With prospects improving, transparency or consistency in their however, it will be critical to avoid a implementation policymakers might need to premature withdrawal of monetary policy consider a combination of tightening accommodation, including in the United macroeconomic policies and stronger regulatory States, as output gaps are still large while and supervisory policy efforts. In China, the inflation is low and fiscal consolidation recent rebound highlights that investment continues. Stronger growth is needed to remains the key driver in growth dynamics. complete balance sheet repair after the crisis More progress is required on rebalancing and to lower related legacy risks. In the euro domestic demand from investment to area, the European Central Bank (ECB) will consumption to effectively contain the risks to need to consider additional measures toward growth and financial stability from from this end. Measures such as longer-term overinvestment.

In emerging market and developing economies, recent developments highlight the need to manage the risks of potential capital flow reversals. Economies with domestic weaknesses and partly related external current account deficits appear particularly exposed. Exchange rates should be allowed to depreciate in response to deteriorating external funding conditions.

INTERNATIONAL OPPORTUNITIES IMF EXECUTIVE BOARD CONCLUDES 2014 ARTICLE IV CONSULTATION WITH NIGERIA On February 21, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Nigeria. Real GDP is projected to grow at 6.4 percent in 2013 owing to continued strong performance in the non-oil sector. Inflation declined to 7.9 percent at year end, supported by lower food price, fiscal consolidation, and a tight monetary policy stance. The external current account surplus fell to 3.1 percent of GDP from 7.8 percent at end-2012, but reserves remained at a comfortable 5.6 months of next year's imports, despite uncertainties about the timing of the tapering of IMF PRESIDENT CHRISTINE LAGARDE unconventional monetary policies. The non-oil primary deficit of the consolidated government is projected to narrow from governance, and build social cohesion. expenditure restraint, but a shortfall in oil Executive Board Assessment2 revenues resulted in a drawdown of the Executive Directors welcomed Nigeria's Excess Crude Account (ECA), a key fiscal continued strong macroeconomic buffer. Despite significant job creation, performance, underpinned particularly by unemployment and poverty are high and sustained high growth in the non oil sector. social indicators lag those of peers. Continued Inflation has continued to decline and the weaknesses in labor markets, access to reserves position is adequate. While the electricity, cost of doing business, and small economic outlook remains favorable, key risks and medium enterprises' access to finance include continued lower oil revenues from oil have prevented a transition to a more robust production losses and lower oil prices, the and inclusive growth path. impact from the unwinding of unconventional Economic growth is expected to improve monetary policy in advanced economies, and further in 2014, driven by agriculture, trade, domestic political and security uncertainties. and services. Inflation should continue to Directors underscored that steadfast decline, with lower food prices from higher implementation of prudent macroeconomic rice and wheat production and supported by a policies and reforms will be essential to tight monetary policy and a budget execution address the risks and vulnerabilities, generate that maintains medium-term consolidation more inclusive and balanced growth, and objectives. The current account is also reduce unemployment. expected to improve. Key risks to be managed Directors welcomed the authorities' continued include: (i) uncertainty about the pace of commitment to fiscal consolidation and noted global recovery; (ii) unwinding of UMP; (iii) the improvements made to the fiscal persistently lower oil prices; (iv) persistent oil framework. However, to ensure production losses; (v) continuation of macroeconomic stability, they emphasized the insurgency in the North; and (vi) slow need to rebuild fiscal buffers and to strengthen implementation of reforms. the framework further. Efforts should be Sound and balanced economic policies over geared towards boosting non oil revenue by the medium term are critical. Policies should broadening the tax base, improving tax focus on rebuilding external and fiscal buffers, administration and curtailing exemptions, and avoiding spending pressures from the political further reducing oil subsidies. Directors cycle, strengthening the transparency and underscored that adopting a rule based governance of the oil sector, and enhancing reference oil price in fiscal projections and financial stability, while promoting the further strengthening public financial availability of and access to finance. Over the management should help the authorities medium term, it will be vital to ensure the achieve their consolidation objectives. They steady implementation of the wide-range of also highlighted the need for improving oil structural reforms necessary to improve revenue management, including by competitiveness and productivity, boost completing the transition from the Excess growth and job creation, strengthen

Crude Account to the Sovereign Wealth Fund. These measures should be supported by full implementation of the Treasury Single Account and the integrated information management systems. Maintaining fiscal discipline in the run up to the elections is also important. Directors called for strong action to address oil theft and production losses. They advised the authorities to strengthen the regulatory framework by passing a sound Petroleum Industry Bill with enhanced oversight and transparency provisions. The framework for anti money laundering and combating the financing of terrorism could support these efforts. Directors commended the authorities for lowering inflation and considered the current tight monetary policy stance to be appropriate, given the risks associated with potential capital flow reversals. To better manage liquidity, they generally encouraged more reliance on open market operations to guide short term interest rates. With regard to exchange rate policy, Directors noted that greater exchange rate flexibility could serve as an important buffer against external shocks. Directors noted that the financial system is well capitalized with low nonperforming loans. They recommended continued improvements in the supervisory framework, especially with regard to increased exposure from cross border financial activities. Directors encouraged the authorities to build on the progress made in strengthening prudential policies, including by further enhancing the framework for anti money laundering and combating the financing of terrorism, and implementing the remaining Financial Sector Assessment Program (FSAP) recommendations. They welcomed the plan to wind down the operations of the Asset Management Corporation of Nigeria. Directors emphasized that structural reforms remain critical to improve competitiveness and productivity, and reduce poverty and inequality. They encouraged the authorities to persevere with their Transformation Agenda with continued focus on education and health reforms, the improvement of power supply, and broadening agricultural production. Reform efforts should also aim at enhancing the business environment, improving productivity, boosting financial access to small and medium sized enterprises, and strengthening governance and institutional capacity. The upcoming release of re based GDP data and further improvements in statistical data collection should strengthen the basis for policy and private sector decision making in Nigeria.

INTERNATIONAL OPPORTUNITIES their numbers. In the Agricultural sector,the administration of Goodluck Jonathan is also succeeding. Today,anybody willing to go into farming gets Government under the administration of Jonathan has disbursed more enormous support from the federal government from land allocation to than N500 billion before the recent ASUU strike for improved seedlings,Farm machinery rentals and fertilizer distribution at infrastructural,institutional and human resources developmement to subsidized rates. reposition the educational system in Nigeria for the better. 1.6 million jobs were created in 2013 alone and this has been the trend The Universal Basic Education (UBE) standards are being implemented since 2010.Below is an address by President Goodluck Jonathan on across Nigeria and more pupils and students are enrolling in schools in some of his achievements.

Continued from page 6 BEYOND THE FIGURES

Nigerian Economy Keeps Growing and Creating Jobs - Jonathan


xactly 100 years ago today, on January 1, 1914, the British Colonial authorities amalgamated what was then the separate Protectorates of Southern Nigeria and Northern Nigeria, giving birth to the single geopolitical entity known as Nigeria. For us therefore, today is not just the beginning of a new year, but the end of a century of national existence and the beginning of another. It is a moment for sober reflection and for pride in all that is great about Nigeria. Whatever challenges we may have faced, whatever storms we may have confronted and survived, Nigeria remains a truly blessed country, a country of gifted men and women who continue to distinguish themselves in all spheres of life, a country whose diversity remains a source of strength. We pay tribute today, as always to our founding fathers and mothers, and all the heroes and heroines whose toil and sweat over the century made this country what it is today. As I noted, a few days ago, the amalgamation of 1914 was certainly not a mistake but a blessing. As we celebrate 100 years of nationhood, we must resolve to continue to work together as one, united people, to make our country even greater. I assure you that our administration remains fully committed to the progressive development of our country and the consolidation of peace, unity and democratic governance in our fatherland. Despite several continuing domestic and global challenges, for us in Nigeria, the year 2013 witnessed many positive developments which we will strive to build upon in 2014.

We have diligently carried forward the purposeful and focused implementation of our agenda for national transformation in priority areas such as power, the rehabilitation and expansion of national infrastructure, agricultural development, education and employment generation. You may recall that our 2013 Budget was on the theme, “Fiscal Consolidation with Inclusive Growth”, and I emphasized the need for us to “remain prudent with our fiscal resources and also ensure that the Nigerian economy keeps growing and creating jobs”. I am pleased to report that we have stayed focused on this goal. Our national budget for 2014 which is now before the National Assembly is specifically targeted at job creation and inclusive growth. We are keenly aware that in spite of the estimated 1.6 million new jobs created across the country in the past 12 months as a result of our actions and policies, more jobs are still needed to support our growing population. Our economic priorities will be stability and equitable growth, building on the diverse sectors of our economy. In 2013, we commenced implementation of the National Industrial Revolution Plan (NIRP) aimed at industrializing Nigeria and diversifying our economy into sectors such as agro-processing, light manufacturing, and petrochemicals. We have also negotiated a strong Common External Tariff (CET) agreement with our ECOWAS partners which would enable us to protect our strategic industries where necessary.

I am pleased to note that as a result of our backward integration policies, Nigeria has moved from a country that produced 2 million metric tonnes of cement in 2002, to a country that now has a capacity of 28.5 million metric tonnes. For the first time in our history, we have moved from being a net importer of cement to a net exporter. Foreign direct investment into Nigeria has also been strong. In fact, for the second year running, the UN Conference on Trade and Development has named Nigeria as the number 1 destination for investments in Africa. We are witnessing a revolution in the agricultural sector and the results are evident. We have tackled corruption in the input distribution system as many farmers now obtain their fertilizers and seeds directly through an ewallet system. In 2013, 4.2 million farmers received subsidized inputs via this programme. This scheme has restored dignity to our farmers. Last year we produced over 8 million metric tonnes of additional food; and this year, inflation fell to its lowest level since 2008 partly due to higher domestic food production. Our food import bill has also reduced from N1.1 trillion in 2011, to N648 billion in 2012, placing Nigeria firmly on the path to food self-sufficiency. The sector is also supporting more jobs. Last year, we produced 1.1 million metric tonnes of dry season rice across 10 Northern states; and over 250,000 farmers and youths in these States are now profitably engaged in farming even during the dry season. This Administration is also





Where you find the tallest building in the world



NIGERIA GOVT. OFFERS FARMERS N200 BILLION LOAN TO BOOST ECONOMY requirements are: complete and signed account form; complete mandate and signed card; 3 passport photographs, recent copy of The Federal Government has earmarked about your utility bill; a signed letter to the bank; a N200 billion as loan to stakeholders in the photocopy of means of identification and a agriculture sector. When this money is minimum of N3, 000 deposit. eventually disbursed, it will be done through a “You must have that account running and government institution like the Bank of active for at least 3 months, not that you just Agriculture [BOA]. This week's edition of open the account and abandon it, only to show SuccessDigest shows how farmers can up when you need loan. potentially succeed in getting a loan from the “Also, you have to make sure your farm BOA. records are properly kept; that is you keep We spoke to sources at BOA in Lagos and records of the farm's activities/events on a Abeokuta who sought anonymity but gave illuminating information. By Emmanuel Onyeche, Seun Oladunjoye and Matthew Asije

About Bank Bank of Agriculture [BOA] is Nigeria's apex agricultural and rural development finance institution. It is 100 percent wholly owned by the Federal Government of Nigeria. The ownership structure is Central Bank of Nigeria (CBN) 40 percent and Federal Ministry of Finance Incorporated 60 percent. Bank of Agriculture Limited is supervised by Federal Ministry of Agriculture. The Bank was incorporated as Nigerian Agricultural Bank (NAB) in 1973 and in 1978, was renamed Nigerian Agricultural and Cooperative Bank (NACB). Subsequently in 2000, it was merged with the People's Bank of Nigeria (PBN) and took over the risk assets of Family Economic Advancement Programme (FEAP) to become Nigerian Agricultural Cooperative and Rural Development Bank Limited (NACRDB, a name that has always be considered too long and unwieldy.

have to present your "NEPA" bill (that's compulsory) and any mode of identification whether your national identity card, voters' card or international passport. Not that alone, you will have to run the account for a period of six months. So, after six months, you can now apply for loan. “The running of the account within a period of six months does not require you to deposit a specific amount - just make sure you save and withdraw money, the same way as you would if you are running your normal account in other banks. It shouldn't be that you just save the first deposit and then abandon the account; and after the sixth months, you go there to apply for loan form. Though, it is not that you won't get the loan after you've abandoned the account, it is just that the bank may be doubting your integrity as to paying back the loan if granted. Also, we will have to pay you a visit at your farm for inspection.” How Long Do I Have To Wait Before My Request For Loan Is Approved? The Lagos source says, “You really don't have to wait forever. All you do is: after opening an account with us you start running the account, make sure it is very active; that is, there should be transactions going on in the account. You don't have to wait until you are asked to come and pick up your loan before you start to make deposits and withdrawals.

