Former Finance Minister of Nigeria, Ms. Okonjo Iweala has emerged as the first woman and African, to lead the World Trade Organization (WTO).
She was confirmed as the director of the organization on Feb. 15, 2021 (Monday). Ms. Iweala has worked for the WTO in the past and is considered a top advisor within the organization, having been in senior positions within the WTO in the past.
She will be leading the WTO which is revitalizing it’s organizational apparatus and leadership. The former Nigerian finance minister was one of the final picks along with South Korea’s trade minister, Ms. Yoo Myung-Hee to lead the over 25 year old trade organization. -SB
1) Nigeria may become the superpower of Africa, repeating the economic miracle of China and India. While investors are not moving into Nigeria yet, they are watching. Like China and India, Nigeria was once a colony of the west, and like India, was a colony of the British, and just like India its language is English. Right now, Nigeria is economically where China was forty years ago, before Mao Zedong died and Deng Xiaoping deregulated the economy to unleash it. For many other reasons, Nigeria is set to repeat the economic miracle of China.
2) House mortgage applications has soared to its highest level in eleven years, for new homes and refinance. Applications are up 30.2% from last week, and are 109% higher than a year ago. The interest rates are under 4% , combining with a rosy economic outlook and high employment causing home buyers to rush into the market. This is causing a near record low supply of housing across America, pushing prices up.
3) Retailer giant Target didn’t have a strong holiday sales in their toy departments, less than what was expected. This is ringing alarm bells for the entire industry. While Target gained market share in toys, its toy sales were flat over the 2019 holidays compared to last year. Toy makers like Hasbro, Mattel and Spin Master are offering a smaller variety of toys and games, a result in part from the bankruptcy of Toys-R-Us. Increasingly, toy sales is going to online retailers such as Amazon.
4) Stock market closings for – 15 JAN 20:
Dow 29,030.22 up 90.55 Nasdaq 9,258.70 up 7.37 S&P 500 3,289.29 up 6.14
1) A federal judge has ruled that investors may sue five big banks for conspiring to rig prices on bonds worth hundreds of billions of dollars issued by Fannie Mae and Freddie Mac for a seven year period. This clears the way for investors to pursue antitrust claims against Bank of America, BNP Paribas SA, Deutsche Bank AG, Goldman Sachs Group and Morgan Stanley. The banks are accused of fixing prices at a specific level before bringing the bonds to the secondary market.
2) The U.S. trade deficit narrowed overall slightly in July, however the gap with China surged to a six-month high. The trade tensions have caused wild swings in the trade deficit as exporters and importers try to stay ahead of the tariff fight between America and China. The Atlanta Federal Reserve is forecasting the economy growing at a 1.7% pace in the third quarter.
3) Oil dependent nations are facing economic troubles because gas and oil production are unsustainable. As oil and gas supplies dwindle and demand decreases, their once lucrative revenues may be decreasing. Nations whose economies are principally oil production face a trouble future as their oils supplies decline in the next few decades, with nothing to replace those revenues. Those nations facing economic troubles are the UAE, Nigeria, Qatar, Libya, Angola, Kuwait, Venezuela, Iraq and Saudi Arabia.
4) Stock market closings for – 4 SEP 19:
Dow 26,355.47 up 237.45 Nasdaq 7,976.88 up 102.72 S&P 500 2,937.78 up 31.51
We’re back for another episode. Sammy BE @EcoFireTV, James, Lyman & Jon Don Sterling “On The Boards” @TheDramaBlock.
The trio had the pleasure to interview Nigeria’s media platform ObjecTvMedia’s Shomade Olwaaegun @Objectvmedia. He was able to describe what was going on the ground, in the recent Presidential/National Assembly elections in Nigeria.
Shomade was able to give a detailed account
and opinion on the respective candidates for the Nigerian presidency and
what the two major parties APC & PDP were doing to court youth
voters, and what INEC was doing to make sure that elections throughout
the country was free, fair and credible.
This is a must listen to episode, in its truest form.
President Muhammadu Buhari has won reelection for the presidency of the Federal Republic of Nigeria. He won with over 3.9 million popular votes.
President Buhari the incumbent, won the majority of the North East, North West, and South West states, he also took home the majority of the middle belt states.
The former Vice President Alhaji Atiku Ababakar, the oppositional presidential candidate won South South, South East majority states.
This was a well contested election with many analysts & spectators citing President Buhari having a tough battle winning reelection.
It seems that the President Buhari had managed to beat the odds overall. International observers indicated there was an increase of violence during the campaigns and as it became closer to the presidential/national assembly elections, but during the election day votes seemed to be collated orderly. -SB
On this episode of the EFR Podcast Sammy BE, along with James Lymon & Jon Don “On The Boards” Sterling; had the pleasure of interviewing the publisher of Nigeria’s very own online/youtube channel platform, FlipTV’s Biodun Kupoluyi.
Biodun discussed media, online and internet platforms being utilized by the youths in Nigeria and in Africa alike. He discussed how online media is changing the game, as far as different ways that people get their information and news in a faster and quicker timeframe.
Biodun also spoke on how Africa as a continent is engaging with the dynamics of online resources and how these resources will assist in the rapid development of the continent.
It seems that Nigeria has been on a roll this year, as far as stock indexes are concerned. Nigerian stocks returned 12% to investors in 2017. The largest percent ratio in global stock indices for 2017.
Nigeria recently got out of an economic recession, a recession that has not occurred in the country in the last twenty five years, so for stocks to be hitting record highs while also climbing out of a recession is a plausible feat.
2018 has begun, so will Nigeria markets continue to flourish? This may be the beginning. -SB
Two of Africa’s biggest economies have officially exited recession. In the second quarter of 2017, Nigeria’s economy improved by 0.55%, a large part attributed to Nigeria’s growing agri sector (agriculture); as well as Nigeria’s oil production stabilizing again.
South Africa economy grew by 2.5% also attributed by their economy’s agri sector also. Nigeria for the past 25 years had not been in a recession, so when the country contracted this past year; it took many people by surprise, while in South Africa many economic factors played into its recession, especially from the finance sector and government interference tailgaiting corruption scandals. -SB
*The National Bureau of Statistics of Nigeria & South Africa provided current statistical data*
OPEC has insisted that oil output from Libya and Nigeria are not on the agenda in meeting in St. Petersburg, Russia next month to discus the pact OPEC members currently made to reduce oil supply flow.
Nigeria will cap oil production if it can maintain 1.8 barrels pumping, while Libya wants to maintain 1.25 barrels of oil flow. Libya and Nigeria are currently exempt from the curbing of oil production by OPEC. -SB