Zambezi waterfront plans need to move forward: Ndopu-Lubinda

Zambezi Chief Regional Officer (CRO), Regina Ndopu-Lubinda says the Zambezi Waterfront Tourism Park (ZWTP) is a valuable asset to the region and holds a lot of economic potential for its inhabitants.

Lubinda in an interview with Nampa called for the speedy implementation of the Cabinet decision concerning the Zambezi waterfront, which instructs Namibia Wildlife Resorts to take over the park and run its operations. The Cabinet decision was made some three years ago.

Lying on the banks of the Zambezi River, the Zambezi Waterfront Tourism Park is an initiative of Government aimed at stimulating social and economic development in the north-eastern part of the country, as well as stimulating investment and promoting Namibia as a key tourism destination.

The waterfront is strategically located on 39 hectares of land along the southern bank of the Zambezi River and has access to the Trans-Caprivi Highway.

The Zambezi Chief CRO and the only board member of the ZWTP cautioned that the park has been closed to the public for quite some time and it is necessary to establish whether the initial plan still fits with the evolving tourism industry, or if amendments are needed.

Ndopu-Lubinda also warned that whoever will come in to manage and run the waterfront will need to ensure that the park’s plan is economically viable.

The CRO further cautioned that it is essential to establish whether the entire N.dollars 181 million was injected into the project, as it is just the first phase that has been completed, leaving the rest of the plan incomplete.

Ndopu-Lubinda said the Cabinet decision should be implemented before the facility loses its value.

“I wish to see Namibia Wildlife Resorts resuming operations at the waterfront so that it attracts major tourism to the region and have its economy revived,” she said.

Echoing similar sentiments to that of the region’s governor, Lawrence Sampofu not so long ago, Ndopu-Lubinda also proposed for the public-private partnership option to be considered, as several private investors have shown interest in the park before, should the first decision not materialise.

The Zambezi Waterfront Tourism Park’s first phase has already existing infrastructure including an administration centre, bungalows, camping site facilities, water reticulation, roads, sewer, electrical and telecommunications facilities.

Source: Namibia Press Agency

Mid-year review: NESG predicts stronger economic growth

Mr ‘Laoye Jaiyeola, the Chief Executive Officer, Nigeria Economic Summit Group (NESG), has predicted a stronger economic growth in 2023 as firms’ new orders, output growth rate, and inventory activities increase.

Jaiyeola said this at the third edition of the Mid-Year Review of 2023 Economic Outlook, organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies (CIBNCFS), on Tuesday, in Lagos.

The News Agency of Nigeria (NAN) reports that the programme, in collaboration with B. Adedipe Associates Ltd., is designed to evaluate the performance of the Nigerian economy in the prior half of the year while providing an outlook for the second half of the year.

According to him, the private sector performance is notably responding favourably to the current policy posture of the new government.

“The Purchasing Managers’ Index (PMI) is considered a perfect predictor of economic growth momentum in Nigeria and across the globe.

“Hence, there is a likelihood for stronger than expected economic growth in the remaining part of 2023 as firms’ new orders, output growth rate, and inventory activities increase,’’ he said.

Jaiyeola, however, predicted that initial policy shocks might increase inflationary pressure and worsen the cost of living crisis if not properly managed.

He said convergence of foreign exchange market rates would reduce currency risks adding that the new policy regime would stimulate investors’ confidence in the economy.

He added that the monetary policy interest rate would likely rise until the end of the year.

On socio-economic outcome, Jaiyeola said the initial policy shocks from foreign exchange rates convergence and petroleum subsidy removal would heighten the cost of living.

He said the situation would push more people into the poverty bracket as higher inflationary pressure would erode purchasing power of many households.

Dr ‘Biodun Adedipe, the Chief Consultant, Adedipe Associates Ltd., urged the Federal Government to learn from countries that had gone through similar problems, to get the economy back on track.

“Are there lessons that we can learn from other jurisdictions especially with our dependence on hydrocarbons; there are countries we can learn from like the Netherlands, Saudi Arabia, Malaysia, which had the same currency trouble because of supply just the same way we are having today.

“So what did the government do, they took a very firm stand and the bottom line was that the Malaysian economy recovered the following year.

“How about India? India did the monetisation that we also did in Nigeria but it was a fiasco; that was in 2018.

“The outcome in 2018 showed clearly that the monetisation of an economy that is largely driven by cash within a short window will cause trouble for the economy.

