Nigeria retains its position on Fitch Ratings

Nigeria’s position hasn’t moved on one of the Big Three credit rating agencies, Fitch Ratings. The ratings, which informs investors about

Nigeria’s position hasn’t moved on one of the Big Three credit rating agencies, Fitch Ratings. The ratings, which informs investors about a country’s creditworthiness, also gave a negative outlook based on concerns about the sustenance of the current economic growth experienced in the country.

Fitch Ratings revealed it on Thursday that Nigeria will retain its Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with a Negative Outlook. Also, the Long-Term Local-Currency IDR affirmed at ‘B+’; Outlook Negative, while Short-Term Foreign-Currency IDR is at ‘B’ and Short-Term Local-Currency IDR affirmed at ‘B.’

“The ‘B+’ rating reflects Nigeria’s position as Africa’s largest economy and most populous country, its net external creditor position, and its well-developed domestic debt markets, balanced against a high level of hydrocarbon dependence, low levels of domestic revenue mobilisation and GDP per capita, and low rankings on governance and business environment indicators. The Negative Outlook reflects uncertainty about the sustainability of the economic growth momentum as the impact of earlier shocks eases and progress on addressing high-interest service ratios,” the press release from the agency said.

Since introducing the Investors & Exporters (I&E) window in April 2017 and instituting a ban on some imported goods, Nigeria’s foreign reserves position has increased to a four-year high due to stronger oil revenues and bond placements in foreign-currency. As of end-April, gross reserves were at US$47.5 billion,  which is equivalent to eight months of current external payments. These positive developments allowed the country to keep its position this year. The agency also acknowledged growth in non-oil revenue to 3.4 percent of GDP and expects it to “continue growing slowly as a result of new revenue measures and efforts to increase the tax base.”

In 2016, Fitch Ratings had downgraded Nigeria to B+, from BB-, with a stable outlook, as a reflection of the poor performance of the Naira against the dollar.

The credit rating position often helps investors in sovereign wealth funds, pension funds and other investors to determine the credit quality of an individual debt issue and the relative likelihood that the issuer may default. Meaning, a favourable rating enables the government to raise capital at lower rates in the international financial market.

The agency stated that “the government’s inability to substantially increase domestic revenue mobilization remains a key rating weakness.”

Fitch also noted that the current tight monetary conditions will continue to “weigh” on the growth of the economy, but predicts that Nigeria’s GDP growth would accelerate to 2.4 percent in 2018, higher than the 2.1 percent prediction of the International Monetary Fund (IMF).

The credit rating agency expressed its concern on the “segmented and continued use of exchange controls,” which, according to Fitch, have inhibited greater foreign-currency liquidity and capital inflows.

The upcoming 2019 elections pose a major risk to the economy. Insecurity under a tensed political atmosphere could reduce oil production and significantly cut revenue.

Brent, the international benchmark for oil prices, hit a high of $80.50 a barrel on Thursday, its strongest level since Nov. 24, 2014, when it topped out at $80.85. Africa’s top oil producer surely has a new opportunity, with stronger oil receipts, to completely turn around its flailing economy, improve its international ratings and facilitate economic development.  However, Fitch doesn’t foresee any developments that would lead to an upgrade in the country’s rating in the near future.

The post appeared first on Ventures Africa.

It’s Legal To Marry In Ikoyi Registry-FG

The Federal Government has faulted claims by the Lagos State Government that a Federal High Court had shut down the

The Federal Government has faulted claims by the Lagos State Government that a Federal High Court had shut down the Ikoyi marriage registry, insisting that the report was false.

The Ministry of Interior said that the court, presided over by Justice Chuka Obiozor, simply upheld the judgment of a Federal High Court delivered in 2002, which was not appealed.

It explained that the case, Suit No: FHC/L/CS/1760/16, between Egor Local Government Area, Edo State and three others Vs. Ministry of Interior & others, cited by the Lagos State Government, was actually struck out by Justice Obiozor in his judgment delivered on April 30, 2018.

