Business
Fuel: Embrace CNG, it’s cheaper – Marketers, promise N10bn buses
Fuel: Embrace CNG, it’s cheaper – Marketers, promise N10bn buses
Oil marketers have asked Nigerians to embrace vehicles using compressed natural gas as an alternative to petrol-powered automobiles.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) gave the advice through its National President, Mr Chinedu Okorokwo, saying the CNG is a viable alternative energy source that would cushion the effect of petrol subsidy removal.
This came as major oil marketers promised to donate 100 units of 50-seater buses worth N10bn in support of the Federal Government’s subsidy removal interventions.
Already, the organised labour has forwarded a similar suggestion to the FG to support mass conversion of petrol engine vehicles to natural gas-powered.
The marketers made these known in Abuja after a meeting with President Bola Tinubu.
The CNG producing less emission is said to be the cleanest burning fuel operating today with less vehicle maintenance and longer engine life.
Okoronkwo said, “We have also discovered that bringing an alternative that is cheaper than even firewood which is CNG, will not only create relief for the government and its citizens but it is environmentally friendly.
“The CNG is abundantly available in Nigeria than anywhere in Africa.
“In the Niger Delta region, you see billions of tonnes of gas being wasted daily; these are huge amounts that should be accruing to our GDP, but we are wasting it because there is no market for it. So, we are asking the government to create the market.
“How do you create the market? What Egypt and India did was to give soft loans to be paid back within stipulated periods; from there, you can get vehicles to use gas instead of fuel.”
Also, the leader of the delegation to President Tinubu, Winifred Akpani, announced the intention of the group to donate 100 units of 50-seater buses using the CNG to cushion the effect of the subsidy removal.
She said the policy of using Natural Compressed Gas (CNG) vehicles would be implemented to reduce the cost of living.
She expressed the support of the marketers to fuel subsidy removal, stressing that it was long overdue.
She observed that the move, although painful and stressful, would unleash the economic potential of Nigeria, engender free-market economy, entice foreign investors, ensure security as well as creation of jobs and wealth.
The delegation was led to the President by Governor Dapo Abiodun of Ogun State.
The Federal Government last year unveiled 20 high-tech CNG buses meant for civil servants in the Federal Capital Territory (FCT).
The initiative was undertaken in a collaboration with FEMADEC Group, a private engineering and construction company.
A number of auto firms have received the support of the National Automotive Design and Development Council to assemble and market gas-powered vehicles.
Innoson Vehicle Manufacturing recently showcased mass-produced CNG buses from its Nnewi factory, Anambra State.
Omaa has equally rolled out CNG-buses from its Anambra-based assembly plant to increase the number of firms engaged in the business in Nigeria.
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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