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Daily Archives: September 3, 2019

Attacks on Shoprite, South African businesses resisted – Police

The Lagos State Police Command has reacted to the attempted attacks on Shoprite and other South African businesses in different parts of the state.

The police spokesperson, Bala Elkana, told The PUNCH that the police had beefed up security, adding that there was no cause for alarm.

He said, “Attacks on Shoprite and other businesses owned by South Africans met stiff resistance. We have beefed up security everywhere. There is no cause for alarm.”

While some protesters besieged the Ikeja Shopping Mall, a crowd set bonfires at the entrance of Shoprite at Lekki.

Online videos also showed four police patrol vans at the mall at Osapa London as a crowd attempted to enter the mall.

The outrage followed reported killings of Nigerians in South Africa.

Again, Nigeria’s GDP slows to 1.96% …another recession looms

The nation’s gross domestic product (GDP) declined to 1.94% in the second quarter of 2019.

According to the second-quarter GDP report released by the National Bureau of Statistics (NBS), the GDP figure is 0.16 percentage points lower than the 2.10% recorded in the first quarter of 2019.

In the report released on Tuesday, the NBS said the 2.01% GDP figure announced in May has been revised to 2.10%.

In the fourth quarter of 2018, the GDP figure was computed at 2.38%.

GDP contraction in two consecutive quarters as technically a recession.

“The oil sector posted a real growth rate of 5.15% (year-on-year) in Q2 2019,” the report read.

“It also indicates an increase of 6.61% points when compared to Q1 2019(revised).

“The sector contributed 8.82% to total real GDP in Q2 2019, up from levels recorded in the corresponding period of 2018 but down compared to the preceding quarter.

“In Q2 2019, Nigeria recorded average daily oil production of 1.98 million barrels per day (mbpd), or 7.6% higher than the daily average production of 1.84mbpd recorded in the same quarter of 2018 but slightly less than output recorded in Q1 2019 (1.99mbpd-revised from 1.96 mbpd).

“The non-oil sector grew by 1.64% in real terms during the reference quarter. This was –0.40% points lower than recorded in the same quarter of 2018, and -0.83% point lower than the first quarter of 2019.”

Commenting on the GDP figures, Lukman Otunuga, a senior research analyst at FXTM, said the slowdown will make the CBN cut interest rates.

“One would have expected economic momentum to pick up after the Central Bank of Nigeria (CBN) cut interest rates in March and forced lenders to dish out more credit in a bid to boost growth,” he told TheCable.

“However, it is becoming quite clear that as long as oil dependence remains one of Nigeria’s biggest risk, this will continue weighing heavily on the economy for the rest of 2019.

“The disappointing GDP data should nudge the CBN to cut interest rates for the second time this year in September in an effort to stimulate growth.

“While lower rates have the potential to keep the economy running, the answer to Nigeria’s woes can be found in diversification.”

BREAKING: FG summons SA High Commissioner over xenophobic attacks on Nigerians

 

Minister of Foreign Affairs, Geoffrey Onyeama, has summoned the South African High Commissioner to Nigeria, Bobby Moroe, over the xenophobic attacks on Nigerians in South Africa.

The envoy was expected to meet with the minister by 11:00 a.m. on Tuesday.

A senior MFA official, Kimiebi Ebenfa, confirmed the development in a WhatsApp message.

The message read, “I am directed to inform you that the Minister of Foreign Affairs has summoned the High Commissioner of South Africa for a meeting this morning by 11. The meeting was confirmed a few minutes ago.”

Onyema had said that the Federal Government would take “definitive measures” in the aftermath of xenophobic attacks on Nigerians in South Africa.

He was, however, silent on the measures that would be taken over the increasing violence against Nigerians and other foreigners in the country.

He described the attackers as mindless criminals, noting that the police intervention was ineffective.

Onyeama said this on Monday on his verified Twitter handle in reaction to the burning of Nigerian property by South Africans in Johannesburg, Marvel, Turfontein and Jamestown, on Sunday night.

Onyeama had tweeted, “Received sickening and depressing news of continued burning and looting of Nigerian shops and premises in #SouthAfrica by mindless criminals with ineffective police protection. Enough is enough. We will take definitive measures.”

The latest attacks on foreigners in South Africa started last week after a taxi driver was murdered by an alleged drug dealer in Pretoria.

Speculations that the alleged killer was a Nigerian sparked protest, looting and burning of foreign-owned businesses.

The police had struggled to bring the attacks under control.

Our correspondent reported that Onyema was also scheduled to meet with his SA counterpart to discuss the escalating xenophobic attacks.