INTRODUCTION
If there were security problems in Nigeria, no businessman would go to the country to explore opportunities, companies like Celtel, MTN, Etisalat, would not have ventured into security risk country to do business. Those who spread rumour about security and corruption problems in Nigeria are saying so to stop others from making money in the country. Figures don’t lie. They are the biggest testimonies for how conducive Nigeria’s environment for business and opportunities are. If you want to do business in Africa and record good returns on your investment, I welcome you to come to Nigeria. The political environment in Africa, particularly in Nigeria is tremendous.
Dr. Hamadoun Toure,
Secretary General,
International Telecommunications Union,
Cited in the Punch Newspaper, May 13, 2008)
What is happening currently with the Nigerian financial system is far from being affected in any way by the global credit crisis. At global level currently, the banks are under-capitalised, but Nigerian banks are over-capitalised. And I do not think this is a problem at all. I believe that Nigerian banks are under pressure from other economies within Africa continent that are affected by the credit challenges.
- Gordon Smith,
Head of Research, Africa and the Middle East, International Consilium,
(Reported in the Punch Newspaper, June 30th, 2008).
The foregoing statements aptly connote two understandings of the state of Nigerian economy. These understandings show that, the economy is one of the fastest growing economies in Africa and in the world. Although Nigeria has had hash economic history, it has undergone and still undergoing economic reforms, which are aimed at making Nigeria the Africa’s financial hub and one of the twenty largest economies in the world by the year 2020. Needless to say that the country has experienced political instability, corruption, and poor macroeconomic management in the past, this was responsible for unpleasant and harsh economic situation. The government relentless efforts to reposition the economy have translated into a remarkable economic growth and development. Several mechanisms have been put in place to sustain this growth and development, capable of balancing the interests of stakeholders. Perhaps, this view must have influenced Gordon Smith submission. He described Nigeria as the most dynamic market in Africa, which is under severe pressure from some countries in Africa to serve as a cushion against the effects of global turbulence. He also noted that some countries like Ghana, Malawi, Mauritius, among others were depending on her at the moment due to global risk exposure and that the country’s economy, led by the consolidated banks, was far from being affected by the global credit crisis currently rocking the world’s financial giants. He stressed further that foreign investors, who will be patient enough to weigh the Nigerian financial system on the credit risk perspective relative to global events, will find the nation’s financial sector more interesting to invest and raise capital from.
Faced with numerous challenges, Nigerian government is determined to strengthen, diversify and make the economy attractive and investment-friendly to both local and foreign investors. The government has adopted total liberalization and globalization as the economic policy, instituted privatization and commercialization programmes of public enterprises, provided total security for business and people, extended invitation to domestic and foreign investors, abolished laws inhibiting competition, embraced and fine-tuned policies to ensure quick realization of growth and development of all sectors of the economy. The effort is already paying off as Nigeria is now the focus for foreign investment thereby increased exponentially Foreign Direct Investment (FDI). Scores of economic missions and delegations from developed and developing countries have visited Nigeria, thus accelerating the growth of the economy at a very fast rate.
It becomes pertinent to direct the course of this discussion to embrace the second understanding of the above statements made by Hamadoun Toure and Gordon Smith. However, it becomes more pertinent to enumerate the inherent investment opportunities in Nigerian economy before discussing the issue of security as raised by Toure.
INVESTMENT OPPORTUNITIES AND SECURITY ISSUE IN NIGERIA
No doubt, Nigeria is an investment haven with countless and lucrative investment opportunities including oil and gas, solid mineral, agriculture, tourism, telecommunication, power and steel, transport, trade processing zone, financial sector, real estate / property, manufacturing, sport and entertainment, and fashion industry. Investors have a wide range of opportunities to choose from. It is important to note that the rate of growth of investment is fantastic and exponential in any of these sectors. Investors are at advantage of presenting their products and services to already-made market taking advantage of the population of over 140 million.
In telecommunication, statistics reveals that mobile phone users in Africa were about 280 million, overtaking United States and Canada with their 277 million users in the opening quarter of 2008. With 70 million connections in 2007, the Continent became the fastest growing region in the world, representing a growth of 38 per cent, ahead of the Middle-East (33 per cent) and the Asia-Pacific (29 per cent).It was also revealed that the fastest growing markets are located in northern and western Africa, representing altogether 63 per cent of the total connections in the region. The record showed that Nigeria, Zambia, Tanzania, The Democratic Republic of Congo, Kenya, Algeria, Tunisia, Ghana and South Africa are highly competitive markets in the Region. The record further contends that two-third of Africa’s telephony are in their early phase of development, with penetration rates below 30 per cent at the end of 2007.In percentage terms, it was noted that Africa is the fastest growing market in the world, but also the second smallest in terms of connections after Middle-East.
