Business
C’River to build electric vehicle, wind power plants, signs pact with Oando
C’River to build electric vehicle, wind power plants, signs pact with Oando
Cross River State Government has signed a Memoranda of Understanding (MoU) with Oando Clean Energy Limited (OCEL) to set up a wind power generating plant, electric vehicle assembly plant and production of buses.
The state governor, Senator Bassey Otu, disclosed this in Calabar, when he addressed the media on the gains of the state government’s attendance at the COP28 event and its determination to pursue vigorously some of outcomes of the global climate event.
Otu said one of the gains, “is the signing of a MoU between the Cross River State Government and Oando Clean Energy Limited (OCEL).
“This MoU was signed towards the development of a 100MW wind power generating plant in Akamkpa local council, which would significantly increase access to electric power in the State.
“It also include the establishment of an Electric Vehicle (EV) assembly plant in the state, as well as the rollout of electric buses for mass transportation within the state, which will considerably reduce carbon emissions, contributing to cleaner air and a healthier environment.
“As part of our green credentials, Cross River State is truly blessed with abundant wind speeds that are conducive to the establishment of wind farms and power plants.
“Therefore, the development of the 100 MW Wind Power Plant in Akamkpa will not only significantly increase access to electric power for both residential and commercial use in urban and rural areas but also contribute to environmental protection and climate change mitigation and bring about significant economic benefits to the state.’’
He said, “Also, the establishment of the Electric Vehicle (EV) assembly plant in our dedicated green manufacturing zone within Cross River State’s Free Trade Zone will create job opportunities, both directly in manufacturing and assembly and indirectly in associated industries.
“This will stimulate economic growth and enhance local skills and expertise development within the region. In addition to this, the rollout of electric vehicles for mass transportation, from highway to last mile, will significantly reduce carbon emissions.
‘’This aligns with global efforts to combat climate change. Through these two projects, the goals of developing sustainable communities within the state, stimulating economic growth from stronger investor interest, and increasing economic activity will be achieved, thereby increasing citizens’ quality of life.”
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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