Better to close at a small loss that can be made up for in the next trade than risking getting knocked back to pips within few seconds. I need to change that, asap! Shandong University was located in Qingdao from to This vision board helps you to focus your vision on just what it is you really need. Just my opinion, it might bring your posts a little bit more interesting.
Let's now watch me rumbling on about the famous area of dynamic support and resistance; it might clear things up a little bit. Alright, now we understand what the 3 SMA Trend Filter is about and how to use in order to determine whether we are in a healthy trending market or not. Good, what next Hector? Well, now we are going to apply that 3 SMA Trend Filter to real charts in order to select our first selection of pairs, meaning the charts we will be monitoring for next trading session.
Every morning I comb through 28 different currency pairs in order to find out which ones are showing the right conditions to search for trading opportunities. Moreover, I also scan those currency pairs in different time frames because what might look as a range bound chart in the Daily chart, might as well look trending in the 1-hour time frame. I personally follow 28 currency pairs in 4 different time frames each.
That's combinations or different charts. You can always find a few charts out of those with the SMAs meeting all the conditions and therefore ready to be traded, or at least ready to search for entries.
But Hector, how long does it take you to comb through different charts every morning?!?! How is that possible? Let me tell you another secret: I have my own personal Custom Indicator coded by myself that tells me at every moment which currency pairs and in which time frame are showing the SMAs fulfilling the 6 conditions explained before on the first video of this chapter!
Let me show you a video as of how the indicator works. Don't worry, it's very simple in its functioning but it's a God sent because it reduces the pre-trading homework duties a great deal.
Basically, I pull out my Trend Scanning Dashboard indicator, then I manually check those currency crosses showing either a green or red square on the Dashboard, and finally I cherry-pick the four or five best looking ones according to the 3 SMA Trend Filter conditions, ditching all the rest, and thus having my initial Selection of Pairs for the day with the handful of setups showing a high potential of giving out a profitable trade.
You can download my Custom Indicators for MetraTrader 4 platform at the annex chapter of this trading course. So now we have picked the best looking pairs and time frames in the market for the upcoming trading session. The next step is to verify that those pairs selected on the previous stage find no impediment from the longer time frames that might turn our trade belly up.
The reason as of why we check on the longer time frames is because longer time frames are usually more significant than the shorter ones , meaning that if we have conflicting biases on two time frames, the longer time frame usually prevails.
A trendline in the hourly chart holds less weigh than a trendline on the daily chart should them clash onto each other in opposite directions. For example, let's assume that we find a beautiful up-trend on a particular currency pair in the 4-hour time frame with all the SMAs falling in place and they should, but we are about to re-test the previous high for the year as seen on the Daily or even Weekly chart. Well, we might see a bounce down from that level and thus stopping the 4-hour uptrend to a halt.
At the end of the day, that level had already worked as resistance in the past, so why couldn't it do so once again? Better be safe than sorry guys, so if upon checking the longer term charts you see conflicting signals to your desired direction, it's best to pass on that setup for the time being.
Once we have verified that our selected pairs show no contradicting signals from the longer time frame charts, pat yourself on the back because… congratulations, you have your final Watch List for the day ready to be traded!
As I always say, trading off price action is all about buying support and selling resistance. That's the essence of it. So now that we have our Watch List ready, we want to know at what precise level of support we want to buy from or resistance we want to sell from. Since we're buying support or selling resistance we want to have as many elements of support or resistance coming together in our aid.
This is a crucial concept which requires further elaboration. A Level of Confluence, let's assume of support for example, is a level where a number of elements of support come together within few pips of each other. The more elements the better because each of them adds further strength to that level.
Here goes an analogy: Well, support and resistance works in a similar fashion. The more elements you place around one particular area, the more difficult is going to be for price to breach it through.
As you know guys, I always look to base my trades on bounces created at that area. For example, if we have just broken below a channel bottom, in the future that channel bottom former support will now act as resistance.
Round numbers do work as support and resistance from a psychological point of view because many traders set their limit and stop orders around those round numbers, and thus price is bound to react in some way to them.
Then you wait for price to retrace down to the whereabouts and zoom into the shorter time frames searching for a bounce off it and an entry in the direction of the main trend.
They work wonders, trust me. As you probably know, almost every day there is a fundamental economic announcement being released. Financial analysts of all sorts public their expectations for the data outcome and thus the market has more or less an idea of what the announcement should come out like. However, from time to time the data comes out deviated from the analysts' expected figure and the charts chaotically spike up and down to re-adjust the current market price to the actual released data.
Believe it or not, it happens quite often and the market reaction to such deviations can be potentially devastating to any trading position open at that precise time, especially intraday trades since their stoploss is usually rather tight and there's a real possibility of those stoplosses being triggered by the news spike.
So, before entering a trade, have a look at the news releases being scheduled for the day. The best place to keep track of the upcoming economic calendar is the Forex Factory Forums website www. They classify the different announcements by their impact upon the markets or volatility. Every morning, once I have my Watch List for the day, I check the Forex Factory calendar to see if there is any significant news coming out in any of the currencies that I have selected for the day, and if so how should I plan my way around that.
As a general rule of the thumb, you don't want to be in a position when the news come out unless your stop loss has been moved to breakeven already. Basically, entering a trade prior the news is hardcore gambling, so don't do it. Some people try to take a guess on whether the news will come out better or worse than expected based on this or that article they've read on Bloomberg and whatnot. That's downright gambling guys as it is impossible to know before-hand the outcome of the announcement.
Do you want to be a trader or a gambler? I personally impose myself a two-hour blockout limit prior the news to make sure that I am not caught up by the spike before I can move my stop to breakeven! Trades off the 4-hourly or Daily charts are not that vulnerable to news as their stoploss and time frame scope are indeed larger, but if you're trading the intraday you don't want to be in an unprotected position when the bomb's dropped.
