Thursday, February 24, 2011

President Goodluck Jonathan and the Diaspora Vice Chancellors



President Jonathan, the New Style of Academic Leadership by Aluko, Okogbaa and Farouk needs Bold, Full and Open Autonomy to control change.

Sir, the soon to come Academic Leadership approach to the new federal universities will enormously gain from an Executive order-type autonomy in order for it to fully evidence excellent practices, sustained outcomes and well defined changes in university educational system in Nigeria.

Sir, as an academic yourself, you have seen firsthand the lamentable nature of Nigerian higher institutions in spite of millions of money that have been poured into the system.

Sir, you will agree that in the last fifteen years the existing academic leadership in many of these higher institutions have had very little impact on the overall health of our universities, and this is partly because of some members of the leadership being all about self-interest rather focusing on matters of national interest.

Mr. President, as you rightly know, every great development started as an idea, as such to adequately tackle the many human and capital challenges the country currently face, you have looked beyond the old ways of ‘doing things’ in Nigeria. A great move indeed!

Sir, you have done this by taking a very bold and unpopular step which in the words of Mohammed farouk, the new Vice Chancellor of the federal University in Kashere, Gombe, include bringing in those who “will apply their knowledge, skills, expertise, and experiences” to better the nation.

Sir, I can assure you that compared to what exist currently, Bolaji Aluko of Howard University in Washington Dc; O. Geoffrey Okogbaa of the University of South Florida, and Mohammed K. Farouk of the Florida International University will come in with a collective culture in academic leadership and embark on your vision in a way that is marked with aggressive drive and a spirit of mobilization.

But the question Sir, is under what platform and mantle of leadership will they do their respective work? Because for them to bring in meaningful, fundamental and important progressive changes to higher education, they must be protected against the expectations and attitudes of the outmoded mindset that are pervasive within the Nigerian University education system.

There is no attempt here to disparage the work of the officials of the National Universities Commission as they try to function within the present institutional environment that surrounds them in a taxing society like Nigeria.

Mr. President, if you want these new appointees to turn around higher institutional learning in our society; beginning with the ones they will be leading, the long standing academic machinery will need to be ready for fresh, state of the art and cutting-edge approach to university management.Sir, you will agree with me that there could be both overt and covert resistance from the systems currently in place, and this is expected being the way life is.

Sir, I can assure you these Diaspora appointees will strategically, stubbornly, drastically and professionally push against unstable academic environments, unhealthy facilities, and non-functional library system. But again they will need your direct help!

Sir, through a special executive order your new appointees will have more freedom to erect and implement the type of higher learning in your shared vision with them.

The special autonomy which could come in form of writing and full understanding by all stakeholders will in no way diminish the powers, and functions already being exercised by those in charge of academic systems.

It is important that many of us in academic and administrative leadership in the Diaspora salute the Executive Secretary of NUC, Professor Julius Okojie who has continuously worked to raise the academic standards of universities in spite of the societal challenges in Nigeria. Many of us applaud him for his ongoing collaborative and cooperative spirit with the new VCs as they embark on their respective works.

With a greater level of independence, the new VCs will have the chance and control to assist in erecting new machinery in academic leadership that is at par with the 21st century educational system.

If given a special protection from how things are done currently, it is very likely that the learning and teaching environment in their respective pioneering institutions will by every reasonable way shut out and shut down many Nigerian university education problems.

These new appointees will set a far reaching criteria that will steadily enhance faculty/staff quality and development in various areas not limited to mandated completion of trainings in the areas of Sexual Harassment prevention, employment discrimination prevention and student education privacy.

The new Diasporan VCs, using their experiences and highly integrated perspectives will amplify an environment for collaboration with faculty and staff, thereby reducing any room for outdated equipment/laboratories and the almost lifeless infrastructures that currently exist.

They will fully ensure that quality delivery systems and benchmarks for teaching and working are current throughout in their respective universities as that is the only way to enhance a stable learning environment.

They will respectively exert efforts and time on showcasing the new federal universities by providing leadership and a well-defined path to corporate funding, applied research, laboratory development, equitable equipment, modern libraries, and they will promote learner-centered education.

They will aggressively create learning and teaching environments and see to the faculty/staff welfare, and they will create institutional environment that could be unattractive to the never-ending strikes, and the problems of cultism.

