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FOOD MATTERS: Ila cocoa

FOOD MATTERS: Ila cocoa

If I didn’t
understand Yoruba’s musically intoned words, I would imagine ila cocoa
to be the perfect marriage between something sweet and something
savoury, or the name of a beautiful country. I’m allowed to imagine.
But ila cocoa is a soup made from young cocoa pods. I love the way food
becomes animated when introduced to words. Even if you don’t speak
Yoruba, there is an expectation of a treat when you hear ila cocoa. The
words are resonant and soft and sexy, especially the ‘cocoa’ that
knocks twice on the roof of your mouth. Better than mundane recipes are
descriptions of how flesh and blood and food interact. What you get are
engaging stories; muscular images that connect the mind to the emotions
to the gastric juices.

The story of ila
cocoa belongs to Festus Adetula who insisted that his wife, Oyebola,
must never cook him okra soup in that lazy Yoruba way. The Yoruba cut
up or grate okra pods, stir them into boiling water with salt and
potash (‘kaun’ is the bell-like Yoruba word for potash), serve the
briskly cooked okra with pepper stew and a choice of gari, pounded yam
or fufu. This simple treatment of okra is scandalous to people from
other parts of Nigeria who dress up the vegetable with as many as 10
other ingredients. Mr Adetula considered it an abomination for a strong
brewed Owo man from Ibami Mose’s farm to eat such spiritless food.

As a child
approaching his adult years, Mr Adetula’s life moved seamlessly between
work and hard work; from school to the farm and back to school. When he
and his wife moved into their marital home, one of the first things he
did was to plant his own cocoa trees. His wife thought that he grew
them for the childhood sweet treat of sucking on cocoa beans, or to
beautify the garden, but he grew them for the nutritious mucilaginous
ila cocoa soup. He taught his wife how to harvest 20 to 25 very young
pods of cocoa. The green, grooved elongated pods of cocoa are like
oversize okra pods, and perhaps this is what inspired the Yoruba to
cook them down into soup. The cocoa pods are wrapped and tied in glossy
green cocoa leaves and steamed until the skin of the cocoa is very
soft. They are then mashed in a mortar, not with heavy pounding but
with a measured firm back and forth movement of the pestle. This
produces a mucilaginous coarse mash of cocoa skin, beans and pulp.

In a pot, the stock
for the ila cocoa is put together from ground pepper; chopped onions;
boiled stockfish that flakes under the pressure of a fork; periwinkles;
iru pete (fermented locust beans processed into a mushy consistency);
ogiri (fermented sesame seeds) and the holy grail of Yoruba delicacies,
the legendary eja osan. Eja osan is a freshwater knife shaped fish. It
is so highly esteemed that King Sunny Ade immortalised it in song.
Forty-two pieces of fragrant smoked eja osan are presented by the groom
to the bride’s family during traditional Yoruba weddings. Stewed eja
osan is a strong aphrodisiac and a recognised ‘husband-bewitching’
device. Mrs Adetula uses the smoked eja osan.

Water is added to
the stock ingredients and everything is brought up to boil. The mashed
ila cocoa is added to the stock with salt and a little palm oil.
Shredded ugwu may be added at the end, just before the soup is taken
off the fire.

This soup’s
ingredients are so dear that it is really only practical as a meal for
one or two persons. It must be served with authentic pounded yam made
from yams grown specifically for pounding. The yams must be worked in a
mortar and must at the end of pounding give a smooth supple texture;
otherwise, Mrs Adetula says her husband would not eat it.

A few years ago, I met a Nigerian pastor who lived in Houston,
Texas. He confided in me that there was no question of him coming back
to live in Nigeria because he won’t be able to buy his sausages here. I
was so astounded, my mouth hung open in anticipation of the punch line.
I can’t resist contrasting the shallowness of living in a foreign
country because of cheap sausages to the integrity of being opinionated
about nutritious home grown food. If Mr Adetula had not turned his nose
up at a dull bowl of okra soup, what sort of ila cocoa story would we
have to tell?