As Nigeria accounts for 57 per cent of the West Africa mobile phones, the country is acknowledged as the leading and the fastest growing telecom market in Africa. With mobile phone users at 44,932,181 and 734,444 for GSM and mobile CDMA respectively, her contributions to West Africa and Africa’s telecommunication growth can not be overemphasized. While the overall economic growth rate stands at 7% per annum, the mobile telephony is about 35-50%. Assuming that each of these connections was busy for a minute in a day, the country telecoms market has the capacity to generate over USD 16 million per day (USD16, 666,667) and close to USD 6 billion per year (USD 5,833,333,300). This is why telecom companies such as Visafone and Etisalat quickly joined the likes of MTN, Globacom, Celtel and other telecoms service providers in exploiting opportunities in the country.
Early this year, one of the main GSM service providers with a subscriber base of over 15 million announced a profit after taxation of USD650 million (78 billion naira) for the year 2007.Putting all these together, one can easily understand Toure’s submission describing Nigerian telecoms market as the best investment destination in Africa.
Recognizing the fact that the Nigeria telecoms industry is enormous and there is need to further exploit the sector to its fullest, the Nigeria Communication Commission (NCC) and the Ministry of State for Information and Communications have made their positions clear by extending invitation to global investors for active participation in the sector as they are willing to grant pioneer status and license for prospective applicants for various undertaking such as Fixed telephony, Mobile telephony, Fixed satellite (VSAT),Paging, Payphone, Internet and other value added services.
With the above facts, one can safely conclude that Nigerian telecom sector offers fantastic and lucrative investment opportunities to global investors. And putting into consideration 40% GSM market growth rate in the first quarter of this year (2008), there is potential for high return on investment in this sector.
Agriculture, the dominant sector of Nigeria economy, engages about 70 per cent of the population directly and provides nearly 88 percent of non-oil foreign exchange earnings. It contributes about 41 per cent of the GDP of the country. The sector recorded an overall growth rate average of 7 per cent in the last three years, a major improvement from under 3 per cent in the 90′s.
Statistically, 91 million hectares of the country’s total land area of 92.4 million hectares is adjudged to be suitable for cultivation. Approximately half of this cultivable land is effectively under permanent and arable crops, while the rest is covered by forest wood land, permanent pasture and built up areas. Among the states, which have the most abundant land, areas are Niger (7.6 million hectares) and Borno (2.8 million hectares).
Agriculture crops in Nigeria are grouped into cereals, root and tuber crops, grains legumes and other legumes, oil seeds and nuts, tree crops, and vegetable and fruits. Governments and the Ministries of Agriculture have made land acquisition easy, encouraged agricultural practices, extended (still extending) invitation to foreign investors and have put in place several incentives to stimulate growth in the sector. Despite, the agricultural potential of Nigeria is barely being tapped and this explains the inability of the country to meet the ever-increasing demand for agricultural products and her rank as 55th in the world (although first in Africa) in farm output.
As the world experiences food crisis and persistent rise in fuel price, the country’s agriculture offers unlimited opportunities for foreign investors and the world at large to provide solutions to these crises. Foreign investors will find investments in cultivation of sugar cane, sugar beet, sweet sorghum, starch (corn/maize), palm oil, soybeans, jatropha, and algae. These products are lucrative as they are potential for biofuels, a good substitute for fossil fuel. Presently, there is a very high demand for these crops from the developed economies.
Solid Mineral is another sector with great investment opportunities. Nigeria is endowed with numerous mineral resources. Recent policy reforms have brought the solid minerals sector to the fore. The emphasis is on encouraging massive foreign investors’ participation in this sector as less than 0.5 per cent is contributed to the Gross Domestic Products from Solid mineral sector. However, the Ministry of Mines and Steel and the Ministry of state’s focal attention in the last one year is to strategically place the country in a better position to explore and exploit just seven minerals in the plethora of minerals so as to increase Gross Domestic Product to 5 per cent within the next few years. The seven strategic minerals are coal, bitumen, limestone, iron-ore, barite, gold and lead / zinc.
Coal can be found in Enugu, Benue and Kogi. Within these three districts 396 million metric tones can be demonstrated using JORC classification criteria, while an additional 1,091 million tones of inferred and hypothetical coal resourced for the areas studied is 1481 million tones.
Knowing fully that development of coal will assist in the realization of energy, the Government and the Ministries are inviting foreign investors to participate actively in the exploration and exploitation of the mineral. Companies such as Denver Resources and Western Metals have already committed US$10 million and US$15 million respectively for two coal fields in the country. Another Chinese firm, Grid Xin Yuan International Investment Company that is providing more than half of China’s electricity needs is also in the country, indicating their interest in the development of a coal field in Kogi State.