They will provide leadership in regards to making sure that each of the new universities has active and workable websites. They will bring in cutting-edge research that focus on solving our local and other home-grown problems.

They will attract lectures of international standards and proactively provide competent instructional technologies, thereby helping to achieve online, blended, and hybrid education which will connect well with face-to-face instructions.

They will aggressively provide leadership in the area of quality assurance in regards to institutional effectiveness, and work aggressively to efficiently and strategically stabilize electrical Power in their respective universities.

They will ensure quality production and establishment of journals, publications and lectures in their respective universities to enhance applied and scientific research.

They will provide strategic ways to protect administrators, faculty and staff from governmental abuse as it relates to the long standing manner of grossly dismissing and firing lecturers, staff, or even Vice-chancellors without any mark of courtesy and due process.

They will provide university environments and facilities which are attractive to international students, and see that an environment exists for functional basic medical and mental health care services.

They will help provide stress and physical examinations and recreational facilities within the new universities as well as provide student activity centers that meet international standards.

They will make sure that university websites are current and updated in order to allow for quick access to our current global economy.
They will be able to easily collaborate with the continental African universities and other institutions in order to build new cultures within our public institutions and private economies.

They will institute functional and quality leadership programs for public, government and corporate officials, thereby shrinking the urge for officials to travel to ‘Oyibo’ lands or European-American lands for ‘course’.

They should be allowed to create security or police type systems in order to fully respond to safety issues as they relate to the problems of strikes, kidnapping and cultism.

They will use their Diaspora experiences to secure external grants which could provide stipends for faculty to develop indigenous research and these monies could help to facilitate faculty collaborations with students for scholarly and applied projects.

They will help attract highly successful but settled diasporan Nigerians who are likely to appear at home and contribute to lectures, journals, books, and indigenous based studies which are akin to the needs of our systems and people.

They will create openings for Nigerian graduates to alternative vocations which could push them towards private corporations, thereby reducing the dependency on white-collar or government office jobs.

In the same vein they will work on harnessing business and entrepreneurial opportunities for their respective graduates.
They will provide leadership that will help create social networks through digital communication for our students thereby providing affordable access to our cyber world.

Mr. President, I would like to believe that your objective is to shape the educational history and culture in Nigeria, but the right person in the right place at the right time is all that is needed to bring in best practices across our higher institutions.

Please be assured that many of us in the Diaspora are fully confident that each of your new appointees will usher in the type of academic leadership and management style our society greatly deserves at this time. Goodluck to you Sir!

~ By John Egbeazien Oshodi, Ph.D., DABPS; FACFE; is a Licensed Clinical/Forensic Psychologist; Diplomate of American Board of Psychological Specialties; Fellow of American College of Forensic Examiners (For Psy); Former Interim Associate Dean and an Assistant Professor of Psychology, Broward College - North Campus, Florida. joshodi@broward.edu

Hot Topic on Education: We don’t need new varsities – Reps



Wednesday, February 23, 2011

'Enough is Enough Nigeria' Receives $130,000 grant to Promote free and fair Election



22 Feb 2011 15:17 Africa/Lagos

'Enough is Enough Nigeria' Receives Grant from Omidyar Network to Promote Transparency Around the Presidential Elections

PR Newswire

REDWOOD CITY, Calif., Feb. 22, 2011

REDWOOD CITY, Calif., Feb. 22, 2011 /PRNewswire/ -- Omidyar Network announced today a grant of up to $130,000 to Enough is Enough Nigeria (EiE Nigeria), a coalition of individuals and youth-led organizations leading a campaign aimed at enabling citizen participation in the Nigerian general elections in April.

The grant will be used in support of a non-partisan, one-stop online portal designed to aid voter registration, provide candidate information and monitor the elections. The project will utilize Twitter, Facebook and local social media tools such as Nairaland, Naijatalk and Gnaiga, as well as SMS, radio and television, to broaden its reach and citizen engagement.

"Democracy requires active participation, and the majority of Nigeria's population under 35 years of age has never voted. EiE Nigeria's platform and use of social media will help engage this significant portion of Nigeria's citizens and enable active participation and the ability to influence outcomes on issues of importance to them," said Stephen King, investment partner, Omidyar Network.

Through its Government Transparency investment area, Omidyar Network invests in organizations that use technology and media platforms to provide access to information and tools necessary for citizens to participate in the governing process and hold governments to account. Over the last two years, the firm has granted over $30M to organizations such as Ushahidi in Kenya, Janaagraha in India and the Sunlight Foundation in the United States.

