NECA canvasses floating exchange rate

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BY Victor Ahiuma-Young
LAGOS—NIGERIAN Employers’ Consultative Association, NECA, weekend, called for the adoption of floating exchange rate, saying attempts to fix it and impose administrative controls or rationing had failed.

NECA President, Mr. Larry Ettah, who made the call in a statement in Lagos, contended that evidence from other economies was clear and compelling to the effect that floating exchange rate systems enabled economies respond best to declines in the value of their exports.

He argued that this would also provide a natural adjustment mechanism to preserve foreign exchange reserves and change incentives and behaviour of economic actors.

Ettah said: “Nigeria’s attempt at a fixed exchange rate system and administrative controls or rationing of scarce foreign currency has clearly failed and produced foreign exchange market arbitrage and “round-tripping,” corruption, multiple exchange rates and acted as a deterrence to investment.

“We commend the recent reforms adopted by the CBN based on the recommendation of the Acting President/National Economic Council and urge the CBN to take these reforms to the logical conclusion, a floating exchange rate system.

“One of the major deficiencies of current policy is the “body language” that suggests an aversion for private capital and investment and a seeming preference for government control of the economy.

“The evidence from most of the countries examined, especially Saudi Arabia, Egypt, Indonesia and even Russia, however, indicates the opposite.

“Most oil dependent economies have anchored their post-oil strategies on private capital and investment in oil and non-oil activities. Most investors are interested in the Nigerian economy, but they have been deterred by lack of policy clarity and the confusion over foreign exchange.

“We understand that ERGP articulates a clear policy preference for private capital and expect government to implement clear strategies for promoting such.”

“Nigeria missed the opportunity of high oil prices between 2010 and 2014 failing to accumulate sufficient sovereign savings to provide a buffer against oil price shocks.

‘’We did not learn the lesson that one major reason Nigeria avoided more severe consequences of the global financial crisis and recession in 2008-2009 was because of the over $65billion accumulated in both foreign reserves and “excess crude account” in that period.

‘’This failure to save was in spite of the fact that the nation had created a Sovereign Wealth Fund, SWF, through legislation. Going forward, we must ensure that we save a portion of our commodity-related revenues in view of the inevitability of future declines.”

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Wade into UPU leadership crisis, youths tell Ibori

Blasts, gunfire as insurgents attack Kabul military hospital

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Afghan security personnel gather near the site of an explosion in Kabul on March 8, 2017. An explosion and gunfire rattled Kabul's diplomatic district, as insurgents attacked Afghanistan's largest military hospital, officials said. / AFP PHOTO / SHAH MARAI

Explosions and gunfire rattled Kabul’s diplomatic district Wednesday when insurgents dressed as doctors attacked Afghanistan’s largest military hospital, officials said, as growing insecurity besets the war-battered country.

No insurgent group immediately claimed responsibility for the ongoing assault on the Sardar Daud Khan hospital, but it comes as the Taliban ramp up attacks even before the start of their annual spring offensive.

At least two people were so far reported killed and 12 others wounded, the health ministry said around two hours after the raid began, with medical staff trapped in the facility posting desperate messages for help on social media.

“Attackers are inside the hospital. Pray for us,” a hospital staff member wrote on Facebook.

Hospital administrators told AFP three gunmen wearing white laboratory coats were on the loose after the first explosion struck, sparking chaos inside the 400-bed facility.

“The attackers are shooting everywhere,” administrator Abdul Hakim told AFP by telephone.

“We are trying to bring the situation under control,” he said in a frantic hurry before hanging up.

At least two other loud explosions were heard as Afghan special forces sought to rein in the attackers.

“This is a criminal act. Nothing can justify an attack on hospitals,” said Afghan Chief Executive Abdullah Abdullah.

“We will never forgive these criminals. Unfortunately, this attack has resulted in some casualties. The attackers entered the backdoor disguised as doctors.”