The Bitumen reserve in the country is estimated at more than 27 billion barrels of oil equivalent while iron-ore is estimated at over 5 billion inferred reserves with presence in Kogi, Enugu, Niger, Zamfara and Kaduna States. Gold in just 10 locations is estimated at 50,000 ounces, barites 10 million metric tones and limestone at 2.3 trillion reserves.
Talc with an estimated reserve of over 100 million tones can be found in Niger, Osun, Kogi, Kwara, Ogun, Taraba and Kaduna States.The colour of the Nigerian talc varies from white through milky-white to grey. The talc industry represents one of the most versatile sectors of the industrial minerals in the world. The exploitation of the vast talc deposits in Nigeria would therefore satisfy not only the local demands but also that of the international market as well.
The national demand for table salt, caustic soda, chlorine, sodium bicarbonate, sodium hydrochloric acid and hydrogen peroxide exceeds one million tones. A colossal amount of money is expended annually to import these chemicals. There are salt springs at Awe (Platue State), Enugu, and Uburu ( Imo State), while rock salt is available in Benue State. A total reserve of 1.5 billion tones has been indicated. Government, to ascertain the quantum of reserves, is now carrying out further investigations.
In the same vain, large bentonite reserves of 700 million tones are available in many states of federation ready for massive development and exploitation, over 7.5 million tones of barite been identified in Taraba and Bauchi states, and an estimated reserve of 3 billion tones of good kaolinific clays has also been identified.
Gemstone mining has boomed in various parts of Plateau, Kaduna and Bauchi States for years. Some of these gemstones include Sapphire, Ruby, Aquamarine, Emerald, Tourmaline, Topaz, Gamet, Amethyst, Zircon, and Fluorspar, which are among the best in world. Good prospects exist in this area for viable investment. Understanding that this sector requires urgent investment, the Ministry has directed miners who are still in small artisan levels to form cooperatives so as to benefit from World Bank US$10 million assistance. Apart from this, three Nigerian Banks have also established solid minerals desk with fund of over US$ 8 million each for the development of the sector.
Foreign investors will find this sector worth-investing on as Nigerian governments have put in place various incentives and strategies for investment such as 3-5 years tax holiday, deferred royalty payments, possible capitalization of expenditure on exploration and surveys, extension of infrastructure and provision of 100% foreign ownership of mining concerns.
Recognizing that only a sustained macroeconomic environment and a sound and vibrant financial system can propel the economy to achieve the country’s desire to become one of 20 largest economies in the world by the year 2020, on the July 6, 2004 the Federal Government through the Central Bank of Nigeria (CBN), under the leadership of its Governor, Professor Charles Soludo launched a 13-point reform agenda to restructure, refocus and strengthen the Nigerian Financial System. To complement this agenda, another comprehensive long-term reform agenda for the Financial System (the Financial System Strategy 2020-FSS2020) was launched. The grand objectives of these agendas are substantially being achieved. The country financial system now comprises of strong, efficient and internationally competitive banks with an eye for global markets, a capital market with highest returns on investment, in dollar terms, a sound and rewarding insurance industry and other competitive financial participants.
Gordon was right in his submission to have described Nigeria as the most dynamic market in Africa. His view that “foreign investors, who will be patient enough to weigh the Nigerian Financial System on the credit risk perspective relative to the global event, will find the nation’s financial sector more interesting to invest and raise funds from” x-rays the truth about the country’s financial sector.
The country’s banking system is the safest and the soundest it has ever produced in history. It is the fastest growing banking system in Africa and one of the fastest in the world. In fact, the most outstanding contribution towards realization of the country’s dream came from this sub-sector. Economic analysts have observed that it has taken Nigeria less than 3 years to achieve what it took South Africa 20 years to achieve in the area of banking. In a short word, a world-class banking system has emerged in Nigeria.
Statistically, banking sector contributes 10 per cent to the Gross Domestic Product (GDP) and represents 60 per cent of the stock market capitalization, while there was a reduction in the number of banks from 89 to 25, the number of banks branches rose by 33 per cent from 3383 in 2004 to 4500 in 2007. The total asset base of banks rose by 104 per cent from $ 26.8 billions ( 3.21 trillion naira) in 2004 to $54.7 billion ( 6.56 trillion naira) by mid 2007; capital and reserves rose by 192 per cent from $2.72 billion (327 billion naira) to $7.98 billion ( 957 billion naira); capital adequacy ratio rose by 42.6 per cent, point from 15.18 per cent to 21.6 per cent and ratio of non-performing loans total loan improved massively by 51.3 per cent, point from 19.5 per cent to 9.5 per cent. The sector has also remained one of the most profitable in the country’s capital market. It was noted that 13 out of 21 quoted banks on the Nigerian Stock Exchange recorded returns in excess of 100 per cent since January 2007.