“Also, based on your relationship with the bank, as you come in, we visit your farm. If we see progress of work/project on ground, it won't be long; your loan will be approved. It could take between one week to one month, but like I said, we will not just throw money at you; we A plan to reposition the Bank into an must ascertain that you have a project Nigerian Minister of Agriculture,Akin Adesina you are working on and after inspection effective and sustainable national daily basis. agricultural and rural development finance we start to process your money”. “You must also know your onions because institution in 2010 led to a further name when you are attended to, you'll have to show change to Bank of Agriculture Limited The Abeokuta source says, “You will have to a proper knowledge of your section of the Bank Of Agriculture's Services wait for a period of six months - within that agricultural sector, i.e., you must be able to BOA provides affordable credit facilities to period, you are supposed to be running the display hands-on experience in farming with segments of the Nigerian society who have account, giving the bank confidence in you”. information about your farm. little access to the services of conventional “Thereafter, the bank will pay a visit to your banks. BOA accepts savings deposits from What Categories Of Farmers Are These farm site to see what you have on ground; to customers and encourages banking habits at see how you are already doing; to ensure that Loans Meant For? the grassroots. The Lagos source says, “We have various the loan is appropriate for what you want it schemes for all in the value chain, from for. In other words, they will advice you on BOA augments government's efforts in the production to marketing. Now, even if you are the loan based on what they have seen on diversification of the productive base of the into marketing of farm produce, equipment, ground”. national economy while promoting capacity whatever you do in the value chain of The Abeokuta source says, “The first thing is building through the provision of relevant production, we will give you loan based on to go for enquiries and possibly open and run training and advisory services, encouraging what I have discussed earlier. We even have a an account at any branch of BOA that covers the formation of cooperative societies at all the area or local government where your farm scheme for youth between the ages of 18-40. levels, and fostering accelerated growth and The loans in this scheme can be up to is situated. development of the agricultural and rural N250, 000 and are collateral-free. “You have to open an account at any of BOA's sectors of the economy. “But we will have to come and inspect what branches - with your four passport sized you are working on and your account must be photographs and your first deposit. The How To Access BOA Loan For Your Farm amount to deposit in the account differs from active”. one branch to another, but with us here in the The source adds, “To be sincere, our loan at The Lagos source says, “You will have to first Abeokuta branch, we accept N3000. Then you BOA is for all kinds of agricultural pursuits open an account with the bank, the normal including arable or field crops farmers,

INTERNATIONAL OPPORTUNITIES the same way and manner an individual runs So, they will be working interest on the their account for a period of six months before money in the account, not on the loan the they can be privileged to get loan. You know as person fails to pay - as it is reducing the N200 billion for Farmers a cooperative, it is individuals that will borrow liability”. with collateral of landed property. But for the money, so the account must have 20 percent of youth scheme you can get up to N250, 000 for the amount each member wants to borrow BOA Loan For Cassava Growers your project without collateral.” making up a group. For instance, if the total The Lagos source says, “Yes, there is yet The Abeokuta source says, “The bank has its amount which members of a group want to another loan scheme for the Cassava Growers' certain amount of money to disburse as loan borrow is added together N200,000 multiplied Association. There is a Memorandum of so for our Micro Loan, you cannot borrow Understanding between BOA and this more than N250,000, as maximum amount for by ten members, that is N2 million. So, they association. So, if you need this loan, you will individuals and the collateral is to provide two must have 20 percent of that N2 million (N400,000) in the group or cooperative's have to join the Cassava Growers' guarantors - a civil servant and one other account. The issue of guarantor doesn't seem to Association. It is this association that will person. Also, you are supposed to have 20 pose a problem here, they use what is called present the list of members who are interested percent of the amount you want to borrow in in our loan to us. your Meanwhile, the accoun association itself t - that would have gone is times through some five of procedures in your ascertaining the initial authenticity of the deposit members - the ”. association has to BOA make sure that the Loan member really has a Conditi cassava farm. ons ”So, if some people Lien whose names we Deposi have on the list now t: 20 come to get loan percent form from us, the Minim normal procedure um for giving out loans Custo will be followed mers' having two Accou guarantors of one nt civil servant and Relatio another person; nship: we will go to their farms to see things for ourselves, whether all the information they've given us is true or "Cross Guarantor Method", as the three 6 months not, after which we will now make our own signatories will stand for the cooperative - we Deposit Rate recommendation but they don't need to will have to hold them responsible if the Interest Rate: 2 percent run an account with us for six months. cooperative defaults”. Fixed Deposit: Negotiable “However, if after we have cross-checked More On Defaulters Accessing BOA Loan As A Cooperative we find out that someone does not have The Abeokuta source says, “For individual or The Abeokuta source says, “That is to say you cassava on his or her farm, we won't would have registered as a cooperative society group defaulters, one thing is that interest will place such person for disbursement with be going on the loan and whether you like it or after which you will present your the Cassava Growers, but with our own Memorandum of Association to the bank, while not, you will still pay back. Another thing is loan, simply because there won't be that the money in the account is still yours, the three executives - the Chairman, Secretary even after you might have paid back the loan. anything to write a report on. I, hereby and Treasurer will be the signatories to the use this medium to advice people that it is account; they are also responsible for opening You can still use that money (20 percent) to the account on behalf of the cooperative. This apply for another loan. If for instance, you just better to apply for our loan”. acceptable cooperative or group should have as paid back the sum N100,000 with the N20,000 Contacting BOA Go to BOA website: in your account and you want another standing members, a minimum of five and a N200,000; you will just add 20 percent of the . The branch maximum of ten. If they are not up to five members, they are not a cooperative and when remaining N100,000 to make N40,000 for you location application will ask you to select a state from the 36 states in Nigeria and they are more than ten, they will be separated to apply for N200,000. But when after the when you do, the location of BOA expiration of the loan and the person defaults, to form another group or cooperative. That is to the 20 percent will be transferred to reduce the branches in that state will be shown to say if you are a cooperative of 50 members, you together with addresses and loan. This is because we are applying you will have five groups; you will bear the "Reducing Method" for our loan system, as the telephone numbers. BOA has over 200 same name, but be separated into different remaining money (balance) on the ledger or in branches nationwide. groups. “Note this: the cooperative will run its account the account is what the interest will dealing on. Continued from page 20

INTERNATIONAL OPPORTUNITIES GOVERNMENT GRANTS FARMERS LAND FOR N2,500 PER ACRE By Emmanuel Onyeche and Seun Oladunjoye: The federal government granted the allocation of a hundred and sixty hectares (400 acres) for lease to farmers in Abeokuta alone. Interestingly, many of those showing interest in the lands are youths. The prices of the lands (2,500 per hectare equivalent to one football field) remains the same and the opportunity remains unique. This edition covers the new opportunity and how you can benefit from it. Also, some beneficiaries of the land deal share their experiences and you get to learn from their testimonies. What is the story all About? The story is about the existence of at least one million hectares of government owned farmlands available for farming in remote villages across Nigeria. Tthe farmlands are already being given out to local and foreign investors at very cheap rates. The farmlands are being managed by the River Basin (RBDA) Development Authorities, Agricultural Development Projects (ADPs) and farm settlement schemes. They are being leased at about N1,000 per plot for a period of about eight months. Where Are The Lands? We reported that the lands are project sites in different states of the Federation. In Lagos, there are sites in Ikorodu (about 200 hectares). In Ogun, the sites are in four locations (over 240 hectares in all). In Oyo, there are over 2,000 hectares in about five locations. In Osun, there are over 320 hectares. All one has to do is chose a suitable location. A source at Ogun-Osun RBDA who did not want his name mentioned says, “We have farm settlements in all the geopolitical zones in the country, like Sepeteri, Itoikin, Mokolokin, Saki and a host of others in the South West. There are many others like that in other parts of the country”. Process/Requirements To Get The Land Mr. African-farmer Mogaji, an Agricultural consultant and Chief Executive Officer, Xray Farms Consulting, was one of those who spoke to us in our December story. He says the allocation process still remains by merit or by any other impartial means. “Once you are ready and you get there, you will be given”. The RBDA source says, “Any Interested farmer should walk into any of our offices in the country to pick up a form. You can come to Abeokuta here if you need farmland; there is a lot lying fallow because people are not coming for it because of low publicity. “Anybody that is interested should come with N2,500 that will be used to pay for the land and if the person is lucky he or she might get land allocated to him the day he pays or the person would be asked to come the following day for allocation and the following day the land will be allocated.

“There is no politics involved, no criteria needed: just obtain the form, fill it and pay the required fee then you are good to go. Also, before allocating land we ask you where you want it so that we can give you your land closer to where you stay”. Mr. Onamade Oluwaseun, Director, El-Meg Enterprises says, “We get the land sometimes from government. Why I say sometimes from the government is that, at times, we get it through referral or leasing from farmers operating there before. But the direct and initial land giver is the government”. The usage of the land depends on the available spot per time. Payment is renewable as long as you are putting the land to use. If not, it could be reallocated to someone else. Developments After Our December Story This time, Mogaji says, “After that publication, I received several calls. I was even called by the management of Ogun-Osun River Basin Development Authority and I was told that they got close to one hundred applications from interested farmers in two weeks”. Mogaji says he was told that majority of the applicants wanted their farmlands in Lagos. “So, they asked me to tell them about other locations across the country since the land in Lagos is not sufficient. This shows that the readers of SuccessDigest are numerous and willing to take advantage of the opportunities the paper dishes out weekly”, he says. Mogaji says the management of the OgunOsun RBDA is now planning to introduce many of the applicants to other farmland opportunities in Oyo, Osun and the rest. “The programme is really working and there are now lots of youths going into farming. It was the Project Manager that contacted me directly after he was bombarded with applications. I even learnt that someone took the publication down to the farm site. “To buttress the fact that the opportunity is real, another 400 acres of land has been opened up just a forth night ago for use to those interested in farming”. He says those who avail themselves of this new opportunity would not need to provide their own water as the new site has irrigation system. “We had a meeting in Abeokuta, where the project was opened”, he says. Testimonies Of Beneficiaries How Using The Land Has Improved Their Lives Mogaji says, “You know how difficult it is to get land for farming - it has really helped in that aspect. To clear the land, ordinarily, one will need a bulldozer and some other machines to do that, but these lands have been cleared. Equipments are available and labourers are also attracted to such sites because there is work for them to do all through the year. Some of the labourers are not educated but they have gotten so skilled that they now know how to spray, plant, harvest and weed.

Onamade says, “If it is how farming with the land has brought me profit, I will say yes, on only one condition - if all necessary things are done. Firstly, you need to pay good attention to the farm, because diseases could affect the crops and if that is not noticed in time, it could lead to fewer yields or no yield at all. Another thing is applying necessary chemicals at the normal time. The rest and most important is, you must exercise caution as a farmer. Mr. Eneojo Megida, Director El-Meg Enterprises says, “It is quite interesting going to farming again and using the land. You could see that it is highly subsidized, so it has been a relief package for me, farming with it”. Mr. Femi Adenekan, Director, Daily Fresh Farm says, “Using the land has contributed immensely to my life because I have been farming and making profit from the land”. The Support They Are Getting From The Government Mogaji says, “One of the things the government is doing under Dr. Adesina's (Minister of Agriculture's) administration is that all the farmers in the River Basin now fill forms to access fertilizer and they will extend it to other input. They treat the River Basin farmers better because they can see their farms, unlike other farmers that have their farms some kilometers away. So, once they collate the forms, send them to the head office of Ogun-Osun or any of the other River Basin Authorities; it is then forwarded to Abuja or to the Zonal offices. Secondly, farmers have not been getting finance, but with structure being put in place now, farmers will be getting finance on the farm, because the bankers can physically see the farms when they come. So, as a cooperative which government is focusing on, it is easier to access funds now”. Onamade says, “The government just bought some tractors to enhance cultivation at the river basins. In my own knowledge, there is no other support, except if the working Minister of Agriculture is planning some”. Adenekan says, “Government provides tractor for ploughing at a very affordable price; and also one can access loan through the Bank of Industry. Also, government gives out cassava stems at a very subsidized price to farmers via the farmers' cooperative society”. Megida says once a farmer registers with the government, the farmer gets seedlings and fertilizer from the government at subsidized prices. An anonymous source at the Ogun-Osun RBDA in Abeokuta says government provided some services such as irrigation systems to be used during the dry season by interested farmers. He added that the government also provides some farm implements for the farmers to use to reduce the cost of doing their farming. “Like now, some of the farmers use the agency's tractors to plough their land before planting to remove furrows from the ground. Continued on page 23

INTERNATIONAL OPPORTUNITIES Continued from page 22 Govt. Offers land Also, there are tractors that help in cultivation and that has also been provided for by the government. Also, under the current minister of agriculture, farmers using the Ogun-Osun facilities are asked to fill form in order to have benefit from free fertilizers coming from the government through the agric ministry. Also, we buy seedings and sell it for them at a subsidized rate”, he says. Their Challenges And How They Are Tackling Them Onamade lists his challenges as follows: 1.Non availability of funds in form of loans He says so many farmers are out there who are inhibited because of inadequate funds to farm a larger portion of land. “They keep on cultivating on the little they can”, he says. 2. Transportation: He says farmers are spending high on moving their output to the off takers or market which leads to high cost of agricultural products in the country. 3. Bad road network: He says this leads to the high charges from transporters. 4. Enlightenment: He says government should create more avenues for our young ones to go into farming business. 5. Insufficiency of channeled water or irrigation system. He says some river basins don't have irrigation and that this reduces the variety of crops farmers can plant. 6. Security system: He says a farmer who laboured to farm should not by any means suffer loss through theft. He adds that some farmers still need to settle or pay extra cost to the so called village Kings or Baales to secure their farms. His solution, he says, is his determination to sustain himself when he finds himself in any of the above situations. “As a farmer, I just go by what is on ground. Sometimes I solve these problems myself at extra cost, he says. Megida says the land there has been over used. To get over this, he says he allows the land to lie fallow for about two years before next use. Adenekan says, “Availability of water during dry season is a challenge: sometimes, the water provided by government might not be enough for certain crops. Also, lack of experience in the cultivation of certain crops is also a hindrance because in farming, experience goes a long way - forget what you learnt in school. The solution is to either get a farm that is very close to a stream/ river or you provide bore hole and irrigate the land. As for the experience, I will acquire it over time”. Mogaji says the challenges are few for those who understand production. “You may not have the quality of fertilizer you require. Maybe you need liquid and you are given granules. This year, the company that brings fertilizer has not brought it, so we have to use granules. Again, we don't have tractormounted-sprayer to make the job easier, faster and more effective. It is always more effective spraying with tractor than hand.

The man spraying manually is rushing to cover as many lands as he can because that determines how much he is paid. So, he can take three or four jobs at a time, but the tractors go steadily, easily and they cover the whole place. The major thing we have is the land. No tractor-mounted-weeder, no tractormounted-planter which aids precision planting. Those are the minor things we lack. “But from the management of the farms, there is no case of bribery, contrary to what exists in the public service. They have not ever asked me. This is because the Project Manager's appraisal is based on performance of the farmers and how many people rent the lands.

Their Regrets Operating The Farmlands Onamade says, “The only regret a farmer could have is when he or she loses at the end of the farming process. As I said earlier, such things will only happen if the farmer did not follow the proper process. I had one such nasty experience sometime and that was when I planted water melon, here in Lagos. What went wrong was: 1. The weather affected it the rain was not forth coming when it was expected.

