Connect with us

Business

Nigeria’s economy can’t survive second lockdown, MAN, LCCI warn

Published

on

The Manufacturers’ Association of Nigeria, the Lagos Chamber of Commerce and Industry and other economic groups have said Nigeria’s economy is still fragile and cannot survive another lockdown.

They stated this in separate interviews against the reported ride in COVID-19 cases in the country, just as some states including Lago and Kaduna have threatened to shut down their public spaces and the economies if people continued to ignore the recommended guidelines against the virus spread.

Nigeria’s economy slipped back into recession after its gross domestic product contracted for the second consecutive quarter, according to data released by the National Bureau of Statistics in November.

The Federal Government imposed lockdown in Lagos and Ogun states as well as the Federal Capital Territory in April this year.

The phase three of the lockdown, which was extended to other parts of the country, ended in September.

But there have been concerns about the increasing coronavirus cases with at least 26 generals and the Lagos State Governor, Babajide Sanwolu, testing positive for the virus. The Nigerian Army had also said a general, Olu Irefin, died of the virus.

The Director-General of the LCCI, Dr Muda Yusuf, in an interview with The PUNCH, said a second lockdown was not wise considering the current state of the economy.

He stated,  “A second lockdown is not advisable.  The social and economic environment is too tense and fragile to withstand the shock of another lockdown. What needs to happen is to intensify the sensitisation and awareness of COVID-19 protocols.  Some subtle enforcement should also be put in place.”

Also, the acting Director-General of MAN, Ambrose Oruche, said the state of health of Nigerians was of paramount importance and the spread of the coronavirus should be prevented.

He, however, noted that it was not advisable for the government to introduce a complete lockdown considering the fragile state of the economy and the need for people to earn a living.

He advised the government to ban large gatherings and enforce the Nigeria Centre for Disease Control protocols like the wearing of facemasks, regular hand washing and observing of social distancing.

President, Nigeria-Malaysia Business Council, Michael Aderohunmu, said it would be counterproductive to lock down the nation’s economy again.

He said, “We are talking about productivity, humans produce and consumed products. You can see the last effect of the lockdown on the economy. Consumption crashed and most products were short in the markets.

“So humans should not be locked down again, rather massive advocacy should be done. If people don’t go to work again, the effect will be devastating on production, consumption and the economy.”

The National Vice President, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, who doubles as the President, Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, stated that a lockdown would not mean well for production in Nigeria.

Business

Nigeria’s inflation records first drop in 20 months, now 18.12%

Published

on

Nigeria’s inflation rate dropped to 18.12 per cent in April this year from 18.17 per cent recorded in March, the first decline in headline inflation in 20 months.
This is contained in the latest consumer price index report just released by the National Bureau of Statistics.
The last time the consumer price index which measures the rate of change in the price of goods and services dropped was in 2019 when it slowed from 11.08 per cent in July to 11.02 in August.
The NBS, which announced this on Monday, stated that the food inflation also reduced to 22.75 per cent in April from 22.95 in March.
“The urban inflation rate increased by 18.68 per cent (year-on-year) in April 2021, down by 0.61 the rate recorded in March 2021(1.60), while the rural index also rose by 0.95 per cent in April, down by 0.57, the rate recorded in March 2021 (1.52 per cent),” the report said.
It also stated, “The rise in food index was caused by increase in prices of Coffee, tea, coca, bread and cereals, soft drinks, milk, cheese and eggs, vegetables, meat, oils and fish and potato, yam and other tubers.
“On a month-on-month basis, the food sub index increased by 0.99 percent in April 2021, down by 0.91 percent points from 1.90 percent recorded in March 2021.”
The report noted that food inflation on a year-on-year basis in April was highest in Kogi at (30.52 per cent), Ebonyi (28.07 per cent), Sokoto (26.09 per cent), while Abuja (18.63 per cent), Akwa-Ibom (18.51 per cent), and Bauch (17.64 per cent) recorded the slowest rise in year-on-year inflation.
“On a month-on-month basis, however, April 2021 was highest in Kebbi (2.46 per cent), Ekiti (2.42 per cent), and Kano (2.17 percent) while Abuja (0.05 per cent) recorded the slowest rise in the month-on-month food inflation with Rivers and Ogun recording price deflation or negative inflation.”

