Business
Twitter ban: LCCI warns of collateral damage, delivery firms suspend online service
The Lagos Chamber of Commerce and Industry says businesses stand to experience collateral damage from the Federal Government’s suspension of Twitter operations in Nigeria.
This came as some businesses including car hire, food and other mail delivery firms have suspended their customer support on Twitter.
On Friday, the Federal Government announced the suspension of Twitter’s operations in Nigeria.
Minister of Information and Culture, Lai Mohammed, who announced the “indefinite” suspension, cited persistent use of the platform for activities capable of undermining Nigeria’s corporate existence as a reason.
The LCCI’s Director-General, Dr Muda Yusuf, said many businesses, especially the Small and Medium Enterprises (SMEs), leverage the social media platform for marketing and other promotional activities.
He lamented that already, this group of businesses were being deprived the use of the platform.
He said the platform could also be used as a tool for the dissemination of information and that this could be harmful to the society and imposes a major responsibility on Twitter to ensure an effective self regulation.
Yusuf said, “The Twitter saga raises a major issue of proportionality on both sides of the divide. We should worry about the collateral damage to businesses that could result from the Twitter ban. Many businesses, especially the SMEs, leverage this digital platform for marketing and other promotional activities.
“The implications is that this group of businesses are being deprived the use of the platform. Some even have ongoing contractual obligations in this regard.
“The outright ban was disproportionate, having regards to the wider implications for numerous small businesses that derive significant value from the use of this digital platform. My view is that other channels of seeking redress should have been explored.
“But there is a flip side. The reality is that the platform could also be used as a tool for the dissemination of information that could be harmful to the society. This imposes a major responsibility on Twitter to ensure an effective self regulation.
“The saga also underscores the need by Twitter to have a deeper contextual understanding and insight of tweets before drawing conclusions. Such contextualisation would enrich its judgment and enhance its credibility.”
Some e-commerce and delivery-related businesses have suspended their customer support service on Twitter following the ban by the Nigerian government.
For instance, in an email note to customers, Konga, an e-commerce firm, informed customers on Monday that its Twitter channel would not be available to assist requests due to the suspension.
“Due to the temporary ban on Twitter in Nigeria, we won’t be available to support you via Twitter until the ban is lifted,” the company said.
It added, “For help and support, please reach out to our Customer Experience Team using any of these (other) channels.”
Rise Capital also informed investors in an email note on Monday, “As a result, we are pausing Twitter support for now.”
Carbon, an investment company, said, “While we await the ban on Twitter to be lifted, we will be unable to assist you via Twitter.”
OPay Digital Services Limited also sent a mobile application update to customers stating the unavailability of its Twitter channel.
Bolt, a ride-hailing app, also informed customers of the latest Twitter suspension and the impact on its support service within the period.
It stated, “Due to the temporary ban on Twitter in Nigeria, we cannot offer you support through our Twitter account.
“Our dedicated support and high priority teams will continue to be on hand to provide 24/7 support through channels.”
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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