2. There was some kind of grass that I did not notice and that led to low output. “But a man's down fall is not the end of life. I You as a Project Manager must not be harsh persisted and soon returned to profitability”. on the farmer, because it tells on you, in the Megida says, “Yes, there is no regret at all. sense that they have foreigners or people from What I believe is that one should be persistent the Ministry of Agriculture all the way from and I have been doing what I need do, Abuja who can just give an impromptu visit. rightly”. So, the Project Manager needs his project site Adenekan says he has no regrets whatsoever to be flourishing so that if he needs something Mogaji says, “Well, I have not had any regrets on the project site, he gets it faster than the accessing the lands, and most of the people project manager who is not performing. That who access the land cannot say they have is why most project managers go out of their regretted. The regret one can encounter is due way to also tell farmers how to do it, for good to ignorance of not knowing what to do and of productivity”. not asking. That is why the people who have Regarding his solution on the lack of had bad story can say it is because of their equipment, he says, “We use manual means: ignorance, because the lands are there, tractors there are lots of people who are very good in are there and in most of this project sites, they spraying, planting and weeding - they stepped don't restrict other tractors from coming in to in and filled that vacuum. But this has opened work. the opportunity for the private sector - for an investor who doesn't want to go into farming, If you see that it is taking longer time with the to bring the equipment, put it at the project in-house one, you can hire the service of the sites and rent them out to farmers. You know outside tractors. It is just that they are every problem brings along its solution”. expensive, only if you can afford it. If people Places To Stay At The Farmlands don't understand the timing to plant, not Onamade says, “I operate by visiting the farm knowing the seed to plant and not from Lagos. Whenever I need to stay at the understanding the crop and the soil, and they farm I do, but not all the time. Meanwhile, I are also not asking - they just surf the internet don't have a constant farm for now, but and take the information there to the farm, presently I operate in Abeokuta, Oyan Dam then there will be stories of regret”. River Basin. That is to say there are places to Profitability Of The Farmlands stay on every farm settlement”. Megida says, “Got the Land through a referral Megida says, “I operate from Lagos. Though, - Mr. Mogaji (African Farmer). So, making there are places to stay at the farm settlements. profit is relative. All things being equal, one is I still enjoy going from Lagos to Abeokuta”. actually expected to make profit, after all Adenekan says, “I rented an apartment in the that's the essence - doing it right by following village where I stay all through the week days. the steps of your mentor like him”. At weekends, I come down to Lagos”. Adenekan says, “A friend introduced me to a Mogaji say, “Well, it depends on the project farmer who leased farmland from the Ogunsites, I was privileged to have accommodation Osun River Basin Authority. As regards profit, in Iseyin. I'm also privileged to share with I ran at loss the first time I farmed but, someone in Sepeteri, but I have one to myself subsequently as my experience grew, I started and when another person comes, you making profit gradually”. accommodate them. There are Mogaji says, “You know everything can't be accommodations, but compared to the number rosy, as I always like to tell the truth. I have of people who want to use the land now, they spent over 15 years now, operating in one are not sufficient. But originally, farmers used project or the other of the River Basin to have two bedroom apartments to Authority. The ones that had made profit are themselves. Like me, the only thing I used to the ones that have listened to instructions bring to that place was my clothes, the place they have not done it before, but they listened was well furnished. I will say Sepeteri is to step-by-step guide. It is not automatic that doing fine, but quite a number of people don't you will be given the area you want, it is the want to go far. But the farther you go, the area available that you will be given. “Take more land will be available and the more the for instance, you want to plant water melon comfort there”. Continued on page 24

INTERNATIONAL OPPORTUNITIES Continued from page 23 And you hear: "Don't plant it, plant maize";

Onamade says, “My advice is - knowing fully well that we can't all be farmers, but

so if a natural disaster happens, they give you 90% of what you put in.

As a first timer or young farmer, you need to secure your money against climate change - you can be doing everything according to what your mentor taught you and suddenly, the rain stops”. Using The Opportunity Of The Farmlands To Turn Farming Into A Big Business Mogaji sees a unique opportunity in the availability of the farmlands to outgrow subsistence farming and turn farming into a big business. Across the nation, North and South, he owns farmlands in different farm settlements. He has also grown to become an agricultural consultant whose advice and mentorship is highly valued. He says, “I have been on this kind of government land since 1996. In 2000 when I was in Jigawa on the same type of land, there was no barrier at all. Also, ever since I have moved back to the South-West, I have used the land in Abeokuta, Iseyin, OkeOdan, Sepeteri, Saki, Ofiki in Oyo. On all these land I have BOA acknowledging the fact that majority of cultivated, I have as well cultivated as much quite a number of people would say, "No, I people have farming in mind as choice of as 250 hectares under irrigation and over the want to plant water melon." They plant their what they will love to do at their own free years, I have brought in quite a number of the water melon and the weeds would kill it, time - that we can all go into farming. Even people utilizing this project. because the weeds there might be with our different jobs, and looking at the “I run some seminars free of charge to get troublesome. Farmers might as well be population, which is rapidly increasing day youths - unemployed or employed to the real advised, because of the grass, not to plant a by day, farming should work with this thing in agriculture. This is with a view to particular crop so that they can use chemicals population - noting the increase high rate of exposing or mentoring them. Also, because that will kill the grass and spare their crops. cost of feeding. This is an opportunity for of my network and pedigree with them, the So, farmers who don't listen are left alone farmers and yet to be farmers, to tap into”. one at Mokolokin, close to Ofada, I have and they fail to make profit. I must tell you Negida says, “My advice is that new entrants quite a number of people, whom from the that the younger ones are listening, while the should have the passion and the knowledge seminar get to know where the lands are. As older ones don't. Meanwhile agriculture is of whatever they want go into - especially in I speak with you now, all together, I'm sure not about size; it is about productivity.” farming. Make use of those clues from your that we have like three or four people The Crops They Farm And Where They Sell mentor”. planting 12 acres - corn and water melon. Them Adenekan says, “My advice to intending “At Oke-Odan, we have about three people, Onamade says, “I started farming, farmers is that there is a lot to gain in who have been there since last year, all professionally in 2011, and I sell to market or farming, though it might be rough at the through December and January, farming and the marketers coming down to the farm to beginning. But with God and proper using the irrigation infrastructure there, that buy themselves”. mentoring, you will definitely succeed”. was before the rain started. As at Good Megida says, “I plant water Mellon, it's my Mogaji says, “Now, the syllabus has changed Friday, when I was holding my last seminar, choice. I started this farming business since - the weather five years ago is different from one of them could not come because he was August 2012, and I sell to ready buyers at the that of now. Most of the information on the harvesting water melon. In Lagos here too, farm there”. internet read by people are no more we have quite a number of them out there Adenekan says, “I sell water melon, Okra, applicable to the climate change happening who are practicing. Cucumber, Tomato, Corn and Spinach. My now. So find a mentor, attend training, I have someone, who is a Chartered interest is in vegetable farming, that's my seminars or buy info products from someone Accountant, very young chap - he had a specialization. I started Farming January who knows; or go for internship - don't just second degree in the UK, but resigned his job 2012. I sell my products to wholesalers who jump in. Even if you jump in, be willing to and joined farming in Abeokuta. I have sell in Mile 12 market, Lagos”. learn. So, I would advise that before you go another man, who is into consultancy, also a Mogaji says, “When it also comes to taking into farming, access someone to mentor you, young mentee - he is a full time farmer in products to the market, there is transportation choose a crop of low risk and do agricultural Abeokuta using irrigation infrastructure. - all these farmlands have good road insurance. There is Nigerian Agricultural “In fact, I introduced some mobile irrigation networks to the farm because of the produces Insurance in every state of the Federation - I system to them; eventually they bought their coming out - the transporters live there. Most did a year attachment with them and I still own and they are doing fine. It is only those of the farm settlements have relatively good have very good rapport with Abuja and most who don't want to farm that are not access roads”. Their Advice To New especially, Lagos. This is just paying of 2% interested”. Entrants of the total cost of production as premium -

INTERNATIONAL OPPORTUNITIES NIGERIA SECURES $800 MILLION CASSAVA CHIPS EXPORT TO CHINA of the most efficient carbohydrates-producing By Emmanuel Onyeche, Damilola Okpetu, Seun Oladunjoye and Matthew crops but it is a highly perishable commodity, with a post-harvest life of less than 72 hours. Asije This is because once cassava is harvested the roots undergo rapid physiological change The Minister of Agriculture and Rural resulting in Quality deterioration, that is if you Development, Akinwumi Adesina, said fail to process it within 24 hours. So if you dry recently in Abuja that Nigeria had secured a fresh cassava or process it into chips and contract to supply China with 3.2 million pellets you are minimizing quantitative and tonnes of dry cassava chips to China. qualitative loss of this commodity, because This is not all about government talk but due to storage problem after harvestiNg, about about you because when the time comes for the execution of this contract, it would not be 20-30% of this commodity is lost”. ghosts that would supply the chips to China Types Of Cassava Chips but stakeholders in the cassava industry in Afuwape says, “There are two types of Nigeria. cassava chips; food grade and animal grade. Adesina specifically stated that Nigerian cassava farmers and processors stand to make Food grade are the ones used in as much as $800 million (N128 billion) from pharmaceutical companies for drugs and it is in high demand in countries like China, Japan, the contract. Israel and other Asian countries. They are He added that arrangements were ongoing very expensive but Nigerians have not been with the African Import/Export Bank to able to export the food grade because of the finance the processors of the product with a loan facility of $40 million (N632m) to meet high cost involved and the technicalities involved meeting up with the specifications of the terms of the contract. the international standard. “We are focusing on Cassava chips for “The animal grade is what is dealt with export, production of chips for livestock industry, starch, sweeteners, and ethanol”, Mr basically in Nigeria. Once you remove the skin and cut in four or five slices or even Adesina said, just as he chipped in that a more, you can sell like that or further grind cassava revolution was on this time for real. Nigeria is the world's second largest producer into powder depending on the specification of the buyer. of cassava with a targeted production of 900,000 tonnes by 2015. This week'S edition “When you grind and process about three of SuccessDigest shows you how you can be a tonnes of cassava it would give about 1.5 tonnes of dry cassava chips”. part of the cassava revolution and become significantly wealthy this year by getting The Demand For Chips involved with this crop that has the potential “The FIIRO source says, “Local feed to give you up to 150 percent return on producers are now placing orders for chips at investment. an unprecedented rate because they have suddenly realized it'S efficacy in About Cassava Chips compounding feeds. About three ethanol Mr. Tunji Afuwape is the Chief Executive Officer of 21st Strategies Nig. Ltd. He says, plants are coming up soon in the country and that will further increase the demand for chips. “Cassava Chips are non fermented cylindrically shaped products of about 3-5mm China imports enormous quantities of chips and starch and they look up to Nigeria as the in diameter obtained from freshly harvested world'S largest producer of Cassava for their cassava roots. They are now gaining prominence in Nigeria and all over the world supplies. as a viable ingredient for compounding animal “The EU Animal Feeds Industry is the biggest feeds foR pigs, dairy cattle, poultry, fish, etc. consumer and importer of the product because They are accepted because cassava is just like of their large animal husbandry industry. They imported about 6.9million tones of Cassava feed grains which consist almost entirely of products in 2000. The composition of feed starch and are therefore easy to digest. compound varies according to the anImal “Many feeding experiments have shown that (cattle, pig, poultry) as well as to the kind of cassava provides good quality carbohydrates which may be substituted for maize or barley. production (dairy, meat, or egg). The It cannot be used as sole feed stuff because of maximum content of Cassava products in its deficiency in protein and vitamins; it must compound feedstuff is officially set in many therefore be supplemented by other feeds that countries. “For instance, in Germany feedstuff for pigs are rich in these elements. Cassava chips are also widely used for the production of ethanol must contain between 10-40 percent Cassava while that of cattle is 20-25 and poultry 10-25 which is gaining much acceptance as a biopercent”. fuel because of its safer and more ecological friendly qualities. Cassava chips are also Lucrativeness Of Cassava Chips Business called Tapioca chips”. A source at the Federal Institute of Industrial Afuwape says, “Cassava chips business is very lucrative but you need the technical Research Oshodi {FIIRO}Who spoke on the condition of anonymity says, “Cassava is one knowhow. For example, in the area of drying,

cassava is meant to be dried on a very clean surface. If otherwise, it would pollute the cassava and also change its colour. That is why for a State like Taraba, they dry their cassava chips on the mountain because of the mountains' ability to absorb heat. “To make money from cassava, you can supply to animal feeds companies. A lot of animal feeds companies demand for dry cassava chips to add up to their feeds. And a lot of these companies issue LPOs to individuals to supply them with these dry cassava chips. “You can make about N5,000 to N70,000 per tonne depending on how you negotiate. And most times, they request for a trailer load which is 30 tonnes. So, if you are making N10,000 per tonne, that is N300,000 per trailer.” The FIIRO source estimates that if production goes on for 255 days per year at 8 hrs/day and 1 ton/hr, one would have 2,040 tons of raw chips. The source adds that if the project operates on two shifts, the profit will reach N9.62m on an investment of N2.8. “The return on assets employed is 170.8 percent which is very good. It is a lucrative venture and is highly recommended for SMEs”, the source says. Processing Of Cassava Into Chips And Pellets Afuwape says it involves harvesting, washing/peeling, chipping, drying, milling, pelletizing and packaging. “The production of chips is an intermediate stage in the production of pellets. There is very little difference in the technologies used at different scales of chip and pellet production. The main difference is in sun-drying and mechanical drying. Chips can be produced by very simple techniques in the household or village as well as on a large mechanized scale. “The first step can be washing and peeling, depending on the quality of the harvested roots. The amount of soil that passes into the final product is largely determined by soil type and weather conditions during harvesting; wet clay soils tend to adhere to the roots. After washing, the roots are dipped in a three percent lime solution to neutralize the acid juice and prevent deterioration. The roots are usually cleaned manually in concrete tanks or mechanically in troughs wiTh agitating paddles on a horizontal shaft. “The next process is chipping. As is common in household processing, this is done by hand or by a simple machine which consists of a driven disc with radial chipping slots fitted with cutting blades. There are two common types, the Continued on page 26

INTERNATIONAL OPPORTUNITIES CASSAVA Malaysian and the Thai models. The Malaysian type consists of a heavy rotating circular steel plate about 12 mm thick and 1m in diameter to which six blades are attached. The blade consists of a 1-1.5 mm steel plate that is corrugated at the cutting edge. The chipping wheels are uSually mounted in wooden frames incorporating feed hoppers and driven by petrol, diesel, kerosene or electric motors. The Thai model consists of a thin circular plate made from the ends of a 200-litre oil drum into which cutting edges are chiseled. These cRude cutting plates are usually mounted on a fairly standard machine, frequently equipped with small wheels for mobility and a short elevator that deposits the chipped roots into hand carts. In Nigeria, manually operated chippers have been designed and fabRicated by the Rural Agro-industrial Development Services (RAIDS) and International Institute of Tropical Agriculture's {IITA'S}Postharvest Unit. The length of the chips depend on the angle of contact of the roots with the blade. The sizes of the chips vary but generally they are 36 mm thick, 6-10 mm wide, 100-250 mm long. “The next operation is drying. Drying methods can be classified according to the technological level and cost. Natural drying, one of the methods, is done on cement floors which are sometimes painted black for better absorption of radiant energy or on trays for artificial drying. The factors that affect cassava drying time are the geometry (shape and size) of the cassava chips, the chip loading per unit drying area, air speed, temperature, humidity, radiation, as well as dry matter content of the fresh chips. In artificial heat dryers, all these parameters can be optimized to minimize the drying time and guarantee a high quality product. In natural drying methods, in which the heat source is solar radiation, air speed, temperature, and humidity depend on the Environmental conditions, and very little control can be exerted over them. In addition, chips dried on trays are better in appearance and more uniformly dried than those dried on concrete floors.” Artificial Dryers “Three types of artificial dryers are commonly used for cassava drying: Static bed dryer, moving bed dryers and rotary dryers. They can be gotten at RAIDS or at IITA. These two agencies can also direct someone to good local fabricators of all the machines uSed in cassava chips production. “After drying, the cassava chips are packed in either jute or polyethylene bags, or processed further into pellets.

