Business
FG begs private sector operators to fund public infrastructure
The Federal government has solicited the full support of its private sectors partners, local and foreign partners, financial institutions and other important key stakeholders towards the successful implementation of the government’s new public private partnership policy.
Minister of Finance, Budget and National Planning, Zainab Ahmed, who stated this, stressed that the FG hoped to fund public infrastructure facilities through other viable options aside from budgetary allocations.
Ahmed noted that one of the options is the adoption of public-private partnership (PPP).
A PPP allows for a large-scale government projects, such as roads, bridges, or hospitals, to be completed with private funding.
Speaking during a webinar on financing PPP to boost infrastructural development, Zainab said a review of the federal budgets in the past few years shows that the resources are insufficient to bridge the country’s infrastructure deficit.
She noted that the country would need the sum of $3 trillion over the next 30 years to bridge the infrastructure deficit.
“Notwithstanding this, we have not been able to fully unlock the potentially huge benefits afforded by PPPs, due to the absence of a comprehensive PPP framework setting out institutional responsibilities,” she was quoted by Yunusa Abdullahi, her media aide.
“Which would provide investors with the necessary comfort to commit capital towards infrastructure development.
“As you may be aware, there are some other initiatives being taken by the government in the PPPs space such as the ongoing review of the guidelines on viability gap funding, and management of contingent liability that have both reached advanced stages.
“In addition, from 2021/2022 budget cycle, all infrastructure projects must be screened for PPP suitability and compliance with the national integrated infrastructure master plan by the federal ministry of finance budget and national planning and BPE before inclusion in the national budget and subsequent procurement.
“Are to ensure that PPP takes a center stage in the procurement of infrastructure in Nigeria. The government is ready and willing to dialogue and incorporate valuable suggestions from stakeholders with a view to further strengthening Nigeria’s PPP framework.
“We are, therefore, counting on the support and cooperation of our public and private sectors partners, our local and foreign partners, financial institutions and other important key stakeholders towards the successful implementation of the government’s new PPP policy directive.”
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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