Business
Benue will offer Fulani herders land for ranching – Ortom
… insists no going back on open-grazing ban
Benue State Governor, Samuel Ortom, says the state will provide land for any Fulani who intends to do livestock business through ranching.
He stated this in Abuja at the 72nd birthday of Prof. Iyorwuese Hagher, former Nigerian Ambassador to Mexico, and dismissed the insinuation that he was on a warpath with the Fulani.
He said historically, the people of the state had always been friends with the Fulani.
The governor reiterated that his government would not back down on the anti-grazing law, stressing that ranching remained the best practice.
Ortom spoke through the state’s Commissioner for Education, Dennis Ityavyar, at the event organised by former students, friends and colleagues of the celebrant.
He said, ”The Tiv people are historically the friends of the Fulani and I like to submit that friendship still exists. And so, I warn those people, who are either using politics or are criminals trying to sell what’s wrong to people.
”His Excellency, Governor Samuel Ortom has explained again and again that we, Benue people are not against Fulani. We’re still friends.
“He has taken a decision now to be deliberate in explaining to people that the establishment of the anti-open grazing bill or law is a very progressive idea which is done in almost all countries of the world.
“Those who have a lot of cattle are still using ranching, and any Fulani person who wants to establish a ranching in Benue will have the land. Even if our ‘Chairman’ wants to start a ranch, he will get the land today.
“We will give you land and start the ranching today, so that people will see it as model and wherever we go, we want to correct the impression because if you read history, you will see that we have always been friends with Fulani.”
In an interview with journalists shortly after the programme, the celebrant, who is a Professor of Theatre for Development, called on well-meaning Nigerians to say the truth to power always.
He said those scared of speaking the truth to power could do that through Nollywood actors, who will put up the stories in acting and present it to the leaders in parable.
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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