– Rising insecurity –
The attack comes just a week after 16 people were killed in simultaneous Taliban suicide assaults on two security compounds in Kabul.

Dozens of others were wounded as a suicide car bomber struck an Afghan police precinct in western Kabul and a five-hour gun battle ensued after another attacker snuck in, sending clouds of smoke billowing into the sky.

In the second attack, a suicide bomber blew himself up at the gates of an Afghan intelligence agency branch in eastern Kabul.

The growing violence underscores rising insecurity in Afghanistan over the resurgent Taliban.

The country is bracing for an intense fighting season in the spring as the government’s repeated bids to launch peace negotiations with the Taliban have failed.

Afghan forces, already beset by record casualties, desertions and non-existent “ghost soldiers” on the payrolls, have been struggling to rein in the Taliban since US-led NATO troops ended their combat mission in December 2014.

Kabul last month endorsed US general John Nicholson’s call for thousands of additional coalition troops in Afghanistan to fend off the militants before the spring offensive.

Extra troops were needed to end the stalemate in the war, Nicholson, the top US commander in Afghanistan, told the US Congress in what could be President Donald Trump’s first major test of military strategy.

Separately, the Pentagon this year said it would deploy some 300 US Marines this spring to Helmand province alone.

The Marines will assist a NATO-led mission to train Afghan forces, in the latest sign that foreign forces are increasingly being drawn back into the worsening conflict.

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Colombia FARC women rebels plan for life after war

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Members of the FARC leftist guerrilla dance at a camp in a demobilization zone in the municipality of San Jose de Oriente, Cesar department, northern Colombia on February 28, 2017.<br />Approximately 40 percent of Colombia's 7,000 FARC rebels, who have started a historic disarmament process to end Latin America's last major armed conflict, are women. / AFP PHOTO / Luis Acosta / TO GO WITH AFP STORY BY FLORENCE PANOUSSIAN

With their rifles, green fatigues and black rubber boots, the women fighters of the FARC rebel force have become one of the international faces of Colombia’s civil war.

Soon the photographs that have fascinated world media will be for the history books. Thousands of them are preparing to lay down their guns and return to civilian life.

After more than half a century of conflict, the FARC’s disarmament is due to be completed by May under a peace deal with the Colombian government.

They have plenty of plans for what to turn to afterwards, other than rifles.

– Back to school –
Manuela Canaveral, 22, hopes to go back to school.

Having led civil protests while in high school, she dropped out after receiving threats from right-wing paramilitaries, one of numerous sides in the conflict.

She joined the FARC at 15, she says, “to protect my life.”

As part of its campaign for rural land rights the communist rebel group has killed and kidnapped.

But for Canaveral, membership in the group afforded her freedom as well as protection.

“As a guerrilla I learned that we can wear our hair short and it doesn’t make us any less women,” she said.

“We have even more chance of making it than men, because we can do several things at once,” she laughs.

She works on the FARC’s radio station, broadcasting tunes such as “Mother of a Guerrilla.”

“This one is for all the mothers in Colombia,” she says into the microphone, sitting under the camouflaged tarpaulin that covers the station’s makeshift studio.

But her DJ days will soon end. She is currently broadcasting from a temporary base in one of the demobilization zones where the FARC have gathered to disarm.

Next, she says: “I want to get my high school diploma and study philosophy, communication or education. There are lots of things I want to do.”

– Learning to heal –
In a cap and red nail paint, Erica Galindo, 39, feels she has lived “a whole lifetime” as a guerrilla — 24 of her 39 years.

The FARC taught her nursing skills. She wants to get an official qualification to continue nursing when she becomes a civilian again.

“It is my dream to work with the poorest people, bring them human warmth and heal them,” she said.

Maritzal Gonzalez, 54, has been a member of FARC for 40 years, participating in a war that authorities say has killed at least 260,000 people.

Born across the border in Venezuela, she joined the FARC to escape poverty.

She has cooked and cleaned for her fellow guerrillas, and has stood guard with gun in hand.

