Yes indeed this is good news but when are these wealth ever gng to start trickling down to the masses? when is the avg Nigeria gng to breathe a sigh of relieve. I keep seeing all these "good news" and keep hoping that maybe one day the average Nigeria will start seeing something happen soon.

Good news but for who?

[size=14pt]Nigeria’s Internet gathers speed as Main One Cable goes commercial[/size]

[flash=640,385]
https://www.youtube.com/watch?v=TNu4cVlCflw&hl=en_US&fs=1[/flash]
Three telecoms firms have subscribed to a new undersea cable linking Nigeria and West Africa to Europe. This paves the way for a transformation in internet access in Africa's fastest-growing telecoms market.
The Nigerian arm of Etisalat, South Africa's MTN and Nigeria's Starcomms are among the first to sign up for broadband services from the cable.
The seven thousand kilometre fibre optic cable, built in partnership with U.S. firm Tyco runs from Portugal to Nigeria and Ghana. Uche Okorokwo reports from Lagos.

^^^^^^^^^^^^^^^

it just was launched,

cant wait for the increased bandwith and speed (and at affordable cost)



fingers crossed

Yes, nigeria population is good for business , but you must understand that money is less important than human life.

We are from nigeria, and we are different people living in nigeria. Is like you forcing the german to be under britain. You can imagine what that would .

Yes there is a potential for business, if there is peace, but we dont have peace. So we have not be able to use the population to the best.

That why Yoruba option to Benin republic is good for us. I have seen the satellite picture. And what we would loss in the south east, river, akwa ibom in term of business, we would get in benin republic and because of culture similarity, growth would be very fast.

Yes , we would miss the north. But honestly, I have also seen and done the calculation right. We would control togo economy from benin republic. I have seen togo pictures. Even while we may not have part of togo, but we would control it indirectly. So what we miss in the north, we would get in togo. alot of the north is empty space, and I can tell you. Empty space has no value. we are better off with trying to be part of benin republic than remain in nigeria. I know so from my experience.

[size=14pt]Australian firm to begin gold mining in Osun(Segilola Gold Project)[/size]

Sunday, July 25, 2010

An Australian mining giant, CGA Mining Limited, will soon begin mining gold in Osun State, Minister of Mines and Steel Development, Mr. Mohammed Sada, has said.

Sada said this at the inauguration of the Field Procedures Manual for the Geochemical Mapping of Nigeria in Abuja on Thursday.

He also disclosed that 15 foreign companies had already started the mining of various minerals in the country.

According to the minister, the Australian company has already established the existence of over 620,000 ounces of gold and is set to begin mining operations soon.

When the firm begins operations, it will be the first major mining of gold in the country which has been certified to have abundant deposits of solid mineral resources that are yet to be tapped.

Sada said, "Nigeria is richly endowed with a wide range of solid minerals which if properly managed and exploited have the potentials of becoming the pillar of our economic growth in the near future.

"Of great importance is the fact that mineral occurrences are spread all over the country and every state in Nigeria has at least one type of solid mineral deposit.

"The strategy in the minerals industry is on course toward making Nigeria a mining nation and for the industry to contribute significantly to Nigeria's macroeconomic indices, rural wealth creation and poverty reduction among artisanal and small scale miners."

http://www.cgamining.com/projects/project.php?project=3

[size=14pt]Banking, oil reforms to unlock Nigeria’s potential – fund managers[/size]
TUESDAY, 10 AUGUST 2010 01:18 REUTERS

•Investors have confidence in President Jonathan

Nigeria’s banking and oil sector reforms are turning sub-Saharan Africa’s second-biggest economy into one of the world’s most attractive frontier markets, fund managers at London-based Silk Invest said on Monday. A population of 140 million, abundant resources, an “increasingly functional democracy” and tighter financial regulation meant Nigeria was starting to share common ground with leading emerging BRIC economies like Brazil, it said. “We believe Nigeria is one of the most attractive economies for investors. It is at a social turning point,” said Daniel Broby, Silk Invest’s chief investment officer.

Silk Invest has total assets under management of around $100 million, split among three funds. Two further funds are in the pipeline, including one dedicated to frontier market equities expected to be launched in September.

