Nigeria to join other countries of the world to experience a total lunar eclipse on…
Recent data from the National Bureau of Statistics (NBS) showed that the value of Nigeria’s total trade stood at N9.19 trillion in the third quarter of 2019, being exports worth N5.29 trillion and imports worth N3.89 trillion.
However, the recent coronavirus outbreak in China, a country which is Nigeria’s number one trading partner in the world, is threatening the continued positive trade balance of N1.39 trn Nigeria recorded from the country in the third quarter of 2019.
Most traded agricultural goods between the two countries included sesamum seeds, whether or not broken; good fermented Nigerian cocoa beans; cashew nuts (shelled); superior quality raw cocoa beans; frozen shrimps and prawns; natural cocoa butter and cashew nuts (in shell).
The two countries have separately called on travellers to be cautious, and if need be, restrict travels until the sneaky virus is contained.
Though the Nigerian government said there would be no travel restrictions between the two countries and the National Assembly also rejected a motion to evacuate Nigerians from China, there are clear indications that some Nigerian businessmen have started boycotting China until the virus is contained. Data released by the Embassy of China in Nigeria showed that coronavirus infection had skyrocketed to over 17,205. Over 14,380 cases have been confirmed while over 361 persons had died.
The immediate past president of the Abuja Chamber of Commerce and Industry (ACCI), Mr Tony Ejinkeonye, told Daily Trust Saturday that the outbreak of coronavirus in China and elsewhere had a global impact on business and economy. Ejinkeonye, a former national vice president of the National Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), said many imports from, and exports to China from Nigeria had stopped.
The industrialist said a lot of Chinese workers were at home and most of the country’s land borders and air travels were limited. He said the advisory from China to Nigerians to limit unnecessary travels to China until the virus is contained is “a preemptive measure” to stop the virus from spreading further. “It has an impact on our imports from China. The impact is there, but of course, it is more on the Chinese economy because it has actually slowed down their industry and production capacity,” he said.
He expressed optimism that the stock of Chinese goods in Nigeria may sustain demand in the next 30 days when the virus may have been contained and full business trips between the two countries restored. A business consultant, who is also an investment analyst, Dr Franklyn Akinyosoye, told Daily Trust Sunday that fears associated with travelling to China over the virus was only temporary. On the economic impact, Dr Akinyosoye, who is also the national president of the Association of Business Development Professionals in Nigeria (ABDPIN), said the development would affect prices sooner or later. “There will, therefore, be an impact on inflation considering that China is our biggest trading partner.
But this might not be immediately, maybe in the next few weeks. Anything we see now in the spike of prices of China manufactured goods will just be speculative,” the expert said. He projected that there would be more patronage for the substitute or complementary goods produced locally, which might increase human capital index because the local manufacturers will be empowered by the increased patronage. He also projected an increase in Purchasing Managers’ Index (PMI), which might be good for local manufacturers.
The expert said the naira might do well against the dollars as there might be a reduction in the demand for dollars. “Some traders have perfected their importation process that they don’t have to be there to get their goods into Nigeria. This can help curb the intrinsic impact on inflation in the long run, though this has its disadvantages as most traders get the wrong specifications on delivery,” he said. Also reacting to the development, the ACCI’S vice president in charge of commerce, Dr Anene Johnson Somadina advised Nigerians to suspend travelling to China until a solution to the coronavirus is found.
Dr Somadina said Nigeria’s economy would be affected but for just a short while. “Health is wealth, they say, and we cannot sacrifice our people on the altar of quest for economic gains. Chinese nationals and everyone seeking to come into the country should actually be isolated and thoroughly screened before admission of entry,” he said.
The industrialist said Nigeria could not afford to import the disease into the country, especially given that the country’s medical facilities are grossly inadequate with insufficient facilities and manpower to handle any of such outbreak. An economist, Chijioke Ekechukwu, also backed self-imposed travel restrictions by Nigerian businessmen and travel advisory by the Chinese Embassy in Nigeria, saying that all insignificant travels to China could wait
PDP Reacts To Dethronement of Sanusi As Emir of Kano
The Peoples Democratic Party (PDP) has called the dethronement of Emir Muhammad Sanusi II, by the Kano state government a huge political blunder.
The PDP in a statement by its National Publicity Secretary, Kola Ologbondiyan, stated that the timing of the action is worrisome.
The statement read: “The PDP however calls for calm and circumspection from all quarters, especially, given the security and political stability concerns in our nation.”
Recall that the State Government dethroned Muhammad Sanusi II over what it described as disrespect of lawful instructions from Governor Abdullahi Umar Ganduje of Kano State and other lawful authorities.
Just few hours after he was removed, a new Emir, Aminu Ado Bayero, was immediately appointed by the state government as the 15th Emir of Kano to replace Sanusi.
The Peoples Democratic Party further noted the deposition of Emir Muhammad Sanusi II by the Kano state government at a time that the nation is battling worsening insecurity challenges shows the insensitivity and poor appraisal of core national stability issues by the All Progressives Congress (APC) administration.
The PDP, however called for calm and circumspection from all quarters, especially, given the security and political stability concerns in the nation
Women Exchange Blows Over Toilet Roll As Coronavirus Causes Shortage
A video has surfaced online showing the moment three women physically assaulted each other over a pack of toilet rolls as Coronavirus causes shortage.
The incident, according to reports, happened in Australia as citizens of the country are stocking up on supplies just in case the worst happens and it is leading to altercations.
The video shows one of the women with a trolley stacked with packs of toilet rolls in a shopping centre and the other woman wanted only one pack but she wouldn’t agree.
As she also desperately needed some of the scarce product, she insisted to get one at all cost, resulting in an altercation and physical attacks.
The Australian police have charged the women over the fight.
More than 102 000 people have been infected and the death toll keeps increasing by the day.
Former President Obasanjo Speaks On Removal Of Sanusi As Emir of Kano
A former President, Olusegun Obasanjo has broken his silence following the dethronement of Sanusi as the Emir of Kano. Recall that Governor Abdullahi Ganduje-led governement on Monday dethroned Sanusi as Emir of Kano for being disrespectful to lawful authorities.
Reacting, Obasanjo in a statement he personally signed on Monday, said Sanusi’s dethronment was good and bad. According to him, the dethronment is good because Sanusi has paid the price.
The statement, which was shared by Senator Dino Melaye on Twitter reads, “I woke up this morning and after my morning exercise and meeting with my staff, I heard the sad and good news of your removal by the Executive Counicl of the Kano State Government.
“It is sad because it is underserved, it is good because you have paid the price. My prayer is that God should give you the fortitude and the courage to continue in the path that you have chosen for yourself in the best interest of our country and humanity.
“Please accept, Your Royal Highness the assurance of my highest consideration.”
Meanwhile, one of the sons of late Emir of Kano, Ado Bayero, Aminu Ado Bayero was immediatemy named as the 15th Fulani Emir of the state.