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Teams anticipate Champions League quarter-final draws

Teams anticipate Champions League quarter-final draws

The quarter final line-up is complete and UEFA will be making
the draws today in Nyon, Switzerland, to determine the clashes between the
eight teams. But there is one recurring decimal; no team wants to be paired
with Barcelona, at least not for now.

The draw will be conducted by UEFA General Secretary, Gianni
Infantino; and the ambassador for the final that will be played at Wembley
Stadium on May 28, is former England striker Gary Lineker. The draws will be
televised by 12:00 noon Nigerian time on Hitv.

There are permutations on who will be playing who with teams
from the same country able to meet at this stage. There will be oohs and aahs
if Barcelona get paired with Real Madrid, looking at the 5-0 bashing that
Barcelona dished out to Madrid and also if Raul, now with Schalke 04, will
return to the Santiago Bernebeu to play his former side, Real Madrid. Another
mouth-watering prospect will be a Chelsea versus Barcelona match with all the history
and the memory of Norwegian referee, Tom Ovrebo, who many Chelsea fans wish
they had never heard of.

What they say

Though Jose Mourinho has said he will not like to play either of
his former clubs, Inter Milan and Chelsea, there is always the fact that with
an open draw, anything can happen with the quarter final matches fixed for
April 5 and 6 and the return legs a week after.

Cristiano Ronaldo said his team would like to meet one of the
smaller sides, a statement that may come back to haunt the Portuguese winger.
“Maybe we’d like to meet one of the smaller teams,” he said. “But can you
really say that of any side that has reached the last eight? Whoever remains in
the competition is there on merit and we need to be wary of everyone. Barcelona
for me would represent the most difficult challenge and maybe it would be
better to come up against them further down the line. We could even see Raul
return home, but let’s wait and see what happens.”

Chelsea’s Didier Drogba has said his side will do anything to
get to another semi-final. “Let’s wait for the draw and see what’s going to
happen,” he said in an interview with uefa.com . “We just want to play this
quarter-final and do everything to go through, There are a lot of big teams
there. It’s difficult to say ‘I want to avoid Manchester United’ and then you
play Barcelona, or ‘I want to avoid Barcelona’ and then you play Inter Milan.
They’re all big teams.”

The line-up of the eight teams include: two Spanish sides, three English
teams and one from Ukraine, Germany and Italy. These teams are Barcelona, Real
Madrid, Manchester United, Tottenham Hotspurs, Chelsea, Shakhtar Donetsk,
Schalke 04 and defending champions, Inter Milan.

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Zambians rule out March friendly with Eagles

Zambians rule out March friendly with Eagles

The proposed international friendly match between Nigeria’s
Super Eagles and the Chipolopolo of Zambia will no longer hold as scheduled.

The game had been scheduled to take place in Abuja, at the
National Stadium, on March 29, two days after the 2012 Africa Cup of Nations
qualifier between the Super Eagles and the Antelopes of Ethiopia. As the March
29 date is a day set aside by football’s world governing body FIFA for
international friendly matches, the Nigeria Football Federation (NFF) was
hoping to keep the Super Eagles busy by securing a game against another
national team.

The Zambians were approached and media reports suggested that a
deal had been agreed upon by both the NFF and the Football Association of
Zambia (FAZ). However, the game will no longer come up on March 29 as the
Zambian federation cannot guarantee that they will have a full strength squad
for the game in Abuja. This is because, two days before the proposed game
against the Super Eagles, the Chipolopolo will, like their Nigerian
counterparts, also be involved in a 2012 Africa Cup of Nations qualifier
against the Mambas of Mozambique.

And as no notification of a game between Zambia and Nigeria had
been given to the club sides of Zambia’s foreign based entourage prior to their
release for their March 27 qualifier against the Mozambicans, it would be
difficult for the FAZ to raise a team for the proposed friendly.

