Business
UN supports Nigeria’s economic programme with $250m
The United Nations has offer Nigeria $250 million to boost the nation’s Economic Sustainability Plan.
This, the UN said was to complement the country’s COVID-19 economic recovery efforts under the Economic Sustainability Plan initiative.
The offer was made known by the UN Deputy Secretary-General, Ms. Amina Mohammed, and top officials of the world body, as an initiative of the UN in Nigeria as well as the Nigeria Development Partners’ Group.
Vice-President Yemi Osinbajo said the offer aligned with the Federal Government’s Economic Sustainability Plan.
This was contained in a statement by the media aide to Osinbajo, Mr Laolu Akande.
The statement showed that out of the $250 million to be mobilised, $13.78 million would be earmarked to develop health response system; $53.3 million to protect people; $30.7 million for macroeconomic stability and economic recovery and $26.6 million for social protection to assist communities in building back better.
Osinbajo stated, “I think that the offer aligns with the government’s Economic Sustainability Plan.
“It seeks to mobilise close to $250 million and will provide targeted support to the development of health response systems ($13.78 m); protecting people ($53.3); macroeconomic stability and economic recovery ($30.7); as well as social protection ($26.6m) to assist communities in building back better. Rallying support and thinking through a programme such as the UN Plus Offer for socio-economic recovery is a demonstration of the kinship that we developed with our partners and the United Nations.”
Earlier, Mohammed had said the launch of the initiative was a demonstration of an effective partnership between the UN system and the administration of President Muhammadu Buhari.
According to her, various components of the initiative will expedite interventions in four key areas which are also being addressed under the Nigerian Economic Sustainability Plan.
“This offer is aimed at supporting Nigeria in its immediate efforts at risk mitigation by cushioning vulnerable communities, and through medium-term measures that will aid socio-economic recovery while addressing structural drivers of exclusion, inequalities and discrimination as a component of recovering better,” she said.
The statement also quoted the United Nations Development Programme (UNDP) Resident Representative and Chair of Nigeria Development Partners Group, Mr. Mohammed Yahya, as saying that the offer is in response to the UN Secretary General’s call for action, noting that the offer was conceived to support the government’s action on post-COVID-19 medium-term socio-economic recovery.
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.
READ ALSO:
- US-based Nigerians get 30-year sentence over $3.5m romance scam
- 4 Nigerians arrested in Libya for alleged drug trafficking, infection charges
- BREAKING: Port Harcourt refinery begins operation
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%.”
-
metro21 hours agoBREAKING: Port Harcourt refinery begins operation
-
Business3 days agoJust in: Dangote refinery reduces petrol price for marketers
-
metro2 days ago40-foot container falls on car in Lagos
-
Politics3 days ago2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
-
Politics2 days agoLagos 2027: Seyi Tinubu campaign team releases his life documentary
-
International2 days agoTrump to sack 15,000 transgender officers from U.S. military: Report
-
Entertainment2 days agoPolygamy best form of marriage for Africa – Okey Bakassi
-
Education14 hours agoUS University opens 2025 scholarships for international students
You must be logged in to post a comment Login