10042019 - Politicians, traditional rulers aiding bandits — DEFENCE MINISTER

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22 <strong>—</strong> Vanguard, WEDNESDAY, APRIL 10, 2019 IMF reviews Nigeria’s growth upwards to 2.1% ...warns US-China trade tension will impact crude oil prices Stories By Emeka Anaeto, Emma Ujah and Peter Egwuatu in Washington DC The International Monetary Fund, IMF, has effected an upwards review of Nigeria’s economic growth rate projection to 2.1 percent, a second review by the Bretton Woods institution on the forecast this year alone. Earlier in January it had reviewed the statistics downwards to 2.0 percent from initial figure of 2.3 percent referencing challenges in the international oil prices. But oil prices have been stabilizing since February this year. The positive forecast was also made against the backdrop of similar upwards review on the oil producers and other sub-Sahara Africa economies in 2019 to 2.0 percent (from 1.3 percent in 2018) and 3.5 percent (from 3.0 percent in 2018) respectively. These were contained in the 2019 “World Economic Outlook”, report of the IMF released yesterday at the ongoing 2019 Spring World Bank / IMF meeting in Washington DC, United States of America, USA. But in a near conflicting position, the Chief Economist & Director of Research, IMF, Gita Gopinath, at a press briefing on the report also yesterday said: “ Nigeria is likely going to experience a weakening in economic growth in the year 2019 following continued weakness of the global expansion.” She also stated that IMF has projected a further 3.7 percent expansion for the Sub Saharan Africa region in 2020 while that of Nigeria was projected at 2.5 percent. Trade tension could crash oil prices However, Gopinath said that a continued trade tension between the US and China would have a negative impact on oil prices and other commodities. Responding to a question on the impact of the trade tension on Sub-Saharan Africa, the IMF Chief stated: “A continued trade tension between the US and China would further weaken the global economy and this will in turn have a negative impact on prices of commodities, including oil. “With this weakness expected to persist into the first half of 2019, our new World Economic Outlook (WEO) projects a slowdown in growth in 2019 for 70 percent of the world economy. Global growth softened to 3.6 percent in Christine Lagarde, IMF President 2018 and is projected to decline further to 3.3 percent in 2019. The downward revision in growth of 0.2 percentage points for 2019 from the January projection is also broad based.” Emerging Markets Commenting on emerging markets, Gopinath said: “ Emerging markets have experienced some resumption in portfolio flows, a decline in sovereign borrowing costs, and a strengthening of their currencies relative to the US dollar. While the improvement in financial markets has been rapid, those in the real economy have been slow to materialize. Measures of industrial production and investment remain weak for now in many advanced and emerging market economies, and global trade has yet to recover. “With improved prospects for the second half of 2019, global growth in 2020 is projected to return to 3.6 percent. This recovery is precarious and predicated on a rebound in emerging market and developing economies, where growth is projected to increase from 4.4 percent in 2019 to 4.8 percent in 2020. Specifically, it relies on an expected rebound in growth in Argentina and Turkey and some improvement in a set Eurodad, a European network on debt and development, has warned of an imminent global debt crises. Nigeria’s Debt Management Office, DMO, last week announced that the country’s public debt rose year-on-year by 12.25 percent to N24.4 trillion at end of 2018. Reacting to the new IMF World Economic Outlook, released at the on-going IMF/World Bank Spring Zainab Ahmed, Minister of Finance of other stressed developing economies, and is therefore subject to considerable uncertainty. Growth in advanced economies will slow slightly in 2020, despite a partial recovery in the euro area, as the impact of US fiscal stimulus fades and growth tends toward the modest potential for the group, given aging trends and low productivity growth.” Global growth Beyond 2020 She said: “Beyond 2020, global growth is expected to stabilize at around 3½ percent, bolstered mainly by growth in China and India and their increasing weights in world income. Growth in emerging market and developing economies will stabilize at 5 percent, though with considerable variance as emerging Asia continues to grow faster than other regions. A similar pattern holds for low-income countries with some, particularly commodity importers, growing rapidly but others falling further behind the advanced world in per capita terms. Risks to global growth “While the global