by Bosun AwoniyiLAGOS, Sept. 1 (Xinhua) -- Nigeria is working hard to grow its non-oil economy as a 2.06-percent decline year on year in second quarter GDP indicates
reliance on oil as the bulwark of its economy spells trouble.
A report released by the National Bureau of Statistics (NBS) on Wednesday showed that the economy had nosedived following rising inflation for years.
Over a month ago, the government said the economy was in a "technical" recession.
But the NBS data Wednesday confirmed the nation's worst economic recession in over a decade. Consumer Price Index (CPI), which measures inflation, rose to
17.1 percent in July from 16.5 percent in June.
Speaking after the Federal Executive Council meeting in Abuja, Finance Minister Kemi Adeosun described the country as being in its "worst possible
time", but stressed there is a silver lining.
"We know that if we can just bear and get through this difficult period. Nigeria is going to be better for it," she added.
The minister dismissed the insinuation that those managing the nation's economy were running out of ideas and confused.
"We are not confused; the time is confusing but we are not confused. We are extremely focused," Adeosun said in reaction to the NBS report.
"If we rely on oil, and the price of oil remains low and the quantity of oil remains low, we can't grow. We have to grow our non-oil economy," she told
reporters.
Tony Ejinkeonye, President of the Abuja Chamber of Commerce and Industry, said this is really not a good time for the country, as economic recession has
led to unemployment, lower wages and incomes, as well as lost opportunities.
Education, private capital investments, and economic opportunity were all likely to suffer in the current downturn, Ejinkeonye said.
Ejinkeonye said with the credit crunch and the reduction in consumer demand, small businesses were also likely to suffer deficit within the period of
recession.
He said this was especially worrying given the role of small businesses as a key driver of growth and job creation.
The chamber's president stressed the need for government to act urgently to create a valuable economic motivation plan to stimulate growth.
The diversification of the country's productive base remained the long-term solution to weak Naira, with agriculture and solid minerals holding vast
promises in this regard, an economic expert, Uche Uwaleke said.
Uwaleke said the weak infrastructure such as power and transport as well as high cost of petroleum products combined with the citizens' penchant for foreign
goods were factors pushing up commodity prices.
On his part, Peter Eson-Ozo, General Secretary of Nigeria Labor Congress (NLC), emphasized the urgent need for an overarching policy that would address
the economic situation.
"As of now, we do not seem to have a policy response that shows where we are in the economy," he said.
"Today you talk of foreign exchange management policy response, tomorrow you talk of interest rate, and you know economic isolation will not address this
problem," he said.
MADRID
Nike Air Max Plus Sunset Black Blue Men's , Sept. 3 (Xinhua) -- Italian Fabio
Aru won a thrilling Stage 11 of the Vuelta de Espana between Pamplona and the
Alto de Aralar on Wednesday.
The stage was a return to mountain top finishes and promised another duel among the overall favorites to win the three week long race with Alberto
Contador looking to establish his dominance and perhaps also eliminate Chris
Froome from contention.
In the end the stage failed to produce a major revolution among the leading places, but the end of stage time bonuses did allow.
The day started with bad news for Colombian Nairo Quintana, who had led the race until suffering a fall in Tuesday's time trial.
Quintana was involved in a mass collision after 20 kilometers of the stage and was taken to hospital with a broken
collarbone
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The first climb saw Vasil Kiryenka (Sky), who had been part of a breakaway open a lead over three minutes, but that was neutralized at the foot of the
final climb of the
day
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Sale , the first category Alto de San Miguel de Aralar.
The 10 kilometer long climb includes sections of up to 14 percent and Chris Froome, who had looked below his best on Tuesday, was clearly struggling on the
harder sections as Robert Roberto Gesink (Belkin) and Dan Martin (Garmin)
launched
attacks
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the lead bunch and even start to lead the chase with 2 kilometers remaining.
Contador then raised the pace, but seemed to be impeded by the motorcycles on the narrow road and Fabio Aru (Astana) again raised the pace to take the leaders
level with Gesink and then to launch his own attack which would win him the
stage.
Meanwhile Alejandro Valverde used his sprinting speed to finish second ahead of Contador in third with Froome just behind. Contador retains the overall lead
20 seconds ahead of Valverde, while Rigoberto Uran remains
third
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Thursday sees a 168 kilometer flat stage starting and finishing in Logrono and should end in a bunch sprint.
WELLINGTON, Sept. 14 (Xinhua) -- A new Antarctic SciencePlatform will be jointly developed by Antarctica New Zealand andthe Ministry of Business,
Innovation and Employment
(MBIE)
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"Antarctic science is hugely important to New Zealand," Ministerof Foreign Affairs Gerry Brownlee said in a statement.
With a mandate to carry out New Zealand's activities inAntarctica, alongside their existing logistics and
infrastructure
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support the deliveryof a strategic and collaborative approach to New
Zealand'sAntarctic science, Brownlee said.
The platform will bring together New Zealand's top experts,facilities
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