"Nigeria's general elections in April are very critical to the next 50 years of Nigeria's development and are being described as a tipping point for the country. At EiE Nigeria, we are particularly excited about how this grant enables us to use technology to connect young Nigerians across the country and renew their interest in issues of leadership and governance," said 'Yemi Adamolekun, secretary to the board, EiE Nigeria.

The EiE Nigeria coalition is committed to instituting a culture of good governance and public accountability in Nigeria through advocacy, activism and the mobilization of the youth population as responsible citizens. Approximately 70% of Nigeria's population is under the age of 35, most are disenfranchised and yet disproportionately have access to technology – mobile phones, the internet, radio and television. EiE Nigeria's call to action is promoted through a campaign called Register, Select, Vote and Protect (R.S.V.P). Citizens are urged to register to vote, educate themselves and each other about the candidates, vote, and stay engaged and active in the political process once votes are cast. For more information, please visit: www.eienigeria.org

About Omidyar Network

Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. To date, Omidyar Network has committed more than $383 million to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple investment areas, including microfinance, entrepreneurship, property rights, consumer Internet, mobile technology and government transparency. To learn more about Omidyar Network, please visit www.omidyar.com.

SOURCE Omidyar Network

CONTACT: Greg Pershall of Omidyar Network, +1-360-607-8901, gpershall@omidyar.com

Web Site: http://www.eienigeria.org


American Red Cross Gives One-Year Update on Chile Earthquake Response and Future Preparedness Program

Neil Diamond The Bang Years 1966 - 1968, 23 Career-Defining Classics Restored to Original Mono on Newly Curated Columbia/Legacy Collection, Available Everywhere Tuesday, March 8

The Recession Appears to Have Improved Punctuality in the Workplace, Finds New CareerBuilder Survey

Salvation Army Sets Red Kettle Record For Sixth Straight Year

Protests in Libya

Entertainment Awards

Releases displayed in Africa/Lagos time 23 Feb 2011

18:52 International Survey Provides Unique Insight Into Small Business Landscape Across North America & Western Europe

17:40 RRsat Providing 3D Delivery of Fashion TV Programming on Three Satellites

17:26 Butler National Corporation Announces Completion of the Company's First R/X Modification Project in The Republic of South Africa

17:22 Frattini reports to the Chamber: the situation in Libya is most serious, a potential bloodbath. Europe must stand united in addressing the migration emergency

17:00 ARRIS Announces DVB Video Transcoding Support for International Markets

15:45 Quantitative Easing Presses Investors to Commodities - In-Depth Research Featuring Silver Wheaton Corp. and Freeport-McMoRan Copper & Gold Inc.

15:39 TransMedia Names Helen Ann Britton VP Business Development; Adds More Publicists to PR Staff

15:31 Migrants Fleeing Violence in Libya Begin Arriving in Tunisia

15:21 EAC, Trademark East Africa sign MoU

15:15 SNR Denton Expands its Presence in Africa

15:11 New Website lifebyme.com Intends to Make Meaningful Conversations Hotter Than Sex

14:40 Ken Kragen, Organizer of 'We Are The World,' Joins Home Aid, a Virtual Fundraising Event to Benefit America's Homeless, Children, and Veterans

14:18 OFID Targets Sustainable Development With Four African Countries



23 Feb 2011
15:31 Migrants Fleeing Violence in Libya Begin Arriving in Tunisia
14:00 New Study: Girls More Likely to Use Social Media to Support Causes
13:04 Darfur / UNAMID Daily Media Brief
22 Feb 2011
14:21 Darfur / UNAMID Concerned About Recent SLA/ Minny Minnawi
05:29 Darfur / UNAMID Daily Media Brief
05:11 EAC –COMESA - IGAD observer missions' interim statement on 2011 general elections in Republic of Uganda 20Th February, 2011
03:34 Rotary und Sanofi Pasteur l?uten die B?rsenglocken in New York City und in ganz Europa um Polioausrottung zu unterst?tzen
21 Feb 2011
16:44 Trading Bells in New York City and Across Europe Ring Loud in the Fight Against Polio
12:45 Urgent Appeal to Stop Atrocities in Libya sent by 23 NGOs to US President Obama, EU High Representative Catherine Ashton, and UN Secretary-General Ban Ki-moon, 20 February 2011
12:43 24 rights groups urge US and EU to confront Libyan massacres in UN Security Council and Human Rights Council / NGOs demand Libya's suspension from UNHRC; UN Watch calls for urgent dispatch of medical supplies to hospitals
12:41 Final Outcome Statement of UNAMID JSR's Third Retreat with Special Envoys for the Sudan
08:00 Rotary, Sanofi Pasteur Ring Stock Exchange Bells in New York City and Across Europe in Support of Polio Eradication
17 Feb 2011
16:00 UNAMID Joint Special Representative Ibrahim Gambari's statement to the press
16 Feb 2011
15:18 Djibouti / Call for the immediate and unconditional release of Mr. Jean-Paul Noel Abdi, President of the Ligue Djiboutienne des Droits Humains (LDDH)
10:28 IIUM Confers Honorary Doctorate on His Highness Sheikh Humaid bin Rashid Al-Nuaimi




