The crisis rocking the financial sector has deepened as exchange rate rose to over N370 per dollar. The foreign reserve also declined by $1.14billion. Non-Performing Loans (NPLs) in commercial banks, according to statistics averaged 4.7 percent last year and may increase to 10 percent in the medium term by 2016, due to the banks exposure to oil and gas sector. At present, NPLs in 17 banks are estimated at over N9.9trillion, even as the World Bank’s loan to Nigeria stands at over $6.29billion.

In what is becoming increasingly clearer, a cocktail of bad choices, incoherent policies made worse by instability in the markets, as well as a fastidious clinging to antiquated ideas, the fate of the Naira hangs in the balance as it continues its downward slide. This report will show why the Muhammadu Buhari administration’s misplaced belief that hope is best served for dinner, at a time when there may be no one at the table because the prognoses for the Naira and the economy, do not inspire confidence and growth.

With oil not able to sustain the economy anymore, attention is shifting to agriculture which, decades ago, was the propeller of the then buoyant economy. This is one of the reasons the President of Dangote Group, Alhaji Aliko Dangote, made a foray into productive agriculture. Last week, he launched his Dangote Rice Outgrowers Scheme in Hadejia, Kafin-Hausa local government area of Jigawa State.

Governor Akinwunmi Ambode of Lagos State yesterday said arrangements had been concluded to set up a Microfinance Bank to aid artisans and small business operators.

THE Minister of Industry, Trade and Investment (MITI) Dr. Okechukwu Enelamah, said yesterday, that over two million micro traders, farmers and artisans across the country will benefit from the Federal Government’s N500 billion Social Protection programme (SPP) Fund for 2016.