According to the April 2008 edition of the African Business, (the best-selling Pan-African Business Magazine published in London) 18 out of 28 West African Companies with market capitalisation of more than $1 billion are Nigerian Banks. The magazine stated that First Bank Nigeria Plc with market capitalization of $7.4 billion remains the largest company in West Africa. Two other Nigerian banks namely Intercontinental Bank Plc and United Bank for Africa (UBA) remain the second and the third largest companies in the sub-region with market capitalization of $6.2 billion and $4.6 billion respectively.
Apparently, the rising tide of banks in the country from all indications has made the sub-sector very attractive, not only to local investors, but also to foreign investors, and in particular, foreign banks. For instance, the consolidation of Regent Bank, Chartered Bank and IBTC to form IBTC Chartered Bank attracted the interest of the Standard Bank Group, the largest financial institution in Africa with a market capitalization of $ 17.8 billion, whose subsidiary Stanbic Bank, also of South Africa has just sealed a Merger deal for the latest Merger in the country, Stanbic IBTC Bank Plc. In this direction, other foreign banks have started making enquiries with CBN of a possible Merger or take-over.
To further substantiate the opportunities the banking sub-sector offers the global investors, a cursory look into Intercontinental Bank Plc will reveal the success of banking system in the country. Intercontinental Bank Plc is known to be the second largest companies in West Africa to have recorded a phenomenal growth in gross earnings, which stood at $1.45 billion ( 173.5 billion naira) in 2008. This is an increase of 99 per cent over the $728 million (87.4 billion naira) in 2007, profit after tax grew by 102 per cent to $380 million ( 45.6 billion naira) as against $188 million (22.6 billion) in 2007, while the capital base rose to $1.67 billion from $1.31 billion. The bank deposit base soared to $8.75 billion ( 1.05 trillion naira), an increase of 126 per cent from $3.9 billion (468 billion naira) in 2007, while the total assets also recorded a quantum leap to $14.2 billion (1.7 trillion naira), representing a growth of 108 per cent from $6.86 billion( 823 billion).
The bank is also in strategic partnership with BNP Paribas, the world leading energy financing bank, Afrexim Bank; Export Development Canada (EDC); Finance for Development (FMO); China Exim Bank; Export-Import of United States; International Finance Corporation in financing projects in different sectors of the economy. However, it is relevant to say that the success recorded by Intercontinental bank is a good example of the Nigerian banks’ strength and prospects, and a testimony to opportunities available to global investors in the country’ financial sector.
Apart from the above, Nigerian Capital Market offers viable opportunities as it is positioned to help companies to raise capital, and to generate high returns on investment. Its total market capitalization has grown by over 4000 per cent to $100 billion (12 trillion naira) in March, 2008, up from $2.39 billion (287 billion naira ) in August 1999.Among emerging markets, the Nigerian Capital market remains one of the most viable in terms of returns on equity. Historically, the market has delivered 28 per cent returns.
Insurance industry is not an exemption to this growth and development the country’s financial sector is witnessing. Although there are few black spots on the regulatory handling, the industry has equally recorded success in their reforms and operations. With the inflow of robust capital, insurance companies are now faced with the challenges of delivering returns to shareholders, maximizing value and exploring overseas markets. Their presence can be felt in countries like Ghana, Liberia, Sierra Leone, Sao Tome, South Africa among others.
Although Goldman Sachs’ report titled “New Market Analyst” with issue number 08/09 released on March 13, 2008 (cited in the Thisday newspaper March 19,2008) posited that Nigeria is a better economy than South Africa, International Monetary Fund (IMF) reported that Nigeria and South Africa got close to 50 per cent of the $53 billion private equity and debt flow to Sub-Saharan Africa in 2007. This underscores the growing confidence of International bodies and foreign investors in country’s financial sector and economy at large.
Furthermore, Fitch Rating Agency and the Standard and Poor rated Nigeria BB-(minus) in the area of sovereign credit, high in development of local currency debt market, and low in the areas of debt to GDP ratio and inflation. The opportunities for growth in Nigeria financial sector are still strong as the underlying fundamentals driving the growth are still present. All these and more, position the financial sector and the country at large as a leading and most dynamic market in Africa and present viable investment opportunities to global investors.
Needless to say that the opportunities presented above are typical examples and an evidence of opportunities awaiting foreign investors in other sectors of the economy.