The commercial purpose of pelletizing cassava products is to decrease the volume by 25-40 percent to produce a uniform product, to facilitate bulk handling during transportation, loading and reloading and to eliminate the dustiness of the product. Pelletizing contributes significantly to the density, durability, and quality of the product. Factors affecting the quality of pellets are the composition of the material, protein, starch, fiber, and fat content. Protein-rich materials plasticize when heated and act as a binder to produce strong pellets. Starches gelatinize when heated in the preseNce of water and also act as binder to produce strong pellets. Fibers are difficult to compress but when they are present in sufficiently fine strands in the pellet, they give toughness to the product. Fats act as lubricants, resulting in easy pressing and therefore high capacity and lower power consumption”. Anjorin says, “Processing of cassava into chips can be done manually or mechanically, which is making use of machines. But take note: the best quality can be gotten through manual production - starting from harvesting to peeling to washing and to slicing (chipping). But As you know, manual production simply means quantity will be lesser. The best packaging is usually through the use of polythene bags. In some cases, buyers may ask for "Nude Packaging" which means after processing, you just pour directly into container without putting in sacks or anything and this type of packaging will shoW us that the products are going to be used for animal feed”. The FIIRO source says, “To successfully process the cassava chips you will have to be in the farm. What that means is that you will have to have your factory for processing close to the farm because it a highly perishable crop. Now the processes for cassava chips production is as follow: Raw cassava tuberswashing-peeling-washing again- chippingdrying-pre packaging-treatment-bagging then finally you will have bagged cassava chips. This happens in a chain and all these processes must be done within 72 hours. “Still on processing, sorting and weighing, separating the good cassava from the bad once, hand picking the deteriorated ones, removing the woody stems and cutting into two the excessively large tubers. In peeling the cassava you have to take extra care to Ensure that the peeled cassava is free from any dirt; then you wash thoroughly in an aluminum bath so that mud and extraneous materials are totally removed. “Chipping is done with machines, and then the drying is done according to technological level and cost. Natural drying involves drying your chips on cemented floors that are painted black for better absorption of radiated solar energy or you go for the artiFicial drying using the cabinet dryer. Then the packaging is

finally done in polythene bags.” Specifications Afuwape says, “Most buyers request you grind into powder form. As a supplier, you need to get the specification of your buyer. Majorly, each buyer has their own specification”. Anjorin says, “Well, it depends on the user every user has something in mind, like using it for animal feed or conversion into some other items like starch or flour. But in general, the slicing always comes in units - like one centimeter thick, five centimeter wide. It always comes in thickness and diameter. So, the buyer or user may place such request. At the same time, they also talk about the moisture content - that is how dry and if properly extracted, what amount of water can we still get after you have done your tOtal dry; and majorly, people don't want anything less than, maybe two percent moisture - that is 98 percent dryness. “Another challenge in that area is, if we don't have machine to dry, do we have weather, climate or atmospheric condition to support to give us that accurate dryness of 98 percent? So, that is why we cannot overemphasize the use of machine. “We have species of cassava, majorly two, of which I may not be able to give their botanical names now; but they are based on their tastes. One is a bit bitter, while the other is sweet both of them are in use and acceptable in the international market. It just depends on the country. Like in China, they accept both, while other countries may specify”. Quoting from cassava chips specification by the Standard Organization of Nigeria, the FIIRO source gave the following list: Moisture % 10.0 Ash content % 3.0 Crude fiber % 3.0 Starch content % 75 min Total acidity % 1.0 Hydrocyanic % 10 Iron % 22.0 Lead % 1.0 Copper % 20.0 Zinc % 50.0 Arsenic % 0.1 Mercury % 0.1 Process Involved In Exportation Of Cassava Chips Afuwape says, “When the Chinese order for dry cassava chips, they issue Letters of Credit. A Letter of Credit is just like money in a show glass. They have paid the money into your account but until you supply, you can'T claim the money. So, you can make money as a local supplier and you can make money as an exporter”. Local Supply Mr. Sunday Anjorin is the Managing Director and CEO of Anjorin & Atanda Investment Ltd. He says, “The local supply depends on Continued from page 26

INTERNATIONAL OPPORTUNITIES CASSAVA the areas, what is required and on the individual interest. Some may prefer the use of machine dry or air dry, as this determines the types of market you are targeting - usually, local suppliers accept air dry. With this, it meaNs the colour will be changed, but whatever comes out of that will be accepted by the buyer. But when it is going to the international market, you use machine dry - that means the white colour will still be retained”.

Equipment Required In Cassava Chips Processing Afuwape lists some of them as follows: - Industrial weighing scale {0Kg 1000KG} - Chipping machine with five Horse Power Motor and output of one tone per hour - Cabinet dryer with 20 stainless steel trays, heating element and thermostat to regulate the heat flow - A small production hall of one room size “All these machines can be imported and they also can be locally fabricated. RAIDS and IITA Post Harvest Unit can be of help in this Sourcing For Cassava Afuwape says, “Cassava can be found in regard”. Anjorin says, “Yes, I made a research about a every state of the country but the major producers are the western states such as year ago; there are some people in Oyo State, Oyo and Ogun States. Then in the North, precisely in Ibadan who can fabricate these we have Kwara, Kano and Taraba States”. machines, but usually it is better imported Anjorin says, “You can source for cassava because we can get cheaper machines from China”. anywhere - it should not be a problem at all, here in Nigeria. You can plant it or go for it from where they are planted - mostly Costs Of Machines The FIIRO source says, “An estimate for the the major stakeholders in the industry cost of 3 tons of dried chips per day, the have plantations; even if you don't have chipping machine that will chip 1000 kg of plantation, you can get the quantity you cassava per hour costs N250, 000; a rotary want from the local farmers”. dryer that will dry 1 ton of cassava per day costs N1, 000, 000; and a cabinet dryer that How Nigerian Exporters Can Get will dry 1 ton of cassava per day will cost N3, Buyers 000, 000. All these are locally fabricated Afuwape says, “They can get buyers machines.” through consultants who are already in the trade. They can get buyers through Prices Of Cassava Products trade websites. There are several trade The FIIRO source says, “World trade in sites online; they can register either as a Cassava is steadily increasing. It increased by paid member or as a field member. They 36 percent in 1995-2004, that is from 6.17 can also get buyers through The Trade million tonnes to 8.4 million tonnes. Despite and Commerce Department of the this, the international prices remain low Chinese Embassy. because the importers from EU countries “But if I must say, getting buyer is not the control the world pricE. The prices are most important thing but getting the right influenced by the prices of grains, especially specifications”. barley. It is envisaged that the production of The FIIRO source says, “The major ethanol will drastically increase the demand Cassava importing countries are: China, for cassava products, thereby increasing the Japan, South Korea, Indonesia, and prices. United States. Other countries that also “Nigerian chips are selling for $400-$450 per import very significant quantities include tonne. The price of Cassava root can be as low EU countries like the Netherlands, Spain, as N5, 000 or as high as N8, 000 per tonne Belgium and Luxembourg. American depending on the area and the season. Prices companies arE now making very spirited are highest during the dry season and lowest enquiries for Nigerian chips and starch for during the rainy season”. their ethanol projects.” Anjorin says, “The price range is actually Maturity Period For Cassava From Planting To Harvesting Afuwape says, “Cassava has several varieties. We have those that can be harvested in 7-8 months, there is 1 year, also 1 year 2 months and there are some that are 2 years. But the thing is, when cassava reaches about 1 year 8 months, it starts to lose its nutrients.” Some Crops To Plant With Cassava To Help Rejuvenate The Soil Afuwape says, “Because cassava is known to absorb a lot of nutrients, one can plant cassava with yam or maize.”

Anjorin says, “You know we hear so many things, but don't know which is true. Though, I have not seen the MOU, but I heard … To sell to either the FG or directly. I think the FG will have to come out and transfer the bid to a private body. I definitely know that there is no way FG will supply China any product all by itself; they will for sure transfer it to a private individual. Moreso, we need to understand the contents of the MOU; if government can sign a MOU to supply a product on behalf of the private sector, it will actually include, for instance, my company or the Nigerian Cassava Forum Association.” Challenges To Brace Up For Anjorin says, “Yes, there are lots of challenges namely, transportation; warehousing - we don't have good warehousing systems in Nigeria and our transportation is so bad. You can transport goods from the North and they will not get to Lagos, not until one month. Also, other basic amenities like electricity - if you have a machIne to dry the chips in Nigeria and it'S being run on Diesel, you might run a huge loss. “The challenge with the export is our production incapability - we lack the tools, technical knowhow and systematic knowledge. Taking it one after the other, the machine should be available in each local government, at least having access to ten machines, bUt I tell you, in the whole of Nigeria, I am not sure we have up to five machines - it means instead of having 774 machines, we are having less than five. With that, hardly can we have production. Even with the few machines we have, how knowledgeable in teRms of management and uses are we? For instance in the process of drying, how can we calculate the drying point, exceeding point, minimum dryness, below dryness where you measure the moisture content and the challenges we have. Also, the kind of system of Government we run in Nigeria doesn't give room for continuous and persistent training.”

Further Advice Afuwape says, “I would say, before anyone should go into cassava business, ask questions and learn from those who are already in the business. Know where to do your lab analysis. Each cassava between $180 to $250 per tonne as at April 2013”. variety has its own content and specification. Any cassava that you How Local Farmers Can Go About Selling harvest froM an acre of land should Their Cassava undergo a lab analysis” Afuwape says, “Firstly, every farmer in the “For those who want to go into export, you rural area should belong to an association or need to know how exporting works. Learn cooperative. It is very important because that how letters of credit work and know about is where they'Ll get necessary information things like performance bonds. If you fail from. It is easier for them to sell their cassava to deliver within the stipulated days, you that way because the association helps to look would lose your money. for buyers. Those who have local “Sometimes, buyers can request for as governments can also align with the agric much as 5,000 tonnes. But I would advice department in their local government”. that if you get such a contract to supply dry Nigerian cassava chips, please, don't. More On The Nigeria\China Contract Continued from page 27

INTERNATIONAL OPPORTUNITIES infrastructure development, power, roads, rail transportation and aviation. In the past year, the Federal Government completed the privatization of four power generation companies and 10 power distribution companies. We are also in the process of privatizing 10 power plants under the National Integrated Power Projects (NIPP). We shall boost investments in transmission to ensure power generated is properly evacuated and distributed. In this regard, we have already mobilized an additional $1.5 billion for the upgrade of the transmission network in 2014 and beyond. Government will also strengthen regulation of the sector, and closely monitor electricity delivery to increase this beyond 18 hours per day. We will complete the privatiza Continued from page 17 tion of PRESIDENT JONATHAN the NIPP ADDRESS projects, accelerat laboratories of all the 51 Federal and e work State polytechnics across the country. on our In the Health sector, we are building gas strong safety nets and improving access pipeline to primary health care under the Saving infrastru One Million Lives programme. In 2013, cture and we recruited 11,300 frontline health also workers who were deployed to undercontinue served communities across the country. to invest Over 400,000 lives have been saved in hydrothrough our various interventions. We electric have reached over 10,000 women and power children with conditional cash transfer and programmes across 8 States and the FCT clean and we intend to scale up this successful energy initiative. as we Our national immunization coverage has monitor exceeded 80%. And for the first time in the the history of the country there has not been effects of climate change on our economy. any transmission of the Type-3 Wild Polio Our administration believes that the cost of virus for more than one year. We have also governance in the country is still too high and eradicated the guinea worm that previously must be further reduced. We will also take affected the lives of over 800,000 Nigerians additional steps to stem the tide of corruption yearly. In tertiary health care, we upgraded and leakages. We have worked hard to curb medical facilities across the country. Two of fraud in the administration of the pension our teaching hospitals the University of system and the implementation of the Nigeria Teaching Hospital in Enugu, and the petroleum subsidy scheme. We have University College Hospital in Ibadan introduced a Pensions Transition Arrangement commenced open heart surgeries this year Department under a new Director-General. after the installation of new facilities. Fellow Nigerians, I have dwelt on some of our This department will now ensure that those of our pensioners still under the old scheme administration's achievements in 2013 to receive their pensions and gratuities, and are reassure you that we are working and results not subjected to fraud. Prosecution of all those are being achieved on the ground. As we enter involved in robbing our retired people will our Centennial year, there is still much work continue. The Petroleum Subsidy Scheme is ahead. We are determined to sustain our also now being operated under new strict strong macroeconomic fundamentals, to guidelines to tackle previous leakages in the strengthen our domestic institutions, and to scheme and prevent fraud. invest in priority sectors. These investments Foreign travel by government personnel will will create more jobs for our youth. be further curtailed. This directive shall apply Government will at the same time, continue to to all Ministries, Departments and Agencies of scale-up investments in safety nets and the the Federal Government. Our strategy to curb MDGs to take care of the poor and the leakages will increasingly rely on introducing vulnerable so that they too can share in our the right technologies such as biometrics and growth and prosperity. digitizing government payments. In 2014, we will continue to prioritize I am therefore pleased to inform you that we investments in key sectors such as CASSAVA jump into the offer. Before you sign the contract, they would tell you to pay some money called performance bond. Performance bond can be two to five percent of the total value of the contract. Now, if you fail to deliver within 30 days, the money you paId as performance bond will go to them. So, what you can do is to tell them to first allow you to supply 100 or 200 tonnes. Then you increase gradually. “I will also advice anyone who wantsa to export to start exporting animal grade and not food grade cassava chips. For food grade, you need borehole, treated water, clean non residential environment, gloves, etc.�

shall complete the deployment of the three electronic platforms in 2014 namely, the Treasury Single Account (TSA), the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS) which are all geared towards improving efficiency and transparency in our public finances. Through these reforms, we have already saved about N126 billion in leaked funds and intend to save more. To sustain Nigeria's ongoing agricultural transformation, we have planned further investments in the sector. We will provide input subsidies to five million farmers nationwide using the e-wallet system. This Administration recently launched a selfemployment initiative under the Youth Employment in Agriculture Programme (YEAP), called the Nagropreneur programme. This scheme would encourage our youth to go into commercial agriculture as entrepreneurs and we plan to develop over 750,000 young Nagropreneurs by 2015. We will also establish new agro-industrial clusters to complement the staple crop processing zones being developed across the country. In 2014, this Administration will continue to work with the private sector to improve financing in the agricultural sector. For example, we will launch the Fund for Agricultural Finance in Nigeria (FAFIN) which will serve as a private equity fund to invest in agri-businesses across the country. Our Small and Medium scale enterprises (SMEs) will be the bedrock of Nigeria's industrialization. We have about 17 million registered SMEs, and they employ over 32 million Nigerians. When our SMEs grow, more jobs will be created for our youth. Therefore, in 2014, this Administration will focus strongly on implementing the Nigeria Enterprise Development Programme (NEDEP) to address the needs of small businesses. Our interventions will include helping SMEs with access to affordable finance, business development services, and youth training. In addition, our new CET policies will enable us to support our emerging industries. We will also intensify our investment promotion efforts abroad, to ensure we bring the biggest and best companies from around the world to invest in Nigeria. Dear Compatriots, the housing and construction industry is a critical sector in most developed economies. When the housing sector booms, it creates additional jobs for architects and masons, for electricians and plumbers, for painters and interior decorators, and for those in the cement and furniture industries. Today, I am pleased to inform you that this Administration is reinvigorating our housing and construction sector. We have established the Nigeria Mortgage Refinance Company (NMRC) which will increase liquidity in the housing sector, provide a secondary market

