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Wednesday 29 February 2012

Bombings threatening our economy –Sanusi

Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi
THE Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, has warned that bombings and other violent attacks launched by terrorist groups are major threats to the economy.
At least, 1,200 persons have been killed in attacks by the violent Islamic sect, Boko Haram, which says it is campaigning for the introduction of the Islamic legal code, Sharia, in all parts of the country.
Sanusi spoke in Abuja on Tuesday at the inauguration of the Business Continuity Institute of Nigeria,  a body established in 1994 to promote the highest standards of professional competence and commercial ethics in business.
Sanusi said the economy was becoming increasingly vulnerable to the disruptions caused by terrorist attacks.
“The current spate of bombings across the country by terrorist groups alludes to the fact that our business environment is becoming more and more threatened and therefore the need to urgently develop a framework that will enable us to effectively respond to any crisis and thus safeguarding lives and properties and ensuring stability and growth in our economic system,” the CBN governor said.
Sanusi pointed out that only a sound, stable and robust business environment could lead to economic growth, increased per capita income and enhanced quality of the people.
The governor said the threat from terrorism had made it imperative for the bank to urgently develop a framework that would enable it to respond to any crisis.
This, he noted, would not only help to safeguard lives and properties, but also ensure stability and growth in the country’s economic system.
He said, “While we may be lucky not to have been hit by extreme weather conditions, such as hurricanes, snow and earthquakes, our experience as a nation reveals some vulnerability.
 “We are still combating the impact of the global meltdown on our national economy. In our own specific instance in the financial sector, we have had to engage a combination of measures, including injecting millions of naira into some ailing banks to prevent failures, and thereby saving depositors’ funds and restoring confidence in the system.”
Also on Tuesday, the Federal Government signed an agreement for the establishment of a trans-border security team with Cameroon.
Sources in government said the pact was part of the measures to curb the surge in the activities of Boko Haram. The sources added that the text of the agreement between the two countries provided that both countries would fight terrorism jointly.
Nigeria’s Minister of Foreign Affairs, Ambassador Olugbenga Ashiru, signed for Nigeria while the Vice-Prime Minister/Minister Delegate at the Presidency of Cameroon, Mr. Amadou Ali, signed for his country.
Ashiru said Nigeria attached great importance to the event and that the pact demonstrated the ability and political will of the two countries to come together and collectively address their common challenges.
Ashiru said, “The Agreement on the Establishment of the Trans-border Security Committee between Nigeria and Cameroon constitutes a major bilateral initiative aimed at strengthening security along our borders.
“Nigeria is committed to its full implementation and the realisation of its objectives in the interest of the progress, peace and security of the peoples of our two countries. We believe that Cameroon will also demonstrate (the) same commitment.”
The Minister also noted, “The ceremony is taking place at a significant time of the global fight against the scourge of terrorism and piracy that poses a serious threat to international peace and security.
“There is no region that is immune to the heinous activities of the terrorist groups and the pirates off the coasts.”
He further explained that the just concluded International Conference on Somalia in which Nigeria actively participated similarly addressed the issues.
Ali, who spoke through an interpreter expressed delight that the agreement had been signed. He explained that the event was an important milestone in the relations between Nigeria and his country.
Ali said, “The efforts of our two governments depend above all on the existence of peace and security along our common border.”
Meanwhile, the Federal Government, on Tuesday, said it would not hold talks with Boko Haram under pressure.
Boko Haram is behind a campaign of bombings and other violent attacks in the Northern part of the country.
Vice-President Namdi Sambo made this known while inaugurating the Senior Executive Course 34 of the National Institute for Policy and Strategic Studies, NIPSS,  Kuru, Jos, Plateau State.
While condemning the activities of Boko Haram and other militant groups, the Vice-President decried the use of terrorism as a means of expressing grievances.
“Terrorism cannot be used as a bargaining power and the Federal Government cannot be blackmailed into negotiating with faceless groups. You cannot be killing innocent citizens in places of worship and markets in order to attract attention or compel dialogue,” Sambo said
The vice-president, who was represented by the Head of Service of the Federation, Mr. Sali Bello, said that there were legitimate avenues of expression for members of the society dissatisfied with the scheme of things. He added that all Nigerians had the right to live in peace and not under siege or any form of fear in any part of the country.
SOURCE: The Punch, 29 February 2012. http://sunnewsonline.com

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