Tuesday, February 22, 2011

Award Winning Educational Hip Hop Program Killed by Budget Cuts



22 Feb 2011 13:45 Africa/Lagos


Award Winning Educational Hip Hop Program Killed by Budget Cuts

One of the nation's first programs to bring full-time Hip Hop education to high school students seeks new partners after financial crisis terminates its 5-year run

PR Newswire

LOS ANGELES, Feb. 22, 2011

LOS ANGELES, Feb. 22, 2011 /PRNewswire/ -- Since 2006, The Global Awareness through Hip Hop Culture program has been at the forefront of legitimizing the use of Hip Hop culture in mainstream education. Based at a charter school in South Los Angeles, it has been one of the only educational Hip Hop programs in the nation offered as a regular class to middle and high school students. Sadly, due to ever-increasing budget cuts, the program will no longer have a home come June 2011.

Sebastien Elkouby, the program's founder, created this class to address the educational crisis that affects about 50 percent of inner-city students across the U.S. He says, "For a variety of reasons, many students feel completely disconnected from the traditional educational process. This class uses the positive elements of Hip Hop culture that aren't usually promoted in mainstream media as a medium to develop critical thinking skills while teaching them language arts, social studies, and life skills."

For the past two years, Elkouby watched budget cuts terminate programs nationwide and suspected that his program would eventually suffer a similar fate. "I can't expect my program to be safe when thousands of teachers across the country are receiving pink slips. When it comes down to choosing between a Hip Hop class and a science class, it doesn't take a genius to figure out who's getting the ax first, no matter how enriching my program has proven to be."

During its run, the program experienced great success. Elkouby says, "We've achieved a lot. We've had Hip Hop legends like MC Lyte and KRS-ONE as guests. We've sent kids to DJ retreats. We've been awarded state-of-the-art studio equipment. We've received international media coverage and been featured in documentaries ... and this doesn't even cover a third of what we've achieved. But what I'm most proud of is the impact that the program has had on the students. For hundreds of them, this class has been life-changing."

Former student A. Dominguez says, "Taking this class has made me realize how much I have changed as an individual and has given me the hope to pursue my wildest dreams. Everyone should be able to participate in such a life-changing experience!"

In 2007, Elkouby began working with the International Visitors Council of Los Angeles, advising educators from around the world on how to use Hip Hop culture as an educational medium. In 2008, the National Society of High School Scholars selected Elkouby as "Educator of Distinction." Unfortunately, this wasn't enough to prevent the program from being terminated.

Elkouby is hopeful that the program will find a new home. "It doesn't even have to be offered at a school," he says. "I'm open to bringing the program wherever the need is. I know that there's money available to fund creative programs. We just have to find it. Who knows? It may even come from someone in the Hip Hop community."

The Global Awareness through Hip Hop Culture Program is currently in session until June 2011.

About The Global Awareness through Hip Hop Culture Program

The Global Awareness through Hip Hop Culture Program is an innovative music, language arts, and social studies program designed to assist low-performing students in developing their language skills, life skills, and global awareness through culturally responsive pedagogy. For more info, contact Sebastien Elkouby at urbanscientists@hotmail.com or 310-654-1681. Visit http://www.GlobalAwarenessThroughHipHopCulture.com.

This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.