The Director of Legal, Ministry of Interior, Bola Odugbesan, made the clarification in a statement in Abuja on Friday, in reaction to a press statement on Thursday by the Director, Public Affairs, Ministry of Local Government and Community Affairs, Bisi Olufuwa.

Olufuwa had claimed that Lagos State had secured a court injunction restraining the Ikoyi registry from conducting marriages.

Dismissing the claims, Odugbesan presented a copy of the judgment by Obiozor, who described the case as “an abuse of court process” and struck it out.

Checks by
Punch correspondent also showed that the Lagos State Government was not a party to the suit.

Clarifying what transpired in the suit, Odugbesan said, “In the case, the court was invited to interpret the provisions of the Constitution conferring on local governments the powers to register marriages.

“The Minister of Interior, through his Counsel, Bola Odugbesan, argued that under item 61 of the Exclusive List, matters connected with marriage under the Marriage Act, issuing of marriage certificate and its registration are outside the purview of state and/or local governments.”

“The Federal High Court in its judgment dated April 30, 2018, struck out the case of the plaintiffs, i.e., Egor LGA & Ors.

“The court held that the case is an abuse of the court process in view of the earlier judgment of the court in 2002, which upheld the sanctity of the rights of the minister to issue licences to places of worship to conduct marriages, and the registrar under the Marriage Act to register marriages.

“It is instructive to note that Lagos State was not a party in the case,” the director explained.

Odugbesan insisted that the Federal High Court never ordered the closure of Ikoyi Marriage Registry, as claimed by Olufuwa.

Robbie Savage explains why Conte won’t be Chelsea boss for long

Coming to an end Former Premier League star Robbie Savage has explained why Antonio Conte’s reign as Chelsea boss has

Coming to an end

Former Premier League star Robbie Savage has explained why Antonio Conte’s reign as Chelsea boss has ‘reached a dead end’.

The Italian boss was a revelation last season when he guided his side to the Premier League title and with ease.

Though, it has been a completely different story this season.

The side look defensively frail and their forward players have done very little to impress during the current campaign.

Alvaro Morata has looked a shadow of the player he was at the beginning of the season and Olivier Giroud has now become their main striker.

The side finished fifth in the Premier League and should they win the FA Cup, it’s still likely that Antonio Conte will leave the club this summer.

(Photo by Clive Rose/Getty Images)

Dead end

Now, Robbie Savage has summarised Antonio Conte’s downfall this season.

“To me, it looks as if Conte has lost his mojo at Chelsea,” he explained in his Daily Mirror column. 

“Instead of a dynamic coach hopping around on the touchline and diving into the crowd to celebrate goals with the fans, all I see now is a distant, rueful figure with arms folded and transmitting negativity to his players on the pitch.

“Instead of the passion that used to set him apart, with Liverpool’s Jurgen Klopp, on the touchline, Conte looks a spent force.

“When he came in, and Conte took Chelsea from mid-table to champions in 12 months, he was a revelation.

“Now they have gone from champions to no Champions League football and, possibly, no trophies.

“Too often on the run-in Conte’s team has reflected his own demeanour: Sluggish, lethargic, half-interested.

“Changing the coach has worked for Chelsea down the years under Roman Abramovich’s rule, and it feels like Conte’s time has reached a dead end.”

Man United boss Mourinho claims FA Cup won’t define season

FA Cup Jose Mourinho has claimed Manchester United’s season will not be made or broken by the FA Cup. It’s

FA Cup

Jose Mourinho has claimed Manchester United’s season will not be made or broken by the FA Cup.

It’s the only trophy the United boss can win, yet Mourinho thinks that his side aren’t going to be judged on that alone – at least in his book.

“I’m not going to change my analysis of the season because of one match,” Mourinho said in a news conference on Friday according to BBC Sport.

“You can analyse the way you want to.

“I think the winning mentality doesn’t have to do with records or history in finals.