“So, the question should have been for us, when we wanted to do our own thing last year, to ask what lessons we can learn from them. And then take that on board and use that to find a way to execute our own,’’ he said.

Earlier, Dr Ken Opara, the CIBN President, commended the speakers, noting that the half year review session was a follow-up on its 2023 National Economic Outlook held at the beginning of the year.

“More specifically, this review session is a follow-up on the 2023 National Economic Outlook, which was held at the beginning of the year, whereby actual performance and trends of economic indicators are analysed and compared with predictions asserted at the beginning of the year.

“Ultimately, it offers yet another prospect to forge valuable solutions amid the intricate challenges of this demanding year- transition in leadership,” Opara said.

Source: News Agency of Nigeria

Repo rate remains unchanged

Bank of Namibia (BoN) Governor, Johannes !Gawaxab on Wednesday announced that the repo rate remains unchanged at 7,75 per cent.

!Gawaxab, who made the announcement at the BoN Oshakati branch in the Oshana Region, said this follows after the Bank of Namibia’s Monetary Policy Committee (MPC) decided to maintain the repo rate at 7,75 per cent.

“The decision was taken following a comprehensive review of global, regional and domestic economic developments,” he said.

The BoN Governor stated that they want to continue safeguarding the peg between the Namibian Dollar and the South African Rand and support the domestic economy.

Further, !Gawaxab said domestic activity is projected to slow down to about 3,3 per cent for 2023 as a whole, compared to 4,6 per cent registered in 2022.

Meanwhile, on a monthly basis, annual inflation declined to 4,5 per cent in July 2023 from 5,3 per cent in June 2023.

!Gawaxab indicated that the annual growth in Private Sector Credit Extension (PSCE) improved to 3,0 per cent in June 2023 from 2,6 per cent in April 2023, albeit renaming lower by historical standards.

He stated that the rise in PCSE growth was attributed to an increase in the demand for credit by the household sector.

The unchanged repo rate will remain in place until the next meeting of the MPC on 23 and 24 October 2023.

Source: Namibia Press Agency

Expanding cooperation between Iran and Nigeria through cultural, artistic animation (1)

The global animation market size was valued at US$ 354.7 billion in 2020. Since the creation of the Black Panther comic into a movie, the world has seen a burgeoning of interest and investments into African Content.

It is always interesting to watch animation at any age. Seeing animation in today’s world, which has devoted a lot of its productions to it, can be a part of daily life.

For several years now, Iranian animations have heated up the market of this festival and animation productions in Iran have grown well. However, many are of the view that there are still shortcomings in its supply.

Of course, an attractive plot and the creativity of animators are also important in the production of animations, which is felt in Iranian animations.

Dr Alireza Mohammadinigjeh, an Abuja-based producer, scriptwriter, and media consultant and producer of an animated film titled ‘Mina va Doustan’ is one of the best-animated movies in Iran.

He spoke on ways that Iran and Nigeria can expand cultural and artistic cooperation through animation.

Animation in multimedia is more than necessary for modern business promotion. With the help of animation, it will be easier and simpler to develop your storyline and the characters while producing incredible explainer videos for your company.

Animation has allowed storytellers to tell stories in unique ways. The visceral fantastical worlds in animated films can reignite inspiration and the magic of stories no matter what age.

“So if you’re a storyteller, or want to be, animation is a great place to start,” he said.

According to him, animation is a method of photographing successive drawings, models, or even puppets, to create an illusion of movement in a sequence. Because our eyes can only retain an image for approximately 1/10 of a second, when multiple images appear in fast succession, the brain blends them into a single moving image.

“In traditional animation, pictures are drawn or painted on transparent celluloid sheets to be photographed. Early cartoons are examples of this, but today, most animated movies are made with computer-generated imagery or CGI.

“To create the appearance of smooth motion from these drawn, painted, or computer-generated images, frame rate, or the number of consecutive images that are displayed each second, is considered.

“Moving characters are usually shot “on twos” which just means one image is shown for two frames, totalling 12 drawings per second. 12 frames per second allow for motion but may look choppy.

“In the film, a frame rate of 24 frames per second is often used for smooth motion. There are different types of animation. They are:

-Traditional Animation

-Rotoscoping

-Anime

-Cutout

-3D Animation

-Stop Motion

-Motion graphic,” he added.