economy continues to grow at a reasonable rate and a global recession is not in the baseline projections, there are many downside risks. Tensions in trade policy could flare up again and play out in other areas (such as the auto industry), with large disruptions to global supply chains. Growth in systemic economies such as the euro area and China may surprise on the downside, and the risks surrounding Brexit remain heightened. A deterioration in market sentiment could rapidly tighten financing conditions in an environment of large private and public sector debt in many countries, including sovereign-bank doom loop risks” she said. IMF’s Policy recommendations According to her: “Given these risks, it is imperative that costly policy mistakes are avoided. Policymakers need to work cooperatively to help ensure that policy uncertainty doesn’t weaken investment. Fiscal policy will need to manage trade-offs between supporting demand, protecting social spending, and ensuring that public debt remains on a sustainable path, with the optimal mix depending on countryspecific circumstances. Financial sector policies must address vulnerabilities proactively by deploying macro prudential tools (such as counter-cyclical capital buffers)a task made more urgent by the possibility that interest rates will remain low for longer. Monetary policy should remain data dependent, be well communicated, and ensure that inflation expectations remain anchored. “Across all economies, the imperative is to take actions that boost potential output, improve inclusiveness, and strengthen resilience. There is a need for greater multilateral cooperation to resolve trade conflicts, to address climate change and risks from cybersecurity, and to improve the effectiveness of international taxation. This is a delicate moment for the global economy. If the downside risks do not materialize and the policy support put in place is effective, global growth should rebound. If, however, any of the major risks materialize, then the expected recoveries in stressed economies, exportdependent economies, and Debt body warns of escalating burden Meetings in Washington DC, USA, yesterday, the body said that many poor countries were already in debt trouble. Eurodad Head of Policy, Mr. Bodo Ellmers, said, “Many poor countries have already been struck by debt crises. Progress on Sustainable Development Goals could be derailed or even reversed. Poverty and inequality could rise, if no counter measures are taken. “High debt levels became a key constraint for spending on infrastructure projects and public goods in poor countries. Every Euro that goes to creditors is a Euro that does not go to poverty eradication and sustainable development. “Governments meet for IMF Spring Meetings in Washington this week. Next week, they convene at the UN Financing for Development Forum in New York. highly-indebted economies may be derailed. In that case, policymakers will need to adjust. Depending on circumstances, this may require synchronized though country-specific fiscal stimulus across economies, complemented by accommodative monetary policy. Lastly, adequate resources for multilateral institutions remain essential to retain an effective global safety net, which would help stabilize the global economy.” “These are crucial opportunities to solve debt crises in a fair, speedy and sustainable manner. “The IMF needs to do more to ensure that their programmes do no more harm to the poor. When a crisis strikes, IMF loans are often the last resort for affected countries. “But they come with harsh austerity and adjustment conditions attached. The IMF conditionality review that takes place while the Spring Meetings are ongoing should be used to ensure that IMF programmes respect democracy and human rights. “We also call on the IMF to conduct Human T i g h t s I m p a c t Assessment of all its programmes.” Our challenges many but surmountable - New W/Bank President The President of the World Bank Group, Mr. David Malpass, assumed duties yesterday, saying that challenges facing the global economy were many but that he would work with enthusiasm to overcome them. He spoke at the on-going IMF/World Bank Spring Meetings in Washington DC, USA. His said: “The challenges are many: there is poverty , there is the need for stronger growth, there is climate change, there is the role of women- full incorporation of woman into economies. “There is a need for stronger private sector and also many states are in fragility on in conflict. Those are clear, focused goals for the bank. “There is a clear mission for the bank: poverty alleviation and shared prosperity. These goals are urgent and I think we need a clear focus on achieving outcomes. “I am looking forward to undertaking this task enthusiasm. The bank has resources, it has staff, and it has the ability to actually have an impact.”
