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#1 04-06-2018 07:53:27

Date d'inscription: 04-08-2016
Messages: 601

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by Bosun Awoniyi

LAGOS, Sept. 1 (Xinhua) -- Nigeria is working hard to grow its non-oil economy as a 2.06-percent decline year on year in second quarter GDP indicates reliance on oil as the bulwark of its economy spells trouble.

A report released by the National Bureau of Statistics (NBS) on Wednesday showed that the economy had nosedived following rising inflation for years.

Over a month ago, the government said the economy was in a "technical" recession.

But the NBS data Wednesday confirmed the nation's worst economic recession in over a decade. Consumer Price Index (CPI), which measures inflation, rose to 17.1 percent in July from 16.5 percent in June.

Speaking after the Federal Executive Council meeting in Abuja, Finance Minister Kemi Adeosun described the country as being in its "worst possible time", but stressed there is a silver lining.

"We know that if we can just bear and get through this difficult period. Nigeria is going to be better for it," she added.

The minister dismissed the insinuation that those managing the nation's economy were running out of ideas and confused.

"We are not confused; the time is confusing but we are not confused. We are extremely focused," Adeosun said in reaction to the NBS report.

"If we rely on oil, and the price of oil remains low and the quantity of oil remains low, we can't grow. We have to grow our non-oil economy," she told reporters.

Tony Ejinkeonye, President of the Abuja Chamber of Commerce and Industry, said this is really not a good time for the country, as economic recession has led to unemployment, lower wages and incomes, as well as lost opportunities.

Education, private capital investments, and economic opportunity were all likely to suffer in the current downturn, Ejinkeonye said.

Ejinkeonye said with the credit crunch and the reduction in consumer demand, small businesses were also likely to suffer deficit within the period of recession.

He said this was especially worrying given the role of small businesses as a key driver of growth and job creation.

The chamber's president stressed the need for government to act urgently to create a valuable economic motivation plan to stimulate growth.

The diversification of the country's productive base remained the long-term solution to weak Naira, with agriculture and solid minerals holding vast promises in this regard, an economic expert, Uche Uwaleke said.

Uwaleke said the weak infrastructure such as power and transport as well as high cost of petroleum products combined with the citizens' penchant for foreign goods were factors pushing up commodity prices.

On his part, Peter Eson-Ozo, General Secretary of Nigeria Labor Congress (NLC), emphasized the urgent need for an overarching policy that would address the economic situation.

"As of now, we do not seem to have a policy response that shows where we are in the economy," he said.

"Today you talk of foreign exchange management policy response, tomorrow you talk of interest rate, and you know economic isolation will not address this problem," he said.

DONGGUANG yeezy 350 boost v2 white uk , China, March 11 (Xinhua) -- South Korean Ji Han Sol edged one stroke clear of a crowded leaderboard as play was suspended due to darkness for a second day at the World Ladies Championship here on Friday.

After Thursday's play was interrupted due to heavy rain and storms, half the field was forced to return to complete their first round on the Olazabal Course at Mission Hills Resort Dongguan on Friday morning yeezy 350 boost v2 white , meaning a long day in testing conditions for many competitors.

Ji, however, finished her opening round of 68 early on Thursday yeezy boost 350 v2 uk sale , meaning she could enjoy a sleep-in before starting her second round at 17:20.

Well rested, she came firing out of the blocks with two birdies in three holes, picking up a shot on the par-four second before holing a wedge shot at the third to hit six-under before play was suspended. The 19-year-old KLPGA Tour player yeezy boost 350 v2 uk , who is yet to win a professional tournament, sits one clear of compatriot Kim Bo-Kyung, who had a flawless 66 adidas pure boost x uk , with the 2015 Ricoh Women's British Open runner-up Ko Jin Young a stroke further back in third.

Kim, whose tournament low round included six birdies, said: "My long putting was good and saved my round. I'm so lucky that I made birdies on the par fives. This course is difficult and making long putts from seven to 10 meters always helps. My short putting was not as good and I missed several birdie chances. My wedge play helped a lot today and I made some good sand saves because the lies in the bunkers weren't too bad."

In fourth place on three-under-par adidas ultra boost uncaged black uk , Lin Tzu-Chi of Chinese Taipei is one of only two non-South Korean players in the top 10, along with Celine Herbin of France in a share of seventh place after as many holes completed in her second round.

Lin was up at 5am to complete her first round and ended her second 12 hours later. She said: "I feel very tired right now. I played 25 holes today. I think mental and physical fitness are tied together but sometimes if your mentality is strong you can keep going."

It was a similar story for Valentine Derrey of France, who played 27 holes and shares 12th place on level par after a second round 74. She said: "It was a long day and felt tough adidas ultra boost uncaged uk , because I was up early, at 5am. At one point it got very cold but I kept fighting."

Klara Spilkova of the Czech Republic was also on level par after seven holes in her second round, while the 2015 Ladies European Tour Rookie of the Year Emily Kristine Pedersen of Denmark is the next best placed European in a share of 24th place on two-over-par.

Pedersen's sparkling second round 68 included an eagle three on the signature 15th hole adidas ultra boost 3.0 uk , turning strongly right to left around an enormous reservoir lined with 20 bunkers stretching all the way to the green. After hitting . Cheap Soccer Jerseys China   Cheap NHL Hats   Cheap NBA Hats   Cheap MLB Jerseys China   Cheap Soccer Jerseys China   Cheap NFL Hats   Cheap Football Shirts   Cheap Basketball Jerseys   Cheap Hockey Hats   Cheap NCAA Shirts Online

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