Now she smiles as she plans to return to the family she left behind.

“I am swapping the rifle for the broom,” she says.

– Going into politics –
About 40 percent of the FARC’s 7,000 members are women.

Some of them will stick with the FARC in its new manifestation: It is due to transform into a political party under the peace deal.

“Afterwards? I’ll carry on with the political movement that the FARC is going to become. I’ll go where they tell me,” says Adriana Cabarrus, 38, a FARC guerrilla for the past 18 years.

She has been entertaining herself in the demobilization camp by dancing to cumbia music in her boots with her companions.

“I just want to live in a free country, a country of social justice,” she says.

“Perhaps I will just stay here in this area. This could turn into a new village.”

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Ranieri hopes Cup success revives Leicester

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Leicester City's Italian manager Claudio Ranieri. / AFP PHOTO / JONATHAN NACKSTRAND

Claudio Ranieri hopes Leicester’s FA Cup victory against Derby can provide a springboard to ease the spluttering champions’ relegation fears.

Ranieri’s side got a welcome boost as they moved into the last 16 of the FA Cup with a 3-1 win in a fourth round replay at the King Power Stadium on Wednesday.

Goals from Andy King, Wilfred Ndidi and Demarai Gray sealed Leicester’s first win in six matches at a most opportune moment.

Leicester are only one point above the Premier League relegation zone and face a crucial clash at fellow strugglers Swansea on Sunday.

Ranieri, who received a vote of confidence from the club’s Thai owners this week, believes the Cup success can lift spirits just in time to pull away from the bottom three.

“In this moment everything goes wrong but tonight one thing went right. Derby played good football and we won,” Ranieri said.

“This is what we needed and I wanted. Wilfred Ndidi made a very good goal, as did Demarai Gray.

“I’m happy with Ndidi. This young player full of personality and good character. We’ve chosen well.

“We want to do well in all competitions. We want to go forward in the FA Cup.

“The Premier League is not so good but we have to stay in the Premier League. This fresh air is good for the players.”

King has seen many ups and downs during his long spell with Leicester and the midfielder echoed Ranieri’s hope that the team’s fortunes could be taking a turn for the better.

“It’s been a tough few weeks and we’ve been getting a lot of criticism. Tonight we showed the fight we have got in the squad,” King said.

“It was important to get a win tonight to try to kickstart some form to take into the league.

“We have 14 massive games left in the league but now we are through in a couple of rounds of the cup. Why can’t we write another story in that?”

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Payet opens Marseille account in win

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Olympique de Marseille's French forward Dimitri Payet celebrates after scoring the second goal during the French Ligue 1 football match between Olympique de Marseille (OM) and Guingamp at the Velodrome stadium in Marseille on February 8, 2017. / AFP PHOTO / BORIS HORVAT

Dimitri Payet scored his first goal in his first Marseille start following his controversial return from West Ham in Wednesday’s 2-0 victory at home to Guingamp in Ligue 1.

Bafetimbi Gomis headed his 14th goal of the season to hand Marseille a first-half lead before Payet’s deflected 76th-minute free-kick secured the points at the Stade Velodrome.

“Payet was decisive, he proved he’s getting stronger,” said Marseille coach Rudi Garcia.

“He needs to find his rhythm and nothing is better for that than starting a match.”

Earlier, Wylan Cyprien’s scorching strike kept Nice within three points of leaders Monaco following their 1-0 victory over Saint-Etienne.

Cyprien rifled in the only goal after just seven minutes at the Allianz Riviera as Nice bounced back from Saturday’s heavy defeat at Cote d’Azur and title rivals Monaco.

Nice moved back level on points with second-placed Paris Saint-Germain after just a second win in six league matches.

“We produced a good first half. We scored a very good goal and had some good chances after that,” said Nice boss Lucien Favre. “It’s a pity we couldn’t get that second goal because it was a long match afterwards.”