INTERNATIONAL OPPORTUNITIES for mortgages, and thereby increase the number of people able to purchase or build homes at an affordable price in the country. In 2014, we will work in a number of pilot states where the State Governors have agreed to provide fast-track land titles, foreclosure arrangements, and serviced plots. This new institution will enable us to create over 200,000 mortgages over the next five years at affordable interest rates. In addition, those at the lower end of the economic ladder will not be left behind as this new initiative will expand mass housing schemes through a restructured Federal Mortgage Bank and other institutions to provide rent-to-own and leaseto-own options. I am confident that very soon, many more hardworking Nigerian families will be able to realize their dream of owning a home. In this our centenary year, we will continue our efforts, through the Saving One Million Continued from page 28 JONATHAN ADDRESS Lives initiative to strengthen primary health care services. We will scale up interventions in reproductive, maternal, newborn and child health, nutrition, routine immunization, HIV/AIDS, malaria elimination, tuberculosis, neglected tropical diseases, and noncommunicable diseases. We will pay greater attention to the provision of universal health coverage. Besides the implementation of new initiatives such as my comprehensive response plan for HIV/AIDS, we shall continue to collaborate with global health partners to deliver our health sector transformation agenda. I am glad that the issues responsible for the longdrawn ASUU strike have been resolved and our children are returning to their campuses. We are committed to making our tertiary institutions true centers of learning for our young people. We will therefore focus on upgrading hostels, laboratories, classrooms, and halls. As the 2015 deadline for the Millennium Development Goals approaches, we will continue to expand access to basic education for all Nigerian children. Working with State Governments, we shall decisively tackle the problem of the large numbers of out-of-school children in this country. We will also invest in technical and vocational education to promote skills development for our youth across the country. Nigerian entrepreneurs still lack access to affordable financing, with medium-to-longterm tenors. To address this gap, a new

wholesale development finance institution will be established in 2014 to provide medium-to long-term financing for Nigerian businesses. We are working with partners such as the World Bank, the Africa Development Bank, the BNDES Bank in Brazil, and KfW in Germany, to realize this project. Our existing Bank of Agriculture and Bank of Industry will be re-structured as specialized institutions to retail financing from this new wholesale development bank. In addition to the foregoing, our administration will also do all within its powers to ensure the success of the forthcoming National Conference. The report of the Presidential Advisory Committee on the Conference is undergoing urgent review and the approved structure, guidelines and modalities for the conference

(INEC) receives all required support to ensure that it is adequate ly prepared for the next general elections . As peace and security remain prerequis ite conditio ns for the full realization of our objectives, we will also do more in 2014 to further empower our security agencies who are working in collaborative partnerships with our friends in the international community to stem the scourge of terrorism in our country and enhance the security of lives and property in all parts of Nigeria. The allocation of over N600 Billion to Defence and Policing in the 2014 Budget attests to this commitment. Fellow compatriots, the task of making our dear nation a much better place for present and future generations cannot be left to government alone. I therefore urge you all to be ready and willing to do more this year to support the implementation of the Federal Government's Agenda for National Transformation in every possible way. Let us all therefore resolve as we celebrate the new year, and Nigeria's Centenary, to place the higher interests of national unity, peace, stability and progress above all other considerations and work harder in our particular fields of human will soon be published as a prelude to its endeavour to contribute more significantly to commencement and expeditious conclusion. the attainment of our collective aspirations. I It remains our sincere hope and expectation urge all Nigerians, no matter their stations in that the success of the national conference will life, to rededicate themselves to contributing further enhance national unity, peace and meaningfully to further enrich our national cohesion as we move ahead to the 2015 heritage. The time for that re-dedication is general elections. now, not tomorrow. In keeping with our avowed commitment to President Goodluck Ebele Jonathan is progressively enhancing the credibility of president of the Federal Republic of Nigeria Nigeria's electoral process by consistently upholding the principle of one man, one vote, and Commander -in-Chief of its armed forces. our Administration will also ensure that the Independent National Electoral Commission

INTERNATIONAL OPPORTUNITIES Some of the road construction projects of the Federal Ministry of Works in Nigeria since President Goodluck Jonathan assumed office. Arc. Mike Onolememe is the Minister of Works.

INTERNATIONAL OPPORTUNITIES Federal Ministry of Works completed projects

INTERNATIONAL OPPORTUNITIES STEVE FORBES’ INTERVIEW WITH NGOZI OKONJO-IWEALA Steve Forbes: Madame Minister, thank you for coming by. Ngozi Okonjo-Iweala: Thank you, Mr. Forbes. Forbes: Leadership is often defined as a character. Can you share with us the story of how you saved your sister during the civil war, Biafran War, in the late 1960s. Okonjo-Iweala: Well, thank you, Mr. Forbes. I think that's a very personal and a very difficult story for me because it brings back really tough memories. You know but, during the war, which the Nigeria Biafra War, which was 1967 to 1970, my father was a brigadier in the Biafran army. My mother and I worked for a while, you know, in kitchens that prepared dry food packs for soldiers. You know, at a point in time we lost everything. We were running from place to place just like many people in Biafra at the time. And we ended up in a village called Isiekenesi on the Biafran side at that time. My father was in the army compound. We were, my mother was with us, alone. And she was very ill. And my sister was also very ill with terribly high temperature. And there was no doctor nearby. Forbes: Your sister was only three. Okonjo-Iweala: She was just three. And, you know, I was about 14, 15. And there was no doctor. It was clear she had malaria and if we didn't get treatment my mother said she probably wouldn't make it. And then we heard that about five or six kilometers away there was a physician who had come in somehow and was treating people in the surrounding villages. And my mother was ill, there was no one else, so I had to put her on my back and walk all that long distance to try and get to see this physician. But what it was, I remember walking, it was a very long walk and the sun was really hot. And I kept feeling that if I didn't make it somehow, you know, my sister's life was dependent on me. So we made it to this center. It was actually in a church where this woman, you know, physician was seeing patients for free. You know, she was just doing this because there was no doctor for miles around. But there were what seemed to me like a thousand people just packed, jam-packed, around this church, all trying to get in with one ailment or the other. And I looked. I didn't know how I was going to get in. And I was crying, you know. And then I saw people crowding near the window because the door was absolutely, the church

door was jam-packed. And there were taught me was figuring out strategies. windows. People were climbing in through the You know, that you can never give up. Cause when I looked at that crowd, I was just a small young girl. And what went through my mind is, “I'll never get in.” But then I said, “No, I've got to get in.” So that's a lesson I learned, that you must, however tough the situation, you must figure out a solution. Forbes: Which gets to, you served one stint as Finance Minister after the military left in 2003. Went through three difficult years, we'll discuss in a moment some of your achievements. And after, then you came back again. Why? Okonjo-Iweala: That's a very tough question, Steve. It really is a tough question. I came back because, actually, after I served the first time under President Obasanjo in his second term, the following president, who was President Yar'Adua, asked me to come back twice. But I felt I had given my service. I went because I wanted to serve my country and give back. And I thought I'd had three tough years as Finance Minister and worked really hard and that was enough. So I said no. But then when President Jonathan came, he was really, really focused on trying to get me back. windows. And lined up all the reasons. And one of the And I just thought to myself, “How will I do things he said, he said, it's not about me. You this?” And I said, “Well, they're all trying to know, it's about the country. I was really get in. If I just creep in through their legs and impressed with that. “It's about you coming to try to reach to the window, maybe I can get help us with your skills. It's about trying to my sister in.” She was still strapped on my right the finances and get us back on track.” back. Remember that this was after the financial So that's what I, so I went on my knees and crisis of 2008 to 2009. And the food crisis. through people's legs. And just crept up all the There have been so many global crises. And way up to the window. And then I took my Nigeria had money to survive but, you know, sister off my back and, you know, thrust her our finances were a bit tricky. And needed in. You know, just over these people. And then really strong action to get us back on the right I clambered in after her and I was crying all path. this while. It was really crazy. You know, so he made all these arguments and But we got in. And, you know, the window, said, “Look, you need to come back again and the doctor was standing right near that give back. This is what it's about.” And I, at window. So when I threw my sister, they some stage, it took almost a month as we had caught her. And she couldn't believe, you this conversation. And he never gave up. He know. So I was crying and I was saying, “My just kept coming back. sister is ill.” She had temperature. I don't I would say, “No, Mr. President,” and he know what it was but it was so bad. They gave would come back again. And, you know, after her an injection right away, which must have a while he convinced me that, “Look you need been chloroquine, I figure now. And a few to bring whatever skills you have to bear back other things. again to help correct things.” So that was why Forbes: Stop the dehydration. I went back. So it was just that spirit of love Okonjo-Iweala: Yes. for country, trying to help where you have the Forbes: Yeah. expertise. You know, and I, not that you feel Okonjo-Iweala: And then I took her back and you're the only one who can solve these put her on my back. And I just walked all that problems. But when your president is way back. And I felt, you know, this feeling repeatedly asking you over a period of time, of, “My God, you know, if I hadn't been able it's pretty difficult to say no. to do this I would have been responsible for Forbes: Any thoughts of 2015 or 2019? the loss of life of my sister.” But what it Okonjo-Iweala: Oh, no. My only thoughts

INTERNATIONAL OPPORTUNITIES are finish this job and take a holiday. Forbes: How strong is democracy now, would you say, in Nigeria. How deep are the roots now? Okonjo-Iweala: I think we are still a young democracy. But, you know, it's strengthening. But it's brutal. I think it's very early stages. You know now we have an opposition party? Forbes: Which came together. Okonjo-Iweala: Which is good. Forbes: Yeah. Okonjo-Iweala: Yeah. You know, some parties merged. And, you know, the ruling party PDP had a lot of almost all the big politicians. Some of them crossed over to the new party, the ACP. The APC, sorry. The APC. And I think now you have two big parties. After all, a democracy's about having a strong contender. So that's fine. It means that Nigeria's democracy's deepening. But, you know, I think part of what we are going through now where you see a lot of negativism in our press day after day after day. It's sort of a Tea Party type approach. You know, they try to hold the budget up, you know, and block it from passage. And they're learning tactics that, you know, may not move the country forward as much. But that's okay, it's all part of the game. And I think it's okay. It's okay to have a strong democracy going. So we need to just refine it a bit more. We need to learn in the democracy that you can, you know, two parties can criticize each other and government policies. But not pull the country down. We need to avoid that. Forbes: Do you feel both parties know the importance of balancing north and south? Okonjo-Iweala: Well, you know, I'm not a politician by training. You know, I came in as a technocratic person. So I don't feel too qualified to answer all these questions. But since I'm in there as Finance Minister you can't avoid politics. Yeah, I think both parties know. I mean, you know, we have been balancing this north and south for a hundred years now. You know, we celebrated our centenary a few weeks ago Continued from page 32 FORBES INTERVIEW where the north and south of Niger ia was amalgamated by the British January 1st, 1914. And, you know, we've been making it work. And of course people are always quick to predict the demise of Nigeria. But Nigeria has been going on. And I think it will go on. All actors realize that we are better as a unified country. And, you know, there are so many interrelationships now between north and south. So many intermarriages. And so much going on that I think it will be difficult to separate it. Forbes: In your first term as Finance Minister, you pulled off the feat of getting the debt sharply reduced I think from $30 billion in effect down to $12 billion. What were some of the other achievements? Okonjo-Iweala: Well, thank you. I think the

debt relief was a very big one. We actually had $35 billion external debt. You know, when we went in for this in 2004 to 2006. And we were able to negotiate with the Paris Club an extraordinary deal. The second largest deal they ever did, where we actually wiped out the $30 billion of debt, you know, through a combination of outright cancellation of $18 billion, a payment of arrears of $6 billion and a buyback. The first buyback that a developing country was ever allowed to do, where we got another 25% off of the remaining $6 billion. And that whole combination of instruments led to our wiping out $30 billion in debt. And so that was, that achievement, has given Nigeria unprecedented room for fiscal maneuver. You know, because our debt to GDP ratio today is one of the lowest in the world at about 21%. The other achievements were quite a lot. We stabilized, one of the ones I'm most proud of as well, is that we had a very volatile economy. You know, if you looked at the chart of our public expenditure and our revenues, it was a zigzag pattern. Because when oil revenues were high, we spent everything. And when they were low, we sometimes the country could not meet its bills. And as a result, if you trace the pattern of GDP growth in all these years you'll find the same volatile zigzag pattern. And no country can really grow with such a pattern. In fact, according to a World Bank study, we are losing three percentage points of GDP growth by not managing the volatility. So one of the proudest achievements was working with the World Bank and the I.M.F. to develop an instrument, an oil price-based fiscal rule that is delinking the budget, the price of oil at which we budget from the swap market price. And we were able to have a smoother public expenditure pattern, you know, that helped us manage the volatility. As a result of this, we had macroeconomic stability. The fiscal management was easier. And we coupled it with very good monetary policies, which enabled us to build a stable platform, which we have today, of macroeconomic management. Today we've continued the same policies. And I can tell you we have, you know, a benchmark price of $77.50 for oil at which we are budgeting. And, you know, we have 1.9% of GDP fiscal deficit, which is reasonably low. We have inflation at 8% single digit, down from 12% a year ago. You know, as I said, our debt to GDP ratio is 21%. We have reserves of five months of imports, which is very healthy at about $39 billion, $40 billion. And a GDP growth rate 2013 6.2%. I.M.F. is forecasting 7.3% for 2014. It's one of the ten fastest growing countries in the world. And so these achievements that we made in those times built a platform upon which the economy can now develop. And you need that. We mustn't forget that without macroeconomic stability you cannot really

look to develop the sectors. And we've built that platform. So I'm quite proud of that. Forbes: Can you quickly touch on what's happened with pensions? And agriculture. Okonjo-Iweala: Yes. So, on agriculture we have a very good story going. The president, President Goodluck Ebele Jonathan, is very keen on agriculture. And the Agriculture Minister, Dr. Adesina, working with the president and with the team has done a good job of really putting agriculture on a different level. He sees it as agriculture as a business. So changing the mentality of our small farmers and changing the tools they have so that they see themselves as in a small business as opposed to in a development project, as he puts it. Change is really the optic. So it's all about developing the value chain of agriculture. Starting from research to good seeds and inputs. You know, to improved production, to marketing, to transformation. Forbes: Was it mainly educating farmers? Okonjo-Iweala: In addition to that, making sure they get input sometime. You know, there was some fraud in the fertilizer scheme. Because you had middlemen. Forbes: Right, subsidies, so-called subsidies. Okonjo-Iweala: And the Minister of Agriculture worked on it and swept away, you know, this fraud. So that before 11% of farmers used to get improved seeds and fertilizer. Now 94% get it. And that has made a big impact on yields. So for the first time we produced 1.1 million metric tons of rice. You know, in 2012 dry season rice, which we'd never done in ten states in the north. Forbes: Will you become self-sufficient next year? Okonjo-Iweala: We are looking, well, I don't know if we can make it, but we are shooting for 2015. But if not then, shortly thereafter because we're doing really well. So that's agriculture. And really we are focusing, Nigeria has strong comparative advantage. We are creating thousands of jobs through agriculture and going into millions. And we are supporting young farmers. You know, some of them are going to get private equity invested in their businesses to take them to the next level. We are focusing on certain crops. Rice, because we are the largest importer of rice in the world. We want to import substitute. Casaba, we are the largest producer of casaba. But we've never transformed it into any value. And now we've got Cargill and others coming in. There are many companies investing who want to help us transform this into starch and other things. So the agriculture story is really a very good one. Our food import bill has dropped as a result of all this. And the other area you asked me about was‌ Forbes: Pensions. Okonjo-Iweala: Pensions. Well, on pensions, we also have a good story to tell. In the sense that we have two pension schemes. We have