Their reason

“Please note that the Zambia National Team will be playing an
Africa Cup of Nations match against Mozambique on 27th March, 2011 at the
Machava Stadium in Maputo,” said George Kasengele, the General Secretary of the
FAZ. “We had received a request for the match with the Nigerian Super Eagles
through a match agent but have not yet confirmed this with him. Apparently all
our professional players will be required to return to their respective bases
after the game against Mozambique. In light of this we are unlikely to raise a
strong team to play the Super Eagles on that date.”

Kasengele, nevertheless, expressed the Zambian national team’s
readiness to engage the Super Eagles on any other FIFA approved match date
other than March 29. For their part, the NFF expressed regret over the
unavailability of the Zambians but remained optimistic about their chances of
finding a suitable opponent to pit against the Super Eagles on March 29. “We
have been informed about the development and it’s quite unfortunate as they
would have been a good test for the Super Eagles,” said Ademola Olajire, the
federation’s media officer. “But the NFF will do everything to get a suitable
opponent for the Super Eagles. We have a few countries in mind and once a deal
is concluded we will make it public.”

He, however, refused to divulge the names of the countries the NFF are
lining up as potential opponents of the Super Eagles come March 29, but a
source within the football body confirmed that arrangements are being made to
get a date with Benin or Cote d’Ivoire.

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Injuries threaten United’s title hopes

Injuries threaten United’s title hopes

In the last match before Alex Ferguson begins a five-match
touch-line ban, the league leaders will have to cope without some first team players.
Captain Nemanja Vidic will have to undergo a late fitness test before being
pronounced available or otherwise for the lesser Manchester derby on Saturday.

United have lost the last two league matches: 2-1 away to
Chelsea followed by a 3-1 loss to Liverpool. They have not lost three Premier
league games in a row since December 2001 but are especially thin at the back.
Players like Rio Ferdinand, Vidic, Johnny Evans, John O’Shea and Rafael are all
doubtful. Paul Scholes leads the absentees in midfield due to suspension and is
joined by Anderson and Ji-Sung Park, both out due to injuries. Darren Fletcher
is also out with a virus. However, Park and Evans could return for Saturday’s
match.

The Red Devils have since won two matches on the trot after the
disappointments in the league: a 2-0 win over Arsenal in the FA Cup, followed
by a 2-1 victory over Olympique Marseille in the Champions League on Tuesday.
Meanwhile, Bolton are unbeaten in their last six matches in all competitions
but they have won just one of their last 16 Premier League games against
Manchester United. New manager, Owen Coyle has added a new playing mentality
plus a player like Daniel Sturridge, who has scored four goals in the last five
matches for the team. However, United are still overwhelming favourites for the
three points to keep up their chase for a 19th league title.

Arsenal needs revenge

After West Bromwich knocked the stuffing out of the Gunners in
September with a 3-2 shock win, most of the blame was heaped on Arsenal goal
keeper, Manuel Almunia, and that led to him losing the spot, first to Lukasz
Fabianski and then Wojciech Szczesny.. However, fate has dealt the Spaniard
another hand, where he is the only fit senior keeper to face the Baggies on
Saturday. The question is then that will Almunia redeem himself?

This was also the game that Nigerian striker, Osaze Odemwingie,
showed off all his attacking acumen; getting a penalty and also a goal.
Interestingly, at a point in the match, West Bromwich Albion led 3-0. Samir
Nasri scored a late double for Arsenal, but it could have been worse for the
Gunners after Brunt had a first-half penalty saved and at the end of the match,
West Brom looked like contenders for the league title.

But six months is a long time in football, West Brom have had to sack
Roberto Di Matteo and install Roy Hodgson to forestall relegation while Arsenal
have been dumped out of three competitions in 13 days. Meanwhile Gunners
defender Thomas Vermaelen will miss the rest of the season. The Belgian had
been sidelined since September after picking up an Achilles injury while Jens
Lehmann will sign for Arsenal for the rest of the season, manager Arsene Wenger
revealed on the club website.