“I honestly think what we did in the past has nothing to do with tomorrow and the records don’t matter. What matters is 11 against 11 and everybody trying to give their best.

 “I still don’t understand these words of ‘entertaining’. You think 6-0 is entertaining? I don’t think so.

“I think entertaining is emotion until the end, it’s the open result until the end, it’s everybody on their seats until the end. Both dugouts nervous and tense with the unpredictability of the result – that for me as a football lover is entertaining, so I think so it’s going to be entertaining.”

Paul Pogba

Paul Pogba of Manchester United handles the ball and a freekick is given to West Bromwich Albion during the Premier League match between Manchester United and West Bromwich Albion at Old Trafford on April 15, 2018 in Manchester, England. (Photo by Laurence Griffiths/Getty Images)

New players

Mourinho will be on the look out to add to his squad come the summer and the likes of Paul Pogba will have to watch their step come next season, with the United boss showing he’s not afraid to drop anyone.

There are players Mourinho will feel have done well this season, but the Frenchman isn’t one of them, and after the World Cup, Pogba will have to come back into the United set up and work with Mourinho and new coach Carrick to try and get the best from his game and help the club in any way he can.

See also: Man United boss Mourinho told how to get the best out of Lukaku

Revealed: How Paul Pogba is driving Jose Mourinho mad at Man United

2018 Nissan Titan Drivers’ Notes Review | As honest as they come

  As Tested Price $36,695 The 2018 Nissan Titan competes against the Ford F-150, Chevy Silverado, Ram 1500 and Toyota

  •   As Tested Price
    $36,695
The
2018 Nissan Titan competes against the
Ford F-150,
Chevy Silverado,
Ram 1500 and
Toyota Tundra in one of the most hotly contested and profitable segments in the market. Sales are won and lost over stats like horsepower, torque and tow ratings. While the
Titan was never a sales leader, the first-generation model had a decent but fading following over its 11-year run.

The current model debuted back in 2016 alongside the new not-quite-HD
Nissan Titan XD. Our truck — a 4×4 S-trim King Cab — is about as base as they come. There are two options: $120 all-season floor mats and a rear-seat delete. The later subtracts $500 from the base price. There's not even a bed liner, a rarity for any truck these days. Still, it gives us a rather nice baseline for comparison and shows just how much something
like the Pro-4X trim adds.

Editor-in-Chief Greg Migliore: The Titan is a solid truck in an ultra-competitive segment. I enjoyed driving it, and it's certainly a capable vehicle. I wouldn't recommend it ahead of any of the Detroit Three truck brands, and it's a tossup with the Toyota Tundra for who's in fifth place among full-sizers.

Taken in a vacuum, the Titan has some strong merits, like the potent 5.6-liter V8 that works ably with the seven-speed automatic. This is a basic trim and intended to be used as a
work truck, which I like. It offers a distilled version of the Titan and its ethos, and I could definitely drive this thing every day. But even with the context that this is a simple version of the Titan, the interior and exterior feel dated and pedestrian. It kind of reminds me of the look of the Ford F-150 from a couple of generations ago. If you were to layer on the chrome, leather and electronics of a higher trim, my opinion still doesn't change. The Titan is solid, but there are better choices for truck buyers
.

Senior Editor, Green, John Beltz Snyder: I wasn't expecting much from the design of this stripped down version of the Titan. I didn't get much, either. Well, I got a lot of cupholders. But the tiny little infotainment display was clunky, and required interaction through voice commands just to pair my phone. Other than that, I didn't mind the spartan interior. It would have seemed perfectly fine, had I not recently driven a Ram 1500 Tradesman that made intelligent, ergonomic use of storage space in its otherwise bare interior.

I used the Titan to move a disassembled crib. I was nervous about putting anything into the bed without a bed liner, but I drove the truck home gingerly and managed to avoid any scratches, even though I picked up a couple of random sticks falling from overhead branches at some point along my journey.