C M Y K Smile offers SmileKonnect, data roaming services in over 85 countries By Prince Osuagwu mile Communications Ni- at the weekend an- Sgeria nounced a partnership with an international data roaming company, NUU Mobile, HKG Limited, which has given it the leverage to provide roaming services to its teeming customers in over 85 countries across the world. This partnership ensures that Smile customers travelling to top destinations in these over 85 countries including US, UK, South Africa, Canada, Kenya and many more around the world, are empowered to automatically access data services to send and receive e-mails, download and send business documents and much more. Head of Brands and Communications, Lotanna Anajemba disclosed that at the consummation of the launch, Smile would be the first in Africa to partner with NUU Mobiles. He further disclosed that only NUU Mobile customers travelling into Nigeria from any country would be able to roam on Smile network. The service is also available for Smile customers travelling internationally with the SmileKonnect device. Through the partnership, Smile will be able to empower its growing number of customers to conduct businesses internationally with ease and convenience. He explained that for anyone to enjoy this service, the person would have to purchase a special Smile 4GLTE mobile device that will be available at Vanguard, Wednesday , APRIL 10, 2019 <strong>—</strong> 23 a competitive price across select Smile and partner outlets. He noted that this latest partnership is in line with Smile’s quest to offer unbeatable value to its customers. Anajemba justified his company’s selection of Hong Kong-based NUU Mobile on the ground that unlike other brands that sell at the entry level price range, NUU is a "Certified Google Partner," meaning its phones run on Android software that has been officially tested at certified Google labs. The partnership with NUU Mobile was also premised on attractive data price as customers with the virtual sim technologydriven devices can enjoy Smile data at affordable price. The partnership will also avail Smile customers the Konnect i4GLTE Mifi device as well as the virtual sim technology cum embedded sim. This innovation offers the best in class service delivery and will make Smile the first telecommunications company in Nigeria to launch a virtual sim device. By Prince Osuagwu, Hi-Tech Editor Cybercrime is assuming an alarming dimension. The menace is gradually moving from banks, governments and other large institutions with huge databases, into mobile networks. The risk increases every day as more data-driven innovations emerge. This poses great danger for everybody considering pervasive mobile connections and penetration of mobile phones. The onslaught of cybercrime has made the International Telecommunications Union, ITU to mandate countries to farm out means of tackling the scourge at the national level. In response to the ITU mandate, the Nigerian Communications Commission, NCC, last week, organised the 87th Telecom Consumer Parliament , with discussions centred on how to protect telecommunications networks from cyber attacks. Discussing the theme: Challenges of Cybercrime: The Role of the Telecoms Service Providers, the regulator and the telecom companies brainstormed on how to collaborate to avert cyberattacks. While NCC was tasked on developing a standard for cyber security management system for telcos, the telcos were advised to copy banks' Know Your Customer, KYC template in order to maintain a clearer database of their customers. Presenting the lead paper which touched on the sociology of cybercriminality, policy and legal framework required to deal with the challenges, as well as the role of the regulator and the service providers, a certified ethical hacker and information security expert, Dr. Greg Ezeilo, said that the growing trend of cybercriminality calls for active policy frameworks and collaborative efforts between the regulator and the operators. Responding to the call, the NCC, revealed it has established a Computer Incident Response Team, CIRT, to ensure that telecommunication networks are secured. CIRT is a networked computer systems designed to checkmate incidences of cyber attacks on the telecommunications net- CYBERCRIME: Why telcos must protect subscribers •NCC challenged on cyber security standards for telcos •Commission sets up Computer Incident Response Team •Tips to avoid cyber attack TIPS TO PREVENT CYBER ATTACK *Never post your personal information online *Never save your password online *Install Firewalls and up to date antivirus software *Never click on unknown links *Make your passwords complicated and change regularly *Review bank, credit/debit card statements regularly *Always protect your computer/mobilephones works. Executive Vice-Chairman of the commission, Prof. Umar Danbatta who made the disclosure, said: “The intention is to ensure that the telecommunications networks are secured because, in addition to the benefits of digital revolution which is referred to as the fourth industrial revolution, there is a risk dimension that results in the erosion of privacy and security. “Therefore, NCC must be in the forefront on ensuring that our telecommunications networks are secured enough to ensure that Nigerians who want to subscribe to telecom services will do so without any fear of their security/privacy being violated.” Danbatta also said that having done that, which fulfils the primary responsibility of the government to protect its cyberspace, there should also be a sectoral cyber security protection system to shake hands with the efforts of the government. He said the results would be the strengthening of individual and organisational cyber protection measures. He said: “For us in Nigeria, as it is the case in other countries where demand for broadband is increasing, we must be cognizant of the reality that access to broadband Internet has also brought unintended consequences of cybercrimes. “Different criminal activities such as spamming, Subscriber Identity Module, SIM card frauds, credit card frauds, Automated Teller Machine, ATM frauds, phishing, identity theft, unauthorised access, distribution of obscene and indecent contents, cyber bullying, among several other forms of sophisticated cyber-criminal activities are being perpetrated within the cyberspace. “We also believe that the time has come for organisations and telecoms service providers alike, to begin to use next-generation authentication as against the hitherto username-password authentication system because the Fourth Industrial Revolution, which offers opportunities for innovation, diversification, agility and cost optimisation, also carries with it an increased exposure to a new and jeopardising risk of cyberattacks.” Categories of Cyber attacks There are three major categories that cybercrime falls into: individual, property and government. Property; is similar to a reallife instance of a criminal illegally possessing an individual’s bank or credit card details. The hacker steals a person’s bank details to gain access to funds and make purchases online Individual: This category of cybercrime involves one individual distributing malicious or illegal information online, like pornography and trafficking. Government: This is the least common cybercrime, but is the most serious offence. A crime against the government is also known as cyber terrorism. Government cybercrime includes hacking government websites, Continues on Page 25
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10042019 - Politicians, traditional rulers aiding bandits — DEFENCE MINISTER

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