Business
FG woos new automobile investors, promises fresh support
FG woos new automobile investors, promises fresh support
Nigeria has significant opportunities for investors in automotive industry as Africa’s largest market in the sector, Director General of the National Automotive Design and Development Council (NADDC), Mr. Jelani Aliyu, has said.
He said the council and by extension the Federal Government would give the needed support and the right environment for genuine investors to grow in the business going forward.
The DG stated this at the 17th Lagos Motor Fair incorporating 10th Autoparts Expo Africa & Motorcycle/Tricycle fair held at the Victoria Island, Lagos.
Represented by a Deputy Director in the council, Felicia Oyebolu, the DG stated that “the Council in a bid to develop and promote advanced technology in the Nigerian automotive industry, is rapidly shifting attention to cardonless transport system in Nigeria.
“This is because vehicle electrification is inevitable, it is the future of automotive industry worldwide and we are working assiduously towards achieving its comprehensive and sustainable adoption in Nigeria.”
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Jelani added that “as a pilot scheme project, the Council has established 100% solar powered EV charging stations at Usman Danfodio university Sokoto, University of Lagos, University of Nigeria, Nsukka and NADDC headquarters, Abuja, and also discussing with other stakeholders for collaboration in establishing more charging infrastructure all over the country.
Chairman of the event’s organizing committee, Managing Director, BKG Exhibitions Limited, Mr Ifeanyichukwu Agwu, said, “This edition of the all-inclusive Automotive Event is holding despite all odds, with the high hope and enthusiasm that the new administration in Nigeria, will give the industry the needed attention and action that will take us to the desired height. This it should do urgently so that we will not lose more ground in the industry to Ghana and other neighbouring countries.
“I urge the new government to ensure that the automotive sector of the Nigerian economy remains in the front burner of its economic policy and programmes from the onset; having in mind the way change of administration usually play out on ongoing policies of the preceding administration; as attested by what happened to the National Automotive Industry Development Policy/Programme [NAIDP], after the regime change in 2015.”
The four-day event witnessed the participation of both international and local players in the automotive industry.
FG woos new automobile investors, promises fresh support
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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