Do yourself a favor and move the stoploss to breakeven prior to the news: Conversely, if the news catches up with your trade and showing a small loss, close out.
Will you have to or can you work harder? Would you be able to request raise or land another position? Do you have room schedule-wise and educational cost to take in a totally new calling?
On the off chance that you are at all like me, the responses to the last three inquiries were no, no, and no! So how would you get to this next level of pay? I need to exhibit how and why it has functioned in light of the fact that I trust Proficient Forex Exchanging is a genuine choice for anybody inspired by exchanging to win extra, relentless wage.
Hang on one moment, however. Before proceeding with, I need to make a qualification amongst exchanging and Expert Exchanging; and particularly how this applies in the Forex Market.
There truly is a colossal contrast! There are numerous individuals who exchange, either effectively or inactively. Be that as it may, by far most exchange with no exchanging instruction or an organized way to deal with the market. Furthermore, their outcomes are normal, best case scenario.
Also, really, these keys to Proficient Exchanging, proficient significance exchanging as a major aspect of your calling , are a recipe that applies to each calling on the planet! Think about a specialist or legal advisor, or bookkeeper, etc…: Regardless of whether you were permitted to attempt, you would NOT be great at it. For what reason not? What do yearning specialists get before they have the certainty to perform surgery all alone?
All things considered, you likely definitely know the appropriate response. The trying specialist hones close by other Expert Specialists until the point that he assembles the information and range of abilities to make the following stride and perform surgery all alone. You can basically do what you need; all you require is some capital and any firm will open your record and let you start to self-destruct! On the off chance that you need to make the determined consequences of an Expert Merchant, you Should obtain the apparatuses and practice nearby other Expert Brokers as of now making relentless outcomes.
At that point, simply after you have the apparatuses; have learned close by other Expert Dealers; and have sufficiently drilled to assemble your own particular strategy for success, you can hope to go ahead and make a steady salary stream for yourself.
Without the Expert Merchant close by, you are simply utilizing your own particular cash-flow to reevaluate an extremely costly wheel. The appropriate response is less demanding than you may suspect… at any rate it is today! There are numerous organizations touting Forex, however, a moderately few firms flying up that are tending to the parts of Learning Proficient Forex Exchanging. One organization specifically has built up an individualized structure a long ways past what I have seen anyplace else.
Here they are once more:. Sounds pleasant, and in the event that you would anything say anything resemble me, the following inquiry is, in what manner would I be able to potentially figure out how? My life is feverish as it seems to be! In any event that is the thing that I said. Be that as it may, guess what… there is an undeniable arrangement that has been organized to adjust to your calendar and furnish you with live, proficient direction actually on-request!
I will share where to discover this condition in a minute. To begin with, I need to exhibit why Forex is the place to learn versus the greater part of alternate markets and why this market is the best I have seen to figure out how to Professionally Exchange Forex:.
The Forex advertise is the most fluid market on the planet and it keeps on developing , which means there are a larger number of individuals exchanging Forex than some other market!
This makes it the most effortless market for each and every broker to get in and out of exchanges both effectively and precisely. Forex is accessible for all intents and purposes on-request.
Forex is open for exchanging 24 hours per day for 5 days every week; making it accessible for each and every broker to take an interest on-request, on their calendar and not amid particular market times.
Forex offers dealers impressive use for their venture; empowering brokers to control times their own particular exchanging capital. Proficient Forex Exchanging is presently accessible to singular dealers in the comfort of their own office or home and at the circumstances that most suits their timetable. Simply complete a scan for Forex and you will have the bounty to filter through. In any case, there is a short rundown of Forex conditions that empower you to genuinely figure out how to exchange professionally from Proficient Dealers.
So wherever you look, make sure to check for the four keys that must be incorporated. There is one firm specifically that answers every one of the four focuses and answers them so well, I eventually joine. They have a live Forex exchanging condition open 24 hours every day and you are guided by their expert dealers ever venture of the way.
Keep in mind, wherever you at last bounce on the buzz of the Forex advertise, select a program most suited to your way of life and objectives.
Your lawyer might be able to give you a good recommendation for an attorney that can handle your appeal. For starters, he or she did, in fact, lose your case. Start with those recommendations, if you still trust the judgment of your original attorney. As for choosing the right appellate lawyer for your case, you are going to start with the basics of course.
In other words, you are asking about credentials, experience and any questions you have regarding your case. You want to get a good feeling about an attorney before you hire him or her. One thing you need to understand is that criminal appeals cases are not typically successful. That means it is certainly very important for you to make sure that you hire the best lawyer that you possibly can.
When I was a young adult, my best friend needed a criminal appellate lawyer for his case. He was found guilty twice as a matter of fact, and it was the 2nd appeal that helped his conviction get overturned. It was such an extraordinary case that it ended up documented as a civil case after the fact on television for one of those court TV shows. As you get ready to look at appellate lawyers, are you still considering using your original attorney? Let me digress for a moment and say that there are in fact pros and not just cons to doing that.
Yet most professionals would advise against you doing so. The attorney knows your case quite well, but again, you need a lawyer that is extremely familiar with the appeals process. It would also help of course if you were able to find an attorney that has handled cases that were very similar to yours. There are different factors that determine how much you are going to have to pay a lawyer for an appeal.
The length of the original trial is going to of course come into play. The best way to get a good idea in regards to what you are going to have to pay is to sit down for a consultation with a few of the best appellate lawyers in your area. Chances are, you will find a few good appellate attorneys, and then you can decide on whom you want to hire.
It is time to find that lawyer, the one who is going to dive into your original case and write the best brief for your appeal. You want an attorney that is dedicated to getting that conviction overturned in the end. It involves telling a story that would otherwise be impossible using traditional video shots. But while anyone can appreciate videos with special effects, not every needs to have special effects inserted in their videos. So, who needs special effects?