Driving the Titan was still pretty fun, though. It's got a solid V8 and plenty of power. I loved generating wheelspin with ease when exiting a corner. This truck has a lot of get-up-and-go, which has got to be useful in actual workhorse duties. Just as easy as it is to drive fast, it's easy to drive smoothly, which is important whether you're hauling sandbags, grandmas or a trailer full of tools.

Associate Editor Joel Stocksdale: I quite enjoyed my time in our
Nissan Titan, but I'm not sure it would be the truck I would recommend if someone asked. There are aspects I quite like. For one thing, I love that you can get a traditional extended cab with rear half-doors, something I rarely see on full-size trucks anymore. I also love the V8, which is immensely smooth and provides good power and sound. And the steering is very tight and responsive, almost car-like, which is surprising in this class.

But a few issues keep me from putting it at the top of my list. Although one of those issues actually contributed to my personal enjoyment. That personally enjoyable issue is the ride quality. While most pickup trucks nowadays have serene, composed rides, the Titan still feels like an old-school truck. Big bumps result in a bit of slow-motion bounding after the initial shock. Small, abrupt bumps cause noticeable juddering and shimmies through the cab. These are feelings that most people would probably dislike, but I actually enjoyed them since it made the thing feel like a rough and tumble pickup and it wasn't trying to hide that. That's objectively, and for most people subjectively, bad, but I, weirdly, had fun with it.

The other part that really bothered me was the infotainment. It was particularly bad in this work-truck-spec Titan. The screen was tiny and low-resolution, and the controls weren't easy to use. Pairing my phone via Bluetooth was awful, too, since I had to use the voice controls to do it. Definitely opt for the nicer infotainment system if you're getting one of these trucks.

All-in-all, I liked being behind the wheel of this slightly uncivilized pickup. But for the same reasons, it would be hard for me to recommend it to the average buyer.

Related Video:

Osinbajo Visits Enugu To Launch N-Power Programme

BEVERLY HILLS, May 18, (THEWILL) – Vice President Yemi Osinbajo is in Enugu to launch the N-Power Build, a programme

BEVERLY HILLS, May 18, (THEWILL) – Vice President Yemi Osinbajo is in Enugu to launch the N-Power Build, a programme aimed at reviving Nigeria’s apprenticeship culture.

Osinbajo was received at the Akanu Ibiam airport by Enugu State Governor Ifeanyi Ugwuanyi who led other top officials in the state.

N-Power Build programme is a training and certification – skills to job – programme intended to engage and train 75,000 young unemployed Nigerians in order to build a new crop of skilled and highly competent workforce of technicians, artisans and service professionals.

I Pay My Parents Every Month For Giving Birth To Me – Kenyan Singer

Controversial Kenyan songstress Esther Akothee took to social media to show how to appreciate their parents. But being Akothee, she


Controversial Kenyan songstress Esther Akothee took to social media to show how to appreciate their parents. But being Akothee, she did it in the most dramatic way;

“Some would rather post their grandmother's than their parents when they visit home because it's normal for a grandmother to live in a thatched house ???? the only time they call their parents it's when it's something to do with documentation e.g. parents ID or birth certificates.”  “Well all my parents are on monthly pay roll , I pay them for giving birth to me and taking care of me ! Their salaries land before my employees . Apart from zile tuempesa endless za kuchokesha ????????????#RESPEKTMADAMBOSS”  She wrote.

England squad will remain strong in face of squad rivalries

Friends Gareth Southgate has claimed the England squad are more united than ever, and that things that may have been

Friends

Gareth Southgate has claimed the England squad are more united than ever, and that things that may have been issues in the past – like club rivalries causing issues with players – won’t feature anymore.

He noted that things have changed over time and that the squad are all good friends and don’t have factions – although there are still some friends who are closer than others, with Jesse Lingard and Marcus Rashford the two Southgate pointed to, with their friendship on and off the field well known.

“It didn’t happen in 1996 when we got to the semi-finals – the best performance in the last 25 years – it certainly wasn’t an issue,” Southgate said according to Standard Sport. 