Continue Reading

Business

FG to launch maritime security strategy next month

Published

on

The Federal Government will launch a maritime security strategy next month to address challenges in the sector, Minister of Transportation, Rotimi Amaechi has said.
He stated this in Abuja on Monday while playing host to the Belgium Ambassador to Nigeria, Daniel Bertrand, who paid him a courtesy visit in his office.
Amaechi said, “The crisis in the maritime sector is insecurity and it is more complex than the world knows, but the Federal Government has come up with a solution and it is ready to take off. The Navy, Police, Army and State Security Service are involved.”
A statement by Anastasia Ogbonna, Acting Director (Press and Public Relations), Ministry of Transportation, quoted the minister as saying that if successful, maritime insecurity would be addressed while noting that countries in the Gulf of Guinea may elect to adopt it.
He said, “Sixty-five per cent or 75 per cent of crime comes from our waters and if we are able to eliminate it, then we will be making a lot of progress.
“If you are on air, you will see what is happening in the water. If you are inside the waters, you will be able to respond. A helicopter has the capacity to drop in the naval men when they see anything suspicious.”
He added that the partner would be willing to compare notes with anyone who wanted information for the purpose of securing the Gulf of Guinea.
Ambassador Bertrand had earlier presented a letter to the minister requesting the support of the Nigerian government for the Belgium candidate for the position at the International Maritime Organization.
He also promised his country’s readiness to support the implementation of maritime security in the Gulf of Guinea.

Continue Reading

Auto

Limit your speed to 30km/h, FRSC tells all motorists

Published

on

FRSC Corps Marshal, Boboye Oyeyemi

As Nigeria joins the rest of the world to mark the 6th United Nations Global Road Safety Week, the Federal Road Safety Corps has asked motorists to limit their speed to 30 kilometres per hour in urban or built-up areas for all categories of vehicles.
The global safety week will be celebrated between Monday May 17 and Sunday May 23, 2021.
The Bauchi Sector Commander, FRSC, Mr Yusuf Abdullahi, made the recommendation on Monday in a statement issued by the FRSC Public Relations Officer in the state, Mr Rilwanu Suleimanu.
The corps said speeding was responsible for about 30 per cent of crashes in Nigeria.
Abdullahi explained that the corps would be using the 6th United Nations Global Road Safety Week to carry out an advocacy programme where people would be educated on the issue.
He said, “The 6th UN Global Road Safety Week will focus on the issue of speed.
“The week advocates for safer streets motoring by making 30 km/h speed limits, the norm for cities worldwide in places where people mix with traffic.
“The week is concerned about policy commitments at national and local levels to deliver the 30 km/h speed limits in urban areas and to generate local support for such low speed measures in order to create safe, healthy traffic flow within Urban cities globally.
“As a lead agency in road safety management and administration in Nigeria, the FRSC is hosting the event and embarking on nationwide advocacy to replicate this global activity in selected Nigerian Cities.
“Pursuant to this, the Bauchi State command of the FRSC organises public education campaign programmes to inculcate the norm of 30km/hr speed limits among road users.”
He called on the general motoring public to always adhere to the maximum legal speed limit while in the city or in built up areas so as to prevent crashes, its attendant injuries as well as its fatalities.
Abdullahi, who further stressed the need to avoid speeding, considered among the critical traffic violations with high risk factor, said speeding would lead to increase in crash severity, resulting in more fatalities or injuries.
The sector commander explained that more damage would be caused to vehicles involved in speeding when they crashed, thereby increasing the likelihood of such vehicles not drivable thereafter.
“Speeding also leads to extra fuel consumption and frequent replacement of auto parts, among others,” he said.
The public advocacy programme would include media charts, roadshows, visits to hospitals, and advocacy visits to stakeholders, including policymakers and others.

Continue Reading

Trending