Anyone with an unsexy product to promote needs it. And without an effective story to use in your marketing campaign, your marketing will fall flat and ineffective on your audience. We really do not need to tell you, but people retain information better if they are seeing images instead of words.
Also, images can also entice an emotional response, which is very important if you want to increase your sales with a video marketing campaign. But even if you are not on an active marketing campaign, you can still use videos with special effects to create videos that introduce your product or service. This is especially true if yours cannot be easily explained in a simple video. Who should do your special effects? If should be done by a professional marketing company, not just a video effects company.
Because while anyone can create graphics with software and a little bit of practice, experienced marketers will know which type of images will effectively hook your audience to your audience and by extension, to your product or service. So, when you are ready, go and look for a video marketing company.
You just do a Google search. Of course, not all video marketers are created alike. Definitely, there are those who are better than others.
The best way to determine who is best at creating video graphics for marketing is by taking a look at the samples of their previous work. But how much does it cost to create marketing videos with graphics. Well, that really depends on whether or not you are using an agency or freelancer. Of course, agencies cost more because you need to pay for the overhead.
Freelancers tend to work from home. You should ask for a quote after viewing a sample. If you already have a video, you can have it edited for special effects. Again, it will not hurt to ask how much the price will be. If you are on a budget, you can always buy a video template with built-in special effects where you only need to insert text or an audio file.
Finding the right dual immersion program at tessais. It is very important because finding the right program is the most important thing.
It is very important because the school must really know what they are doing and they must know how to educate children properly. Their curriculum must be up to par and they need to know how to make education something that a child will enjoy. There are many things that you must consider looking for school and reputation as one of the most important things. There are a few dual immersion programs around and most of them are pretty good but what determines the right one for your child is different from child to child.
One thing that we always like to stress is that the school must fit the child. Things are a lot easier when the school has an environment that is easy for your child to learn. You can start your search on the Internet basically doing a Google search, finding the different dual immersion programs that are in your area and figuring out if it is the right school for your child.
You simply just need to find out all of the schools are, find out if they fit your budget, figure out if they have the right curriculum and teaching style for your child. Figure out if their program leads to the right outcome that you are looking for your child to receive. If you do all of these things your child will end up in the right environment and they will absorb the information up like a sponge.
So begin doing the work that is necessary to find the right school for your child. The right dual immersion program will make all the difference in their life. They will be able to easily take the information and develop language skills that ordinarily would not be able to develop.
So take the time to find the right program for your child so that they can excel in life. This can be a martial arts and also a combat game that is targeted on grappling so that you overcome your competition distribute. Significantly of the method has been accommodated from Kodokan Judo and Jiu-Jitsu. However, it just attained world fame when Royce Gracie won the greatest Fighting Championship 4 days afterward it had been launched in As a consequence, many educational institutions are currently instructing this particular martial art.
Back in Brazil, you will find approximately 4 of these and just about everyone may follow their origins to Carlos Gracie or even Mitsuyo Maeda. In the event you would like to excel in Brazilian jiujitsu, practice makes best and also the one and only means that you certainly can certainly do this can be through complimentary sparring. This usually means fighting contrary to a are living and resisting competitor below realistic states at an identical time being mindful to not cause some severe accident.
Throughout competition and training, wrestlers must utilize the Gi. The one distinction is the fact that the ensemble contains more aerodynamic cuffs on either the coat and trousers. Entry in Brazilian jiujitsu is attained through joint or discriminated guards. Anybody can discover jiu-jitsu. Beginners begin together with the belt and then proceed their method into the reddish belt.
For anyone that is under 15 decades old, you are working away from white to greenbelt. The way quickly you lift is based upon the sum of time the individual places in and also how fast they know.
To get to the elite course, for example, it requires ten decades and on occasion a lot more. Like a newcomer, that you really do not need to have yourself a uniform accordingly only arrive in sporting a shed shirt and trousers. Even a significant portion of accountable gaming is only knowing exactly what you are stepping right into. Bettors need to own a magnificent comprehension of sports activities chances and also the teams that they bet on.
Clearly, it is ideal for go to professionals with high gambling ideas and suggestions, sports analytics simulator. Bettors enthusiastic about winning higher than the usual little pocket modification possess good results purchasing choice bundles, actively playing the selections, and also keeping the gap.
This short article only clarifies the principles of gambling on college football and supplies a few of tips about earning very good faculty football selections, NFL betting systems guide.
Even the absolute most often encountered sorts of university football selections that you possibly can create are workforce established. Unique players deficiency the federal renown of celebrity expert athletes from different sports like LeBron James or even Albert Pujols. As an alternative, gambling specializes to the staff facet.
The chances themselves usually are simple to know. Betting the disperse is really a well-known option. The sports publication may place the disperse to get a match.
A good example is Texas successful by 4. You will find not half things in soccer, obviously, and exactly what exactly does this indicate? When picking out the underdog, Oklahoma, a bettor chooses these things. If Oklahoma wins the match or loses with over five points, then the wager is won. On the flip side, gambling on Texas would demand to contribute to these things.
Even the better is moving in all your favor, however, Texas has to triumph by five to that bet to cover. The disperse would be a method of the day that the gambling discipline for clubs who are not alike matched in the soccer area.
Additionally, it permits for several exact gaming. In the event you believe that the chosen will triumph, however, that the underdog will set up a fantastic battle, then you sometimes simply take the things and triumph predicated on your own sensible reasoning.
The assumption is significantly more straightforward having a direct guess or currency line. Together with all these faculty football selections you only guess on the favorite or the underdog to secure the match. The benefit is the fact that profitable an underdog guess overlooks significantly more than just winning a wager on your chosen. You may play with it safe with all your favorite, or pick the huge score by simply gambling on the underdog. It will take only a stake in Texas to acquire mainly because Texas is regarded as the favorite.