SOURCE Global Awareness through Hip Hop Culture Program

CONTACT: Sebastien Elkouby, urbanscientists@hotmail.com, +1-310-654-1681

Web Site: http://www.GlobalAwarenessThroughHipHopCulture.com


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The Princeton Review and USA TODAY Present 'The Princeton Review's 100 Best Value Colleges for 2011'

All New ZAGAT.com Previews Rich Free Content & Innovative Search; For The First Time Zagat Reveals The Folks Behind The Quotes

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Nigeria, Mexico, Costa Rica and Panama clash in Dallas


Super Eagles led by Kanu Nwankwo

The Super Eagles of Nigeria will clash with the national teams of Mexico, Costa Rica and Panama in an international soccer tournament from Saturday February 26 to Sunday February 27, 2011, in the popular Cotton Bowl in Dallas, USA.

The details are in the following news release.

21 Feb 2011 19:20 Africa/Lagos


International Soccer Tournament Coming to Dallas Features Four National Teams, Feb. 26-27

Cotton Bowl to Host Teams From Nigeria, Mexico, Costa Rica and Panama in Green Soccer Bowl Event

PR Newswire

DALLAS, Feb. 21, 2011

DALLAS, Feb. 21, 2011 /PRNewswire/ -- The highest level of soccer competition in the world is coming to Dallas for the Green Soccer Bowl tournament, Feb. 26-27 at the Cotton Bowl.

The weekend tournament will pit the national teams from Nigeria, Mexico, Costa Rica and Panama against each other. Nigeria will be using the tournament as a tune-up in preparation for its upcoming Africa Nations qualifier.

Tournament brackets and weekend games are currently scheduled as follows:

Saturday, February 26


Game #1: Costa Rica vs. Panama — 4:30 p.m.


Game #2: Nigeria vs. Mexico Olympics Team — 7:00 p.m.




Sunday, February 27


Game #3: Game #1 Loser vs. Game #2 Loser (Third Place) — 4:30 p.m.


Game #4: Game #3 Winner vs. Game #4 Winner (Championship) — 7:00 p.m.


Tickets for the event are $30 general admission. They are available online at ticketmaster.com and Ticketmaster outlets including Fiesta, HEB and select Macy's stores. To purchase tickets by phone, call 800-745-3000. Admission is free to children 12 years and younger.

SOURCE Green Soccer Bowl

CONTACT: Pius Oleh, Green Soccer Bowl, +1-248-227-9089

Releases displayed in Africa/Lagos time
21 Feb 2011
19:20 International Soccer Tournament Coming to Dallas Features Four National Teams, Feb. 26-27
16:44 Trading Bells in New York City and Across Europe Ring Loud in the Fight Against Polio
16:23 ECOWAS, World Customs Organization agree to enhance capacity of customs administrations in West Africa



Say goodbye to SMS



Hi, check out WhatsApp Messenger for Nokia, iPhone, Android and BlackBerry. Get it now from http://whatsapp.com/dl/ and say goodbye to SMS.



WhatsApp Messenger is a cross-platform mobile messaging app which allows you to exchange messages without having to pay for SMS. WhatsApp Messenger is available for iPhone, BlackBerry, Android and Nokia and yes, those phones can all message each other! Because WhatsApp Messenger uses the same internet data plan that you use for email and web browsing, there is no cost to message and stay in touch with your friends.




In addition to basic messaging iPhone, Android and BlackBerry WhatsApp Messenger users can send each other unlimited images, video and audio media messages.

The following video shows WhatsApp (beta) on Nokia N8. Try it and enjoy it!







Monday, February 21, 2011

Youngest Member Of Black Voiz Found Dead On UI Campus

The youngest member of the Black Voiz music group, Donald, is dead.
His corpse was dumped in front of his hostel on the campus of the University of Ibadan (UI).

Below is the video of the hit song "Kobontin" by Black Voiz.



May his soul rest in peace.



EU condemns the shooting of peaceful demonstrators in Libya



Amateur footage of supposed protests in Libya on YouTube uploaded day after deadly clashes.