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I have not finished my work with FIFA, says Blatter

I have not finished my work with FIFA, says Blatter

FIFA
president, Sepp Blatter, has yet to finish his work as the head of
soccer’s world governing body and is still full of energy ahead of the
June elections and a possible fourth term, the 75-year-old Swiss said
on Thursday.

Blatter was in
Kuala Lumpur to meet the head of the Malaysian Football Association,
Ahmad Shah, concluding a short Asian tour as he seeks to canvas support
ahead of the June 1 elections at the FIFA Congress in Zurich. “I feel
still full of energy and I’ve not yet finished my work in FIFA,”
Blatter told reporters in the Malaysian capital on Thursday. “I’m now
in my 13th year of presidency in FIFA, and the 36th year to work in
FIFA, so I’m available to the congress.”

Blatter is, so far, the only candidate for the role but widespread
media reports suggest Asian Football Confederation head, Mohamed Bin
Hammam, will announce his intention to run on Friday. Blatter was not
concerned at the prospect. “If there is competition there is
competition,” he said. “I have support from different Asian
associations, but I must have the support from whole family of FIFA.”

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Amnesty International warns Nigeria over political violence

Amnesty International warns Nigeria over political violence

Amnesty
International has urged the Nigerian government to check the rising tide of
political, ethnic and religious violence threatening the April general election.

In a
statement issued on Thursday, Amnesty International said that so far, more than
50 people have also been killed since July 2010 in conflicts directly related
to elections.

According
to the statement, Human rights defenders, who will play a key role in
monitoring the April election, are facing increased threats and violence with
no adequate protection from the security forces.

The group
urged political parties and candidates to put justice, security and human
rights at the heart of the election campaign, in order to break Nigeria’s
nationwide cycle of violence.

Impunity

The human
rights group said Nigerian authorities have failed to bring suspected
perpetrators to justice, or to prevent further human rights abuses.
Investigations, it said, are infrequent and often inadequate and hardly anyone
has been convicted for the killings.

“The
Nigerian authorities must act to protect people’s lives and all political
candidates should denounce violence and tell their supporters to campaign
peacefully,” Tawanda Hondora Amnesty International’s Deputy Director for Africa
said.

“Candidates
should tell voters what they will do to stop the senseless killings and improve
security and justice in Nigeria. The Presidential Debate on Friday 18 March is
an excellent opportunity to make such a commitment,” he added.

The
statement added that despite these deaths, there have been no national
campaigns against election violence, and very few arrests.

Mr. Hondora warned that “When no-one is
brought to justice for violence, this sends the message that you can get away
with murder.”

Poor investigation

“The
authorities have also failed to competently prosecute those responsible for the
Jos and Plateau State violence, and the results of previous government
investigations into reasons behind the violence have never been made public.

“The
security forces have reacted with wide ranging abuses such as enforced
disappearance, extrajudicial execution, and sweeping arbitrary detention,”
Amnesty International added.

In Borno
state, where Boko Haram has been blamed for attacks on security forces,
government officials and religious leaders a local resident told Amnesty
International that “After the killings [by Boko Haram]… they come and arrest
all those people around [the area]… Now, if an incident happened in an area you
will see most of the neighbours packing out of the area.”

“We were
taken to SARS [Special Anti-Robbery Squad], Abuja. It’s known as the abattoir… we were not
alive. We had no food, no water… One
cell held about 45 of us… There were five small children there too,” another
resident described his detention as a Boko Haram suspect to Amnesty
international.

The human
rights group is of the view that poor police investigation is undermining
efforts to bring suspected perpetrators to justice.

Meanwhile, the international organisation will
today launch a website, Eyes on Nigeria. The website,
http://www.eyesonnigeria.org, “employs new monitoring tools and technologies to
expose and visualise human rights abuses and situations in which human rights
are at risk throughout Nigeria, including through active monitoring of harmful
gas flaring in the Niger Delta region.”