A good instance is gambling the entire rating of the match, highlighting either side. In the event you choose the more than, then you definitely win in the event the groups complete greater than 6 4 points, then irrespective of who basically wins.
Dealing with all this under will be really a winning stake in the event the clubs unite for over 6 4 factors. This really is just a great form of the guess for those that prefer analytics and tendencies more compared to psychology and details of both human groups.
The winner may possibly happen to be decided at the next quarter, nevertheless, the failure could grab up only sufficient to scratch over the lineup. Betting on college football could be complicated, but additionally very lucrative. Nobody becomes pumped upward to get a match such as faculty athletes. Remember to receive just as much advice as you possibly can in regards to those bets and teams before becoming established this past year.
In the event do you recognize what you do, generating university soccer selections may be rewarding undertaking. Previously, many couples usually go together to a conventional church marriage day. But soon-to-weds nowadays make it a thing to become rather various as feasible elect for quite a distinctive place that functions as a perfect setting to get their own fairy story. Get your bridal party robes here.
A whole lot of brides-to-be tend to wind up worried with the various forms of training they must address only to get certain that everything goes completely as intended throughout their huge moment. Some of the most important matters every pair needs to possess to believe of are locating the most suitable marriage site. When there really are lots of cunning spots, the majority of these additions have the significant total of money.
A more exceptional wedding place is an island together with magnificent vistas, however, perhaps not located in an exotic site. It ought to be at least significantly less than the hour off in the Caribbean place by means of ferry excursion. The island needs to have essentially the very scenic shores at which you along with your mate may make memories that are wonderful.
In case the island remains still home to award-winning wineries, which could be far more lucrative. A place which has a thorough encounter with weddings will soon supply you with confidence that the team gets got the perfect knowledge about tackling mandatory training for nuptials. This can assist you to reduce the hassles related to nuptial preparing in addition to detecting providers. Moreover, you also had better select a place that provides various selections as soon as it has to do with the marriage service and reception.
While magnificent in the door and outdoor areas might be amazing to take into account, additionally make certain that the place can truly accommodate all of the guests that you have encouraged for the service too properly for your own reception. Additionally be certain that the team of this site includes good standing with respect to providing great assistance not just for your requirements personally but also to any or all of your guests, for example, people that will undoubtedly be working out for one using the training for the distinctive moment.
Coworking space is exactly what it sounds like, it is space that people share for work purposes. There are many benefits that coworking space offers and below are some of the main ones. Networking- Coworking spaces allows you the chance to grow your network , which is important regardless of the industry you work in. However, critics of government policy not only point to a lack of spending on agriculture, but also to an under-investment in the entire value-chain for rice, from field to cooking pot.
AgroNigeria's Managing Director Richard Mbaram says that achieving self-sufficiency in the next couple of years is merely a "pipe dream". It is cultivated and systematically sown. There is market opening and market access. Do we have that?
We're very far back in terms of achieving that. The value of capital imported into Nigeria in fell by This was the lowest value since the series started in , which reflects the numerous economic challenges that afflicted Nigeria in The drop in capital inflow was caused by a decline in Foreign Portfolio Investments which declined by According to the National Bureau of Statistics, decline in portfolio investment was mainly due to base effects: The statistics office noted that the weakening of the naira may have had an impact on the inflow figures as a weaker naira means more can be purchased with each dollar, and therefore investment projects requiring naira payments cost less in dollar terms.
As foreign direct investors take a longer-term view, NBS in its report which was released yesterday said, Nigeria's recession and currency problems may carry less weight in investment decisions.
FDI had dropped by By contrast, other investment increased between and , by 3. However, the latter growth rate was high in part due to a base effect as the value of FDI in the final quarter of was one of the lowest on record.
While other types increased relative to the previous quarter, Portfolio Investment fell by This was partly due to a spike in Portfolio Investment in the previous quarter, but nevertheless there was also a decline relative to the previous year, of While Nigeria is to bear 15 per cent of the cost of the project, China will shoulder 85 per cent for the first phase fast rail that will eventually terminate in Kano.
He, however, said the final signing by the Chinese government for the project to commence could only come after two weeks when the country's new year holiday would have been over. The Minister of Transportation, Rotimi Amaechi, had last Monday said the Federal Government decided to release the N72 billion as its counterpart funds in full was to ensure that there would be no delay in the implementation of the project.
I think in the history of Nigeria, this is the first time that we are releasing counterpart funds in full so that there will be no delay," he had said. The contract was awarded to the China Civil Engineering Construction Corporation last year by the Federal Government and both parties had signed an agreement to that effect. The new Lagos-Ibadan rail, spanning It was rewarded to the same contractor by the President Goodluck Jonathan administration in for execution in six phases, starting with the Lagos-Ibadan stretch.
It was learnt that the new rail line would be built on the corridor of the existing narrow gauge Lagos-Kano rail line and but it would accommodate only modern locomotives and other rolling stock meant for standard gauge rail for faster movement. Usman said the adoption of Single Window would make Nigerian ports competitive in the international trade network and boost trade facilitation programme of the government. Speaking during her courtesy visit to the Comptroller General of Customs, Hameed Ali in Abuja yesterday, Usman said the synergy on Single Window would boost government revenue and promote public private partnership through the attraction of local and foreign direct investment.
She said government was aware of its responsibilities to create enabling business environment for businesses to thrive. She said the Federal Government was determined to make the ports efficient, safe, secure and productive. Usman said NPA and Customs are the two key agencies driving the logistic and financial portals on behalf of the government and that the duo have the responsibility of working together to build a common industry culture around the ports to achieving the right level in trade facilitation.