Alexandre Lacazette scored his 19th goal of the season as Lyon produced an encouraging response in the wake of last weekend’s damaging Rhone derby defeat to thrash Nancy 4-0.

Mathieu Valbuena curled in a superb 39th-minute opener with his final touch before hobbling off injured at Parc OL, while Nabil Fekir grabbed a second before half-time.

Lacazette then struck from the penalty spot after substitute Memphis Depay was fouled in the area, with the ex-Manchester United winger netting his first goal for his new club to cap the rout.

“The result does us good because we needed to get a win after three straight losses. We still have a long way to go, though,” said Lyon coach Bruno Genesio, as the home fans held up a series of banners venting their unhappiness at recent performances.

“I completely understand the dissatisfaction of our supporters because we haven’t done everything since the start of the season to make them happy like they deserve,” he added.

On Tuesday, first-half goals from Kamil Glik and Kylian Mbappe ensured Monaco remained top of the table after a hard-fought 2-1 win at Montpellier.

Paris Saint-Germain needed an injury-time winner from Brazilian Lucas to secure a 2-1 victory over Lille after a goalkeeping blunder from Alphonse Areola allowed Nicolas de Preville to cancel out Edinson Cavani’s league-leading 23rd goal of the season.

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French Socialists nominate leftwinger Hamon for president (Read full details)

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Winner of the right-wing primaries ahead of France's 2017 presidential elections Benoit Hamon (R) smiles next to defeated candidate Manuel Valls (L) as French Socialist Party (PS) leader Jean-Christophe Cambadelis (C) holds their hands following the announcement of the results of the second round of the left primaries ahead of France's 2017 presidential elections, at the Solferino Party Socialist's headquarters in Paris on January 29, 2017. French leftwinger Benoit Hamon has won the Socialist nomination for president in this year's election, easily defeating centrist ex-premier Manuel Valls in a runoff, partial results showed on January 29, 2017. Results from 60 percent of polling stations showed Hamon winning 58.65 percent to 41.35 percent for Valls, announced the head of the primary organising committee, Thomas Clay.<br />Eric FEFERBERG / AFP

France’s divided Socialists picked leftwinger Benoit Hamon as their presidential nominee Sunday, in the latest twist of a roller-coaster election race that has seen conservative frontrunner Francois Fillon engulfed in scandal.

Near definitive results from a Socialist primary runoff vote Sunday showed Hamon beating his centrist rival Manuel Valls, a former prime minister, with 58.72 percent of the vote in a clear victory for the left-wing of the party.

“Our country needs the left but a modern, innovative left turned towards the future,” the 49-year-old Hamon told cheering supporters in a victory speech.

His triumph is another upset in the French poll race, with the former education minister and son of a dockworker viewed as an outsider only three weeks ago.

His nomination completes the list of major candidates for the two-round election in April and May after five years of unpopular Socialist rule.

Hamon’s rivals include rightwing Republicans nominee Fillon, far-right candidate Marine Le Pen, as well as centrist Emmanuel Macron who some analysts see as likely to benefit from the Socialists’ tilt to the left.

Fillon, who was also deemed a long-shot until he clinched the Republicans nomination in November, has consistently been tipped to become France’s next leader.

But his campaign has been in turmoil since Wednesday when a newspaper reported his wife had been paid around 500,000 euros ($540,000) over eight years for a suspected fake job as a parliamentary aide.

Those allegations have sparked a preliminary judicial inquiry, but there was more bad news for Fillon on Sunday.

Investigative website Mediapart and the Journal du Dimanche newspaper reported Fillon had used his parliamentary allowance to pocket up to 25,000 euros while working as a senator from 2005-2007.

A poll by Kantar Sofres-Onepoint published Sunday evening showed Fillon losing ground and Macron gaining.

The survey of 1,032 voters showed Le Pen leading the first round of the election with 25 percent, followed by Fillon with 21 percent and Macron on 20 percent.