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Jonathan may shun presidential debate

Jonathan may shun presidential debate

The presidential candidate of the Peoples Democratic Party (PDP)
in the April 9 election, President Goodluck Jonathan may not participate in the
presidential debate holding this evening in Abuja. The debate, which is being
packaged by NN24, will be held at the Transcorp Hotel, Abuja between 6 and 9pm.

The organisation had last Friday held the vice presidential
debate which was attended by Fola Adeola of the Action Congress of Nigeria
(ACN), Tunde Bakare of the Congress for Progressive Change (CPC) and John
Odigie-Oyegun of the All Nigeria Peoples Party (ANPP).

Vice President Nanamadi Sambo, who is also the running mate of
Mr Jonathan, stayed away from the event.

It was gathered yesterday that though the President sent his
security details to the organisers to clarify issues relating to the security
of the venue ahead of the debate, he may not show up.

Spokesman of NN24 Presidential Debate Committee, Shagari Sambo,
told NEXT yesterday that Mr Jonathan may likely participate in the debate
because of the signals coming from the Presidency. He did not, however,
elaborate beyond adding that the event will hold whether the president shows up
or not.

Abba Dabo, the director of media and publicity of the
Presidential Campaign Council (PCC) of the PDP, said yesterday that the
president may not take part in the presidential debate. He said Mr Jonathan is,
however, willing and ready to participate in the one planned by the other
groups that are collaborating with the Broadcasting Organisation of Nigeria
(BON).

Wider reach

He told NEXT in a telephone interview that the one organised by
BON will have a wider reach, hence Mr Jonathan has decided to participate in
it. Mr Dabo added that the vice presidential debate organised by NN24 did not
have wide coverage and reach.

Mr Jonathan had made earlier pledges through his aide that he
and his deputy were willing to participate in presidential debates.

Ibrahim Modibbo, spokesman of the Nuhu Ribadu Campaign Organisation,
confirmed to NEXT yesterday that the ACN standard bearer, will attend the
debate.

“Yes, Nuhu Ribadu will be there and in fact we are looking
forward to this debate,” Mr Modibbo said in a telephone interview.

It was not however clear if the CPC candidate, Muhammadu Buhari
will participate in the debate. Both his spokesman, Yinka Odumakin and that of
the party, Rotimi Fasahakin could not be reached as their telephones handsets
were switched off.

They were believed to be in the campaign field with Mr Buhari,
who was in Kebbi and Sokoto States yesterday. But a source in the party
confirmed that the former military head of state is prepared to participate in
the event.

On his part, the ANPP flag bearer, Ibrahim Shekarau has
reportedly given his word that he will attend the event. Meanwhile, NN24, in a
statement yesterday, said the debate would go ahead today.

Mr Sambo, who signed the statement also said that accreditation
and seating arrangements have been reserved for about 40 journalists. The
presidential debate is coming ahead of another one being packaged by the
Nigeria Presidential Debate Group, which is billed to hold on March 28-30.

Unlike the NN24 debate, which will have only four participants,
all the 19 presidential hopefuls in the April election will participate in the
three-day event.

Also on Thursday, the leaders of the debate group reportedly
held discussions in Abuja with the leadership of the political parties whose
flag bearers are participating in the debate, to fine-tune the procedure for
the event.

During the vice presidential debate last week, Messrs Bakare,
Adeola and Odigie-Oyegun frowned at the refusal of their PDP counterpart to
show up, noting that it was a display of arrogance on the part of the vice
president.

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I will open can of worms, says Daniel

I will open can of worms, says Daniel

The Ogun State governor, Gbenga Daniel yesterday said he is
still keeping some secrets close to his chest but will open a can of worms
before May 29, 2011 when his tenure ends.