She said, "The goal of trade facilitation is to help trade across borders, import and export faster, cheaper and more predictably while ensuring its safety and security. In his response, Customs Comptroller General Hameed Ali said Usman's visit would lead to regular meetings and constant consultation between the two agencies. He said the Nigeria Customs Service would "do everything possible" in promoting the trade facilitation programme of government through collaboration with sister agencies and through robust initiatives to promote business at ports.
Ali also promised to collaborate with NPA to rejuvenate port operation and port security committees and ensure that the committees' meetings are attended by senior Customs officers. The country's unemployment rate rose from The rising rate of unemployment will enlarge existing risk of insecurity and militancy in major parts of the country and undermine government's efforts at fighting insurgency in the Northeast, uprisings in the Southeast and other serious crimes in parts of the country.
He added that unemployment rate has been rising consistently since He argues that the country's misery index has reached 50 per cent, meaning that more than half of Nigeria's more than million people "are miserable. Ohuabunwa explains that gross unemployment rate when factored with under-employment rate in the third quarter of last year for example, puts the unemployment rate at 50 per cent. Recession has worsened our condition. Therefore, social stability and job creation should be at the core of our economic policy.
Abiola Rasaq, an investment analyst with the UBA Capital, sees the challenge posed by youth unemployment differently. There is potential that unemployed youths can become a social force for civil unrest; we need to ensure that we make our youths productive," said Rasaq who cited the Tony Elumelu Foundation and the Dangote Foundation as exemplary initiatives driving entrepreneurship and job creation.
Laolu Akande, also said government's N-Power programme is already targeting unemployed graduates. It is just for unemployed graduates.
And we have already reached another , non-graduates as micro credit is being made available to young people who want to develop their businesses. He also hinted of plans to create technology hubs in eight strategic centres across the country - one each in Lagos and Abuja, and the rest in the six geopolitical zones of the country. The number of unemployed in the labour force, the NBS said, increased by , persons just as the underemployment rate rose from The NBS also explained that underemployment could occur when a person works full time but is engaged in an activity that underutilises his skills, time and educational qualifications.
According to Ngwu, a co-curator of the Nigeria Economic Transformation Map, "Nigeria is constrained by many challenges such as limited infrastructure development, youth unemployment, insecurity, human capital development and issues of good governance. The report stressed that addressing the "youth unemployment is not only important, but also most urgent given the link between unemployment and other social problems such as terrorism, kidnapping, armed robbery, which are unfortunately becoming more common in Nigeria.
The concessioning will allow for private sector management and trigger improved utilisation of the inland waterways for transportation and easy conveyance of goods. Mustapha, who was on a tour of the area offices under his jurisdiction, said the tour would expose the operations at various points in order to take the necessary action. At the Onitsha River Port, he was impressed with the state of the cargo handling equipment and other facilities.
He therefore promised to accelerate the process of completion of the concession of the port. However, he frowned at the slow pace of work at the Oguta River Port site and promised to get the National Assembly and Imo State government to support the process of completing the port.
Mustapha was also delighted with the asset of NIWA at Warri Dockyard, which he said is enough to sustain the authority financially if properly managed. He noted that the issue of inadequate manpower and obsolete equipment at the port would be addressed, adding that some operations at the Dockyard may be leased to the private sector. The NIWA boss also visited two jetties in Yenegoa, Bayelsa State, and promised the people of the state that the two jetties would be put into use very soon.
The naira fell against the United States dollar at the parallel market to on Thursday, from on Wednesday. The local currency has been under persistent pressure owing to scarcity of dollar in the economy.
Economic and financial experts are divided over the outlook of the naira and most economists believe the local currency would continue to fall against the greenback unless the CBN reviewed its monetary and foreign exchange policy. According to an economic expert, Mr.
Henry Boyo, the currency monetary policy framework adopted by the CBN is flawed and there is an urgent need for the central bank to jettison it for a framework that can take the country off the current economic challenges.
He stressed that unless this was done, the rising oil prices would not make the economy better. There is currently fierce competition among terminal operators for general cargoes amidst a lull in vehicle importation, investigation by our correspondent has revealed.
On a visit to the Tin Can Island Port on Wednesday, our correspondent observed that the lack of activities that was a common feature at the port in had not improved this year despite the Federal Government's latest efforts to direct traffic to the nation's ports by imposing a ban on vehicle importation through the land borders. It was gathered that because they were not taking delivery of vehicles through the ports, the terminal operators had turned to general cargoes to survive and remain in business.
Contrary to the situation two years ago when the ports were congested and there was no space to discharge cargoes, the terminals are currently empty. Also, there has been a drop in the level of general cargoes coming into the country, increasing competition among the terminal operators for the discharge of the few available cargoes.
In the wake of the recession that struck the economy last year and the dwindling fortunes of the country, the terminal operators were said to have lost over 75 per cent of their earnings as Nigerians cut down on importation of foreign goods because of the high naira to dollar exchange rate. According to the operators, the situation has been made worse by the hike in tariff on imported vehicles, which was imposed by the administration of former President Goodluck Jonathan as part of the Automotive Policy to encourage local production of vehicles.
Ascanio Russo, told our correspondent that the hike in tariff led to a drop in the volume of vehicles discharged at the firm's terminal from over 17, to 5, a month, adding that the company was forced to cut its staff strength due to low volume of business.
According to him, there has been no improvement in the volume of vehicles coming into the ports following the ban on their importation through the land borders. He suggested that the high tariff was likely to continue keeping importers away from the ports, while increasing smuggling. In a related development, Russo has declared that the current charges at the PTML are the lowest in the last 10 years ago.
He said this in response to complaints of arbitrary charges at the ports by freight forwarders. Russo said the current terminal fees did not take into account the inflation figure in the country, which had increased to over 18 per cent.