Mohammadinigjeh says in the lower hall of the National Museum of Iran, there is a special showcase. A glass showcase is empty all around and a clay cup shines in the middle, a cup that is a sign of the peak of art, ingenuity, and creativity of the people of the burnt city.

“Many researchers have considered the date of the burnt city to be the same as the Bronze Age and the same period as Jiroft civilisation. This ancient site is located in the south of Sistan and Baluchistan.

“The most important work of art discovered from the ancient site of Burnt City is a clay jar with the world’s first “moving picture” or “animation” on it.

“On the body of this cup, a goat is depicted in five different positions, each of which is a continuation of the previous one. In the first picture, the goat is standing in front of the tree, and in the next four pictures, it moves towards it and feeds from this tree.

“This is the first animation in the world. Related to Iranian civilisation,’’ the consultant said.

Mohammadinigjeh said in Nigeria, which is home to the world’s second-largest film industry, animators and cartoonists are struggling to make a name for themselves in Nollywood.

Although there is a scarcity of formal training opportunities in the animation space, many Nigerian animators are carving a niche for themselves by creating local production and animated short movies.

‘Iwájú’, which has been described as Nigeria’s first animation series, is expected to be released soon by Walt Disney Animation Studios and the pan-African British-based entertainment company Kugali Media.

It will be set in a futuristic version of Lagos and will explore themes of inequality, class divide, and coming of age.

“Studio executives and streaming services are taking a critical look, even though they are not doing a lot to change the situation.

“A lot of animation professionals have to go outside our borders to experience real value conversion. Animation takes longer and is more expensive.

“With more partnerships and investment, Nigerian animation will improve significantly,” he said.

According to PR Newswire, the total value of the global animation industry was projected to reach $270 billion by 2020. The streaming market for animation content peaked at $ 2.9 billion in 2018 and is experiencing growth at an annual rate of 8 percent.

Animation is capital-intensive and involves different sections and processes of production which require specialised skills.

The absence of an adequate training hub to train animators is another challenge that the industry faces.

Most animators in Nigeria are self-taught as there are few animation training centres in the country. (NANFeatures)(www.nannews.ng)

**If used please credit the writer and News Agency of Nigeria.**

Source: News Agency of Nigeria

DMO records N312bn subscription in August bond auction

The Debt Management Office (DMO) says it received a total subscription of N312.56 billion in its August, Federal Government of Nigeria (FGN) bond auction.

The DMO made this known in a statement released through its official website on Tuesday.

The News Agency of Nigeria (NAN) reports that the DMO held the FGN bond auction on Monday, amidst monetary policy tightening and uncertainties.

Four instruments were offered to investors at the auction.

The instruments were 14.55 per cent April 2029 FGN bond; 14.70 per cent June 2033 FGN bond; 15.45 per cent June 2038 FGN bond and 15.70 per cent June 2053 FGN bond.

They were valued at N90 billion each, making a total offer of N360bn.

“In spite of current market conditions, the auction received a total subscription of ?312.56 billion.

“Investors’ appetite for the 15.70 June 2053 (30-year bond) remained strong, with a bid-to-cover ratio of 2.71 times.

“The amount allotted to successful bidders for the four instruments was N227.76 billion.

“Allotments were made at 13.85 per cent for the 14.55 per cent April 2029 instrument and 15.00 per cent for the 14.70 per cent June 2033 instrument.

Also “15.20 per cent was for the 15.45 per cent June 2038 instrument, and 15.85 per cent for the 15.70 per cent June 2053 instrument, ” the DMO said.

The News Agency of Nigeria (NAN) reports that the FGN bond, like the FGN savings bond and the sovereign sukuk, are FGN securities which constitute the local component of government borrowing.

Source: News Agency of Nigeria

Can Tinubu administration tame job racketeering in MDAs?

Nigeria has one of the highest unemployment rates in Africa. According to National Bureau of Statistics (NBS), Nigeria’s unemployment rate stood at 33.3 per cent in the last quarter of 2020, while the rate of unemployment among youths was even higher, 42.5 per cent.

The NBS further says that as at the time the figures were released, under-employment was 22.8 per cent and youth unemployment was 21.0 per cent.

However, KPMG, a multi-national consulting firm, in a release predicted that Nigeria’s unemployment rate will hit 40.6 per cent in 2023.

“Although the National Bureau of Statistics recorded an increase in the national unemployment rate from 23.1per cent in 2018 to 33.3per cent in 2020.