Mr Daniel spoke at an event held at the International stadium
Sagamu to honour his administration. He told organisers of the event, the
Academic Staff Union of Secondary Schools of Nigeria (ASUSS), Ogun State
chapter, that, “no amount of intimidation will stop your governor from standing
firm. And let me assure you that I will stand firm till the last day. By the
special grace of God, we will hand over the mantle of leadership to people that
you are going to be proud of. I don’t know who but God knows,” he said.

“There are a lot of people who want to go in through the
backdoor; they are the people who have gone to get kangaroo judgment. There is
no doubt that there was a lot of thunderstorm in Ogun State. Not many people
believed that we are going to be here till today. Even, as I stand before you,
those people are not relenting,” he said.

Speaking to the large number of teachers in attendance, Mr
Daniel declared that he has done his bit, pointing out, that “Ogun State will
never be the same again. There is no doubt that when a country or a state is
progressing, some people will not just understand the kind of magic we are
using. Let me assure you that there is no magic, but it is the work of God”.

For ₦2000 only

Mr. Daniel added that his investigation revealed that those who
booed him during the presidential rally in Abeokuta, the state capital, were
given N2,000 each by their sponsor. He said they have confessed to him. “On
Saturday, they hired some people. We have found out; they hired people to the
stadium in Abeokuta. The people that they hired have now come to us to confess.
Some of them from the Lagos State College of Education, Ijanikin; some of them
from the Polytechnic in Lagos confessed. They said each and every one of them,
they paid them ₦2000 each to come to the rally to come and boo OGD,” the
governor said.

Earlier in his welcome address, President of the teachers group,
Tunde Folarin, said the programme was designed to appreciate the governor’s
gestures to the teachers in the last eight years of his administration.

“Today is a day to show considerable appreciation for crucial
contributions of the OGD-led administration to we teachers, especially in the
Secondary School sector, so as to motivate you in your path of fulfilled
destiny,” Mr Folarin said.

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Lawmakers clash over petroleum industry bill

Lawmakers clash over petroleum industry bill

After weeks of rescheduling, the House of Representatives
briefly mentioned the Petroleum Industry Bill yesterday but shelved the
long-awaited passage after lawmakers rowed over the planned deregulation of the
sector.

The members only considered two clauses of the 405 reviewed
clauses of the bill, on Thursday – the same number earlier examined by the
senate – which spells out the bill’s introductory remarks and the purview of
its contents.

But the lawmakers, polarised between the North and the South,
expressed concerns on the contentious deregulation of the petroleum sector – a
government plan now to be integrated into the bill- and whether Nigeria’s oil
wealth is owned by the federal government as stated in the bill or the
federation.

Northern lawmakers argued that the region will be worst hit by
deregulation since transportation of fuel products will raise the retail cost;
while lawmakers from the south, insisted that the policy will serve the nation
best.

“I cannot sit here as a representative of my people and accept a
policy that will make the people of Borno State pay higher for fuel than people
in Lagos or Port Harcourt,” said Sa’adatu Sani, who heads the House committee
on Millennium Development Goals.

Southern representatives, whose members head the three
committees that turned in the PIB, responded that an open market will in the
long run introduce competition, combat high cost and as well dislodge the tiny
“cabal” that is feeding on government subsidy.

“We must be very clear, this bill is in the interest of the
country not for a particular section,” said Igo Aguma, the chairman of the
House Committee on Gas, which worked on the bill jointly with the committees on
Upstream Petroleum, Downstream Petroleum and Justice.

Ameliorating impact

As a safeguard, part of the projection is to site at least three
government-run mega filling stations in each of the 774 local governments
across the nation.

Again, lawmakers from the north protested the inclusion of a
clause vesting the ownership of petroleum in the country to “the Government of
the Federation,” asking that it be replaced with “the Federal Republic of
Nigeria.”

Both concerns were, however, overruled by the deputy speaker,
Usman Nafada, who nudged a lean plenary attended by only 15 members, to push
the final debates of the legislation before adjourning for another break.