He said, "If one were to use inflation as reference, one would see that the level of charges of terminal operators is much lower than it used to be when we started this concession 10 years ago.
When one compares the current prices of items, they are higher than they were 10 years ago. In actual fact, we are collecting much less than we were collecting 10 years ago because we have not increased our prices in line with inflation or any other goods in this country. We are not even able to recover the original price we paid and that is why some terminal operators are asking to be allowed to pay their concession fees in naira. They cannot even access dollars anymore.
I remember when I came here 12 years ago; to take a container out of the port, it would take 30 days to 35 days. Now, 50 per cent of the containers are going out within three to four days and the average time a container spends in our terminal is nine days. The Federal Government's efforts to secure funds from international lenders to help haul the country out of recession have stalled because it has not submitted the required economic reform plans, according to one of the banks and sources close to the matter.
The Federal Government has been in loan talks with the World Bank for a year. It had told the lender it would present its proposed reforms to make the economy more resilient and attractive to investment by the end of December, according to Western diplomats and a Nigerian official who declined to be named as they are not authorised to speak publicly, Reuters reported.
But this has not happened and as a result of the delay, which the government has not explained, the Washington-based bank has not been able to consider a loan yet, according to the sources.
The Minister of Finance, Mrs. Kemi Adeosun, and the World Bank declined to comment, Reuters reported. Salis Nai-nna, said he could not comment immediately on the matter when our correspondent contacted him on Tuesday night. He asked our correspondent to put the questions into writing and that comments would be available today Wednesday. Abraham Nwankwo, did not pick calls or respond to a text message sent to his mobile telephone line.
The country, which relies on oil revenue for most of its income, has been hit hard by the sharp fall in crude prices since and is struggling to drag itself out of its first recession in 25 years. It is unclear why the government has not submitted reform plans to the international lenders.
The funding deadlock could throw into doubt badly needed infrastructure projects planned for this year, including new roads and improvements to power infrastructure.
A financial source said the government was working with a consultancy firm on putting together a package of proposed reforms. The source, who declined to be named as the matter is confidential, did not elaborate. The Federal Government needs money to help plug a budget deficit of N2. It is unclear how much money Nigeria is seeking from the World Bank, or whether the lender was pushing for any specific economic reforms from the government.
The diplomatic sources, however, said the bank wanted to see how Nigeria planned to lower its dependence on oil revenues and boost investment, which has been hit by a high official exchange rate for the naira currency. The Central Bank of Nigeria, backed by President Muhammadu Buhari, has kept the naira rate to the dollar at 40 per cent above the unofficial or parallel market rate, which has dried up dollar supplies on official channels.
The policy has also made investors reluctant to commit to new projects as they expect the central bank will have to devalue the naira eventually as oil production has been hit by an insurgency in the Niger Delta oil hub. The central bank has also imposed hard currency curbs, making impossible the import of almost goods, which has forced dozens of plants to close running out of spare parts. Adesina told Reuters on Tuesday that the currency rate problem needed to be addressed by the government in its reform programme, which he said the AfDB was coordinating with the World Bank.
Plans are in the pipeline by the Federal Government to deploy its anti-corruption mechanisms to significantly reduce the menace of fraudulent and criminal activities at the Nigerian ports. This comes as the Nigerian Ports Authority NPA , is currently studying the various tariffs across ports in West Africa, with a view to determining how competitive Nigerian ports are compared to its neighbours.
An October report identified corruption, which is closely linked to the inefficiencies at the ports, as costing Nigeria the loss of about N1trillion annually. These corruptive tendencies also contribute in making the Nigerian ports among the most expensive in the world due to the legion of charges ports users are being subjected daily.
If these multi-challenges are resolved, experts believe Nigeria will be on the path to becoming the maritime hub in West Africa, as being clamoured for. Usman, who is also a member of the Presidential Advisory Committee on Anti-Corruption, affirmed that the Authority will embark on strong anti-corruption measures in The move will further sanitise the sector and enhance smooth operations and clearance of cargo at the ports. Many illegal payments that contribute to making Nigerian ports charges non-competitive in West African region would be eradicated and enhance the ease of doing business at the ports.
The NPA boss, who visited major customs agents and freight forwarders last weekend, also assured that the Authority will interact more with stakeholders in , in order to keep abreast with happenings at the various ports. To this end, she said the NPA would introduce quarterly stakeholders meetings to know what is on ground at the ports, and be better informed on the plight of operators.
Usman also acknowledged the need to block revenue leakages to make the ports more competitive in the area of appropriate pricing. To this end, she said there was the need for government to look into corruption at the ports and how to plug the leakages. She further said the NPA is currently studying the tariff structures across ports in West and Central Africa, with a view to determining how competitive Nigerian ports are compared to its peers in these regions.
Usman promised that in the event that Nigerian ports turn out to be more expensive, the agency will advise the Federal Government to reduce charges to enable more cargoes come into the nation's ports.
Usman also pledged stronger relationship with United Kingdom's companies operating in the Nigerian maritime sector, adding that NPA would welcome any assistance that would boost port efficiency from Britain, to fast track the ports development. Arkwright, who identified piracy as one of the major challenges in the country's maritime industry said that Britain would make significant contribution to enhance operational efficiency in the port.
He stressed the need to support NPA towards finding a lasting solution to the issue of piracy in the country's waters. Kidnappings at sea hit a year high in despite piracy attacks as a whole falling to their lowest level since , according to the International Maritime Bureau IMB.
Last year saw a tripling in the number of seafarers kidnapped for ransom by pirates with a surge in such attacks in the Sulu Sea between East Malaysia and the Southern Philippines.