“We estimate that this rate has increased to 37.7per cent in 2022 and will rise further to 40.6 per cent in 2023“, said KPMG in its Global Economy Outlook report for first half of 2023.

Nigeria’s unemployment figure is outrageous compared to that of Ghana which, according to a BBC report, was 13.7 per cent in the 3rd quarter of 2022.

The scarcity of job means that unemployed people can go to any length to secure a job and top officials in Ministries, Departments and Agencies (MDAs), take advantage of applicants, exploiting them both financially and morally.

In some instances, job seekers are allegedly offered phantom jobs, enrolled into and collect salaries from the centralised Federal Government salary payment platform, Integrated Payroll Personnel Information System (IPPIS).

Worried by this situation, the House of Representatives set up an Ad hoc Committee to investigate job racketeering in MDAs and so far reports from the committee’s sittings have been mind-boggling.

In one of the sessions of the committee witnesses Abdulmalik Ahmed and Ali Yaro shared their experiences of being swindled by individuals posing as intermediaries for an agency.

The two witnesses on Aug. 8 presented themselves before the committee which is also probing the mismanagement of IPPS by those in charge of its operations.

They testified how a former staff of the Federal Character Commission (FCC), Mr Haruna Kolo, who double as the IPPIS desk officer and ex-protocol person to the Commission’s chairman, Mrs Farida Dankaka, swindled unsuspecting job seekers,

He was alleged to have acted as a proxy to the chairman.

Kolo, now a staff of Asset Management Company of Nigeria (AMCON), in his submission before the committee said his movement to AMCON was facilitated by Dankaka along with three others, which he said included the FCC chairman’s 51 year old sister.

He alleged that the chairman’s sister was rejected at AMCON on account of her age, which according to him.

He claimed Dankaka blamed him for not doing enough to convince AMCON management to accept her.

On his part, Ahmed, an indigene of Adamawa, and the only graduate from the family of 21 said he was ready to part with any amount to secure a job in any Federal Government when presented with the opportunity.

He said the driver to the Federal Commissioner, representing Taraba took him to Kolo, the protocol officer to the chairman of the commission into whose account he paid N1 million for the purpose of giving him a job in the commission.

Yaro, also from Adamawa paid even higher, paying N2 million into Kolo’s account in a bid to secure the federal government job.

“I graduated 11 years ago without a job. I had the privilege of joining the dreaded Boko Haram but I wanted to be a good citizen. So, I thought it was better to pay the N2 million to secure a job than offering myself as a tool for Boko Haram“, he told the committee.

Rep. Yusuf Gagdi, the chairman of the committee said no stone would be left unturned to get justice for the victim.

A visibly angry Gagdi said it was unfortunate that one of the heads of an MDA, after obtaining waiver for recruitment, resorted to a secret recruitment.

Gagdi said MDA’s use waiver to bypass recruitment guidelines, sell jobs to the highest bidders, and engage in fraudulent activities, adding that they perpetrate job racketeering, which undermine the principles of fairness and transparency in recruitment processes.

He described the act as a deliberate effort to engage cronies and sell the slots to willing graduates, while some of highly placed official move their children from one MDAs to the other depending on how `lucrative` the MDA is.

Some of the MDAs considered as lucrative includes: the Central Bank of Nigeria, Nigeria National Petroleum Company Ltd., Nigeria Communication Commission.

Meanwhile, at the investigative hearing, one of the FCC Commissioners representing Delta State , Mr Moses Anaughe’s accused the chairman of the commission of moving her children from NCC to Downstream Regulatory Commission, a subsiduary of NNPC where the pay is higher.

She did not deny the allegation.

Some FCC Commissioners such as those from Lagos, Delta, Osun, Rivers, Enugu even Dankaka’s state, Kwara, among others are up in arms against her, accusing her of selling job slots in dollars using Kolo and her sister as the receiving agents.

Account details where job seekers paid into were provided to the committee with names and beneficiaries, but Dankaka denied any wrong doing.

Swearing with the Holy Quran she said she had discharged her duties to the best of her abilities and never collected money from any applicant personally or through any proxy.

Pundits are of the opinion that if these allegations from the Ad hoc committee settings are true, the President Bola Tinubu administration has a lot to do to clean up the civil service.

They also urge that similar probes be extended to other MDAs in order to determine the extent of the rot and bring culprits to book. (NANFeatures)

**If used please credit the writer and News Agency of Nigeria.

Source: News Agency of Nigeria