While Fillon would easily beat Le Pen in a run-off, he would lose a duel with Macron, the poll showed.

– Fillon ‘headwinds’ –

In a defiant speech on Sunday in front of thousands of flag-waving supporters in Paris, Fillon said he would not let himself be “intimidated”.

“On the road to victory, there will be some headwinds, there will be some squalls. We’ll go straight ahead, straight to victory!,” he declared.

Earlier, in an interview with the Journal du Dimanche, he denounced a “plot” against him and French democracy.

It remains unclear how the allegations will affect him or the outcome of the vote, which is being closely watched after the Brexit referendum in Britain and Donald Trump’s triumph in the United States.

After five years of rule by Socialist President Francois Hollande, France is pessimistic about its economic prospects and fearful about terrorism and immigration.

Far-right leader Le Pen believes the nationalist sentiment that influenced British and American voters in 2016 will also carry her to the French presidency in what would be a profound shock for the continent.

But her National Front party is also embroiled in its own expenses scandal over money from the European parliament.

Valls, who conceded defeat and wished Hamon well on Sunday, took a parting shot at the far-right leader, saying that Socialists “reject Marine Le Pen’s face being the face of France in the future.”

– Macron hopes –

Hamon’s victory and Fillon’s woes could boost Macron, the youngest candidate in the race at 39 who quit Hollande’s government last year to start his own political movement, En Marche (On the Move).

The former economy minister and investment banker has been drawing crowds of thousands to rallies around the country and polls show him creeping up on Fillon and Le Pen.
Hamon has pitched himself as a man of fresh ideas for the left, promising to bring in universal basic income — a state handout to all adults, irrespective of income — to compensate for jobs lost to automation.

He also wants to levy taxes on robots, legalise cannabis, introduce stricter rules on chemical products, and introduce a new corps of state inspectors to combat discrimination.

Valls, prime minister under Hollande until December, had lampooned Hamon’s programme as unworkable and labelled him a dreamer.

The bill for his universal income programme, envisaged for sometime after 2020, was estimated at a staggering 480 billion euros annually by an economic research unit at Sciences Po university in Paris.

French Socialists nominate leftwinger Hamon for president

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John Legend: America has to be ‘better’ than Trump (Read full details)

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John Legend

Oscar-winning singer-songwriter John Legend implored Hollywood Saturday to stand against Donald Trump, telling the Producers Guild Awards the Republican president’s political outlook was anti-American.

Legend, 38, was at the glitzy ceremony in Beverly Hills to represent the musical “La La Land,” in which he stars opposite Ryan Gosling and Emma Stone.

“We are the voice, the face of America. Our America is big, it is free and it is open to dreamers of all races, all countries, all religions,” Legend said as he introduced a clip to Damien Chazelle’s acclaimed movie.

“Our vision of America is directly antithetical to that of President Trump and I want specifically tonight reject his vision and affirm that America has to be better than that.”

Legend’s speech came after Trump signed a sweeping executive order to suspend the arrival of refugees for at least 120 days and impose tough new controls on travelers from Iran, Iraq, Libya, Somalia, Syria and Yemen for the next three months.

Since then, travelers from those countries have been stopped from boarding US-bound planes, triggering angry protests and detentions at airports.

“This is a film about love, about dreams and about this lovely city we call home, Los Angeles, California,” continued Legend, who has ten Grammys and an Oscar for penning the song “Glory” for the 2014 civil rights movie “Selma.”

“Los Angeles is the home of so many immigrants, so many creative people, so many dreamers, and those of us who work in this business have the privilege of shaping how the world perceives this country we love.”

Legend said he and his wife were considering not turning up to the awards in solidarity with protesters who have taken to streets and airports against the measure.

Instead, he said, he decided to make a donation to the American Civil Liberties Union.

“There’s a lot of money and power in this room and I hope you will use it for something good,” Legend added.

“Let’s all continue to stand up together for what is right.”

John Legend: America has to be ‘better’ than Trump

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