The MSCI Emerging stocks Index .MSCIEF is up nearly 2.2 percent this year. It gained more than 78 percent in 2009. Nigerian companies make up the largest slice of Silk’s Africa fund, which has returned almost 15 percent so far this year, as its managers bet that recent steps to tackle problems in its banking and oil sectors will contribute to strong growth.

President Goodluck Jonathan last month signed into law the creation of an asset management company designed to soak up bad bank loans and revive private-sector lending in the wake of a $4 billion bank sector bailout last year. The move is seen as key to taking non-performing loans off the books of 10 rescued lenders and making it more attractive for new investors to recapitalise them. U.S. private equity and South African and Asian banks have expressed interest. The country’s oil minister has meanwhile promised that wide-ranging reforms intended to help expand Africa’s largest energy industry will be made law this month.

“These are major reform changes which encourage investors to come back to the market,” Broby said. Banks account for more than 60 percent of Nigeria’s stock market capitalisation, so setting up the asset management company and restoring the health of the financial sector will be key to the performance of the capital markets. “There is real growth opportunity coming through from the Nigerian banking sector , You have a banking sector that is re-building itself in a strong economy but 25 banks is too much for an economy like Nigeria,” said Funmi Akinluyi, Silk’s investment director and Nigeria expert.

“You have 140 million people but it’s not a retail market, it’s a corporate market and a high net-worth market. There will be sector consolidation and how that comes about is going to be interesting for the capital markets,” Broby said. The largest weighted stock in Silk Invest’s Africa fund is Guaranty Trust Bank, while other major contributors include the Nigerian arms of consumer goods distributor PZ Cussons and food giant Nestle. The fund’s portfolio has few direct oil stocks.

President Jonathan, who took over after the death of President Umaru Yar’Adua this year, is seeking to stamp his authority ahead of elections due next January. Capital market and banking reforms have continued apace and Jonathan has pledged progress on tackling the shambolic state of electricity supply, one of the main brakes on economic growth.

Jonathan, a southerner, has not yet said whether he will stand in the polls. His bid would be controversial as it would break an unwritten agreement in the ruling party that power rotates between north and south every two terms, a deal which dictates the next leader should be a northerner.

Broby said foreign investors would want Jonathan to serve another term as his performance so far — taking a firm line on graft and pushing ahead with reforms — has soothed some concerns about corruption and economic volatility.


http://www.businessdayonline.com/index.php?option=com_content&view=article&id=13508:banking-oil-reforms-to-unlock-nigerias-potential--fund-managers-&catid=1:latest-news&Itemid=18

Interesting.

[img]http://www.50centloseweight.com[/img]BUMPS

paddy_lo:

[b]This is not your Nigeria of the 1970. . .

Nigeria today has managed to achieve macro-economic stability for 10 straight yrs,  . .

Something it has never done in its history before

It has managed to ammass $40billion in external reserves(in just 5yrs or so)
Imagine what the next 10 yrs hold

It has managed to push through reforms like an independent central bank, Pension reform that has built up long term assets of over $10billion in only 4yrs

Bank reforms. . .that has made our banks like UBA to be colonizing Other African Economies
In effect a Nigerian owned Multinational

Debt Market Reform that means that Nigeria has a Soveriegn yield curve for the first time in History(Issued by the DMO)
u now have 2yr,5y,10yr and 20yr FGN bonds with turnover that exceeds N4trillion a month

Democratic reforms that will only get better in 2011

Professional military for 10yrs now that is willing to obey our constitution

and a form of decentralization of decision making that is allowing states like Lagos,Rivers,Kwara and crossriver amongst others, partner with private sector to push necessary reforms in their respective state

In 1970 if the world financial crises that happened in 2008 had taken place. . .u would have seen Nigeria record Negative growth. .
But we didnt that tells u it is different this time. . (we are one of a few handful of countries in the world that actually posted positive GDP growth rates for 2009)

In Fact we just laid the foundation we never had. . .the payoff begins now
[/b]

Tell this crap to the woman selling pure water in the blistering hot sun to fend for her family...or to that family who drinks water from the polluted well becos they can't afford the pure water which rose to ten naira when GEJ and his goons increased the price of fuel by close to 70%.
Bullsheet