Business
Keyamo vows to tackle extortion, harassment at airports
Keyamo vows to tackle extortion, harassment at airports
The Minister of Aviation and Aerospace Development, Festus Keyamo, has expressed concern over the harassment of Nigerians by some security agents stationed at various airports in the country.
Keyamo, who was a guest on Channels Television’s Sunday Politics, revealed that his ministry has complained to the National Security Adviser, Nuhu Ribadu, over the issue.
“We have complained to the National Security Adviser on this because we are concerned about the harassment of Nigerians,” Keyamo said.
“Take note, it is not aviation, it is not Keyamo, I see people tagging me all the time, ‘somebody just asked for a bribe from me’, but it is somebody from another agency.”
The minister stressed that the actions of the security operatives are not representative of the aviation ministry, but rather a reflection of the need for better monitoring and regulation of their activities.
He noted that the NSA has acquired about 1,000 body cameras for security agencies to monitor their activities and prevent harassment of passengers.
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“I have mentioned before, that the training is almost over now, he bought 1,000 body cameras that all the agencies will wear.
“We just want to go through the training first. There is a command centre for this where everybody will see exactly the moving cameras on everybody’s chest,” he added.
The minister also disagreed with calls for most of the security agencies to be pulled out of the airports, citing the importance of their presence in preventing drug trafficking and other crimes.
He mentioned the arrests of drug traffickers at the airports by the National Drug Law and Enforcement Agency (NDLEA) as a key reason for their continued presence.
“These agencies should be at the airports but they should be out of you.
“They should have their cubicles inside. It is when you suspect somebody that you pull him out and take him to a restricted zone and check the person,” Keyamo concluded.
Keyamo vows to tackle extortion, harassment at airports
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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