Business
Dangote refinery to cut fuel import, evils of subsidy shortly – PENGASSAN
Dangote refinery to cut fuel import, evils of subsidy shortly – PENGASSAN
The coming onstream of Dangote Refinery in the coming days will cut importation of petroleum products by NNPC Limited and the evils of petrol subsidy.
The president, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Festus Osifo, stated this on Thursday, at the 7th Triennial National Delegates’ Conference in Abuja.
He said with the refinery, there will be an impact on the fuel supply dynamics.
“We welcome the bold move by operators of Dangote Refinery coming on stream soon and hope that its addition will enhance local production, reduce products importation as well as end the era of uncertainties in petroleum products pricing and evils of subsidy payment,” he said.
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While he commended NNPC Ltd for the rehabilitation of the refineries, especially the Port Harcourt and Warri refineries, the PENGASSAN head revealed that South Korean Daewoo (the contractor) has not mobilised to Kaduna Refinery despite signing the contract early this year.
“Kaduna is yet to start and we are pushing to ensure they are completed on time,” he said, as he partly blamed the delay on the insecurity and kidnapping in Kaduna.
On tackling the lingering energy crisis, PENGASSAN tasked the incoming government on hastening the completion of the refineries’ rehabilitation.
“The incoming government must do all within its reach to see to the conclusion of the current rehabilitation effort and initiatives that are currently in place so that our nation’s refinery will come up in no time,” Osifo said.
He also said after nine months of battling crude oil theft along with protests by oil workers, production has moved up by 500,000 barrels per day (bpd).
Highlighting the steps PENGASSAN took, Osifo said: “Key among these was the nationwide protests against crude oil theft and presentations at the National Assembly. These efforts had started yielding fruits as our crude oil production level which was less than a million bpd in August 2022 had risen to more than 1.5mbpd today.”
Dangote refinery to cut fuel import, evils of subsidy shortly – PENGASSAN
Daily Trust
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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