According to the IMB, pirates kidnapped 62 seafarers in in 15 separate incidents. West Africa remained a hotspot for kidnappings with 34 of the 62 kidnappings taking place in the Gulf of Guinea, but it is the sharp rise in such attacks off Malaysia and Philippines that has drawn particular concern. There were12 crew members kidnapped from three vessels in the Sulu Sea in the last quarter of the year. Mukundan said shipowners should avoid high risk area.
There was also an increased use of guns in attacks with 48 reports of the use of guns in compared to 33 in the previous year. Overall though the number of piracy attacks globally dropped to an 18 year low with attacks compared to in Nigeria's manufacturing sector performed dismally in as manufacturers faced several challenges which affected them negatively. The PMI is an indicator of the economic health of the manufacturing sector. The index stood below 50 index point in the months of January to November which indicated decline in industrial production.
The PMI is based on five major indicators - new orders, inventory levels, production, supplier deliveries and the employment environment. Operators said that the sector was faced with myriads of challenges ranging from scarcity of foreign exchange, infrastructure deficit, high banking charges and lack of raw materials.
About firms were shut, while some reduced their production, staff strength and remuneration of workers. Frank Jacob, the President, Manufacturers Association of Nigeria MAN , said that industrial capacity utilisation hovered around 20 per cent during the year.
A major challenge was the acute scarcity of foreign exchange which restricted the ability of manufacturers to import raw materials for production. To address the problem of foreign exchange scarcity, the CBN introduced a new foreign exchange system and some monetary controls in June Under the new flexible exchange rate system, the naira exchange rate to the dollar depreciated to the average of N in the official market and N in the parallel market during the year.
The CBN also banned 41 raw materials from getting foreign exchange for importation at the official segment of the foreign exchange market. MAN, however, said that the new foreign exchange system worsened the plight of manufacturers as it led to a cumulative loss of N billion for manufacturers in He said this meant a huge loss to manufacturers as the related goods had mostly been sold before the commencement of the new exchange rate system.
Odunayo said that the exchange rate loss of N billion reflected in their accounts and led to factory closures, unemployment and loss of investments.
According to him, the exchange rate losses required additional working capital to shore up cash differences of between N and N To further address the foreign exchange crisis, the CBN, on August 22, directed banks to allocate 60 per cent of their foreign exchange sales to manufacturers for procurement of raw materials, plants and machineries.
In spite of this directive, the problem of foreign exchange scarcity persisted. Hamma Kwajaffa, the Director-General, Nigerian Textile Manufacturers Association NTMA , said that the textile industry nearly went into extinction due to inability to access foreign exchange for critical raw materials.
Nnamdi Okafor, the Managing Director, May and Baker, said the inability of manufacturers to access foreign exchange through the interbank affected industrial production and contributed to inflation. Erisco Foods Limited, an indigenous tomato paste manufacturer, relocated its million dollars tomato paste processing plant to China due to the same problem.
Erisco Foods had a production capacity of , metric tons of tomato paste annually and had 22 brands with over 2, workers in Nigeria. Eric Umeofia, the Chief Executive Officer, Erisco Foods, said that the company relocated to friendlier business environment since it lost over N3. Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry LCCI , said the inability of manufacturers to access foreign exchange at the interbank market impeded growth in the real sector.
He urged the Federal Government to ensure more liquidity in the foreign exchange market to restore investors' confidence in the economy.
Industry experts also urged the CBN to review its policy on the 41 items restricted from the official foreign exchange market as it had stifled production and forced many firms out of business. They urged the apex bank to redirect its policies towards stimulating the economy rather than tightening money supply.
They said that monetary and fiscal policies should be coordinated for economic revival and growth. The experts also called for review of some monetary and fiscal policies that have hindered the growth of the manufacturing sector. The Federal Government, in a bid to promote development in critical sectors of the economy, has approved a reduction in the import duties of items in various sectors of the economy.
The approval was given by President Muhammadu Buhari as part of the fiscal policy measures of the Federal Government for the country. Kemi Adeosun, while communicating the approval through a circular obtained by our correspondent in Abuja on Wednesday, said the move was in line with the provisions of the Economic Community of West African States' Common External Tariff.
It read in part, "This is to confirm that His Excellency, Mr. President, has approved the fiscal policy measures made up of the supplementary protection measures for implementation together with the ECOWAS CET with effect from 17th of October, Consequently, all transactions prior to the effective date of this circular shall be subjected to the tariff rates applicable before the coming into effect of this fiscal policy measures.
However, the tariffs on three items contained in the import adjustment tax list were reviewed upwards. For the national list consisting of 91 products, the circular stipulated that a downward review was approved for 89 items in order to encourage development in the real sector of the economy. The items in the national list whose import duties were reduced from 10 per cent to five per cent are milk and cream; tea; fats of sheep or goat; malt extract; tomatoes prepared or preserved by vinegar; under natured ethyl alcohol for medical, pharmaceutical or scientific purpose; petroleum oils and oils obtained from bitumen minerals other than crude.
Others are hypochlorites; synthetic organic colouring matter; grease for treatment of textile materials; prepared glues and adhesives; activated carbon; picking preparations for metal surfaces; organic composite solvents and thinners; mixes alkylbenzenes; and industrial monocarboxylic fatty acids.
In the same vein, the government also approved a reduction from 10 per cent to five per cent for tubes, pipes, hoses, sheets, foil, tape, polyethylene, paper and paper board, yarn, synthetic staple fibres, semi-finished products of iron or non-alloy steel, stranded wire ropes, and completely knocked down or unassembled for the assembly industry.
For items such as automatic circuit breakers, switches, lamp-holders, electrical apparatus for switching or protecting electrical circuits, the Federal Government gave an approval for the reduction of their import duties from 20 per cent to 10 per cent. For machineries and equipment used in sectors such as agriculture, cement, hospitality, power, iron and steel, solid minerals, textile and aviation, the government, according to the circular, approved a zero import duty.
