Business
Kyari dismisses claims of refinery sabotage
Kyari dismisses claims of refinery sabotage
Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Ltd, has firmly stated that NNPC is dedicated to resolving Nigeria’s energy challenges.
Speaking at the 42nd Annual International Conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, he highlighted the company’s goals of securing energy, supporting sustainable growth, and making energy affordable.
Addressing allegations of sabotaging local refineries, Kyari clarified that NNPC is a partial owner of the Dangote Refinery. This investment, he explained, strengthens the nation’s fuel supply chain.
He also praised President Tinubu’s initiatives to ease foreign exchange pressures by curbing fuel imports and enhancing local refining capacity.
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Kyari underscored that collaboration, innovation, and technology are crucial to meeting Nigeria’s energy needs. “Resolving the energy trilemma requires bold ideas, shared knowledge, and collective determination,” he said, calling for a Nigeria where energy is secure, sustainable, and affordable.
He revealed that NNPC plans to partner with private refineries to ensure a stable supply of affordable petroleum products. This collaboration will involve Naira-for-crude transactions to stabilize Nigeria’s currency and manage the foreign exchange market.
Kyari added that NNPC is working on expanding gas infrastructure, with projects like the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) Gas Pipelines.
These efforts also support cleaner energy initiatives, such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
The NNPC Chief also announced plans to launch 12 Compressed Natural Gas (CNG) Mother Stations and several Mini LNG Plants. This will boost gas supply for Nigeria’s domestic market, enhancing the existing 1.6 billion standard cubic feet (bscf) available for local use.
Kyari dismisses claims of refinery sabotage
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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