Nigeria is the largest producer and exporter of oil in Africa (although recently placed second behind Angola in the latest OPEC report as a result of Niger Delta Crisis) with a production of 2.5 million barrels and above a day. Besides, the Nigeria is the 7th world’s gas reserve holder and the highest flaring nation in the world, with the potential to become a major player in LNG export. It has annual gas flares’ capacity to generate over 12000 MW of electricity needed to catalyze the growth of any economy. Although it currently flares an average of 1.2 TCF of gas annually, the sector has the potential to generate great returns on investment.
One of the greatest opportunities awaiting foreign investors is Real Estate / Property. For instance, Lagos Metropolis with a population of about 18 million has attained mega city status. The State has one of the highest urbanization rates in the world according to the World Bank. Consequently, there is an insatiable demand for housing delivery, which has necessitated the introduction of the New Private Estate Developers Scheme. Under the programme, the government will make large parcels of land ranging from 1 to 25 hectares available to corporate organizations capable of undertaking development and delivery of housing units. Such organization must however demonstrate that they have the financial capacity and technical expertise to deliver quality and affordable housing units.
Among other sectors of the economy that foreign investors will find viable and worth-investing on are Transport, Sport and Entertainment, Tourism, Power and Steel, Export Processing Zones, Privatization. And available records reveal that the rate of returns in these sectors is as high as in the sectors discussed above.
Apart from the opportunities mentioned above which our office is strategically positioned to maximize opportunities for the benefit of prospective investors. We also offer consultancy services in the areas of general management, manufacturing, marketing, finance and accounting, personnel, research and development, packaging, administration, international operation, specialized services and other value-adding services. And our strategic partnership with national and international companies put us in position to deliver quality service and high returns on investment.
Nevertheless, there have been fears raised by international observers, agents and bodies that Nigeria is a high-risk nation for investment and other business transactions. This development is attributed to security, multiple taxation, epileptic power supply, bad roads and poor work environment.
It may appear that doing business in Nigeria is challenging because of the activities of a few untrustworthy Nigerians who are unscrupulous. But such are simply characterization of human nature; as it can be found anywhere else in the world. It must be said emphatically that the world has been biased in their judgment and treatment of Nigeria security issue. There have never been terrorist attacks, suicide bombings or kidnapping until recently when the issue of Niger Delta came on board.
Niger Delta region-the source of nation’s oil wealth- has become an area of perennial tension, agitation, and recently, militancy. However, a confluence of factors such as environmental damage by oil exploitation, failure to develop the region, lack of job opportunities and sense of deep deprivation from the low share of derivation revenue accruing to the states in the region, has led to the present situation. Acknowledging their situation, the Federal Government has organised a Summit, to be chaired by Professor Ibrahim Gambari, the United Nations Under Secretary General, to provide everlasting solution to the crisis. Frankly speaking, Nigeria is a safe and investment-friendly place and Nigerians are accommodating and industrious.
Cyber Crime is another fearsome crime, which often put-off prospective investors from involving or investing in the business opportunities in Nigeria. This crime was actually imported into the country by expatriates. It has never been part of Nigeria culture. It is perpetrated by a few section of the population. Their operations are carried out via Internet and their targets are people who transact business via the medium. They pose as government officials and sometimes as businessmen with United Kingdom identity who deal in digital products. However the list of their tricks and operations is not exhaustive. With the help of Economic and Financial Crime Commission (EFCC), Independent Corrupt Practices and Related Commission (ICPC), and other Anti-Criminal Agencies, Cyber Crime and their perpetrators are under control and disappearing.
The grand objective of the present administration, as encapsulated in VISION 2020, is to make Nigeria a major industrial and economic power, and one of the 20 largest economies in the World by the year 2020 by providing enabling investment and business environment and maximum security for active participation of local and particularly, foreign investors. The realization of these aspirations had informed the radical and pragmatic reforms designed to increase the attractiveness of Nigeria’s investment opportunities and foster the growing confidence in the economy. In this direction, the Federal Government has provided incentives and strategies for investment such as 3-5 years tax holiday, deferred royalty, possible capitalization of expenditure and provision of infrastructures such as road and electricity, just to mention a few.
African economy is witnessing the strongest growth in 30 years; no doubt, Nigeria is one of the major contributors to this development. Most commentators have observed that the opportunities for business and investment in the country look increasingly rosy with GDP growth of 7 per cent in 2007 and 13 per cent in the next 12 years. The International Monetary Fund (IMF) forecast of 9 per cent growth rate for Nigeria in 2008 (which is second to India 10 per cent and ahead of China 8 per cent) lays credence to their observations.
Furthermore, the increase in Foreign Direct Investment, the entrance of multinational companies, the strong financial sector, the favourable and tremendous business environment, the government support, the abundant natural resources, and the population of over 140 million people, among others, put Nigeria in a comparative ( and possibly absolute) advantage over other African countries.