“There may be difficulties when we start implementing them, but
over time I believe they will take shape,” he said. “For those who think that
the law is for a part because today we have oil in the south, the north too
will have oil.”

The House is to resume sitting April 19 after elections. Mr.
Nafada said the House, yet to complete work on other major bills including the
Anti-terrorism and Money laundering bills, will pass the long-standing
Petroleum Industry Bill upon resumption.

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‘Higher recurrent expenditure in 2011 budget is worrisome’

‘Higher recurrent expenditure in 2011 budget is worrisome’

The expansionary tendency of the 2011 appropriation budget
passed by the Senate on Wednesday would yet again put the Central Bank of
Nigeria (CBN) under to introduce liquidity tightening much quicker than it
ought to.

Razia Khan, regional head of Research, Africa, Global Research
at Standard Chartered Bank at a media presentation in Lagos yesterday said a
major problem with the outlook is that it gives a false hope that all is well.
“Raising recurrent expenditure creates an expectation that this is the amount
that would be received every year such that if revenue drops, it becomes
difficult to cut back.”

The Senate approved a budget of N4.971 trillion as against
N4.538 trillion presented by President Goodluck Jonathan. Out of the amount,
N2.467 trillion or 54.4 per cent was earmarked for recurrent (non-debt)
expenditure, while N1.562 trillion or 34.4 per cent is for capital expenditure.
“Such higher spending, everything being equal will lead to higher inflation.”

According to Razia, the budget outline does not add real value
to the economy as such huge spending on recurrent expenditure have shown in the
past. “Other African countries are making more progress than Nigeria in terms
of increasing revenue earnings as a percentage of GPD (gross domestic product).
The huge amount that we have seen and the increasing debt burden that is
required to sustain the budget is worrying,” she said.

More transparency

While Nigeria still holds much promise to investors, she called
for more transparency on how resources are allocated. “Another source of
concern is the run down in the foreign exchange reserves. You can see how
reserves rise at the beginning of the month and fall at the end of the month.
The uncertainty for investors is that it is not necessarily transparent.
Investors want to know about what the future risks are.”

She said Nigeria would need to pay more attention to its debt
market, particularly the sustainability of the debt level especially with the
figures approved for the 2011 budget just passed by the Senate. “Nigeria is
still within comfortable level but we worry about the rate of increase and what
the borrowings are for. We can’t look at debt ratio in isolation but how much
of future earnings of Nigeria are going to be ring fenced to be able to pay.”

Nigeria’s potential She however said Nigeria has the potential
to double the size of her economy within the next 10 years if it maintains the
current trajectory of 7 per cent annual growth in gross domestic product (GDP),
adding that African economies are the focus of many global financial players.
“The growth momentum in Africa has been strong. Perhaps, more meaningfully in
our view is that policy makers in Africa are reacting to the global financial crisis
themselves, using monetary instruments to address the issues.”

According to her, the youth dependency which used to be the case
in much of Africa is changing as many of the youth are growing into working age
due to a change in demography. “With the exception of Asia and the middle east,
much of the rest of the world are contending with an aging population.

She said the regulator would need to keep its focus on the
exchange rate in order to achieve a more balanced portfolio. Contrary to
expectations, she advised the CBN not to embark on huge devaluation of the
naira. “What we will not recommend is a big devaluation in the naira because
that will create more problems in the economy. It may lead to increase in
prices. There is nothing to stop the CBN from adjusting it up gradually in
response to higher demand. Why ignore the signals coming from the market. If
you keep supplying foreign exchange just to keep exchange rate steady and
demand keeps rising, then you are creating a situation which is simply problematic.
The band could move up to N151 for example. ” She said the plan by the CBN to
begin foreign exchange forwards may reduce demand pressure.

The CBN has said it would commence sales of foreign exchange
forwards from Wednesday, 23rd March, 2011.

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