Business
85.2% households in Nigeria still on estimated electricity billing – NBS
Electricity Tariff: 85.2% of households in Nigeria are still on estimated billing – NBS
A new report by the National Bureau of Statistics (NBS) reveals that 85.2% of Nigerian households still rely on the estimated billing model for electricity tariffs.
The findings were published in the Nigeria Residential Energy Demand-Side Survey Report 2024 released by the Bureau on Wednesday.
According to the report, only 14.8% of households use the prepaid billing system during the period under review.
The survey, which focuses on nine states across the six geopolitical zones — Southwest, Southeast, South-south, Northwest, Northeast, and North-central — further indicates that households receive an average of 6.6 hours of electricity per day. This is significantly lower than the 20-hour target for Band A customers, who, according to regulators, account for 15% of electricity consumers.
The report examines various states across Nigeria, including Oyo in the Southwest, Enugu in the Southeast, Bauchi in the Northeast, Kwara in the North-Central region, Akwa Ibom in the South-South, and Sokoto in the Northwest, among others.
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A deeper state-level analysis of the estimated billing system highlights Bauchi State as having the highest proportion of users under this system, recording 97.9%.
Sokoto State follows closely with 97.3%, while Plateau State reported the lowest rate of reliance on estimated billing at 69.1%.
Conversely, the pre-paid billing system showed a different pattern. Plateau State had the highest adoption of prepaid meters, with 30.9% of consumers utilizing this system, followed by Oyo State at 27.6%.
Bauchi State, which predominantly uses the estimated billing system, recorded the lowest adoption of prepaid meters, with just 2.1% of its residents using them.
The report also provides insights into the average electricity expenses incurred by households across the country. On average, a household spends an estimated N4,155.8 per month on electricity.
Further analysis by state reveals that Enugu State reported the highest average monthly electricity expenditure at N7,319.4, followed by Plateau State at N6,153.6, while Bauchi State recorded the lowest with N2,647.7.
Additionally, among households with access to solar electricity across the surveyed states, 90.9% utilized solar home systems, while 9.1% relied on solar mini-grids during the reference period.
Electricity Tariff: 85.2% of households in Nigeria are still on estimated billing – NBS
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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