Business
FG launches NIN mobile app, waves NIN verification fees
Minister of Communications and Digital Economy, Dr Isa Pantami, has approved the development of a mobile app for easy verification of National Identity Number (NIN) and linking with subscribers SIMs.
It has also waved the N20 and N40 fees for the NIN verification by individuals and Mobile Network Operators respectively
A statement by the Technical Assistant (Information Technology) to the Minister, Dr Femi Adeluyi, said this was part of the Federal Government’s policy to improve the process of obtaining NIN and linking it to SIM, which was sent to the National Identity Management Commission (NIMC) and the Nigerian Communications Commission (NCC) for implementation.
The statement said, “The N20 and N40 fees for NIN verification by individuals and Mobile Network Operators respectively were also waived. These efforts are aimed at supporting the policy to link subscribers’ NIN to their SIM, which was approved by the Federal Government earlier in the year and communicated to the NCC on the 4th of February, 2020.”
According to the ministry, the highly anticipated Web Service (MWS) application, called the NIMC mobile app, and the improved National Identification Number (NIN) slip are now available for public use.
It stated, “The app provides a secure channel for all Nigerians and legal residents to easily verify and authenticate their identities on-the-go using smartphones. It also enables them to link the NIN to their phone numbers.
The development of the app and other tools to support the National Identity Number (NIN) process align with the National Digital Economy Policy for a digital Nigeria.
“The app offers a built-in harmonization process that allows for its use across other government services including the NCC, Federal Inland Revenue Service, Federal Road Safety Commission and National Health Insurance Scheme.
“On the other hand, the new improved NIN slip is a pocket friendly and an easy to verify version of the NIN.
It can be accessed via a self-service portal, where people who already have been issued the NIN, can log in, download a PDF of the document in colour (if preferred), print and laminate as desired. The current NIN slip will remain valid and will be gradually phased-out.
“The app is available on the Google Play store for Android users and App Store for IOS users. Details on how to download and install the App and download the improved NIN slip are available on the websites and social media platforms of the ministry and NIMC. Users can also download the improved NIN Slip at https://dashboard.nimc.gov.ng.
“The honourable minister has directed NIMC to respond to enquiries and also provide multimedia guides to make it easy for users to obtain their improved NIN slips and install the app.
The Federal Ministry of Communications and Digital Economy remains committed to creating an enabling environment for all Nigerians and legal residents to obtain their Digital Identity Number.”
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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