Just as it is difficult to ignore China as a market in the global arena, (one out of every five persons in the world is Chinese) so is it very difficult to ignore Nigeria as a market in Africa (one out of every three persons in Africa is Nigerian). With a population of over 140 million people and its economic potential, Nigeria still remains Africa most important market.
IMPACT OF GLOBAL FINANCIAL CRISIS IN A DEVELOPING ECONOMY
Unlike China and India, African economy(developing economies) is yet to be integrated into the world economy. This is as a result of slow rate of integration and globalization at which the economy is being fixed into the global economic and financial system. Consequently, developing economies will only suffer a limited financial impact from the credit crunch. However, this is not to say that developing economies are in isolation and totally free from the crisis.
To grant a point, this paper will continue to use Nigerian economy for its analysis as it represents a paradigm of a developing economy with valid and considerable variables.
According to the report from a recently concluded Bankers Committee Meeting, which ended on October 20 th, 2008 , the Nigerian banks are safe as they operate at 22 per cent capital adequacy ratio( 14 per cent above the world 8 per cent requirement) and the financial sector is far from being affected by the current global financial crisis. The report also posits that any bail-out scheme is unnecessary as the situation that warranted bail-out schemes in developed economies- poor quality assets and heavy loan losses resulting from exposure to inadequately collateralised mortgage loans- is absent in Nigeria. To underscore its point, the report noted that, as the Direct Foreign Investment in Nigerian banks is comparatively low and the banks connection with their foreign counterparts is loosely fixed, the impact of the crisis will be limited and indirect.
Conclusion
The words of Mr. Dominique Strauss-Kahn, the Managing Director of International Monetary Fund, at a meeting in Washington D.C are the corner stones of the concluding thoughts of this paper. He stressed as follow:
We meet at an extra-ordinarily difficult time- a time of uncertainty and insecurity, with a danger that those fears push us away from- not towards- a more inclusive and sustainable globalization….At its best, multilateralism is a means for solving problems among countries, with the group at the table willing to take constructive action together. When multilateralism is dysfunctional, globalization can be a Babel of Tower, with competing national interests colliding to benefit none. The new multilateralism, suiting our times, is likely to be a flexible network, not fixed system. It needs to maximize the strengths of interconnecting actors, public and private, profit-making and civil society Non-Governmental Organisations (NGOs). The multilateralism must respect state sovereignties while solving interconnected problems that transcend borders…The private sector cannot restore confidence on its own. Macroeconomic policy measures by governments cannot restore confidence on their own. Piecemeal measures on financial markets will not restore confidence on their own. What will restore confidence is government intervention which is clear, comprehensive and cooperative among countries..The world must act quickly, forcefully and cooperatively to contain the ongoing financial and economic downturn.
Thus, the position of this paper is that the confidence will only be restored if “government intervention which is clear, comprehensive and cooperative” is complemented with investment in developing economies with less or no crisis impact as “flexible multilateralism” and cooperative and sustainable globalization is solution that suits our time, not” economic isolationism”.
Living on Earth is expensive, but does not it include a free trip around the sun! Life will be smooth if you estimate the challenges inherited with each problems you encounter perfectly. To solve all the deadliest problems, you need not to be great. Rather your means to fight them should be great. There are people in the world who only dream of worthy accomplishments. There are only a few who wake up and do them. They are the winners in the game called life.
You will never be what you ought to be until you are not doing what you ought to be doing. A financial behavior of day to day life also follows the same rules. People often find their requirements exceeding the income. This is due to the fast changing nature of taste, preference and fashion. Loans are available in the UK financial market to abridge the gap between income and desires.
Meet all your legally correct purposes with the personal loans. These loans, as the name suggest cater all needs of the borrower. They can be availed with and without residential security. The nature and repayment of the loan varies accordingly. Loans for personal needs without any residential property security, offer you a maximum amount of 25,000 pounds. These loans are also called the risk-free loans as there is no chance of repossession in case of default in repayment. They are also the quick loans due to the absence of property evaluation and lengthy paper work.
Bad credit history holders can avail loans at a lower rate of interest by pledging their residential property. The presence of security makes the availability of loans hassle free. The lender does not bother a lot about the poor credit rating of the borrower and sanctions loan according to the equity of security. Equity of the residential property is calculated by deducting the total debt burden of the borrower from its market value. Higher the equity of a residential property, higher is the loan amount.
Both types of personal loans have the e-lending facility. Hence, the loan processing is faster and the borrower does not find any hassle to avail these loans. All you have to do is fill up the online loan application form fitting your requirements. You should compare loans plans of different lenders to have the cheapest loan deal. The advice of financial experts should be taken.