© 2011 Reuters


Libya unrest. Photo Credit: Calgary

21 Feb 2011 12:46 Africa/Lagos


European Union / Declaration by the High Representative, Catherine Ashton, on behalf of the European Union on events in Libya

BRUSSELS, February 21, 2011/African Press Organization (APO)/ -- Declaration by the High Representative, Catherine Ashton, on behalf of the European Union on events in Libya

"The European Union is extremely concerned by the events unfolding in Libya and the reported deaths of a very high number of demonstrators. We condemn the repression against peaceful demonstrators and deplore the violence and the death of civilians. We express our sympathy to the families and friends of the victims.
The EU urges the authorities to exercise restraint and calm and to immediately refrain from further use of violence against peaceful demonstrators. Freedom of expression and the right to assemble, as provided for in particular by the International Covenant on Civil and Political Rights, are human rights and fundamental freedoms of every human being which must be respected and protected. The EU calls on the authorities to immediately cease the blocking of public access to the internet and mobile phone networks. The EU also calls
upon the authorities to allow media to work freely throughout the country.

The legitimate aspirations and demands of the people for reform must be addressed through open and meaningful Libyan-led dialogue.

The European Union expects full cooperation by the authorities in protecting EU citizens."


Source: European Union















































Releases displayed in Africa/Lagos time
21 Feb 2011
12:46European Union / Declaration by the High Representative, Catherine Ashton, on behalf of the European Union on events in Libya
12:45Urgent Appeal to Stop Atrocities in Libya sent by 23 NGOs to US President Obama, EU High Representative Catherine Ashton, and UN Secretary-General Ban Ki-moon, 20 February 2011
12:4324 rights groups urge US and EU to confront Libyan massacres in UN Security Council and Human Rights Council / NGOs demand Libya's suspension from UNHRC; UN Watch calls for urgent dispatch of medical supplies to hospitals
20 Feb 2011
17:20AJC Denounces Deadly Violence of Libyan Regime
18 Feb 2011
21:46Leahy Comments on Attacks on Protesters and Journalists in the Mideast
15:00Game-Changer Scenarios in the Middle East and North Africa
17 Feb 2011
15:55Libya urged to end protest crackdown




Sunday, February 20, 2011

Asghar Farhadi wins first Golden Bear at the 61st Berlinale




The accomplished Iranian screenwriter and film director Asghar Farhadi’s captivating drama Nader and Simin: A Separation won the Golden Bear for the Best Film at the 61st Berlin Film Festival and was elated to receive his coveted prize at the closing ceremony on Saturday February 19, 2011. This must really be fulfilling for him after winning the Silver Bear for Best Director for his film About Elly in 2009. This is the first time an Iranian film has won the Golden Bear. The male and female actors of "Nader and Simin, A Separation" were honored each with a Silver Bear for their performance.


Asghar Farhadi lifting up his Golden Bear at the 61st Berlinale.


The film is about a middle-class couple Nader and Simin married for fifteen years and live with their eleven-year-old daughter Termeh in Tehran. The family belong to the urban upper middle-class and the couple are on the verge of separation. Simin wants to leave the country with her husband and daughter, as she does not want Termeh to grow up under the prevailing conditions. Her desire is not shared by the stubborn Nader. He has concerns for his father, who lives with the family and suffers from Alzheimer's disease. When Nader decides to stay in Iran, Simin files for a divorce.




Bela Tarr took home the Jury Grand Prix of the Silver Bear for being the runner-up for his film "The Turin Horse".

The other winners emerged in the following order:


Silver Bear - Best Director
Ulrich Köhler
for Schlafkrankheit (Sleeping Sickness)


Silver Bear - Best Actress
to the actress-ensemble in
Jodaeiye Nader az Simin (Nader And Simin, A Separation)
by Asghar Farhadi

Silver Bear - Best Actor
to the actor-ensemble in
Jodaeiye Nader az Simin (Nader And Simin, A Separation)
by Asghar Farhadi

Silver Bear - Outstanding Artistic Achievement
Wojciech Staron for the camera in
El premio (The Prize)
by Paula Markovitch

ex aequo

Barbara Enriquez for the production design in
El premio (The Prize)
by Paula Markovitch

Silver Bear - Best Script
Joshua Marston and Andamion Murataj for
The Forgiveness Of Blood (The Forgiveness Of Blood)
by Joshua Marston

Alfred Bauer Prize
Awarded in memory of the Festival founder, for a work of particular innovation.

Wer wenn nicht wir (If Not Us, Who)
by Andres Veiel

Click here for more details.