“I started to see it a little bit towards the end of my time with England and clearly from what those guys are saying it became an issue for them. 

So I think that could be a ‘watch-out’ if we felt that, but I don’t see that with this group.

“Most of these lads have grown up playing together in the junior teams, I don’t think at the moment we have that intense club rivalry between two clubs that has existed in the past, maybe that could become the case in the few years as certain teams start to dominate.

“But at meal times they all sit together, they mix in with different clubs, there’s obviously one or two who are closer to each other than they are the others – you rarely see Jesse and Marcus not holding hands or doing something.

“They get on, so that is a good start for me. Sometimes they get on too well, the next stage as a team is that they get on that well that they can start to pull each other, raise standards in how we train or get hold of each other on the pitch.

“Just getting on isn’t enough, we’ve got to go deeper than that.”

 

 

Jonjo Shelvey

NEWCASTLE UPON TYNE, ENGLAND – OCTOBER 01: Jonjo Shelvey of Newcastle United arrives at the stadium prior to the Premier League match between Newcastle United and Liverpool at St. James Park on October 1, 2017 in Newcastle upon Tyne, England. (Photo by Ian MacNicol/Getty Images)

Squad

Of course, the squad announcement wasn’t loved by everyone, with the manager criticised by the fans and even some players coming out claiming they’re unhappy and shocked at not being included, with Joe Hart and Jack Wilshere the two who have been most vocal and made it crystal clear they wanted a part in the squad, with Hart talking about how much he’s played a role during qualification, and Wilshere claiming he is in fact fully fit.

See also: Arsene Wenger set to decide next move before the World Cup

Revealed: How Paul Pogba is driving Jose Mourinho mad at Man United

Nollywood Actress, Omoge Campus, Buried In Canada

Relatives at the graveyard, during the burial of Aisha Abimbola, Omoge Campus, on Thursday in Canada. Photo credit: Lola Alao’s

Relatives at the graveyard, during the burial of Aisha Abimbola, Omoge Campus, on Thursday in Canada. Photo credit: Lola Alao’s Instagram handle.

 

Nollywood actress Aisha Abimbola, popularly known as ‘Omoge Campus’ has been buried in Canada according to Islamic rites.

She was buried at exactly 2:30 p.m Canadian time which is 8:30.pm Nigerian time on Thursday, May 17.

The pictures from the burial were shared on social media by her colleague, Lola Alao, who was also at the burial.

READ ALSO: Nollywood Mourns As ‘Omoge Campus’ Dies

The actress died on Wednesday, a news which took most of her colleagues by surprise.

Odunlade Ademola, Jide Kosoko, Ronke Oshodi Oke, Bisola Badmus, Toyin Abraham, Bisola Badmus, Ronke Odusanya among other top Nollywood artistes took to their social media handles on Wednesday to express shock over the news of Aisha’s death.

She died of cancer at the age of 42.

 

See Photos from the burial…

 

A post shared by Okin to sexy (@lola_alao) on

The post appeared first on Channels Television.

This Is What Toyin Abraham Has To Say About Davido And Chioma’s Relationship

Toyin Abraham has one or two things to share with the ‘it’ couple Davido and Chioma. In an interview, Toyin

Toyin Abraham has one or two things to share with the ‘it’ couple Davido and Chioma.

In an interview, Toyin described their love as young, which is why they should enjoy it the most. She also said they have a lot to learn so they should take their time because a lot of things will still happen.

SHe does, however, has no problem with their relationship because she is all about love. Which is actually so true about her as she is still enjoying the high of being engaged.

Read: Nollywood Actress Toyin Abraham Is Engaged!

Watch the video below.

Actress, Toyin Abraham shares her thoughts on Davido and Chioma.

A post shared by Tunde Ednut (@tundeednut) on

The post This Is What Toyin Abraham Has To Say About Davido And Chioma’s Relationship appeared first on Nigerian Celebrity News + Latest Entertainment News.