Before the approval, the import duties for machineries and equipment used in these sector were put at five per cent. The government also banned the importation of live or dead birds, waters, liquid dietary supplements and medicament such as paracetamol tablets and syrup, chloroquine tablets and syrup, among others.
To view, please use this link: Nigerians are expected to spend as much as N9. The apex bank data also revealed that the country spends about N3. The document also projects that the country would begin to see a significant reduction in the level of importation from N9. The Acting Director, Trade and Exchange Department, CBN, Woritka Gotring, said the huge preference for imported items especially rice, wheat, fish and sugar by many Nigerians if left unchecked could worsen the economic recession currently facing the country.
Gotring stated this while responding to questions after speaking recently at a forum on the challenges of foreign exchange management in Nigeria under economic recession. He said the depletion of the country's external reserves was largely caused by the huge demand for foreign exchange, adding that this was a major reason a lot of actions were taken in that direction by the apex bank in recent times.
Gotring said while the economy was going through tough times owing to the decline in foreign exchange inflows, the problem could be better managed with patronage of made in Nigeria products. He said, "Foreign exchange rate is one of the most important means through which a country's relative level of economic health is determined.
It is evident that the economy is going through tough times with declining inflows and continuous demand pressure for foreign exchange arising from high import bill.
He said if not for the resilience shown by the informal sector where a lot of people were engaged in various economic activities, it would have been difficult to manage the economic crisis. He said despite the fact that a lot of people in the informal sector were employed in one form of economic activity or the other; the infrastructure gap in the country was limiting the potential of the sector.
In order to enable the country to conserve its foreign exchange, he called for policy consistency that would encourage capital flow and promote local production, fiscal discipline, enhancement of local manufacturing capacity and import substitution.
Gotring also called for increased investment in agriculture, mining and solid minerals, and infrastructure in order to lower the cost of doing business. The license was handed over to the Project Director of the Zone, Mr. Gbenga Kuye in Abuja on Thursday. This is going to be a great partnership to the benefit of Nigeria," he said.
The Maritime Africa Economic City will be developed on 1, hectares of land with over 6 kilometres of quay wall, including a container terminal, roll-on-roll-off RORO terminal, general cargo terminals, oil service centre and refined products import terminals. It will also include a power plant, oil refinery, industrial park, warehousing and inland container depot functions as well. The Zone is connected to Lagos by the Lagos-Badagry Expressway, which is currently being upgraded and expanded by the Lagos State Government as well as the Porto Novo Creek, allowing for the barging of cargo between the existing port system of Lagos and the new facility.
A rail line will also be developed in the future to connect the new Free Trade Zone for even more seamless transit of goods. Akinwunmi Ambode said the Badagry Free Zone and Mega Port project would be a major turning point that would go a long way to bring about global growth to Nigerian waters and by extension the nation's economy. The Governor said the project would also complement the emergence of Lagos as the fifth largest economy in Africa. The Governor, while lauding the investors for staying the course with the project, which is expected to generate hundreds of thousands of direct and indirect jobs upon completion, pledged his government's commitment to ensuring the interests of the host communities alongside a sustainable regeneration and urban renewal of the area.
Also, speaking in support of the project, Minister of Transportation, Mr. Rotimi Amaechi said the project will boost Foreign Direct Investment in the country. The Minister of Information, Alhaji Lai Mohammed said the approval shows that Nigeria is still a preferred investment destination in Africa despite the challenges it is currently facing.
Babatunde Fashola, while thanking President Muhammadu Buhari for granting the approval, said, "There are bigger vessels now being built across the world that require larger depths and drafts to berth.
Now some of our competitors on the continent like Djibouti are building bigger ports, so if we don't build this port we risk becoming uncompetitive and we risk a threat to our maritime hub status in the sense that we may become a transshipment port instead of a port of original destination.
With only a few days into , maritime operators including seaport operators, clearing agents and all stakeholders are unanimous in their assessment that the outgoing year has been the most challenging and one that will linger in their mind for a long time to come.
They attributed these challenges to many of what they described as Federal Government's unfavourable policies, a development that saw the seaports, which used to contribute a large chunk of Nigeria's non-oil revenue becoming less active. This left government almost financially stranded, with less capacity to invest in infrastructure, create more jobs, address security, including fighting insurgency, and funding other activities that define good governance.
Recent statistics from Nigerian Ports Authority NPA , which governs and operates the nation's ports showed that container traffic inward Nigerian ports import dropped to 6,, tonnage as at September , from 9,, in Besides, the outward container export also dropped drastically from 2,, tonnage in to 1,, in September Also, the number of vessels dropped to 11year lows and stood at 3, against 5, in and 5, in The Guardian gathered that importation of raw materials has also dropped significantly, as importers argued that lack of access to foreign exchange and low patronage was killing their business.
Many of the terminal operators are groaning under poor handling of goods, while many of them are finding it difficult to meet their payment obligations to the Federal Government. As such, opinions are varied regarding the effect of government's policy pronouncements during this fiscal year, while hoping that will turn out to be much more fruitful, as captured below: According to him, "The ports have dried up.
Usually at this time of the year December , it will be difficult to get into Apapa or come out of it. But go to Apapa now, the whole place is as free as ever. This is the peak season, yet there is no traffic. Everywhere is dried up and the main reason like we have said severally is government's unfavourable policies. It's a terminal that used to be very boisterous and very active, providing jobs for many people.
He insisted, "The ban will not be effective without a corresponding slash in vehicles tariffs. I am not trying to scare anyone, but that is the truth of the matter.
It will only lead to high rate of smuggling. The only way to check smuggling right now is to accompany that ban with a slash in tariff so that you bring it to the same level as what obtains in the ports of Cotonou and other countries in the sub-region. Otherwise smuggling will be heightened.