Our homes are our castles, and they are where we strive to feel safe and comfortable. Sadly, home break-ins do happen, and when they happen they can seriously affect our ability to feel comfortable in our home. For many, the only alternative is to leave for a new home. However, many homeowners are stopping the home break-ins before they happen and also capturing criminals on video using a Home Video Surveillance Security System.
Gone are the days when this would mean bulky cameras and VCRs. Now, things are much more streamlined and faster, giving everyone the ability to keep their home safe, and give themselves the sense of safety when they are in their own home, protected by home video surveillance systems.
Looking at crime statistics in the United States from 1960 to 2006, we can see that burglary has risen from 912,100 instances in 1960, to 2,183,746 in 2006. That is an increase of over 100 percent, and while the number of burglaries has dropped steadily since the 1980s, that does not mean everyone is safe. As a result, you need the best home video surveillance system to keep yourself, your property and your family safe.
There are many ways you can do this, and the three best are through the use of Surveillance DVR, CCTV Surveillance Security Cameras, and Remote Internet Access and Monitoring.
The digital video recorder (DVR) works just like the security tapes of decades past, but it allows you to record much, much more and with much better clarity, color and picture quality. That means that not only can you record days at a time, which is great when you are away, but also if someone breaks in, your DVR will catch their face with perfect clarity.
That in itself is a huge step ahead for security systems. We all remember security systems from 10 or 20 years ago, which featured choppy video, poor picture and even worse sound. Back then, it was impossible to get a face off of the tape, but that is not the case with DVRs.
Security camera systems have also come a long way, thanks to the use of DVRs, which allow for better quality in even smaller cameras. The cameras you set up can help you keep an eye on your house while on vacation, or while your children are home alone. You will have the ability to view them remotely from any computer with an internet connection, no matter where you are in the world. You could be sitting at dinner with your iPhone, watching your children to make sure they are okay. No more calling to see if everything is okay, now you can see by yourself.
The outdoors is also covered from individuals from lurking in your yard waiting for the right time to break into the house. Security cameras are now available for both indoor and outdoor use, with many coming with amazing features like weatherproof durability and infrared imaging that will allow you to see what is going on in the dark. A thief or burglar can hide their appearance in the dark, but they cannot hide their heat, and that will allow you to find them.
Remote access is a wonderful feature that came into being because of high-speed internet access. Now, with the ability to surf the net at high speeds, people can see their house from a computer, especially while they are on vacation, so that they can have the peace of mind knowing that there is someone watching. If they see someone break in, all they have to do is call the police and watch them pick up the thieves.
If you have a wireless laptop, and a hotel with wireless connectivity, you could do all of this while you are sitting by the pool and drinking a martini. That is the beauty of the advances of home video surveillance systems.
To complete this article, we are going to look at some statistics relating to your home and how safe it is with a system to prevent burglaries, including a home video surveillance system.
o One out of every five homes will have a burglary or fire
o Nine out of ten convicted burglars said they would avoid a house with an alarm system or home video surveillance system.
o A home video security system makes your home three times less likely to be burglarized
These simple stats show just how common burglaries are, and how much home video security systems can change your home from one that is burglarized to one that is not burglarized. If you look at the stats of one out of every five homes is burglarized, then if you have security system, your chances are only one in 15. That is a big difference.
Home burglaries happen and you need to be prepared for them by preventing them from happening with a home video surveillance system that has a DVR, security cameras and the ability for remote viewing.
All you have to do is sit back and wait for someone to break into your home while on vacation, and then laugh at the look on their face when the cops show up at the door.
Your home is your castle, and every castle has something to protect. You cannot have mounted knights, so why not go with a home video surveillance system? It is the best way to keep yourself, your family and your things safe.
Having a security guard service will provide you with increased protection from crime and peace of mind that your business and premises are safe. Security guard services are available for businesses of all sizes and all sectors.
Security Guards
UK-wide and London security guards are available for all sectors, including specialist areas such as:
o Retail outlets
o Construction sites
o Office
o On trains
o Warehouses
o Hospitals
o Hotels
o Shopping centres
o Building sites
o And more
Mobile patrol services
If you feel you don’t need or can’t afford a full-time security guard for your business site, you could consider a mobile patrol service instead.
Using a mobile patrol service can save you a significant amount of money, whilst still delivering protection. For example, mobile London security guards patrol services cost around one third less than an on-site security guard.
The number of mobile patrols for your premises will depend on your requirements and budget.
Guard dogs
In some circumstances, the only real security option is to use a guard dog unit. This means using a specially trained guard dog with their trained handler.
A guard dog can identify a sound’s location much faster than a human can, as well as hear sounds up to four times the distance that humans are able to. Additionally, a guard dog’s sense of smell is about 50 to 100 times more powerful than a human’s.