Saturday, February 19, 2011

IMF Executive Board Concludes 2010 Article IV Consultation with Nigeria

18 Feb 2011 05:16 Africa/Lagos


IMF Executive Board Concludes 2010 Article IV Consultation with Nigeria

ABUJA, February 17, 2011/African Press Organization (APO)/ -- On February 11, 2011, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Nigeria.1

Background

Nigeria has weathered the global economic recession and its own domestic banking crisis reasonably well. Economic growth in the first half of 2010 remained above 7½ percent and is expected to reach about 8½ percent for the whole year on the back of a recovery in oil production and continued strong growth in other sectors. However, inflation has been stuck in the low double digits for the past two years and foreign reserves have been falling as the Central Bank of Nigeria has focused on maintaining exchange rate stability and low interest rates.

The fiscal stimulus intensified in 2010, notwithstanding the already solid growth performance and high inflation. After rising by 10 percent in 2009, consolidated public spending increased by 37 percent in 2010. The non-oil primary deficit has increased by 5 percentage points to 32 percent of non-oil GDP. Despite world oil prices well in excess of the budget benchmark price, the government spent all current oil revenues and drew on savings in the Excess Crude Account, at a time when stabilization called for a rebuilding of buffers. Despite high inflation, the CBN reduced the rate on its standing deposit facility. In response to pressure on the currency, the CBN sold reserves rather than raise interest rate or let the exchange rate depreciate. The CBN recently raised interest rates, but short-term real interest rates remain negative.

The economic outlook remains positive and risks are generally balanced. Nigeria's economy is projected to grow by 7 percent in 2011, moderating gradually in subsequent years. Inflation is projected to decline to 9 percent by the end of 2011. Near-term risks to growth mostly relate to domestic factors. On the upside, a shift in government spending towards capital formation and planned reforms in the power sector could boost growth, and passage of the Petroleum Industry Bill could unlock additional investments in the oil sector. On the downside, there is a greater risk of lower rather than higher oil production. The inflation risk hinges crucially on the 2011 budget. The National Assembly could pass a more expansionary budget for 2011 than was submitted, undermining the CBN's ability to deliver on inflation. Finally, speculation against the naira could become intense should reserves continue to fall.

Executive Board Assessment

Executive Directors noted that Nigeria's strong external position and low debt helped mitigate the impact of the global financial crisis. However, a pro-cyclical fiscal stance and an accommodative monetary policy have resulted in high inflation and a loss in international reserves.

Directors supported the authorities' planned fiscal consolidation to rebuild fiscal space and contain price pressures. They welcomed efforts underway to strengthen nonoil revenues, as well as the draft budget for 2011, which aims to reverse the expansion in real public spending in 2010. Directors also saw the need for a strong oil-revenue rule to prevent policy pro-cyclicality going forward. In this regard, they welcomed the authorities' intention to establish sovereign wealth funds under the Nigerian Sovereign Investment Authority (NSIA) to shield the budget from oil-revenue volatility and enhance the management of oil wealth. However, noting that one of the NSIA funds would finance infrastructure projects, they encouraged the authorities to channel such expenditures through the budget in order to safeguard the stabilization function of the NSIA and the quality of public investment.

Directors considered the central bank's recent increase in policy rates appropriate. Further monetary tightening may be needed should inflation pressures continue. Directors took note of the staff's assessment of an overvaluation of the naira, and stressed that greater exchange rate flexibility would prevent one-way bets in the foreign exchange market and cushion external shocks.

Directors expressed concerns about potentially conflicting objectives of monetary policy and advised that the policy framework should focus more clearly on price stability. They generally agreed that moving gradually toward an inflation-targeting regime, once the necessary institutional underpinnings are in place, would help anchor inflation expectations. Directors generally supported scaling back the central bank's development finance initiatives as soon as feasible while protecting the central bank's balance sheet and pursuing reforms to deepen capital markets.

Directors commended the authorities for their actions to stabilize the financial sector. They welcomed the establishment of an asset management corporation to clean up bank balance sheets and encouraged the authorities to maintain full transparency in bank resolution.


Source: International Monetary Fund (IMF)


Releases displayed in Africa/Lagos time
18 Feb 2011
18:19 Tunisia / Europe should do more for development, says Frattini
05:16 IMF Executive Board Concludes 2010 Article IV Consultation with Nigeria
17 Feb 2011
18:44 Le Nord-ouest du Tchad: la prochaine zone à haut risque?
18:41 Chad's North West / The Next High-Risk Area?
16:49 Rotary Clubs Light up the World to End Polio
16:00 UNAMID Joint Special Representative Ibrahim Gambari's statement to the press