INTERNATIONAL OPPORTUNITIES the new contributory pension scheme, which is going on very well. No problem. And we've saved about up to $15 billion in that now. And it's going really strongly. But alongside that we have the remnants of the old defined benefit scheme. There's still some people who are on this scheme because of the cut-off date. Forbes: Now, is this financed by the 7.5% payroll tax? Or how is it financed? Okonjo-Iweala: No, it's financed off of the budget. Forbes: Okay. Okonjo-Iweala: Yeah. You know, and that is why we had to change it and put new entrants into the workforce on a contributory scheme because it's not sustainable. But now that we've got the contributories in, the remnants we are still financing off the budget. But the old scheme was very fragmented. You had immigration pensions, police pensions, civil service pensions. And they were all being managed in this fragmented manner. Which gave room for a lot of fraud and, you know, there was no biometric. So you had ghost pensioners. And so, you know, the fraud in it, people were caught. Some civil servants, you know, who had dipped their hands and taken people's pensions. And they've been prosecuted. Some of them are in jail, others are still being tried. But what we needed to do beyond punishing those people is to totally refine, restructure that scheme, you know, for the amount of time it will last. And we've done that now. Under the law we created the Pensions Transition Department. And we put, we unified all these different schemes under it. We are conducting biometrics of pensioners so that people cannot enter ghost pensioners into the system. And, you know, we've put in place an institutional structure that will prevent fraud. And that's what I'm quite proud of. Forbes: You've said as a goal you'd like to see Nigeria by 2020 being among the top 20 economies in the world. Your former employer, the World Bank, comes out with a publication called Doing Business each year. And one of the ways to get away from the oil curse, obviously, is a vibrant small business sector. Okonjo-Iweala: Mm-hmm. Forbes: Is the government going to do anything to make it easier to set up a legal

business? Nigeria ranks, I think, 122. Okonjo-Iweala: Right. Forbes: And clearly you need to get up with New Zealand to make it easy for people to get out of the informal economy into the formal one. Okonjo-Iweala: No, absolutely. I think these are very pertinent observations. It's been the

aspiration of the country from one president, former President Obasanjo to President Yar'Adua to President Jonathan, that the country becomes one of the 20 largest by 2020. You know, so, but to do that we have to do a lot of reforms. And I must say we have been doing. Our electricity power sector reforms have been praised as very transparent and unprecedented. We've privatized all our generation and distribution assets. We've only kept transmission in the hands of government. We've liberalized the sector so that the likes of GE, AES and Siemens are investing in Nigeria. So that's a big reform. We've done many reforms to ports, telecoms. However, we still need some microeconomic reforms in doing business. And that is absolutely true. I think we've made progress. We used to rank at about 137, if I remember. We're now moved up. But still, we're not in the neighborhood we want to be. You're absolutely right. We need to move up. And therefore we need to look at issues like land and like land titling. Registering a business. Forbes: Well, registering a property. Okonjo-Iweala: Yeah, registering a property for example. Registering a business can now

be done in 24 hours. This is now a reform that we've put in. You know, and we now have one-stop shops where you can come in and set up a business and do that. You know, so we're trying to decentralize them. And we have in Abuja and Lagos but we need to get into all the other cities but it's doable. And, you know, we need to look at all the other micro blocks. Access to finance is one that is not very easy for an enterprise. Forbes: One of the things that's happened in Nigeria under your tutelage is reforming the banking industry. Okonjo-Iweala: Mm-hm. Forbes: More better capitalization, fewer institutions. Are the institutions rising up? Are these existing banks doing more to finance small businesses? Okonjo-Iweala: Yeah, well, you know, actually, the consolidation of the banking sector and the strengthening and clean out of the banking sector during the financial crisis was done by two Central Bank governors. Not, not really by me. It was Governor Soludo and Governor Sanusi. And, you know, they did a good job. And so what we have now is a banking sector with very few non-performing loans. Maybe about 5%, strong, we're meeting the Basel requirements, a strong sector. And so we've got a good, clean banking sector. However, you know, I feel that they really are not quite meeting the needs of small and medium enterprises yet. Even of large ones. You know, so we need to get the banking sector to finance the real sector much more. And part of it may be the fault of government 'cause, you know, it's easy for them to invest in government treasuries and bonds. It's easier to do that than finance, run around looking for, you know, enterprises. But we are pulling back. We are reducing the amount of domestic borrowing which we are doing. You know, so that should have a critical impact on the banking sector to look for more clients. But we also need to strengthen our S.M.E. We got 32 million small and medium enterprises. We need to get technical assistance to some of these, you know, to bring them up to the next level. And we are doing. We have a number of initiatives. I'm very proud of a program that the president, President Goodluck Ebele Jonathan, really supports very strongly. It's called Youth Enterprise with Innovation. And this is one that helps young entrepreneurs, 18 to 40, to really strengthen their enterprise and through a business planning competition. We are doing it with the World Bank, the U.K. Department for International Development (DFID). And, you know, they get a grant of $10,000 to $90,000 if they win. And so far we've got 3,600 winners. It's fantastic. They've created 27,000 jobs. And we are targeting 80,000 to 100,000. So those kinds of approaches of helping these small enterprises, as you say, become more formal. We've got them in the tax net now. They are properly registered. We've also got

INTERNATIONAL OPPORTUNITIES them relationships with banks so that eventually they become good customers for these banks. They are getting support and T.A. So those are some of the things we are doing within the economy. And we hope the banking sector will follow us. Forbes: One last thing on electricity. When I was last in Nigeria last summer, people like to say, “There must it's a conspiracy.” Because the generator, people who sell generators, do a very good business because they can't rely on the grid. And somebody said “The reason beer costs more in Nigeria than South Africa is the electricity, it hurts high-tech.” These electricity reforms, when do you think people in Nigeria will start to see a real difference in the availability and affordability of electricity? Okonjo-Iweala: I just, I think that's an excellent question. I mean, that's the bottom line, isn't it? I mean, you can do all the reform you want but it has to lead in the end to a longer supply of power for people. And I think that now in some cities we are seeing there 16 hours electricity supply up, but it's uneven. You know, you don't feel it everywhere. And I believe that we need, there must be, necessarily, a transition as the private sector takes over. You can't expect that overnight once it acquires this asset. They have to invest in them. But I can tell you that the Nigeria, the power sector in Nigeria, I would say two to three years from now is not going to be the same as what you see today. We're experiencing some problems with gas supply. We have gas but we don't have the pipelines. So there are people and private sector is also investing in that. And government is co-investing, you know, in order to hasten things. I think when we get that going and all these assets are now being managed by private sector, I think you're going to see a class shift. It's like the telecoms. When they took over, the first two, three years was quite rough. You know, the price of telecommunications was high. There were not as many phones. There were more than when we had only land lines. But not as many and they were quite, it was quite expensive. All of a sudden as these companies began to invest in more towers, you know, in better service, you just saw a huge explosion. And now nobody can even remember when

Nigerians did not have access to a mobile phone. When young people could not access the internet and do all their business and send Twitter. And they can't, nobody can remember. I predict that we'll go through another two to three rough years as these private sector people take hold of their businesses and make the necessary investment. And then I think five years from now people will be wondering, “Oh, what was this country like without electricity?”

based not on resource, natural resources. But on other sectors. Like Nigeria, it's not oil that is the leading sector of growth. It's non-oil sectors. Agriculture, you know, retail trade. You know, the creative industries and so on are really leading. And so that's the story of Africa now. It's a continent growing. It's a continent with many possibilities. You know, one-third, according to an African Development Bank study, one-third of the population now is middle class. So there's a growing consumer class that is willing, ready and able to purchase goods. African countries are also wanting to transform their own products and sell. Not just export primary commodities. So there's a whole change in mentality about investment. And the amount of investment coming into the continent now at $50 billion and plus is as much or bigger than aid now. So the whole picture is changing. And I think people need to really switch their mentality to an Africa for investors. An Africa as a consumer market. An Africa with more skills than they ever thought. An Africa that has many more democracies functioning now. So both the political and economic story are finally coming together. Does that mean that this Africa does not have problems? The answer is no. We have problems. We have problems with governance and corruption just as in many other parts of the world. But the issue is we need to build institutions to make sure that we don't allow corruption to take hold. We need to be transparent in the way, like how we privatized the power market, in the way we do business. We need to do all of these things. And we need to keep moving in the Forbes: In closing, one of the challenges for right direction. Nigeria and Africa is the image of disease, Jobs. We have a problem with unemployment war, corruption. Even in Africa people seem to across the continent just like it's a big problem go into it. How do you get the world to look at worldwide now. The quality of growth must more things like Nollywood and some of the be such that we create jobs for our young things that are happening that don't get in the people in order to avoid problems down the headlines? Is Nollywood gonna overtake line. Hollywood? Forbes: That's where you get the small Okonjo-Iweala: I think so. I hope so. We businesses. need it to because we need to create the jobs. Okonjo-Iweala: That's where the small But, you know, you hit on another really businesses come. You're absolutely right. And important issue, which is the image and that's why we need to solve their problems of perception of disease, war. And Africa has access to finance, better infrastructure, power. changed. You know, there are two stories So these are all the things. Infrastructure is a about Africa. And we need to get the story of major problem on the continent. the frontier markets, you know, the emerging But, you know, what I'm saying is now it's market. You know, look, this continent has very clear what our issues are. The final one is really in the last decade persistently grown at inclusion. We don't have social safety nets. We 5% and above compared to slow growth in the need to think carefully on the continent. There decades of the '80s and '90s. And, you know, are those who will never access the market. So it's performed now better than the global what do you do? You need to invest in them. average. And better than many countries, you Education and better health so that they can know, across the world. So the continent has, become market participants in future. and it's not a fluke. It's been consistent. And invest in them and in their children. These are the challenges. But I see them as Forbes: It's not just commodities. opportunities. I see it as exciting. It's Okonjo-Iweala: Over a decade. No, it's not homework. Real work that we have to do. And just commodities, either. If you break it down I'm one of the people who is pretty optimistic you see that many countries are growing about the future of the continent.

INTERNATIONAL OPPORTUNITIES Forbes: Thank you, Madame Minister. Okonjo-Iweala: Thank you.

Today as I perform the ground breaking ceremony of the second Niger Bridge I am fulfilling a promise I made to all Nigerians especially the southeast that the Federal Government will ensure that another bridge linking the Southeast to other geopolitical region is built...President Goodluck Jonathan

INTERNATIONAL OPPORTUNITIES Prototype of Second Niger Bridge


Table 1. Overview of the World Economic Outlook Projections (Percent change unless noted otherwise)

Year over Year


2012 2013 2014 2015

Difference from October 2013 WEO Published

2014 2015

Q4 over Q4

Est imates Projections

2013 2014 2015

World Output 1/










Advanced Economies





0.2 –0.2




United States





0.2 –0.4




–0.7 –0.4








Euro Area






















–2.5 –1.8









–1.6 –1.2













0.4 –0.2




United Kingdom









Continued on page 40,42,44


INTERNATIONAL OPPORTUNITIES Overview of the World Economic Outlook Projections (percent change unless noted otherwise) Year by Year Projections ,Difference from October 2013 WEO published,Q4 over Q4 Estimates Projections as tabulated in page 39


1.7 1.7 2.2 2.4


– 0.1

2.2 2.3 2.4

Other Advanced Economies

1.9 2.2 3.0 3.2

– – 0.1 0.1

2.7 2.9 3.4

Emerging Market and Developing Economies 1/

4.9 4.7 5.1 5.4

0.0 0.1

4.8 5.4 5.6

Central and East ern Europe

1.4 2.5 2.8 3.1


– 0.2

2.9 3.7 2.8

Commonwealth of Independent States

3.4 2.1 2.6 3.1

– – 0.8 0.7

2.2 1.4 3.1


3.4 1.5 2.0 2.5

– – 1.0 1.0

1.9 1.5 3.2

Excluding Russia

3.3 3.5 4.0 4.3

– – 0.1 0.1

... .. . ...

