Business
Benue launches facilities for NIHOTOUR zonal campus
By Ebere Chibuzor
The Benue State Government has kept faith with its promise to hand over of some structures and facilities to the Federal Government for the take-off of the North Central zonal campus of the National Institute for Hospitality and Tourism (NIHOTOUR).
The Minister for Arts and Culture, Alhaji Lai Mohammed, who made the statement at the official handing over of the facilities in Makurdi, said tourism had assumed an extraordinary growth globally.
Tourism, according to him, is a major catalyst for economic growth and social development of most countries with its attendant spiral effects along the long line of its value chain.
He further said that one of the prerequisites for the tourism industry to flourish and play the desired role in the socio-economic development of the country is the availability of trained personnel to run the sector.
This, he said, was what informed the setting up of NIHOTOUR by the Federal Government with the mandate of providing skill proficiency, technical upgrading and professional-based education for the hospitality, travel and tourism industries for both Nigeria and the West African sub region.
Mohammed expressed the appreciation of the Federal Government to the government and people of Benue State for making the desire to establish the North Central zonal campus of the institute a reality and called for renewed understanding between states, organised private sector and the Federal Government in the efforts to transform the socio-economic growth of Nigeria through tourism.
He reiterated the determination of his ministry to develop, project and showcase the country’s tourism potential and endowments because the benefits derivable therein are enormous in revenue generation, job creation, wealth redistribution, infrastructural development and inter-sectorial linkage incentives.
In his address at the occasion, the Governor of Benue State, Samuel Ortom, who was represented by the Deputy Governor, Benson Abounu, stated the resolve of his administration to tap into the potential of tourism products and activities that the state had been endowed with to grow the economy and better the social activities of the people of the state.
Ortom said the handing over of the magnificent edifice to the Federal Government for use by NIHOTOUR was informed by the desire of his government to create the needed platform for youth empowerment and skill acquisition which the training centre would offer youths of the state as well as states within the North Central Zone to grow the economy through hospitality and the tourism industry.
Director General of NIHOTOUR, Alhaji Nura Sani Kangiwa, had earlier in his speech stated that the dearth of needed skilled and trained manpower to run the hospitality and travel-tourism industry in the country was responsible for the stunted growth and development of the industry, adding that with NIHOTOUR in place, it has the capacity to overturn the trends for the best to develop the sector.
He said the choice of Benue as the zonal campus and headquarter of the North Central Zone of the institute was informed by the place of the state not only as the food basket of the country, but a tourism haven of Nigeria.
He urged the state to explore the tourism potential the state is endowed with to grow its internally generated revenue to boost its economy.
Kangiwa pointed out the need for the state to produce its tourism development master plan which would be a guide in the appropriate development of the state’s tourism endowments in line with global best practices.
Business
Naira exchanges N1,650/$ in parallel market
Naira exchanges N1,650/$ in parallel market
Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
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Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.
The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
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Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Business
Warri refinery: Marketers hopeful of further petrol price drop
Warri refinery: Marketers hopeful of further petrol price drop
There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.
This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).
The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.
This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.
The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.
Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.
He said though the repairs on the facility were not 100 per cent complete, operations had commenced.
He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).
The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.
It’s good for business, prices may reduce – Marketers
Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.
Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.
“The market becomes more competitive and we are diversifying supply,” he said.
On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”
National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”
Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.
“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.
Warri refinery: Marketers hopeful of further petrol price drop
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