Guard dogs provide the best deterrent against criminals. Often even a sign displaying the fact you have canine security or the sound of barking will put off a would-be intruder.
Areas you might consider choosing a guard dog and handler include:
o Vast areas that need patrolling
o Areas with restricted view to certain parts
o Areas too dangerous for lone security guards
A guard dog/handler team will be able to hold a criminal safely until the police arrive.
Night security services
It’s possible that you may only need security services on a weekend or evening and this is also something that can easily be arranged.
The Benefits of hiring security for your business
o Hiring a security guard service can save your business a lot of money in the long run. You will save on repairing damage costs and replacing lost or damaged stock. It could also help keep your insurance premiums lower.
o If customers feel safe and secure at your business, they are likely to visit again.
o Staff will appreciate feeling safe at work and when they are arriving and leaving.
o Having a security service in place will give you peace of mind, even when you can’t physically be at your place of business yourself.
o The range of security services available means that there’s something available to suit every business and budget.
Having security guards can bring many business benefits and there are numerous services to choose from, meaning your business will be safe and protected.
Most Internet service providers (ISP) have made it part of their package to change IP. The Internet Protocol address, or the IP address, of a computer is that computer’s unique address in the online network. And in offering online security and privacy to its customers, the Internet service providers have gone on to use dynamic IPs instead of static IPs.
In your quest to choose an Internet service provider for your home computer or your office connection, you should consider the type of IP address that the service is providing. The recommended one of the two would by the dynamic IPs.
Let us first be familiar with the two types of IP addresses. The first is the static IP, which is assigned to the computer by the network. This address does not change whenever we connect to the Internet. The settings of your computer will remain the same and intact, allowing the computer to connect to the Internet and get data faster.
In contrast to the static IP address, the dynamic IP address is allocated by a router, and it uses DHCP, or Dynamic Host Configuration Protocol. The DHCP allows for the allocation of an IP address to your computer when you connect to the Internet. It picks up the allocated IP address from a pool of IP addresses available, and every time you connect to the Internet you will have a different IP address. Most Internet service providers use this for their customers. Not all, though, and we have to know what kind of address system the Internet service providers are running on.
As stated above, dynamic IPs are the preferred one of the two. They were made to change and go to another computer user, giving another user that IP address. Your IP will also will be a different one the next time you log onto the Internet. It’s a change “wheel” going on with dynamic IPs, and it is an advantage for us. The change in IP leads to a hack-proof system, as it will give a hacker or any malicious attacker a hard time to get to your data when your address is always changing.
But, of course, static address is also commonly used. Many businesses prefer to run a static IP because of the data that they want to give to the customers they have visiting their website. There’s also the issue of the business employees working in various locations but needing to connect to the company’s data. This would require static IP. Among businesses and companies, the static IP running system is much more in demand.
When we are browsing the Internet on our personal time and our personal computer, though, changing or hiding our IP address is important. Our personal files and accounts may be at risk if we have a real and static IP as our online address. This is not the right precaution if we want to protect our online privacy. For us personal users, it is better to choose an Internet service provider with a system to change IP.
Is it advisable to offer a security to your medical institutions or doctor to convince them to go easy and slow on debt collection? On the face of it, such a solution may seem like the perfect way to solve all your debt problems. All you have to do is assign an asset to the medical institution and give it permission to dispose off the same in event of non repayment of the debts. In exchange of this, the interest rate charged on the loan will be very low and the intensity of debt collection efforts will be low as well.
However, such a move is fraught with risk and harmful consequences. You should remember that medical debts happen to be the primary reason behind bankruptcy in the country today. Of course, credit card debts too play a major role.
However, the biggest problem with medical debts is that the productive member of the family may easily fall ill and may become unproductive. This leads to a sudden and instant drying up of monthly income for the family. More often than not, it is this problem that compels well disciplined families to opt for bankruptcy.
Once the monthly income stops flowing in, the expenses start pinching and it becomes next to impossible to repay the debts on time. The worst fact is that the problem has arisen not because of indiscipline but because of sheer bad luck.
Further, even if the individual starts earning again, there’s no guarantee that he or she would operate at the same efficiency. Employers are searching for excuses to send employees away in today’s recessionary times. In such a scenario, prospect of a long unemployment combined with huge medical bills is always a scary probability.
If you hand over a valuable asset of yours to your creditor just to avoid possibility of strict collection, you may find yourself in deeper trouble when things go really bad.
Instead, it makes more sense to make use of various debt relief options available in the market. Do you know that you can demand a waiver ranging from 50% to 70% of the amount owed and actually obtain the same? This is one option that has become very popular in recent times.
There are many reputed professional organization specializing in this task. If you are not aware of these technicalities, just employ professionals and watch your debt problems disappear, medical debt included.