Developing Asia

6.4 6.5 6.7 6.8

0.2 0.2

6.4 6.8 7.0


7.7 7.7 7.5 7.3

0.3 0.2

7.8 7.6 7.3

India 2/

3.2 4.4 5.4 6.4

0.2 0.1

4.6 5.5 7.0

ASEAN-5 3/

6.2 5.0 5.1 5.6

– 0.0 0.3

4.0 5.6 5.6

Latin America and the Caribbean

3.0 2.6 3.0 3.3

– – 0.1 0.2

1.6 3.4 2.8


1.0 2.3 2.3 2.8

– – 0.2 0.4

1.9 2.6 3.0


3.7 1.2 3.0 3.5

0.0 0.0

0.4 4.2 3.3

INTERNATIONAL OPPORTUNITIES NIGERIA: GROWING AWAY FROM OIL? By Thomas Hanse At the first glance, Nigeria does not appear particularly alluring to international investors. The country's important oil industry is in the doldrums with crude production stagnating at around 2 million barrels per day. Oil investment is held back by the failure to pass a key reform bill. Pervasive theft of crude oil is nibbling away at onshore oil pipelines as well as export figures. Previously a major crude oil exporter to the US, Nigeria's share of US oil imports has dropped 11 to 5 percent in the last year. The political outlook is scarcely any better. Nigeria's government is fighting a vicious Islamist insurgency in the country's remote and sparsely populated northeast that has the potential to trigger further attacks in other parts of the country. The ruling People's Democratic Party (PDP) has been tearing itself apart over the intent of incumbent President Goodluck Jonathan, a southerner from the Niger delta, to run for another term in the 2015 elections, a move fiercely resisted by northern politicians. Business goes on in Lagos Nigeria's economy has achieved creating speculative bubbles and consistently high growth of about 6 percent a worsening economic volatility. year over the last decade, largely driven by a Despite a failure to pass key reforms chief fast-growing non-oil sector. In fact, non-oil among them the Petroleum Industry Bill, sector has quietly grown at a rate of up to 8 which has stalled for years some things are percent a year in spite of the much-publicized moving in the right direction. Nigeria has woes of the oil industry and a myriad of privatized the infrastructure and assets of political, operational and infrastructural parastatal power company Power Holding challenges. Paradoxically, slow oil sector Company of Nigeria, splitting the company up growth has entailed a gradual diversification of in regional distribution and generating the economy, albeit one that is consumer-based companies and placing the national power grid and remains vulnerable to volatility in global oil on a management contract. The privatization prices. process took longer than expected and Nigeria is the top foreign direct investment experienced some hiccups along the way (FDI) destination in sub-Saharan Africa with Power Minister Barth Nnaji resigned in about $20 billion of FDI over the last three August 2012 amid allegations of conflict of years. The impact is visible: the skyline of interest. commercial capital Lagos is changing rapidly as The fact that power privatization did happen is international high-end hotel chains such as significant. Nigeria's notoriously erratic power Intercontinental and Radisson Blu have moved supply has been a brake on economic growth. into the market. Retail and fast-moving Although it will likely take years for the consumer goods are also attracting the attention power supply to improve, private investors are of international investors. The pharmaceutical better placed to access the funding and sector is well-established as well, though technical expertise required to make it happen. international drug companies are grappling An estimated $5 billion a year in financing is counterfeiting issues in the country. required. Nigeria's rapidly growing population of some Additional infrastructure upgrades can further 170 million consumers and its potential for Nigeria's growth. Much of the country's road continued growth attract blue-chip companies network needs improvement, but a credible keen to gain a foothold in sub-Saharan Africa. model for public-private partnerships has not On the other hand, some FDI is driven by an yet emerged and toll-roads would be ample supply of cheap dollars from the US politically contentious. Atedo Peterside, one Federal Reserve's monetary policy, potentially

of the drivers of power privatization, has publicly hinted that Nigeria's railways may be next. Improved infrastructure be it roads or rails would have a positive spillover effect: a considerable part of northern Nigeria's agricultural output is wasted before it reaches market in the south or further afield. Pitfalls still remain In spite of the growth potential, companies new to Nigeria face plenty of pitfalls. Nigeria's security environment while manageable outside the northeast is highly dynamic and diverse. Companies must be cautious about deploying personnel to remote and unfamiliar parts of the country. Even seasoned businessmen with extensive experience elsewhere in Africa are sometimes caught off guard by Nigeria's business environment. More often than not, the surprises stem from a careless choice of local business partners. Political risk is also not completely out of the picture while licenses and contracts may generally appear stable, local companies with a high political profile may be more likely to come under pressure in the future. There are macro-level risks as well. A further drop in oil production or oil prices could trigger a downturn in Nigeria's domestic consumption and hamper non-oil growth. The country's fiscal and monetary policies that have so far supported growth are also likely to come under increasing pressure in 2014. Central Bank governor Lamido Sanusi has been committed to keeping inflation steady and maintaining the Nigerian naira in a tight exchange rate band with the US dollar, thereby creating a stable environment for investors. However, Sanusi's term expires in 2014 and his successor is likely to come under pressure to pursue less independent policies. Moreover, there will be pressure on government to spend more in the lead-up to the 2015 presidential and general elections. As in most other countries, government spending tends to increase in election years, and with heightened political tensions in Nigeria the campaign is likely to be even more expensive than in 2011. The result may be a fiscal squeeze as government revenues are already under pressure due to disappointing oil output. Thomas Hansen is a senior West Africa analyst for Control Risks, a global risk consultancy.

INTERNATIONAL OPPORTUNITIES Overview of the World Economic Outlook Projections (percent change unless noted otherwise) Year by Year Projections ,Difference from October 2013 WEO published,Q4 over Q4 Estimates Projections as tabulated in page 39

Middle East, North Africa, Afghanistan, and Pakistan

4.1 2.4 3.3 4.8

– 0.7 0.3

.. .

.. .

.. .

Sub-Saharan Africa

4.8 5.1 6.1 5.8

0.1 0.1

.. .

.. .

.. .

South Africa

2.5 1.8 2.8 3.3

– 0.0 0.1

1.9 3.2 3.3

World Growth Based on Market Exchange Rates

2.5 2.4 3.1 3.4


2.8 3.0 3.2

World Trade Volume (goods and services)

2.7 2.7 4.5 5.2

– – 0.5 0.3

.. .

.. .

.. .

Advanced Economies

1.0 1.4 3.4 4.1

– – 0.7 0.5

.. .

.. .

.. .

Emerging Market and Developing Economies

5.7 5.3 5.9 6.5


– 0.2

.. .

.. .

.. .


– – – 0.9 0.3 5.2

2.8 0.8



– – – 1.5 6.1 2.4

– – 2.0 0.3

– – – 3.8 4.6 1.8

2.0 1.4 1.7 1.8

– 0.0 0.1

1.3 1.9 1.7

Memorandum – 0.1

Import s (goods and services)

Commodity Prices (U.S. dollars) Oil 4/

Nonfuel (average based on world commodity export weights)

– – 2.7 5.3

Consumer Pr ices

Advanced Economies



s the world converges in Nigeria for the 2014 World Economic Forum in Abuja,there is the need to review some of the issues raised about the Nigerian economy in the immediate past forum held in South Africa in 2013.Below is a report of some of the issues raised by the Managing Director of First Bank of Nigeria then. REPORT In Cape Town, South Africa, the venue of the just concluded 2013 World Economic Forum on Africa(WEFA), the Chief Executive Officer of FirstBank of Nigeria, Bisi Onasanya stepped up to the podium and declared: “Nigeria has all it takes to make the leap, its stable macroeconomic environment, large market size and a flexible labour market makes it a competitive economy…” He was speaking at a breakfast meeting his bank organised for investors who attended the forum which played host to the crème of African society- presidents, prime ministers, diplomats, technocrats and business leaders. Onasanya whose bank provided support for the 2013 WEFA said expansion of the non-oil sectors such as telecommunications, trade, construction, public and privately funded infrastructure and Agriculture are expected to continue to drive Nigeria's economy. According to him, manufacturing sector connected to boom sectors such as cement and FMCG trade will also experience growth just as the real GDP growth is expected to average above 7% over the 2014 -17 period with an average growth in GDP per capita of 6.3% to US$2,450 over the 2013 17 period. He listed top performing sectors to include: telecommunications (31.83%), building and construction (12.58%), solid minerals (12.52%), hotels and restaurants (12.15%), real estate (10.41%) and business services (9.7%). “Based on macroeconomic stability indicators, productivity gains from large market size, improvement in labour market efficiency and relatively high level of business sophistication, Nigeria demonstrates traits of an efficiency driven economy. Agriculture, retail trade and the oil industry still dominate the Nigerian economic landscape and monetary policies have also

been stable,” he said. Though he acknowledged that the government is gradually implementing reforms focused on infrastructural development, Onasanya stated that the quality of institutional and administrative frameworks in Nigeria is a source for concern “due to corruption, undue influence and government inefficiencies. Other drawbacks are inadequate infrastructure, low adoption of technology and rising insecurity.” “Nigeria's slow progress in addressing these basic requirements places her in a category of countries with huge potentials but consistently weak or underperforming g r o w t h , ” h e e x p l a i n e d . Onasanya said Nigeria is at a critical point in her history and needs to take decisive actions to tackle these challenges as well as diversify its economic base. He told the delegates that despite these challenges there are bright spots for the Nigerian economy with a few sectors showing great potential. “The pending passage of the Petroleum Industry Bill; Nigerian Content Act passed in 2010 increasing Nigerian participation and use of Nigerian supplies/contractors in Oil & Gas industry;IOCs moving offshore to mitigate security risk;reforms that provided lower tax rates to companies operating offshore; foreign demand diversifying away from international oil and boosting development of alternative energy and Nigerian gas master plan are signs of hope coming from the oil sector,” he enthused. He hinted that transportation infrastructure is still relatively undeveloped and affords huge i n v e s t m e n t p o t e n t i a l . According to him, “The establishment of Infrastructure Concessions Regulatory Act, enhanced private sector participation in infrastructure financing, Increased participation of foreign technical and financial players such as engineering firms and capital provision, increase in both number and sizes of the local construction companies in the transport space and the push by government to develop multimodal transport systems (rail, bus, ferry) are changing business landscape for the country.” On the power sector, he said recent reforms

and enabling legislation are also changing the power sector and retail segment. For instance he stated that the on-going progress with power sector reforms and selection of 14 preferred bidders for the 15 successor companies of the Stateowned power company with payment of 25 per cent bid values worth US$560 million has prompted Nigerian bankers committee to work on a funding strategy for the power sector. Onasanya said further that it has expectedly ushered in structured finance, loan syndication, spin-off ancillary support infrastructure and Capacity building in the power sector desks of financing institutions across the country. And for the retail segment of the economy, he said there was an estimated retail sales of US$117.4 bn in 2012 and it's expected to overtake South Africa as the largest in Sub-Saharan Africa by 2013. He said: “The success attained by early entrants into the retail space in Nigeria is attracting more players with aggressive plans for expansion across key commercial hubs (Lagos, Abuja, Enugu, Ibadan and Ilorin) with increasing number of international fast foods chains, rise in e-commerce platforms and growing online retail trade.” And bearing in mind that Agriculture has a critical place in the country's economy, he said: “Agriculture holds huge potentials and the Central Bank of Nigeria (CBN) and the Ministry of Agriculture are championing several initiatives to develop commercial agriculture.” Adoption of the Nigeria Commercial Agriculture Development Programme by the government; Growth Enhancement Support Scheme aimed at improving efficiency in the fertiliser value chain; encouragement of private sector participation; establishment of several agriculture credit initiatives including, Commercial Agriculture Credit Scheme (CACS) for promoting commercial agriculture enterprises; Nigeria Incentive-Based Risk Management System for Agricultural Lending (NIRSAL) aimed at the agriculture value chain and provision of incentives and technical assistance to providers of finance and Agriculture Credit Support Scheme (ACSS) to provide low interest rate loans to farmers and agro-allied businesses are part several initiatives to develop commercial agriculture. Counting on Nigerian banks to provide necessary support, he said that regulatory reforms combined with rapid economic expansion have swept in a tidal wave of change in the banking sector. “Positive global liquidity, asset reallocation among institutional investors (pension funds) is seeing greater market confidence in the banking sector,” he said. He disclosed that FirstBank Holding is the largest and most enduring financial services institution in Sub-Saharan Africa with unparalleled reputation for leadership, strength and stability. With extensive network of over 650 branches and cash centres, more than 1,800 Automated Teller Machines(ATMs) and International locations in London/Paris/Johannesburg/Abu Dhabi/Beijing/DRC, Onasanya maintained that FirstBank is at the forefront of leading Infrastructure projects changing the landscape across Nigeria. “We have been leading the way in supporting indigenous players in the Nigerian Oil and Gas sector. We've also been part of the largest deals in the telecommunications sphere in Nigeria.” The 2013 WEFA featured an agenda built around three major pillars: accelerating economic diversification, boosting strategic infrastructure, and unlocking Africa's talent under the theme “Delivering on Africa's Promise.” The 23rd World Economic Forum on Africa thus provided an important platform for regional and global leaders from business, government and civil society to deepen the continent's integration agenda and renew commitment to a sustainable path of growth and development.

INTERNATIONAL OPPORTUNITIES Overview of the World Economic Outlook Projections (percent change unless noted otherwise) Year by Year Projections ,Difference from October 2013 WEO published,Q4 over Q4 Estimates Projections as tabulated in page 39

Emerging Market and Developing Economies 1/

6.0 6.1 5.6 5.3

0.0 0.1

5.7 5.1 4.8

On U.S. Dollar Deposits (6 month)

0.7 0.4 0.4 0.6

– – 0.2 0.3

. .. ... ...

On Euro Deposits (3 month)

0.6 0.2 0.3 0.5

– – 0.2 0.4

. .. ... ...

On Japanese Yen Deposits (6 month)

0.3 0.3 0.2 0.2


. .. ... ...

London Interbank Offered Rate (percent)

– 0.2

Note: Real effective exchange rates are assumed to remain constant at the levels prevailing during November 11–December 9, 2013. When economies are not listed alphabetically, they are ordered on the basis of economic size. The aggregated quarterly dat a are seasonally adjusted. 1/ The quarterly data and projections account for 90 percent of the world ppp weights and around 80 percent of the emerging market and developing economies. 2/ For India, data and forecasts are presented on a fiscal year basis and output growth is based on GDP at market prices. Corresponding growth forecasts for GDP at factor cost are 4.6, 5.4, and 6.4 percent for 2013, 2014, and 2015, respectively. 3/ Indonesia, Malaysia, Philippines, Thailand, and Vietnam. 4/ Simple average of prices of U.K. Brent, Dubai Fateh, and West Texas Intermediat e crude oil. The average price of oil in U.S. dollars a barrel was $104.11 in 2013; the assumed price based on futures market s is $103.84 in 2014 and $98.47 in 2015.

INTERNATIONAL OPPORTUNITIES INTERNATIONAL SCHORLARSHIP OPPORTUNITIES Deadlines: You must hold an offer for an eligible INSTITUTE OF MANAGEMENT, programme in the Institute by the 31st August 2014. Please LAW AND INFORMATION SCIENCE note that decisions on applications for taught courses can take up to two weeks so please ensure that you apply will in SCHOLARSHIPS The Institute for Management, Law and Information Science (IMLIS) have introduced the following scholarship schemes for postgraduate taught students, making these Postgraduate degrees probably the best value for money in 2014. ********** IMLIS Postgraduate Excellence Scholarships The Institute of Management, Law and Information Science are offering two Postgraduate Excellence Scholarships for September 2014 entry. These full fee scholarships are open to all Nationalities and are for full time study only on a Taught programme in the Institute. The scholarships cover full tuition fees only. How to apply: Separate application forms for the funding will not be required. Please apply for your Taught Masters course by following the information on the following website: Deadlines: 30th June 2014 Selection Criteria: These scholarships are awarded on the basis of academic excellence (1st Class degree holder); relevant work or other experience may also be taken into consideration Further information: For informal enquiries please contact your Postgraduate Advisors on ********** IMLIS POSTGRADUATE TAUGHT EXCELLENCE SCHOLARSHIPS The Institute of Management, Law and Information Science are offering Taught Excellence Scholarships to external candidates (separate scholarship scheme for IMLIS and general Aberystwyth Graduates is also available) worth between £1000 and £4000. The scholarships for September 2014 entry are available for full time Taught programmes in the Institute and are open to all Nationalities. Level of award: UK and EU students: 1st Class and 2:1 students: £2000 tuition fee scholarship. 2:2: £1000 tuition fee scholarship. Overseas students: 1st Class and 2:1 students: £4000 tuition fee scholarship. 2:2: £3000 tuition fee scholarship. How to apply: Separate application forms for the funding will not be required. Please apply for your Taught Masters course by following the information on the following website:

advance of this deadline. Selection Criteria: The scholarships are awarded on the basis of academic performance and are subject to final grades. We will also consider relevant work or other experience when allocating scholarships. Further information: For informal enquiries please contact your Postgraduate Advisors on ********** IMLIS ABERYSTWYTH GRADUATE SCHOLARSHIP As a specialised Aberystwyth University IMLIS Graduate your tuition fee for a full time Taught programme in the Institute of Management, Law and Information Science could be reduced by over 50%. The scholarships are worth between £1000 and £4000, depending on fee eligibility and classification. In addition you also be eligible for the Abergrad scholarship. Level of award: UK and EU students: 1st Class: £2000 tuition fee scholarship. + *20% Aber-grad scholarship 2:1 students: £2000 tuition fee scholarship. + *10% Aber-grad scholarship 2:2: £1000 tuition fee scholarship + *10% Abergrad scholarship. Overseas students: 1st Class: £4000 tuition fee scholarship + *20% Aber-grad scholarship 2:1 students: £4000 tuition fee scholarship. + *10% Aber-grad scholarship 2:2: £3000 tuition fee scholarship + *10% Aber-grad scholarship *Please note applicants may only hold the Aber-grad scholarship with other funding so long as the combined amount does not exceed 50% of the proposed Masters tuition fees. How to apply: Separate application forms for the funding will not be required. Please apply for your Taught Masters course by following the information on the following website: Deadlines: You must hold an offer for an eligible programme in the Institute by the 31st August 2014. Please note that decisions on Taught applications can take up to two weeks. Selection Criteria: You must be a Graduate from the Institute of Management, Law and Information Science (a separate scholarship scheme for other general Aberystwyth Graduates is also available see the Aber-Grad Scholarship) You must hold or expect to be awarded a 2:2 or above in your Undergraduate degree. Further information: For informal enquiries please contact your Postgraduate Advisors on

INTERNATIONAL OPPORTUNITIES Barry Spicer and Owen G Glenn PhD Scholarships in New Zealand, 2014 University of Auckland Foundation is offering PhD scholarships for undertaking research on a topic which has the potential to impact on New Zealand business and/or business development in a globalizing world. Scholarships are open to domestic and international students. Up to two scholarships will be awarded annually for a period of up to two years and will be of the value of $30,000 per annum plus compulsory fees. The application deadline is 1 May 2014. Study Subject(s): Scholarships are awarded for undertaking research on a topic which has the potential to impact on New Zealand business and/or business development in a globalizing world. Course Level: Scholarships are available for pursuing PhD programme at University of Auckland in New Zealand. Scholarship Provider: University of Auckland Foundation Scholarship can be taken at: New Zealand Accreditation: University of Auckland is an accredited university. University of Auckland is accredited by the ACU, APAIE, APRU, Universitas 21 and

WUN. Eligibility: -The Scholarships will be awarded to students who have paid the fees, or arranged to pay the fees, for full-time enrollment in a PhD degree in the University of Auckland Business School. -The Scholarships are open to domestic and international students. -The Scholarships will be paid as a fortnightly stipend and as a tuition fees credit. Scholarship Open for International Students: New Zealand and international students can apply for these PhD scholarships. Scholarship Description: The Scholarships were established in 2008 and are funded by an endowment held by The University of Auckland Foundation donated by Owen G Glenn to recognise the period of Barry Spicers deanship of the University of Auckland Business School. The main purpose of the Scholarships is to fund postgraduate students who are admitted to the PhD programme in the University of Auckland Business School with the intention of undertaking research on a topic which has the potential to impact on New Zealand business and/or business development in a globalising world. Number of award(s): Up to two PhD scholarships are offered. Duration of award(s): These PhD scholarships are awarded for up to two years. A third year of funding may be applied for by a recipient on the

Study in Finland – The Centre for International Mobility CIMO Fellowships programme The Centre for International Mobility CIMO awards scholarships to foreign post-graduate students and young researches to carry out post-graduate studies and research and teaching in Finnish universities. The objective of the scholarship programme is to increase mobility to Finland and to support internationalisation of research and teaching and to foster links between Finnish and foreign universities.The CIMO Fellowships programme is open to young researchers (after Master’s-level but not post-doctorate) from all countries and from all academic fields. The scholarship period may vary from 3 to 12

recommendation of their supervisor and subject to approval by the Selection Committee. This application should be made in writing to the Scholarships Office setting out the reasons for the extension at least four months before the end of the initial two year award period What does it cover? Each scholarship will be of the value of $30,000 per annum plus compulsory fees. Selection Criteria: The basis of selection will be demonstrated or potential academic merit; an assessment of the quality of the proposed topic for the PhD research and its relevance and potential impact on New Zealand business and/or business development in a globalising world; and an assessment of the applicant's ability to complete the thesis in a timely manner. Consideration will also be given to the applicant's leadership potential, potential contribution to industry, past study and experience in areas relevant to the proposed topic, written and verbal communication capabilities, interpersonal abilities, project management skills, and demonstrated skills as a self-starter. Notification: Applicants will be notified approximately six weeks after the closing date by letter or email. How to Apply: Applicants should apply by post. Scholarship Application Deadline: The application deadline is 1 May 2014.

months.CIMO Fellowships are always applied by the hosting Finnish university. There are no annual application deadlines in the CIMO Fellowship programme. Applications may be considered at all times. However, please note that applications should be submitted at least 5 months before the intended scholarship period. Study Subject: all academic fields Web Address: imo_scholarships/cimo_fellowships Provided By: The Finnish Government To be undertaken at: non-Australian institutions. Level: Post Graduate Continues on page 48

INTERNATIONAL OPPORTUNITIES APPLICATIONS ARE INVITED FOR GLOBAL ALLIANCE SCHOLARSHIPS AVAILABLE TO STUDENTS LIVING AND WORKING OUTSIDE OF SWITZERLAND. Each year a limited number of scholarships will be awarded for pursuing EMScom Executive Master of Science in Communications Management programme. Each scholarship totals CHF 24,500, half of the tuition for EMScom and will be deducted from the total fee for the program. Scholarships are based on financial need. The application deadline is October 17, 2014. Study Subject(s): Scholarships are awarded for EMScom Executive Master of Science in Communications Management programme. Course Level: Scholarships are available for pursuing master degree. Scholarship Provider: Global Alliance for Public Relations and Communication Management Scholarship can be taken at: Switzerland Eligibility: The Global Alliance scholarships, based on financial need, are available to applicants who do not receive employer assistance in funding their executive education and, furthermore, are a member of a GA member in their capacity as an individual or through their employer. Candidates have to: -Have a minimum of 5 years work experience -Work in communication -Live and work outside of Switzerland -Be fully self-funding their EMScom education Scholarship Open for International Students: International students (living and working outside of Switzerland) can apply for these Global Alliance scholarships. Scholarship Description: Through the strategic partnership with the USI University of Italian Switzerland, the Global Alliance for Public Relations and Communication Management each year provides a limited number of scholarships to the EMScom Executive Master of Science in Communications Management's applicants living and working outside of Switzerland. The scholarships are part of the Global Alliance's commitment to educational programs which support its institutional goals. “As communication becomes an increasingly global profession, the Global Alliance aims to support promising communicators who seek both international education and a global network,” said Daniel Tisch, Chairman of the Global Alliance. “Serving the strategic goals of the Global Alliance, the scholarship enables four participants to benefit from USI Università della Svizzera italiana's renowned international Executive Master of Science in Communications Management and its multinational faculty. We hope these scholars will help us advance the communications profession. Number of award(s): The Global Alliance for Public Relations and Communication Management each year

provides a limited number of scholarships. Duration of award(s): Not Known What does it cover? Each scholarship totals CHF 24,500, half of the tuition for EMScom, and will be deducted from the total fee for the program. Selection Criteria: The Global Alliance scholarships are based on financial need. Notification: The final decision concerning the scholarship will be communicated to the candidate by November 15, 2014. The candidate has 5 (five) working days to decide whether he/she accepts the scholarship. How to Apply: To proceed with the GA Scholarship application, please follow these steps: -Candidates first need to apply to the Executive MScom Program before they apply for the GA scholarship. The EMScom application deadline is October 31, 2014 but the program works on a rolling admission policy, so please make sure that you are admitted to the EMScom (nonbinding) before October 31, 2014. -The GA scholarship application needs to be sent electronically and in hard copy to the Global Alliance by October 17, 2014 at the latest. The candidate might be convoked for an interview by one Global Alliance Board member. Scholarship Application Deadline: The application deadline is October 17, 2014 Read more: Global Alliance Scholarships in Switzerland, 2015-2016 : Scholarship Positions 2014 2015 WIN NANOFELLOWSHIPS FOR CANADIAN AND INTERNATIONAL GRADUATE STUDENTS IN CANADA, 2014 University of Waterloo is offering research fellowships to top Canadian and international graduate students pursuing nanotechnology research. These prestigious fellowships valued at $10,000 each are awarded to new graduate applicants and current MSc and PhD students and supplement the Research Assistantship support provided by the supervising faculty member. The application deadline is April 30, 2014. Study Subject(s): Fellowships are awarded in the field of nanotechnology. Course Level: Fellowships are awarded to top graduate students pursuing nanotechnology research at the University of Waterloo (UW). Scholarship Provider: University of Waterloo Scholarship can be taken at: Canada Accreditation: The University of Waterloo is accredited by ACU, ATS, AUCC, CARL, CBIE, CIS, COU, CUP, CUSID, Fields Institute, IAU and U15. Eligibility: Fellowships are awarded to top Canadian and International graduate students interested in pursuing their research in nanoscience and technology at the University of Waterloo. These prestigious fellowships are open to new graduate applicants and current graduate students who

INTERNATIONAL OPPORTUNITIES must have at least two terms remaining in their program at the time of receiving the award (or at least 3 complete terms remained in their program at the time of application). Applicants must satisfy the general eligibility requirements for the University of Waterloo Graduate Scholarships (ie. you must register and maintain an active graduate student status during the award period of Sept 2014-April 2015). Scholarship Open for International Students: Canadian and international students can apply for these research fellowships. Scholarship Description: The University of Waterloo has profound strengths in nanotechnology. The campus is home to world-class researchers, flagship research facilities, and Canada's largest nanotechnology engineering undergraduate degree program. The Waterloo Institute for Nanotechnology (WIN) is headquartered in the new $160M Quantum-Nano Centre (QNC) opened in September 2012, where faculty and graduate students have access to state-of-the-art tools and infrastructure for research at the nanoscale. Attracting outstanding new faculty, students and research personnel, fostering new national and international partnerships, enhancing collaborations, and enabling research at the forefront of science and engineering, WIN is becoming a global centre of excellence for nanotechnology and its applications. Number of award(s): Not Known Duration of award(s): Not Known What does it cover? These prestigious fellowships valued at $10,000 each are awarded to new graduate applicants and current MSc and PhD students and supplement the Research Assistantship support provided by the supervising faculty member (since the minimum support level for a PhD student is $20,000 per year, a Nanofellowship holder will receive a total of at least $30,000). Selection Criteria: Not Known Notification: The notification of decision will be made in September 2014. All awardees must hold an

active graduate student status at the University of Waterloo to be eligible to receive a Nano fellowship. How to Apply: To be considered for the Nano fellowship competition, you must: -Complete the Nanofellowship application form (submit completed form as LastName_FirstName.pdf to with subject line: Nanofellowship Application); and -Arrange for two electronic letters of reference to be sent directly to the WIN office For prospective graduate students, please note that the Nanofellowship application DOES NOT replace the regular admission procedure for Graduate Studies at the University of Waterloo. A separate online Graduate Application is required. Scholarship Application Deadline: The application deadline is April 30, 2014. Further Official Scholarship Information and Application,contact International Opportunities Magazine.






FOCUS ON OXBOW CONCEPT AND RESOURCES LIMITED and professional staff dedicated to OXBOW CONCEPT AND n the and our dear country”. RESOURCES LIMITED is a major providing first-class services i Ltd most dependable manner and in line Oxbow Concept and Resources player in the Oil and Gas industry gan e a,b i ile (OXBOW),formed in Niger and has been in business Since 1995. with industry set standards wh with its Geological /Petroleum striving to be a force to reckon It has been actively involved in Engineering consultancy Division, within the Oil and Gas Sector. delivering quality services in its e Our strength is generated from our and expanded shortly to includ specialized sector which include Drilling Fluid Engineering Services, r Geological /Petroleum Engineering commitment to our clients, ou lves Offshore procurement and New consultancy services,Drilling Fluid industry, our employees, ourse Technology Marketing. Engineering Services, Offshore The company is also actively involved procurement and New Technology in Marine Geophysics/ seismic Marketing. Formation evaluation, Wellhead Oxbow group is also actively Maintenance and Servicing, and involved in Marine Geophysics/ other drilling related services. seismic Formation evaluation ,and The company has executed different Middle- Dr.Anyakorah other drilling related services. categories of contracts with Mobil The company’s vision according to Producing Nigeria Unlimited,Esso its President and Chief Executive Exploration & Producing Nigeria Officer, Dr. Chris Anyakorah “is to Ltd,Chevron Nigeria Ltd,Conoil gradually but steadily develop and Production and Addax Petroleum provide excellent and quality service Dev. Company Ltd among others,a solution to the global Oil and Gas testimony to its high quality services market by offering a broad range of to the global oil and gas industry. services that exceed the expectations of our customers.” He said: “ We are already achieving this goal through our dedication, commitment and focus on efficiency, safety and customers satisfaction.” Our operations span through Nigeria, West Africa and beyond, he added. He further stated that in order to provide Oxbow’s client's “with the most comprehensive Geological services, the company specializes in Geo-science /Petroleum Engineering consultancy services;Provision of Production/drilling jack up barges and Marine services;Geophysical and Geotechnical services;Drilling Services Division;Offshore EngineeringProcurement;Procurem ent of valves, fittings , electrical, safety materials, chemicals and oil services;Wellhead Maintenance and services. OXBOW is a major player in the Oil & Gas industry in Nigeria since 1995 and the company has been actively involved in delivering quality services in both the upstream and downstream sector. Dr. Anyakorah added: “we are a team of highly motivated managers

International oppo final  
International oppo final